Credible Review

Credible Review [2022 Student Loans, Mortgages, Refinancing]

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Review Of Credible

Credible Review

If you or a family member is preparing to attend college, it can be a happy but stressful time. While people take pride in being accepted to a university, figuring out how to pay for college can often be nerve-wracking. Many people turn to student loans to cover tuition and other college costs; in fact, there is over $1.6 trillion of student debt today, a testament to how critical student loans have become for college attendance. 

Navigating the complex web of different student loan programs can be challenging, however. It can be difficult to determine whether or not the loans that are available are a good deal, or if you could finance your education with better interest rates and lower fees. Many consumers are left making uninformed choices on loans, only to regret those choices later.

Fortunately, there are many online platforms that can help you examine the various student loan options out there, so you can make the best, most informed decision about how (and how much) you’ll pay for your college education. One of these platforms is Credible. Let’s zero in on Credible, so you can find out if it could help you in your search for an affordable student loan.

Onto our Credible review!

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What is Credible?

Credible is a third-party lending marketplace that connects prospective borrowers with lenders who provide student loans. The borrowers can then compare the various loans that are available and opt to select the best one that works for them.

While the company has specialized in student loans and student loan refinancing, the Credible platform also allows the comparison of personal loans, mortgages, and credit cards as well.

Credible, like other third-party loan marketplaces, such as LendKey, does not actually lend money to borrowers; instead, it connects borrowers with banks and other lenders, so they can compare rates and choose the loans that work best for them.

A little bit about the company: according to the Credible website, they were founded in 2012 and have built a timeline of accomplishments since. They launched the first marketplace for student loans in 2014, and have since expanded this marketplace twice, once in 2015 and again in 2018. Credible opened its headquarters in Durham, North Carolina in 2017, and in the same year, the company went public on the Australian Securities Exchange. They have saved customers over $92 million in interest for over 55,000 people in 2021 alone.

Services offered

Our Credible review will go through the following services to help you choose the best option for your situation.

  • Student loans
  • Student loan refinancing
  • Personal loans
  • Mortgage

Credible Eligibility Requirements

To use Credible, you must be a U.S. resident old enough to enter a binding legal agreement with the Credible platform; in most cases, this will require you to be 18 years of age or older.

According to the platform, you will also need a good credit rating as well, which usually means a score of 700 or greater, along with some form of steady income.

How it Works

Credible is quite simple to use. First, you create an account profile, which only takes a minute or two. Then, you identify the type of loan that you are seeking.

Eventually, you are brought to a straightforward online form section that takes a few minutes to fill out; this gives the platform enough basic personal information for you to get accurate loan quotes.

Then, Credible will identify lenders who can provide the loan you are seeking, with actual, accurate rate quotes.

Up until this point, there will have been only a soft credit pull (credit check) during the process, which is 100 percent free.

Then, if you choose a loan to apply for, you will work directly with the lender, who will eventually do a hard credit pull.

Credible Student Loans Review

Credible is known for its student loan matchmaking service. Applicants can begin by completing a simple application form that will have all the relevant data to assess their eligibility with different lenders. Once the application has been submitted, Credible can match each applicant with up to 8 different lenders. 

The loan application can be initiated by either the student or the Co-signer, and adding a co-signer will increase the chances of getting a better deal. The whole process takes around 3 minutes.   

Credible applicants are spared hefty paperwork or filing duplicate forms. The process is done in a streamlined manner, saving time. Furthermore, once the application has been submitted, applicants can compare rates between multiple lenders. 

Credible also claims that the rates applicants are offered for comparison are the final rates that they will receive, and not “ranges” that are given by other online matchmaking services.

Credible Student Loan Refinance Facility

Credible also allows applicants to look for lenders to refinance their student loans. This is once again a top-notch service offered by Credible because refinancing a loan requires a lot of paperwork. Credible saves the applicant from going through the whole ordeal by making the process so simple that it can be completed within a few minutes.

Loans that are eligible for the refinance facility are:

  • Federal student loans
  • Private student loans
  • Parent PLUS loans

Applicants fill in an application form requiring some basic information that is used by Credible to look for eligible matching lenders and is not shared with lenders at this point.

Once the first step is complete, the applicant will be given a list of matching lenders. Applicants can easily compare these prequalified options and take their time to see which option suits their needs the best.

Once the applicants have chosen their lender, they will be asked to provide details of their current student loan. After this step is done, the final offer will be sent to applicants within 24 hours. 

The following range of rates and terms are displayed on the website: 

  • APR Limits. Fixed-rate: 2.92% – 4.65%.Variable-rate: 1.87% – 4.65%.
  • Term Limits. 5 years,7 years, 8 years, 10 years, 15 years, 20 years.
  • Qualification Level. Undergraduate. Graduate.

