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Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
What makes Credible unique?
Credible isn’t just a personal loan connection service. It has lenders in its network that offer student loans, mortgage and student loan refinancing, and credit cards. This selection makes it a good choice for people who have a variety of borrowing needs and want to compare options quickly — at no cost.
Some lenders can even fund your loan in as little as one business day.
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.
The lenders in its network offer personal loans of $1,000 to $100,000. And while interest rates start at a competitive 3.99% APR, they can climb up to 36% if you don’t have the best credit. Terms can range from two to seven years, but remember: When you select a longer term, you’ll pay in interest.
What are the benefits of Credible personal loans?
From its fast funding to its no-cost service, here are a few perks of using Credible:
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.
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 a few weeks.
No-cost service. Credible’s service is free to use. Not only are you saving time, you’re not being charged for it.
What to watch out for
Despite being a useful loan connection service that can save you a lot of time, consider these potential drawbacks:
Third-party lender. If you have a problem with your loan or run into obstacles, your first thought 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 seven 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.
Case study: Rhys’ experience
Rhys Subitch Writer/Editor
Credible really helped save my bacon. I put off doing my taxes to deal with moving and was hit with the unfortunate surprise that I needed to pay $1,500 more than was originally estimated. Given it was less than a week before tax day, I quickly started sorting through my options and came to the decision that a personal loan would be the easiest to deal with.
To avoid taking even more time checking if I prequalified for a personal loan one lender at a time, I used Credible. It’s how I found a loan in the right amount, at a rate I could manage and with a lender that doesn’t charge early payoff fees. I applied for the loan the same night, was approved and saw the funds hit my account two days later.
Want to apply with a direct lender? Here are your top options
Updated October 21st, 2019
What do borrowers say about Credible?
As of January 2019, Credible’s online reviews are overwhelmingly positive. Credible is accredited by the Better Business Bureau (BBB) and earns an A+ rating. Only one of the 44 reviews on its BBB page are negative, and only three customers have filed complaints with the bureau. It does almost as well on Trustpilot, scoring a high 9.5 out of 10 based on nearly 2,000 reviews — with over 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 a couple were unhappy with how many phone calls they received after providing their contact information — a common complaint for online marketplaces and connection services.
Am I eligible?
Before you fill out its online form, make sure you meet the following requirements:
You have good to excellent credit (typically a score of 680+)
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 form, 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.
I was connected with a lender. 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.
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 because of the small size of its network.
Credible is paid a commission for referring borrowers to lenders. This commission does not affect your rates.
No. There are no guarantees until you get a finalized offer. The finalized offer only comes after a hard pull is made on your credit to determine if you meet the lender’s underwriting requirements.
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.
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