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Credible

2022 review
NMLS#1681276
9.0 / 10
Editorial Score
Andrew Koopman
Finance Writer
April 26, 2022

Overview

Credible is an online loan marketplace that you can use to compare offers from a network of lenders that it has partnered with over the years. It is not a direct lender itself, so any loans that you find through Credible will be with one of the lenders, not the site itself.

Credible started out as a way to find the best rates for student loan refinancing. It’s still going strong in that area, even offering a $200 best-rate guarantee. And this means exactly what it says – if you find a better rate elsewhere, you get $200!

With the Federal Reserve planning an additional 4-6 interest rate increases by the end of the year, there’s never been a better time to refinance your student loans.

Credible has gone a long way since its inception, and today it also offers private student loans, personal loans, mortgages, mortgage refinancing, and more.

In this review, I’ll dive deep into Credible to provide you with everything you need to know about the site.

Interest Rates Are About to Rise! Refinance Your Student Loan Now!

BEST CHOICE 2022
9.0 / 10
Editorial Score
Credible
Quick view:
Editorial Score
9.0 / 10
Online Services
Applications, Quote management, etc.
10 / 10
Customer Service
9.0 / 10
Available in all states
9.6 / 10
Available loan types
9.0 / 10
Products
1.86%-8.73% APR
4.0 / 10

Products & Services

Student Loan Refinancing

The key to student loan refinancing is getting a better interest rate, and using Credible makes it easy to see rates from multiple student loan refinance lenders in one place.

Unlike some of the other loan options on Credible, when it comes to student loan refinancing, you can apply for any loan amount. The limit is the total amount of your qualified student loans, which is why you need to have proof of the current balance. However, the total needs to be at least $5,000 or you cannot refinance through Credible.

Credible’s student loan refinancing partners will offer you both fixed and variable interest rates ranging from 1.86%-8.73% APR. From most lenders, you’ll be able to find loans with payback periods of between 5 and 20 years.

The $200 best-rate guarantee makes Credible one of the best places to search for student loan refinancing.

Interest Rates Are About to Rise! Refinance Your Student Loan Now!

Personal Loans

On Credible, you can request a personal loan for any amount between $600 to $100,000. You can use your personal loan for just about anything you want: you can consolidate your debt, pay off your credit cards, or even redecorate your home.

To start looking for lenders, you just need to enter the amount you’re looking for and a few other personal details, including:

  • Why you’re looking for a personal loan
  • Level of education
  • Current employment status
  • Annual income
  • Name
  • Date of birth
  • Address (and if you own or rent)
  • Expenses
  • Citizenship
  • Social Security number
  • Phone number

Once you fill in your information, Credible makes it easy to see the various terms offered by 17 different lenders – it only takes a few minutes. You’ll find rates ranging from 2.49% to 35.99% APR with payback periods of between 2 and 7 years.

Compare Personal Loans on Credible

Private Student Loans

Credible can also be useful if you’re looking for a private student loan. Once you create an account on the site, all you have to do is select the tab for private student loans, and then fill out a quick and easy form.

Credible will then perform a soft credit inquiry and then quickly present you with lenders who offer private student loans. Credible partners with most of the reputable student loan lenders out there, including Sallie Mae, Discover, SoFi, Citizens Bank, and more.

You can potentially borrow the full amount needed for qualified expenses, and you’ll typically have 5 to 20 years to pay off your loan. You can choose between fixed and variable interest rates that range from 0.99% to 12.99% APR.

Just be sure you understand what you’re getting into before you start applying for private student loans through Credible. Although the site makes it super easy to find private student loans and compare rates, it’s typically recommended to use federal student loans when possible. Federal student loans offer more protections and more payback options than private student loans.

For example, lenders on Credible may not offer hardship deferment options, fixed interest rates, different repayment plans, or loan forgiveness.

However, if you can find a lender on Credible with a better interest rate than federal student loans, it might be worth going with that lender in the long run.

Mortgages and Mortgage Refinancing

Just like with all other services, keep in mind that Credible itself is not offering the mortgage or the refinancing, it is instead vetting a list of lenders and financial institutions that you can quickly go through to find the best possible rates and terms for your mortgage.