These rates from the Credible website are for student loan consolidation and refinancing. The FAQ section states that to increase the chances of qualifying for a refinancing service, applicants should have a good debt-to-income ratio.

According to Credible, most of the loans they turned down are because of a high debt to income rate, and not because of bad credit scores. So, applicants with a good debt-to-income ratio are more likely to qualify. 

In addition to this, Credible states that applicants should have a credit score between 670 – 700 to maximize their chances of receiving an offer. Applicants with poor credit scores can increase their chances by adding a co-signer with a good credit score to their application.

Credible Personal Loans Review

Credible also offers a matchmaking service for personal loans that can be used for any reason. The application process is similar to the student loan application. 

The current rates and terms for Credible personal loans as stated on their website are:

  • Borrowing Limit. $25000 – $100,000.
  • APR. 3.49% – 35.99%.
  • Term Length. 1 to 7 years term limits.
  • Prepayment Penalty. Lenders affiliated with Credible do not charge any prepayment penalty.

The site also has a nice feature that lets you calculate savings on personal loans and can be used to get a rough idea of potential savings.

Credible Mortgage Review

Credible is also an online broker with licensed loan officers with over 30 years of experience working in the mortgage business. Credible offers a one-stop shop for comparing the rates of different mortgage lenders. 

The minimum eligibility requirements for mortgages are:

  • Credit Score. Minimum 500, can vary with the lender.
  • Minimum Down Payment. 3% to 20%, can vary with the lender.
  • Debt To Income Ratio. 30% to 50%.
  • LTV. 80%.

The general rule is that the lower the credit score, the higher the interest will be. The minimum score that one needs for an FDA-approved mortgage is 500, however, some lenders have higher limits.

Similarly, FDA-approved loans have a high minimum down payment whereas other lenders have low minimum down payments. This will depend on the offer chosen by the applicant. 

Credible will carry out a soft credit check that will not affect credit scores. Once the offer is accepted, the lender will carry out a hard credit check affecting credit scores.  Credible also provides a mortgage refinancing facility.

Credible Logo

Credible Application Process

As mentioned above, the application process for all Credible services is fast and convenient. The initial application form takes a few minutes to fill out, and once the offer has been accepted, the transferring of funds can take between 24 hours and one week.

Credible has no control over how long transfers take as this is the job of the chosen lender. Credible is simply a matching service that streamlines the process of finding lenders and applying for loans.


The Credible website offers a good amount of information about the services offered, however, complete information for every lender isn’t available. Checking with the individual lenders and having a look at their terms and conditions is encouraged. 

Customer Service

If you wish to contact Credible directly, you have the following options: 

Chat with a Credible client success team member on the website.

Credible Reviews & Complaints

Credible has an excellent rating of 4.7 stars based on over 3,800 reviews on Trustpilot. 87 percent of Trustpilot reviewers gave Credible an excellent rating, while only 2 percent of users gave it a “bad” rating. Additionally, Credible is accredited with the Better Business Bureau and carries an “A+” BBB rating.

Taking a closer look at these reviews, starting with the one-star reviews, most of the bad and poor ratings are due to inaccurate information being provided and misunderstandings as to how Credible works. For the average ratings, these reviewers didn’t like that Credible needed the amount of information required, or they received higher interest rates than they were expecting. 

To negative feedback they have received, Credible has responded to 96 percent of these reviews. According to Trustpilot, Credible responds to negative reviews within two weeks. Overall, most customers say that the process was easy to complete, they received great rates in record time, and that the customer service staff were helpful. 

Credible Pros and Cons

Here are some of the key benefits and drawbacks you should consider before deciding to use the Credible platform. 


  • Free: One of the very best things about using the Credible platform is that it is absolutely free; Credible doesn’t charge you anything for searching for affordable loans. This means there are no origination fees, sign-on fees, and so on. 
  • Accurate Rates: When you shop for a loan on Credible, you don’t just get estimates for how much a loan will cost; you get the actual rates, updated in real-time. 
  • No Hard Credit Pull: Unlike other lending platforms, Credible does not conduct a hard credit check when you are loan shopping; so when you use Credible, you don’t have to worry about it affecting your credit rating (Note: when you ultimately select and apply for a loan, the lender will conduct a hard credit pull). 
  • Multiple Offers in One Place: Credible decreases the amount of time you would normally need to spend applying to each individual lender by providing one application to be sent to each lender you may qualify with. This allows you to gather multiple offers at once in record time. 

CoSigners are Allowed: Some lenders do not provide the option of co-signers with student loans, which can be limiting if the student has poor credit, but needs the loan. With Credible, they find lenders who allow co-signers, which makes more people eligible for loans and rates they need and can afford.


