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Credible doesn’t do the actual lending. Instead, it allows you to submit one application that is sent to several lenders in its network.
Credible offers a few great features that you won’t get by applying for just one direct lender.
Credible has its flaws, so be sure you weigh them against the pros of using its connection service.
Name | Min Credit Score | Max Loan Amount | APR | |
---|---|---|---|---|
Credible Student Loan Refinancing | Good to excellent credit | None | 1.90% to 8.90% | Read review |
Credible Labs Inc. (Student Loan Platform) | Good to excellent credit | Varies by lender (typically, total certified costs of education minus financial aid already received) | Starting at 1.24% with autopay | Read review |
Credible personal loans | Fair to excellent credit | $100,000 | 2.49% to 35.99% | Read review |
Possibly one of the best parts of finding a loan through Credible is that it is completely free. But taking out a loan isn’t free, so don’t expect to pay nothing when you borrow. The lender you choose will likely have its own fee structure. Because Credible works with a range of providers, those costs will be different depending on the lender.
Most often there are fees for things like late or missed payments and returned checks or nonsufficient funds (NSF). There are no prepayment penalties with any of the partnered providers for student and student refinancing loans.
Credible is rated highly by both the Better Business Bureau (BBB) and Trustpilot. It’s been accredited with the BBB since 2015 and receives an A+ rating. The majority of reviews on its BBB are positive, and it does similarly well on Trustpilot, scoring a 9.6 out of 10 based on over 2,000 reviews.
People described Credible as “quick and easy,” one saying it was “so much better than sofi (sic).” Credible even took the time to write extensive, personalized responses to the few negative reviews that were both apologetic and helpful. The way it handles itself online speaks for the quality of customer service you could expect when using its connection service.
Yes, Credible is safe to use. It’s easy to contact customer service, navigate its different loan options and find detailed tables of Credible’s partners. And when you submit your personal information through its online form, you’ll know it’s safe — Credible uses an Extended Validation 2048-bit SSL certificate, whereas most websites use either a 128- or 256-bit encryption system. This makes it significantly less risky, helping to ensure your safety when finding loan options online.
Once you confirm your eligibility, this is what you’ll need to do to move forward with Credible:
From there, you’ll need to wait for your customized offer. Credible will send you any options that you prequalify for, but if you don’t like what you get, you’re not obligated to accept.
Deciding on a loan is a big step. If you think you’ve found the right one, accept the prequalification offer and apply with the lender. From there, the time it takes to go farther in the process will vary based on the provider you’re working with.
You’ll need to meet Credible’s basic requirements before you apply.
Students seeking out loans will need to be enrolled at least half-time in an educational program in the US. Those seeking to refinance must be graduated or no longer enrolled and have attended an approved educational program.
* Eligibility will vary, but for personal loans you will need to be 18 years or older. Students under the age of 18 may still apply with a cosigner.
What happens now generally depends on which lender you select and what type of loan you need.
Once your funds are disbursed, it’s time to start thinking about paying it back. You might want to set up autopay linked to the account paying your funds. Not only does it make it less of a hassle for you to deal with your payments, some lenders offer a discount on rates (usually between 0.25% to 0.5%).
Keep track of your bank account and your loan balance — machines sometimes make mistakes that can cost you if you don’t catch them right away. Reach out to customer service if you notice anything that raises your eyebrows or have any questions or concerns.
First, find out why you weren’t connected. Often, it’s because of previous debt or not enough income. For those looking for a personal loan or wanting to refinance a student loan, you have a little more time to straighten things out. Take steps to improve your credit score, pay off your credit card debt and look into side jobs to boost your income. It wouldn’t hurt for you to look at other refinancing options from other online lenders and even credit unions, which tend to offer lower rates than banks.
If you’re applying for a student loan, contact your school’s financial aid office and set up an appointment to go over your situation. They might be able to point you toward other sources of financing that might not have occurred to you and help you with your application.
A transparent process and no fees make Credible a viable solution for finding a small spread of loan offers. When you’re working hard to get a loan, it can be helpful to have a service to do some of the legwork for you. Though you may receive a few offers from lenders through Credible, you may still want to compare those offers with other providers to see how competitive they are.
Credible makes it easy to compare competitive offers from multiple lenders. But its limited selection may make it hard to know if you’ve found the best rate. You can compare your personal loan options or look into other private student loans to ensure you’re getting a good deal.
Use Credible to simplify and speed up the process of getting a personal loan. You could get personalized offers from multiple lenders within minutes.