NetLoanExpress Review – Connecting Borrowers to Lenders
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If you end up in a tricky financial situation, do you know where to turn to get quick cash? It might sound a little bit sketchy, but the truth is that there are some platforms out there that can help connect borrowers with lenders to help them in times of financial need. That being said, it’s important to keep in mind that loans are not free money. With any loan, you’ll have to repay the borrowed amount and any fees, including interest. However, knowing where you can go is always a good idea if you need a quick loan.
In this article
What is NetLoanExpress?
NetLoanExpress is not a financial institution or a direct lender but a platform connecting borrowers to its lending partner network. The service is free to use and provides an online application form that can be completed in minutes. The entire loan request and approval process can move quickly, and you can receive loan offers within minutes of submitting your loan request. That said, there is no obligation to accept a loan through NetLoanExpress.
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How does NetLoanExpress work?
To determine eligibility for a NetLoanExpress loan, you can start by filling out a form on the company’s website. The first step of the form asks about your personal information and how much you would like to borrow.
The next step of the form is focused on your employment and banking information. NetLoanExpress will use this information to determine your eligibility for a loan. Your bank account information is needed because NetLoanExpress needs to know where to deposit your funds if you are approved for a loan.
NetLoanExpress requires an active bank account to receive a loan. However, if you don't have a bank account, you can click on the “Don’t have a bank account?” link. This will bring you to a page with alternative resources.
After completing all of this information (assuming you have a bank account), you can submit your loan request.
How much does NetLoanExpress cost?
As a lender marketplace, NetLoanExpress does not charge a fee to use its service. That being said, borrowing money is not free. The lenders that NetLoanExpress connects you with can set their fees, interest rates, and more.
Before you submit a loan request, you should familiarize yourself with common fees that you may see regarding a loan offer. These include:
- Annual percentage rate (APR): The APR is the total yearly cost of taking out a loan. It includes the loan’s interest rate, and any other finance charges the loan might require, such as an origination fee.
- Late fee: Late fees are common with loans and lines of credit. The lender may charge you a late fee if you don’t make at least the minimum payment by your monthly due date. Sometimes, the lender may offer a grace period and only charge you a late fee if you’re a certain number of days late with your payment. Your loan offer’s terms should also include the late fee amount.
- Origination fee: Some lenders charge origination fees with their loans. These fees cover the cost of the lender processing and administering your loan. Origination fees are usually a percentage of your total loan amount. The origination fee could be covered in your APR or deducted from your loan amount.
- Prepayment penalty: When you are given a loan, it will come with a loan term. This is the length of time that you will be repaying your loan. Sometimes, a lender might charge a prepayment penalty if you pay off your loan balance before the end of your loan term.
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Net Express Loans features
Loan amount range
When you submit a loan request, you can designate the amount you want to borrow. You can choose between these options:
- $100 - $500
- $500 - $1,000
- $1,000 - $1,500
- $1,500 - $2,000
- $2,000 - $2,500
- $2,500 - $5,000
Convenient application process
All you need to submit your loan application is a device with access to the Internet. You can fill out the application form at any time of day and from any capable device. The application takes as little as five minutes to complete, and you can start receiving loan offers within minutes of submitting it.
Quick funding
Once NetLoanExpress has connected your loan request with lenders, you’ll receive offers from lenders willing to provide you with a loan. After reviewing the offer, you can sign the loan agreement and receive your funds as soon as the next business day.
Flexible requirements
NetLoanExpress can use your application to connect you with a wide network of lenders. These lenders each set their requirements, so there is more flexibility than if you only applied for a loan from a direct lender. You can request a loan in the case of a last-minute emergency, whether it’s an unexpected medical bill, a sudden home repair, or even if you just need extra spending.
Who is NetLoanExpress best for?
People with bad credit
When you apply for a loan from a direct lender, you’ll often face strict minimum credit score requirements. With a service like NetLoanExpress, you can submit your loan application regardless of your credit history. You’ll only receive offers from lenders that have reviewed and approved your application.
Anyone who needs a quick loan
One of NetLoanExpress's biggest perks is that it provides a quick and easy experience. There’s no need to wait weeks to see if your loan was approved because you can start receiving loan offers from a company’s lending partner just minutes after submitting your application. Then, when you’re ready to accept a loan, you can receive your funds as soon as the next business day after you sign the loan agreement.
People who want to send an application to more than one lender
Researching lenders and submitting loan applications can take up a large chunk of your day. With NetLoanExpress, you can skip scrolling through Google listings looking for lenders that fit your situation. Applying with NetLoanExpress will send your loan request to dozens of lenders. There’s no need to research all the lenders beforehand because you’ll have the opportunity to research the lender and review the terms of each loan offer you receive. There is no obligation to accept any loans; nothing is binding until you sign a loan agreement.
Who shouldn’t use NetLoanExpress?
People who want to borrow more than $5,000
NetLoanExpress is a great option for many people who need a small loan as soon as possible. However, the maximum amount you can borrow from a lender through this platform is $5,000. If you need to borrow more than that, you’ll need to look at other options.
Anyone who only wants to work with a direct lender
There are some undeniable benefits to working with a direct lender. For example, if you have an established relationship with a bank that offers loans, you may be eligible for a discount on your loan’s interest rate. You might also only want to work with a direct lender if you don’t feel comfortable sending your information to multiple lenders you know little about.
