IN-DEPTH ANALYSIS

Credible Loans Review for 2024

Advertiser Disclosure
Written By
Julija A.
Updated
June 11, 2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Credible is an online loan marketplace allowing people to compare different loan types and lenders. Having such a reputable platform is a huge benefit since many loan options are available online, making borrowers unsure of where to start. What’s more, Credible reviews and picks up lenders offering the most favorable rates, so continue reading to learn more.

APR:
6.99% - 35.99%

One-stop-shop for up to 17 lenders

Check Rate

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LOAN AMOUNTS:
$600-$400,000
FEES:
Depend on loan/lender
CREDIBLE BBB RATING:
A+
LOAN TERMS:
1-20 years
PERSONAL LOAN LENDERS:
17
PRIVATE STUDENT LOAN LENDERS:
9
STUDENT LOAN REFINANCING PROVIDERS:
7
pros thumb up Strengths
  • Simple application process
  • Rate checking doesn’t impact the credit score***
  • Autopay – an automatic payment feature that can lower APR
  • No origination, service, or other fees for student loans and student loan refinancing
pros thumb up Weaknesses
  • Personalized prequalified rates aren’t binding**
  • No app

Credible Overview

Established in 2012, Credible.com has become one of the most trusted online loan marketplaces. By 2020, Credible had mortgage* licenses in 47 US states. In 2021 alone, more than 50,000 borrowers found loans through the service, saving over $92 million in total. 

You can find useful information about mortgage refinancing* and compare multiple lenders’ rates for personal loans, student loan refinancing, and private student loans on the Credible website. Moreover, you can research car and home insurance there.

Credible Loans Details

You can use Credible to get your prequalified rates**  and requirements by multiple lenders if you need clarification on how much you can borrow with a loan. Whatever your financial situation is, you’re likely to find the best match for your budget and needs on this website. 

Credible is paid only when you get a loan from one of its partners.

Loan Types

Credible is a company that connects borrowers with lenders offering various types of loans, including: 

Personal Loans

Personal loans you can compare with Credible are:

  • Debt consolidation loans that help you replace multiple debts with a single loan and get a lower interest rate.
  • Credit card consolidation loans, allowing you to repay debt on various credit cards by taking out a single loan.
  • Home improvement loans, which you can draw to renovate your home.
  • Personal loans for bad credit that cater to people who had trouble paying off their debts in the past.

Student Loans

Credible has student loans you can look into through its platform, including private student loans and student loan refinancing. The former are available to undergraduates, graduates, parents, and medical students, among other prospective borrowers. Student loan refinancing features student loan refinance and consolidation options.

Mortgages

Home loans and mortgage refinancing*, which replaces an existing home loan with another, fall into this category.

Loan Rates

Depending on your credit score and other factors, you can qualify for loans with differing rates and other terms offered by lenders in the network. But thanks to Credible's user-friendly interface, you can evaluate the rates from its lending partners in a matter of minutes. 

What's certain, though, is that whatever your circumstances, your annual percentage rate can go as low as 6.40% (even lower in some cases) and as high as 35.99%, if you’re looking at personal loans. So it’s definitely worth doing the research. Take a look at the following table for a general overview of personal loan and student loan rates:

Loan Type

APR Range

Personal loans

6.99% - 35.99% APR

Student loan refinancing

5.28% - 12.42% APR

Private student loans

4.24% - 16.85% APR

Note that you can lower rates by signing up for autopay, an automatic payment feature that prevents you from missing payments. Borrowers who take out Credible personal loans and sign up for autopay may qualify for an APR as low as 6.99%.

Also, note that student loan refinancing and private student loan rates vary depending on whether you take a loan with a fixed or a variable rate

With autopay*, the lowest fixed student loan refinancing APR would be 5.28%. The lowest variable student loan refinancing APR would be 5.28% with this feature. As for private student loans, autopay* can lower your fixed APR rate to 4.29% and variable APR rate to 4.98%.

Loan Terms

Credible.com reviews and updates its database of lenders and their conditions regularly. You can, therefore, rest assured you’ll find the best loan for your needs in minutes. Besides the APR ranges, you can quickly find their partners' loan terms by scanning the page.

For now, note that the loan term ranges for personal loans, student loan refinancing, and private student loans are the following:

Loan Type

Loan Term Range

Personal loans

1-7 years 

Student loan refinancing

5-20 years

Private student loan

5-20 years

The majority of Credible loan reviews mention that the loan term range depends on the lender and the borrower’s eligibility. Our research confirms this. Take the following three lenders’ personal loan terms as an example:

Student loan refinancing terms for undergraduate and graduate student loan borrowers also come with a range of loan repayment options. Credible reviews and chooses its lending partners carefully, and here are the terms offered by some of them:

  • ELFI - 5, 7, 10, 15 and 20 years
  • Citizens - 5, 7, 10, 15 and 20 years
  • MEFA - 7, 10, and 15 years

Loan Amounts

When comparing personal loan rates, you'll find that loan amounts also vary across lenders. Some of Credible’s lending partners, such as SoFi and LightStream, lend up to $100,000, whereas Happy Money and Discover have a maximum loan amount of $40,000 that you can apply for. LendingPoint is among the lenders that offer lower loan amounts (up to $36,500).

