Comparing financial products like student loan refinancing, private student loans, credit cards, mortgages, and personal loans can frustrate even the savviest shoppers. When evaluating multiple lenders for student loans, each one presents different features, benefits, and interest rate ranges—making it challenging to know where to begin your search.
Making apples-to-apples comparisons between loan companies is essential for smart decision-making. Enter Credible.
Credible streamlines the process of shopping and comparing student loans to find your best rate and terms. Their platform lets you navigate loan options and secure favorable deals quickly. At least, that’s Credible’s goal!
But is Credible genuinely worth your time? We’ll answer that question in this comprehensive Credible review!
What is Credible?
If you’re hunting for a private student loan or want to secure better interest rates and terms through student loan refinancing, Credible facilitates your loan shopping experience. Keep in mind: while you can refinance federal loans, this move typically isn’t advisable.
Through Credible, you can compare rates and lenders by completing just one form. Hit “submit,” and all available loan offers appear in a user-friendly table, helping you identify the option that best matches your needs.
The platform also handles applications seamlessly. Throughout the application process, Credible guides you every step of the way. Their lending network includes Citizens Bank, RISLA, and College Ave.
History of Credible
Stephen Dash founded Credible in 2012 with headquarters in San Francisco. Originally, Dash aimed to help borrowers tackle their student loan debt burden.
The company has since expanded beyond loan comparison services to include products like personal loans.
In 2016, the three major credit bureaus—Experian, Equifax, and TransUnion—partnered with Credible. This partnership enables Credible to deliver interest rate quotes without requiring hard credit checks.
What does Credible Offer?
First, understand that Credible doesn’t actually lend money to borrowers. They don’t underwrite or back any loans because they aren’t a direct lender.
Instead, Credible operates an online comparison marketplace where you can view multiple loan offers from various lending companies.
Using their marketplace costs nothing. The company earns referral fees from partner lenders when you apply for loans through their portal.
While private student loans and refinancing products remain their core offerings, they’ve expanded to include several additional product types we’ll explore here.
Note that most lenders require U.S. citizenship or permanent resident status for qualification. Otherwise, you’ll typically need a cosigner.
Private Student Loans
Borrowers and cosigners can use Credible to secure competitive rates on private student loans. Credible partners with established lenders including Citizens, SalleMae, Commonbond, and Custom Choice for their comparison tools.
You’ll examine details like loan terms, fixed and variable rates, applicable fees (origination fees, prepayment penalties, processing fees), and eligible degree programs. Since rate checks don’t trigger hard credit pulls, you get accurate comparisons.
Understanding available loan rates helps you identify which lender provides the most competitive deal for your credit profile.
Credible features multiple lenders for various student loan products including:
- Parent student loans
- Law school loans
- Graduate student loans
- Medical school loans
- MBA loans
- Undergraduate loans
Student Loan Refinancing
College graduates carrying student debt might benefit from Credible’s refinancing options. Consolidating outstanding private loans can simplify your finances with fewer monthly payments or help you capitalize on lower interest rates.
Their marketplace for refinancing includes 13 lenders, featuring Citizens, College Ave, Commonbond, ELFI, Advantage Education Loans, and Brazos among others.
Credible emphasizes that each service provider on their platform eliminates origination fees and prepayment penalties.
Interest rate checks require only soft credit pulls, which won’t impact your credit score.
Personal Loans
Personal loan seekers can create a Credible account to review rates from over 15 partner lenders, including Upstart, SoFi, PenFed Credit Union, Discover personal loans, and Lending Club.
Personal loans serve various purposes, with the most common being:
- Debt consolidation – Combine high-interest debt into a single monthly payment at a reduced rate
- Home improvement – Finance major remodeling, repair, or addition projects
- Credit card refinancing – Consolidate credit card debt at lower interest with one loan
- Bad credit loans – Designed for those with thin credit files or poor credit to improve approval odds
Credible personal loans range from $600 to $100,000. You can check interest rates across multiple lenders without hard credit inquiries.
Use these personal loan rates to determine which options align with your budget and financial goals.
Personal Loan Calculator
Credible’s personal loan calculator lets you estimate potential monthly payments—invaluable for ensuring you can handle borrowing costs.
This tool helps you budget borrowing expenses before committing to an unaffordable loan.
Home Loans
One of Credible’s newer marketplace offerings allows home loan comparison. Their network includes mortgage lenders like Stearns Wholesale, ROCKET Mortgage, LoanDepot, and Caliber Home Loans.
Their marketplace also helps you research home affordability.
Beyond comparison shopping, you can obtain prequalified rates to be offer-ready when house hunting. The loan process proves much simpler than traditional financial institution routes.