The process is quick and easy, but you’ll need to provide a bit more information than with the other loan types I’ve discussed above. This helps Credible offer the most accurate lending options possible for your situation.

You’ll need proof of a good credit score (600 or higher) and a low debt-to-income ratio (lower than 50%). So you’ll need to provide your income and a list of all your debts so that the lenders get the full picture of what kind of mortgage you’re able to afford.

Credible has lenders that offer fixed-rate mortgages, meaning your interest rate stays the same throughout the life of the loan. You’ll also find adjustable-rate loans that start with a lower rate which climbs over time, incentivizing you to pay the home off sooner. Lastly, Credible enables you to do a cash-out refinance that allows you to take advantage of the equity in your home to get some instant cash.

With Credible, you’ll find mortgages and mortgage refinancing options with interest rates between 2.0% and 2.835% on both fixed and variable rates. With these loan types, you’ll have the option to choose any payback period from 10 to 30 years, with an option to opt for any multiple of 5 in between (i.e. 15-year, 20-year, or 25-year as well).

LendingTree is another online lender that helps you find and compare mortgages. Read our full LendingTree review for more details.

Compare Mortgages on Credible

Rates and Terms

Credible offers you a Best Rate Guarantee on student loans and personal loans, meaning that if you’re able to find a better rate somewhere else, Credible will give you $200. That said, the actual rates and terms that the lenders on Credible offer vary depending on the type of loan or service that you’re looking for.

For each product, the rates and terms will then vary based on your specific situation (e.g. credit score, amount, length of repayment, etc.). Here’s a quick breakdown of the rates that the lenders on Credible offer for each of the above products and services:

Product Rates (APR) Terms
Student Loan Refinancing 1.86 % – 8.73% 5 to 20 years
Private Student Loans 0.99% – 12.99% 5 to 20 years
Personal Loans 2.49% – 35.99% 2 to 7 years
Mortgages 2.0% – 2.835% 10 to 30 years
Mortgage Refinancing 2.0% – 2.835% 10 to 30 years
Swipe for more

When it comes to using Credible, the service is completely free. There are no service fees, no origination fees, and no prepayment penalty fees from Credible. That said, you might be faced with additional fees based on the lender that you choose to go with, but that is between you and the lender, not Credible.

Application Process and Qualifications

I found Credible’s loan application process to be easy, and it only took me a few minutes to start seeing preliminary offers. The entire process is done online, and all you have to do is fill out some basic information. The information needed will depend on which type of product or loan you’re looking for.

Some products (such as mortgages) will require more information than others as mentioned above, but for all loans, you’ll need to provide the following:

  • Full name
  • Date of birth
  • Address (utility bill, bank statement, etc.)
  • Proof of identity (driver’s license or other government-issued ID)
  • Social security number
  • Education background
  • Current employment status
  • Annual income (pay stubs or W-2 forms) and estimated expenses
  • Loan amount needed

Along with this information, you’ll also need to create an account with Credible and give the site permission to perform a soft credit inquiry to show you the various lending options. This inquiry won’t hurt your credit score and will enable you to quickly compare rates and terms within minutes.

From there, you’ll just need to go through the potential lenders and try to find the best rates and terms for your particular situation. For loans found through Credible, the entire application process is streamlined, so you only need to complete one application per loan type.

Keep in mind that once you select a lender and move forward, they will perform a hard inquiry on your credit before officially approving any loan. This inquiry will affect your credit, so make sure you’re ready to move forward with a lender before finishing the application process!

Approval Time

Since Credible offers five different loan types, there is no clear-cut answer for how long it will take to get approved and get the money in your bank account. In the end, it will come down to the type of loan you’re applying for and the lender that you go with.

For some lenders and with some loan types (such as a personal loan), you can get approved within one business day – or even on the same business day that you fill out the application. Some lenders will even disperse the funds to your accounts that same day as well.