According to available information, these loan amounts apply to borrowers with good credit scores, as well as those with bad credit scores in need of a loan.

Refinancing loan amounts for students vary across private and federal loans and also depend on factors such as whether the borrower is a graduate or undergraduate student. In general, private student loans come with higher loan amounts, but they lack federal protections. 

Certainly, as private student loans go, Credible is among the top providers you should check out. 

Credible Fees

Credible fees are 100% transparent, so you don’t need to worry about hidden costs that may catch up with you.

If you apply for student loan refinancing or a private student loan, you won't have to pay any fee because Credible ensures its lending partners charge no application, service, or origination fees to students. Moreover, there’s no prepayment penalty, so you can pay off your debt ahead of schedule.

Personal loans, however, may be subject to certain fees, depending on the provider. 

Many Credible personal loan reviews suggest that most partner lenders don't charge a prepayment penalty. We’ve examined these claims and found them true. However, you may have to pay an origination fee as high as 8% or 8.99% with some partners. Also, some providers charge an unsuccessful payment fee of anywhere between $10 and $30.

Credible Application Process

The Credible platform is great for its quick assessment of a prospective borrower’s loan eligibility. You don't need to check every lender one by one since the Credible online form will let you know your options in no time. 

All you have to do is fill out the form, a process that takes only a couple of minutes. You'll see personalized prequalified rates**  from Credible lending partners whose conditions you meet on your dashboard.

Free Eligibility Check

Another thing that Credible users like is the absence of any related costs for using the platform to check eligibility. The company profits from commissions from loan providers when you close the deal. Credible won’t charge you if you don’t close a loan agreement. 

Rate Check Doesn’t Impact Your Credit Score

Many prospective users hesitate to check loans and compare rates because they fear that doing so may affect their credit scores. This is especially true for people who need to compare Credible.com loans for bad credit.

If you are one of them, go ahead and check your options because Credible does a soft credit check to provide you with accurate prequalified rates** , which won’t impact your score. A participating partner will perform a hard credit check that will appear on your credit report and affect your score only if you decide to draw a loan. 

Is Using Credible Secure?

Another thing we’d like to underline in our Credible review is that using this platform for comparing lenders and determining monthly payments and interest rates is secured with TLS encryption. 

Unlike many online businesses that require you to disclose personal and other confidential information to get a service, Credible doesn't sell the details you provide to advertisers and data brokers to generate extra profit. It only receives a payment when you accept a loan offer from a participating partner. And the commission it gets comes at no extra cost to you. 

Pros and Cons of Credible Loans

Now, let’s recap the advantages and disadvantages before we conclude our Credible loans review. 

Strengths

The key benefits that Credible users enjoy are:

  • Free check of loan rates and other terms
  • Comparing rates from different lenders in one place
  • Soft credit check to provide personal prequalified rates**  that doesn't affect the credit score
  • A straightforward application process that provides borrowers with available options in minutes
  • An autopay feature that can lower the APR for personal and student loans and student loan refinancing
  • Credible rates and other relevant data (fees, loan amounts, etc.) come from multiple loan lenders in a way that's easy to read and compare
  • No Credible partners charge origination, service, application, or prepayment fees for student loan refinancing and private student loans

Weaknesses

Some related downsides that aren’t deal breakers for most clients are:

  • Credible allows you to compare deals from many lenders, but you might need to do additional research to find the one that’s best for you.
  • You’ll get personalized prequalified rates** when you fill out the online form, but these aren’t binding; the loan provider will have the final word about that and whether it will approve your request.
  • No Credible app

How Does Credible Compare to Other Lenders?

Credible Logo
Credible
Loan Type:

Personal loans, student loan refinancing, private student loans, home refinancing and mortgages*

Personal Loan Amounts:

Up to $200,000

Maximum Personal Loan Term:

10 years

Best Egg Logo
Best Egg
Loan Type:

Personal loans

Personal Loan Amounts:

Up to $50,000

Maximum Personal Loan Term:

5 years

Happy Money Logo
Happy Money
Loan Type:

Personal loans

Personal Loan Amounts:

Up to $40,000

Maximum Personal Loan Term:

5 years

Bottom Line

Credible is an excellent source of information for anyone who needs a personal loan, student loan refinancing, a private student loan, or a mortgage*. You can quickly review many lenders and find the loan with the best interest rates and conditions. Also, the Credible customer service can help you with anything you might not understand. 

So, check out this user- and budget-friendly service to learn your options since Credible doesn't charge you anything to explore your options. Your personal information is secure with this online loan marketplace, and you won't have to deal with spam emails and aggressive advertisers after applying for a loan.

*“Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.”

** 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. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.”
***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.

FAQ

Is Credible a legit site?

+

Yes, Credible is a legit site that borrowers have used since 2012. Its Better Business Bureau rating is A+. 

Is Credible a lender?

+

Credible isn’t a lender but a service allowing prospective borrowers to compare loan terms from different lenders. Credible evaluates various lenders’ offers and only works with those featuring the best loan terms for borrowers. 

Does Credible hurt your credit score?

+

Credible performs soft credit inquiries to provide prospective loan applicants with loan terms, which doesn’t affect applicants’ credit scores. Only hard credit checks performed by lenders you choose have an impact on your credit score.