Mortgage Refinancing
Mortgage refinancing remains popular among homeowners. With interest rates at historic lows, refinancing could reduce your costs. Rate checks only require soft credit inquiries.
Available options include 30-year, 15-year, 10-year, 20-year, jumbo, and cash-out refinance loans through their marketplace.
Credit Cards
Choosing among hundreds of available credit cards can overwhelm anyone. Whether you have poor credit, are a student, or want excellent travel perks, Credible narrows your options.
Filter cards by preferences like rewards, cash back, travel, balance transfer, low interest rates, zero percent purchases, secured, or student cards. Refine searches by indicating preferences for no annual fees, no foreign transaction fees, etc.
Credit scores and good credit significantly impact card approval odds. Credible’s credit score filters help you avoid applying for cards you won’t qualify for.
Is Credible Legit?
Yes, Credible is a legitimate comparison tool for various loan types. They aren’t direct lenders.
Credible partners with reputable lenders offering genuine loan products. You can check loan rates without affecting your credit score.
Why Use Credible?
Credible serves loan shoppers well. Using their marketplace saves considerable time on independent research.
Plus, if you want to gauge potential qualification rates, Credible delivers this information without credit score impact.
How Does Credible Private Student Loan Work?
Credible offers a straightforward platform for exploring private student loan options. You’ll complete a brief form providing information like your name, birth date, and phone number.
This form won’t impact your credit score, so you can explore Credible private student loans worry-free.
After form completion, you’ll access a dashboard displaying various loans you may qualify for. Review loan offers and details like loan amounts to determine your best fit.
Once you’ve chosen a lender, begin the application process requiring more detailed questions and sensitive personal information for hard credit checks. From there, the lender works directly with you to finalize details.
How does Credible Student Loan Refinancing Work?
Viewing different loan offers for student loan refinancing follows the same process as private student loans. Only soft credit pulls occur when comparing offers.
After determining the best interest rate, loan terms, and amount for your situation, you can easily start applications with your chosen lender.
Credible Pros
Quick Pre-Qualification Process
Discovering your potential rates takes just minutes. For instance, you can secure rate guarantees and pre-qualify for home loans, streamlining your buying process. This dramatically reduces loan shopping time.
Smooth Quote-to-Loan Process
Despite being a broker, transitioning from quotes to loan applications happens seamlessly. The process remains simple and straightforward.
Extensive Lender Network
Whether exploring personal loans or student loans through Credible, their numerous lender partnerships provide abundant options.
Diverse Loan Product Selection
Credible’s platform accommodates various loan types for different financial objectives. You’ll likely find your desired product type.
No Cost to Users
Using Credible costs nothing. The company receives compensation when users apply for loans through their platform.
Privacy Protection
Nothing’s more annoying than spam emails after completing online forms. Credible eliminates this concern by keeping your information private and never selling it to other companies.
Credible Cons
Limited to Qualifying Lenders Only
Lenders evaluate multiple factors including stable income when determining loan eligibility. You might not meet all requirements and won’t receive offers from certain lenders.
Additional Research Still Required
Consider Credible’s marketplace as an excellent starting point for loan shopping. However, further research remains necessary before selecting your final lender.
No Special Credible Discounts
Some lenders provide rate discounts when certain requirements are met. However, applying through Credible may not qualify you for these special offers.
FAQ: Credible Loan Review
How is Credible’s customer service?
Credible maintains an FAQ page addressing common questions. Their website features a chat function connecting you with Client Success team members for direct messaging.
You can also contact them via email at support@credible.com or phone at 866-540-6005.
Is Credible easy to use?
Even inexperienced web users navigate Credible’s platform effortlessly. The process remains straightforward and intuitive.
The experience flows seamlessly from lender comparison through loan application with specific lenders.
Does Credible offer a variety of products?
You’ll find numerous loan products from private student loans to credit cards. Most likely, you’ll locate your desired product type on Credible.
Remember, they don’t partner with every lender available, so independent research may reveal other suitable options.
Is Credible a good value?
Free services rarely disappoint, and Credible proves no exception. You can use their platform at no cost while getting prequalified for loan products. The site handles everything from comparison through application and selection.
Credible’s business model generates revenue through partner lender fees when loans close via their website.
Is Credible trustworthy?
According to their privacy policies, Credible doesn’t share your information with other businesses without permission.
Website information remains secure through SSL certificates and 256-bit security systems protecting user data.
Should I use Credible?
Credible excels in customer experience, simplicity, and usability as a loan marketplace. Their transparent platform has earned high Trustpilot ratings from previous users. If you’re shopping for loans, Credible provides an excellent foundation for your research.