For other types of loans, the approval process can take anywhere from one day to two weeks depending on the type of product and the lender; add another one day to two weeks for funds to arrive.

On average across all loan types and lenders, Credible boasts the ability to have funds in your account in less than 5 business days from the start of the application. Most online lenders can provide similar results in less than a week, so Credible is right in line with the competition. It really comes down to the actual lender more than Credible itself.

Customer Service

To get an accurate idea of Credible’s customer service and how helpful it is, I went to the site and posed as a potential borrower looking for a personal loan. As soon as you click on the “Chat with us!” button on the homepage, you’re quickly connected with an online customer service representative.

Customer Service

As you can see in the image above, after a general statement from me about being interested in personal loans, the representative responded within one minute with some general information. She also provided a couple of links for me to follow that would get me filling out the pre-qualification information within minutes.

Customer Service

I followed that up with a question about minimum credit scores when it comes to finding a personal loan on Credible, and the representative pretty much just reiterated the general company model that they use partner lenders and all of the lenders have different requirements.

Customer Service

That response was pretty much expected, but the customer service agent was quick to answer, provided the information needed, and was polite throughout the brief interaction. The online chat support appears to be available 24 hours a day, so you shouldn’t have to wait long to get a response.

Summary

Overall, Credible is a great resource for what it’s designed to do. The key thing to remember is that Credible itself is not actually a lender. Rather, Credible uses its network of lenders to provide you with easy to navigate side-by-side comparisons of rates and terms from various lenders, helping you find the best option.

If you’re looking to refinance student loans, take out private student loans, find a personal loan, or take out/refinance a mortgage, Credible is a good place to start. Its network of lenders can offer you various fixed and variable interest rates (and terms) depending on the type of loan you’re looking for and your particular situation.

With the process being entirely online, Credible’s application, qualification, and approval times are as quick as you’ll find with any other service. No matter which type of loan you’re in the market for, Credible can show you a list of lenders for your particular situation within minutes.

Find the Best Rate for Student Loan Refinancing or Get $200!

Frequently Asked Questions

Is Credible a trustworthy site?

Credible is a trustworthy site. According to the site’s privacy rules, Credible won’t share your personal information without your permission. The site uses 256-bit encryption to protect your information. This is the industry standard for protecting sensitive data, so you can rest assured knowing your information is safe with Credible.

Does using Credible affect your credit score?

Using Credible will not affect your credit score. Your credit score is made up of a number of factors, one of them being what’s known as a hard inquiry. When using Credible, it only needs to perform a soft inquiry into your credit, which has no negative effect on your credit score whatsoever.

What credit bureau does Credible use?

Credible takes as much as possible about your credit into account without performing a hard inquiry. To do this, the site actually uses all three credit bureaus – Experian, Equifax, and TransUnion.

Is Credible a bank?

Credible is not a bank or any other type of financial institution. The site partners with lenders and other financial institutions and acts as a marketplace for you to shop around and compare loan options quickly. So if you use Credible, your loan won’t actually be from Credible, but one of their many partner lenders.

Andrew Koopman
Written by

Andrew Koopman is a freelance finance writer. He's written hundreds of articles over the years, specializing in topics such as improving credit, paying off debt, and applying for loans. Andrew graduated from Miami University with a Master's degree in mechanical engineering. He loves watching sports and enjoying the great outdoors with his friends and family.

Pros:
  • Best Rate Guarantee on some loan types (or you get $200)
  • Quick comparison of various lenders’ rates and terms
  • Easy to use and completely free
Cons:
  • Limited to the lenders that Credible works with
  • Third-party lender fees may apply
Bottom Line

Using Credible is an easy way to compare offers from potential lenders to quickly determine which ones can offer you the best rates and terms. If you’re looking to refinance your student loans, take new private student loans, find a personal loan, get (or refinance) a mortgage, it’s worth checking it out.

Especially with Credible’s Best Rate Guarantee, it’s a good option if you’re looking to refinance your current loan(s) and save money with a better rate. That said, if you’re looking for student loan refinancing, Credible can’t offer you a solution if you have less than the minimum required $5,000 in student loan debt.