People who haven’t considered their other options
To get the best deal, it’s important to consider all of your options. If you need to borrow money, think about what you need it for. If it’s to purchase a home or a vehicle, there are other loan types that you may want to consider. Other solutions exist for people who want to pay off credit card debt or use a personal loan for extra cash.
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Pros and cons
Pros
- NetLoanExpress allows you to submit your information to multiple lenders at once.
- There is no minimum credit score required to submit a loan request.
- The process moves quickly, and you can receive your loan funds as soon as the next business day after signing your loan agreement.
Cons
- There is a limit on how much you can borrow, so if you need to borrow more than $5,000, NetLoanExpress may not be the right solution.
- When you submit your loan application, you won’t know the terms of the loans you may be offered. You’ll need to thoroughly read through each loan offer you receive to be sure you understand all of the loan terms and conditions.
- NetLoanExpress is not available in all 50 states. If you live in New York, West Virginia, Connecticut, or the District of Columbia, you will not be able to use this platform to submit your loan request.
NetLoanExpress vs. competitors
Lender
| Loan amounts | Types of loans |
NetLoanExpress | $100 - $5,000 | Cash advances, installment loans |
NetCredit | Lines of credit up to $4,500; personal loans up to $10,000 | Lines of credit, personal loans |
Lendjet | $1,000 - $10,000 | Personal loans |
NetCredit
NetCredit is another company that connects borrowers with their lending partners. You can submit a secure online loan application no matter your financial situation because NetCredit accepts all credit types. Like NetLoanExpress, you can receive the loan funds the next business day after you accept a loan.
This lending platform offers both personal loans and lines of credit, allowing for more flexibility depending on the borrower’s needs. Personal loans obtained through NetCredit offer a lump sum that can be paid off in fixed monthly payments over 6 to 60 months. In some states, you can also refinance the loan.
Lines of credit obtained through NetCredit offer open-ended revolving credit for continued access to funds. Once approved for a line of credit, you can draw from your available credit as often as possible. Payments are based on how much you’ve borrowed. If you make continued on-time payments, you can use programs that reduce your statement balance fee. You may also be able to skip a minimum payment for a single billing cycle as a reward for making consistent, on-time payments.
Lendjet
Like its competitors, Lendjet offers a simple online application, a quick loan approval process, and funds that can be in your bank account as soon as the next business day. Lendjet partners with several lenders, each setting its eligibility requirements. However, you will need regular income and a bank account to qualify for a loan from any lending partners.
Lendjet offers personal loans that range between $1,000 and $10,000. It’s free to use the service, and there is no obligation to accept any loan offers you might receive from lending partners. You’ll also have the opportunity to reach out to the lending partner if you have questions about the terms and conditions of your loan offer. After you’ve reached an agreement with the lending partner, you can go to them with any questions about your loan.
FAQs
How do I know if a lending platform is legitimate?
With the growth of online platforms such as NetLoanExpress, it’s not unusual to question whether some online lending platforms are scams. When looking at a lending platform, you should look for information about how the company will use the information you provide in your loan request. You might also want to see what steps the company takes to ensure your information is safe. Additionally, you can check into sites such as the Better Business Bureau (BBB) and TrustPilot for further reassurance.
What’s the difference between loan types?
There are several types of loans; only a few are offered through these lending platforms. If you’re using a lending platform, the most common loan types that you might run into include:
Cash advances: A short-term loan can help borrowers if they’re short on cash and need funds quickly. With these loans, you are essentially borrowing against your next paycheck. The lender will quickly provide you with your loan, and you must pay it back on your next payday. In some cases, you may be able to extend the loan to repay it over a longer period. These loans tend to come with high interest rates and fees, but they may also be the only option for some borrowers in a tough situation. Cash advance loans may also be called payday loans.
Installment loans: An installment loan is a loan that provides borrowers with a fixed amount of money that will be repaid over designated repayment terms. Installment loans can come in many sizes for many types of situations. For example, mortgages and auto loans are both types of installment loans. A personal loan can also be an installment loan.
Personal loans: Personal loans are loans that can be used for several purposes, as opposed to having a singular purpose like auto loans. You can use personal loans to pay off other debts or to use the funds on major or minor purchases.
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- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
The bottom line
When considering financial services, an online lending platform such as NetLoanExpress is a nice option. While NetLoanExpress does not provide loans directly, it is convenient for borrowers to submit their information and connect with lenders who may fit their needs. That being said, it’s important to remember that NetLoanExpress doesn’t do anything more than connect you with its lending partners.
No matter the loan offer, you should always consider all the terms and conditions within the paperwork. You’ll need to pay close attention to the repayment term, APR, and any other fees that might come with the loan. If you receive multiple loan offers, you can also compare the loans using these criteria to pick the loan that will cost you the least amount in the long run.
It only takes a few minutes to submit a loan request through NetLoanExpress, and there is no obligation to accept any offers from its lending partners. Even if you’re only slightly considering using a lending platform such as this, there’s no harm in submitting your information to see what kind of loan offers you might receive. Then, if you decide to accept a loan offer, you can receive your funds as soon as the next business day. This allows you to use your funds for your needs and enters the repayment period in just a few days.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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