The latest NetCredit personal loan service from Enova International is one of the finalists in the Third Annual Core Innovators Mega Challenge. The challenge, hosted by the Center for Financial Services Innovation and Core Innovation Capital, received a large number of applications. A total of 11 financial technology entrepreneurs made it to the final, where they will now vie for the title of the most capable novel idea designed for the Emerging Middle Class.

Individuals not eligible for a small loan from their banks can now avail personal loans from the latest Web-based lender, NetCredit. NetCredit is also ideal for individuals favoring the ease of a rapid, Web-based approval process. NetCredit, unveiled in 2012, presently provides personal loans in the states of Alabama, Delaware, Idaho, Missouri, New Mexico, South Dakota, Utah, Virginia and Wisconsin. NetCredit will soon be offering personal loans in other states once the license applications are cleared.

In a statement, Stephanie Klein, head of consumer lending at NetCredit, said, "It is great to be recognized as an innovative new service at the forefront of helping the growing number of Americans in today's economy that are falling into the credit gap, unable to borrow from their bank and not adequately served by existing non-bank products in the marketplace. NetCredit is designed as a solution for the millions of Americans who are turned down by their banks, but need access to credit to pay for unexpected expenses, such as medical costs, car repairs or home improvements."

The service’s proprietary underwriting technology makes a real-time assessment regarding the eligibility. A custom-designed loan offering right from $500 to $6,000, depending on the state, with a repayment period from six months to three years, will be provided to eligible customers.

Arjan Schütte of Core Innovation Capital said, "We are thrilled to announce NetCredit as one of 11 finalists offering a broad and compelling range of services to the 80 million Emerging Middle Class consumers known as the underbanked. Each of these companies meets our 3D banking criteria -- the ability to offer a disruptive, digital and democratic solution that serves this market at scale."