Credible Student Loan Review

About Credible Student Loans

Credible Student Loans is an online marketplace that allows borrowers to shop around for different types of loans and refinancing options, and compare rates and terms from multiple lenders without affecting their credit score. 

Since hitting the market in 2012, Credible has made it their mission to empower consumers to improve their finances and discover the best financial products for their needs. This is just one reason why Credible is known as a trusted resource for students and graduates seeking competitive loan options and refinancing solutions.

Exploring Credible’s Loan Options

Credible Private Student Loans

Credible offers rate comparisons for private student loans from various lenders, featuring competitive rates and flexible terms. Loans can be used to cover tuition, living expenses and other qualified educational costs. Both fixed and variable interest rates are available, with terms typically ranging from five to 20 years.

Credible Student Loan Refinance & Credible Student Loan Consolidation

Through Credible, borrowers can find refinancing options for their existing federal, private and Parent PLUS student loans, at both the undergraduate and graduate levels, potentially securing a lower interest rate. 

In addition to rate comparisons, Credible will help you compare loan terms, fees, loan amount limits and minimum credit score requirements between lenders. The application process is simple, and eligibility depends on creditworthiness and financial stability. Just like with private student loans, both fixed and variable interest rates are available, with terms ranging from five to 20 years.

As for loan consolidation, borrowers are able to consolidate multiple loans when they refinance. 

Other Credible Loan Options

Credible also offers options for financing beyond education. Borrowers can get prequalified rates for personal loans, home loans, home refinance loans and home and auto insurance. So no matter what stage of life you’re in, or what your financial needs are, Credible can help you through it with transparency and confidence.

Navigating the Credible Application Process

Applying for a Loan

The application process with Credible is simple. Borrowers fill out a prequalification form with basic personal information, rent payments, household income, desired loan amount and depending on loan type, information about school enrollment or current loan amounts.

Credible performs a soft credit inquiry and presents personalized loan options from multiple lenders without affecting the borrower’s credit score.

Keep in mind that once you choose a lender on Credible, borrowers will need to complete a formal application with the lender, at which point the lender will perform a hard credit check to confirm credit standing.

Terms, Fees and Conditions

Checking rates on Credible is completely free to borrowers. There are no service fees or other hidden fees to use Credible’s marketplace. They’re trustworthy, too: Credible isn’t getting paid by lenders to hide fees or rank different lenders higher, so you can trust that the options presented have your best interest in mind.

You may encounter loan fees once you choose a lender and start the loan process with them. Terms and conditions vary by lender but are clearly outlined by Credible, including loan terms, application fees, origination fees, prepayment penalties and other applicable lender fees and loan conditions.

Credit Score Requirements

A minimum credit score is required, which varies by lender and is outlined in your Credible search results. Generally, higher credit scores result in lower interest rates and better loan terms.

Borrowers with lower credit scores may need a co-signer to qualify for more competitive rates, but co-signer release options are available that allow you to remove a co-signer from the loan after a specified number of on-time payments.

Managing Your Account

Prequalified rates and lender information will be saved to your Credible dashboard. Once you’ve decided on a loan option that’s right for you, this is where you’ll select your lender and be taken to the lender site to complete the loan application process. Borrowers can manage their account settings and make updates from their Credible dashboard as well.

Additional Resources with Credible

Credible Refinance Student Loans

Refinancing a student loan may lower your interest rate to reduce overall costs over time. Additionally, a new loan with a longer term may lower your monthly payment, which can help free up funds for living expenses or other debt repayment. 

If this seems like something that would benefit you, Credible can help. By prequalifying you and pulling in refinance rates from multiple lenders, Credible enables you to shop around to find the best student loan refinance option for your situation. Credible’s comparison also includes loan terms, lender fees, loan limits and minimum credit score requirements, and there’s no negative impact on your credit in the process.

Eligible loans for refinancing include federal, private and Parent PLUS student loans, at both the undergraduate and graduate levels.

Credible Student Loan Calculator 

Credible offers some helpful—and free—online tools, such as a free student loan calculator, student loan repayment calculator and student loan refinancing calculator.

Other Resources for Borrowers

Furthering their mission to empower consumers with personal finance knowledge, Credible has a blog that’s packed with educational articles and financial planning advice where borrowers can learn basics about loans, how to fund college or grad school, pay off debt, lower interest rates and more. If you’re new to the world of personal finance, this is a great resource.

Customer Support and Contact Information

Credible is known for excellent customer service, offering support through multiple channels. Borrowers can reach customer service via phone, email or live chat. Extensive online resources and FAQs are also available. Credible has received positive reviews for customer satisfaction and maintains an A+ rating with the Better Business Bureau.

Credible vs. Competitors

Credible vs. SoFi

The main difference between Credible and SoFi is that SoFi is a lender, whereas Credible is a marketplace where borrowers can browse and compare rates from multiple lenders. 

Both companies offer rates for private student loans, student loan refinancing, home loans, personal loans and insurance. SoFi offers a few additional products as well, including banking, credit cards, investing options, credit score tracking and travel benefits.

However, shopping directly on SoFi, you will only see rates from one company (SoFi), and you would need to go to other lender sites directly in order to compare loan rates, terms and benefits.

For those just starting to look for student loans or other finance options, Credible can give you a head start by bringing all of the different options to one place for an easy, side-by-side comparison.

Credible vs. Earnest

Both Credible and Earnest are straightforward and easy to use, however only Credible offers the ability to browse and compare multiple lenders and loan options in one place, which is a crucial step in deciding which loan is right for you.

Credible is a comprehensive online marketplace geared to helping borrowers compare rates for student loans, student loan refinancing options and more, from multiple lenders, without affecting credit score in the process. It’s a great tool for anyone looking to shop around and learn more about what options are available.

Earnest is an online lender, focusing exclusively on private student loans, student loan refinance and personal loans. With Earnest, you can check their rates with no impact to your credit score, but they do not offer the ability to compare personalized loan rates with other lenders in one place like Credible does.

Credible vs. College Ave

College Ave is an online education lender, offering private student loans, graduate loans and student loan refinancing. They also offer a student credit card to help students build their credit.  

In comparison, Credible is not a lender, rather, it is a student loan marketplace that allows borrowers to shop and compare rates from a variety of different lenders for student loans, student loan refinance and consolidation, personal loans and more. 

These two companies serve very different purposes in the student loan world. If you’re looking to find the best student loan for you, Credible will give you a leg up by comparing multiple lenders and loan options in one place, and with no hit to your credit score.

Bottom Line: Why We Love It

Credible offers a comprehensive and user-friendly platform for borrowers seeking competitive loan options and refinancing solutions. Where other comparison sites can only provide generalized loan rates, Credible is able to deliver personalized, pre-qualified rates that do not affect your credit score. 

We love that Credible is transparent, honest and trustworthy in this space, and their mission to empower borrowers and educate consumers on smart financial habits helps open doors for people looking to fund their education and better their financial situation.

While there is the limitation of not aggregating every lender on the market, the bottom line is that Credible is safe, simple and free to use. It’s a great jumping off point for anyone that’s been overwhelmed with trying to do this research on their own.

Disclaimer

Prequalified Rates Disclosure:

• Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

Won’t Impact your Credit Score Disclosure:

• Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.