  • Limited View of all Available Loans: While you will be able to see several different rate quotes when searching for a loan on Credible, it will not be all of the loans available out there, just the lenders who have a relationship with the platform. There could be loans out there at more competitive rates that you do not get to see.
  • Prequalified Rates are Not the Real Rate: While yes, Credible has been known to provide accurate rates, it is worth noting that at any point if your information changes from the time of application to the time of accepting offers, the prequalified rates you received can increase. 
  • Loss of Federal Loan Benefits: Having loans through a federal provider can provide additional benefits, such as income-based payments and protection if you’re unemployed at any time of repayment. These protections typically do not exist with the lenders through Credible, if you choose to change from a federal provider to a non-federal provider. 
  • No Rate Discount: Some online marketplaces and lenders offer discounts if you choose their services over others, however, Credible is not one of them. 

Credible Alternatives

Listed below are a few Credible alternatives and competitors.

  • LendKey: This marketplace connects customers with private student loans and refinancing loan options through community banking and credit unions. LendKey is a considerable option for those who want to borrow through local banks, rather than the big-name banking systems. LendKey is great in one aspect, as it allows a longer forbearance term of 18 months, which is longer than most other lenders. However, refinancing loans are not available in all 50 states and there is no postponement for payments if you return to school or serve in the military. 

Similarly, if you apply for student loans through LendKey, you will have to pay while still in school and during the grace period, which most other student loan lenders do not require you to do. The minimum credit score requirement for both options is 660 and the fixed and variable rates vary greatly, offering lower amounts than most other lends, as low as 1.90 for refinancing loans and 1.13 for student loans. 

  • LendingClub: This option provides personal loans and is a good option for those with fair credit scores between 630 and 689. These loans are great for consolidating debt and LendingClub allows joint-loan options. LendingClub also allows flexible payments and only requires a soft credit score pull, which won’t affect your credit. However, this option doesn’t offer a mobile way to manage your loans, and does charge origination and late fees, unlike Credible. 

However, LendingClub does report to the three top credit bureaus and allows borrowers to change their payment dates. Their estimated APR fluctuates between 7. 04 percent and 35.89 percent, which is higher than some lenders. The loan amounts vary between $1,000 and $40,000 with terms that vary between three and five years. The minimum credit score you need in order to qualify with LendingClub is 600, but typically, the higher your credit score, the lower your rates will be. 

Prosper: Similar to LendingClub, Prosper offers APR rates that fluctuate between 7.95 and 35.99 percent with loan amounts ranging from $2,000 to $40,000. The minimum credit score to qualify with Prosper is 600. The pros of Prosper include being able to change your payment date, having joint-loan options, and having a wide loan amount range. The cons of Prosper, however, include no rate discounts for autopayment, the funding time can be longer than other lenders, and borrowers can only choose between two repayment options.

Overall, the APRs are higher than other lenders compared to Prosper, including Credible. This option is best suited for those looking for home equity financing. One upside to Prosper, however, is that they only do soft pulls on credit and they do report to the top three credit bureaus, which is great for on-time payers; however, you need to have a credit history of at least two years to qualify.  

Frequently Asked Questions (Faq)

Credible provides an in-depth list of questions that users and potential customers have, featuring multiple drop-down menus on their website’s FAQ section. These questions are categorized into three sections: student loans, refinance student loans, and personal loans. This is to help users narrow down if a question has been answered based on the services they are using. 

Some of the questions asked include:

Do I need my FAFSA information, or need to file for FAFSA?

No, Credible does not require FAFSA information for customers to be eligible for their services. 

Is Credible available for international students?

Yes, eligible students are able to use Credible, but they must have a valid United States address and a co-signer with decent credit who is also either a US citizen, or permanent resident. 

How do I know if I’m eligible for Credible’s services?

Fill out the form that Credible provides and you will receive personalized rates based on your information in less than two minutes. 

Credible Review Parting Thoughts: A Safe Bet on Your Quest for Affordable Loans

In summary, Credible is a highly regarded loan marketplace that provides rates in a short span of time. Compared to the alternatives, Credible almost always offers a benefit that is one-up on competitors, especially for students in need of loans for their schooling. 

If you’re searching for a loan with competitive rates, then you should really be using Credible. After all, Credible is absolutely free, does not affect your credit score, and provides you with accurate, real-time loan quotes.  This platform can be a great start on your quest to find the best loans out there.

Credible is a great option if you are looking for student loan options but cannot determine which one is best. One major drawback with Credible is that it doesn’t cover every lender in the market. Applicants will need to do their due diligence before locking in with Credible as they may find a lender with better terms and rates.

Because Credible doesn’t carry out a hard credit check until the loans are finalized, nothing is stopping those shopping for loans from using the Credible platform to look at the available offers and then searching for other options outside of the platform.


Thanks for reading our Credible review.

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