Looking for a personal loan of up to $100,000? Get personalized rates in as little as two minutes.
finder.com’s rating: 4.0 / 5.0
★★★★★
Shopping around for that loan to consolidate debt, renovate your home or fund your wedding can take a lot of time and energy. It’s a long process no matter how prepared you are.
When you’re already inundated with planning your personal finances, comparing rates to find the best loan can easily take a back burner. Fortunately, Credible can help you find the best loan for you at competitive rates, and save you time.
| Product Name | Credible Personal Loans |
|---|---|
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $100,000 |
| APR | 4.99%–36% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 7 years |
| Requirements | Must have good to excellent credit. Must be 18+ years old and a US citizen or permanent resident. |
- You have good to excellent credit (typically a score of 680+).
- You’re an American citizen or a permanent resident of the United States.
- You have a checking account in your name.
What is Credible?
Credible is an online lending marketplace. Unlike a direct lender, you won’t be getting your funding from Credible itself. And unlike some loan brokers that give your information to one lender at a time, Credible has you fill out one form that it uses to sort through several lenders to find the best one for you.
What makes Credible personal loans unique?
Credible offers several different borrowing options including personal loans, student loans and student loan refinancing.
Personal loans through Credible come with a range of terms and rates to suit different applicants. Some offers may even come with funding in as little as one business day. And Credible loan offers are unsecured, meaning you don’t have to put up collateral to be approved. These personal loans can be used for any legitimate purpose.
What are the benefits of Credible personal loans?
- One form, multiple lenders. When you’re crunched for time, any way to make the process of finding a loan more efficient can be a reprieve. One form for several potential loan offers can save you the frustration of filling out the same information again and again.
- No-cost service. Credible’s service is free to use. Not only are you saving time, you’re not being charged for it.
- Quick funding. Some lenders can fund your loan as soon as one business day following your approval. Other providers may take anywhere from several business days to weeks.
What to watch out for
Despite being a useful loan connection service that can save you a lot of time, there are some drawbacks to be aware of.
- Third-party lender. If you have a problem with your loan or run into obstacles, your first tought may be to contact your lender directly, but the lender may redirect you to talk to Credible first.
- Potential fees. Depending on the provider, you may need to pay additional fees. For example, some lenders could charge a loan origination fee, a processing fee for checks or even a fee for ACH payments. If you’re looking to avoid these fees, make sure to carefully read any loan agreements before you sign on.
- Limited terms. Loans of two to five years are somewhat limiting. There are lenders that will offer seven, and sometimes up to ten years to pay off your loan. While that can increase the overall cost of your loan, it can also reduce the amount of your monthly payments.
- Limited selection. Credible’s network of partner lenders is smaller than that of many other loan connection services, and a smaller network may reduce your chances of being approved. And some of the highest rated lenders aren’t currently in Credible’s network, most notably SoFi.
Want to apply with a direct lender? Here are your top options
What do customers say about Credible?
As of July 2018, Credible’s online reviews are overwhelmingly positive. Only one of the 47 reviews on its Better Business Bureau (BBB) page are negative, and only three customers have filed complaints with the BBB. It does almost as well on Trustpilot, scoring a high 9.5 out of 10 based on over 1,300 reviews with 85% of reviewers rating it as “excellent.”
Customers were mostly pleased with how easy it was to find great rates using Credible’s service. But couple were unhappy with how many phone calls they received after providing their contact information — a common complaint for online marketplaces and connection services.
Credible also gets an A+ rating from the BBB, based on factors like how it handles customer complaints and transparent business practices. It’s been accredited with the BBB since 2015.
Am I eligible?
Before you apply, make sure you meet the following requirements:
- You have good to excellent credit (typically a score of 680+).
- You have a checking account in your name.
- You’re a US citizen or permanent resident.
- You’re at least 18 years old.
How do I apply?
Once you’ve confirmed your eligibility, be prepared to answer the following fields:
- How much you want to borrow
- What you plan to use the money for
- Your highest level of completed education
- Current employment status
- Date of birth
- Annual income (before tax)
- An estimation of your credit score
Then to apply, follow these three short steps:
- Click the Go to site button on this page to be directed to Credible’s application form.
- Fill in the required fields.
- Accept the terms and conditions to see your personalized rates in minutes.
I got a personal loan through Credible. Now what?
How you set up your payments is going to depend on the lender. Make sure you take a look at the website and contact customer service if you’re having trouble getting things started.
Features like autopay may help you avoid late and missed repayment fees. But if you’re concerned about not having enough money in your account on the same day every month, it may be beneficial to stick with making manual monthly payments.
Different lenders may have additional features you’d find beneficial, like early repayments without a penalty fee or free credit scores. Be sure to visit the lender’s website and talk to a representative if you have questions.
Loan connection services and your personal information
Credible is a broker that boasts connecting you with lenders you may not have reached otherwise. It’s important to note that by completing its online application, you are authorizing Credible to share your information with lenders and other marketing partners that could text you, call you or leave prerecorded messages on the phone number you supply.
Sometimes these providers contact applicants long after they’ve applied through the broker. Before you apply for any loan, be sure to read the fine print to understand exactly how your personal information is handled.
Bottom line
A loan is a huge financial decision, but it can help relieve financial weight. Credible helps you compare several personalized loan offers at once to avoid some of the stress of hunting for a good loan. But it can be somewhat limiting though since the network of lenders is small.
If you like the idea of a loan connection service but want to explore other options, you can compare more personal loan brokers before making your final decision.
Frequently asked questions
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.
