Looking for a personal loan of up to $50,000? Get personalized rates in as little as two minutes with Credible.
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Shopping around for that loan to consolidate debt, renovate your home or fund your wedding can take a lot of time and energy. It seems like a long process no matter how you look at it.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 | $50,000 |
| APR | 4.99%–36% |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 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 makes Credible personal loans unique?
Credible is an online lending marketplace. Instead of giving your information to one lender at a time, you can fill out one form and Credible will sort through several lenders to find the best one for you.
What is Credible?
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.
The 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 for saving a lot of time, there are some drawbacks to be aware of:
- Third-party lender. As frustrating as hold-ups and issues with getting financed can be, it’s likely to be double if you have to go through a third party to get answers. Even with a streamlined process, there’s the possibility of hiccups that will add more time. Your first thought may be to contact the 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 that others don’t charge. For example, some lenders could charge a loan origination fee. There are also potential processing fees for checks or even ACH payments. When 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. How much importance you place on the loan term will depend on your budget and personal preference.
- Limited selection. Credible’s network of partner lenders is smaller than that of many other loan connection services. There’s also no guarantee you will get an offer. So having a smaller network means your chances of approval may be slimmer. Even if you use Credible, it may be beneficial to compare more than just the lenders that are displayed there. 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
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’re at least 18 years of age.
- You’re an American citizen or a permanent resident of the United States.
- You have a checking account in your name.
How do I apply?
Once you’ve confirmed your eligibility, be prepared to answer the following fields including:
- 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
To then apply, follow these short three 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?
Congratulations on getting your loan. 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.
Features like autopay may help you avoid late and missed repayment fees. 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 possibly even talk to a representative.
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 and avoid some of the stress of hunting for a good loan. 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.