Credible isn’t a student loan lender itself; it’s an online student loan marketplace that lets borrowers compare multiple lenders and rates. Credible is a good option for borrowers in good financial health (or those with a co-signer) who want to compare multiple offers in the shortest time possible. However, a number of major private student loan lenders aren’t listed on Credible’s site, so while it’s a useful tool, it shouldn’t be the only resource used when comparing potential rates.
Credible features a selection of private undergraduate and graduate loans, as well as student loan refinancing. Credible’s main value proposition is the ability to compare potential rates and offers from many lenders at once through a single prequalification form. You’ll be able to see what lenders you qualify for and the rates you could get without a hard credit pull, so comparing the offers will have little impact on your credit score.
Credible advertises the fact that it has a quick prequalification form — according to the company, you should be able to complete the form in three minutes. If you find a better rate outside of Credible, you may qualify for a $200 gift card from Credible.
Credible student loan snapshot
|Loan types||Undergraduate, graduate, law, medical, MBA, parent, refinancing|
|Loan amounts||Varies by lender|
|Interest rates||Private loans: 2.47% to 13.85% variable APR, 3.22% to 14.75% fixed APR (with autopay)|
|Repayment terms||Private loans: 5 to 20 years
Refinancing loans: 5 to 20 years
|Grace period||Varies by lender|
Pros and cons of Credible student loans
Credible can be a fast and convenient way to compare lenders, but there are some drawbacks if you’re using it as your primary tool.
- Prequalify with multiple companies: Credible currently partners with eight student loan lenders and 13 refinancing lenders. The ability to compare multiple lenders at once with only one application is a huge benefit. It makes the process of shopping around easier, faster and more convenient.
- Potential for no fees: Credible partners with many lenders that don’t charge origination fees.
- Wide range of repayment options: Credible’s partner lenders offer many options for repayment terms. While the exact options vary by lender, you may be able to find terms from five to 20 years.
- Does not search all lenders: While Credible partners with a good selection of lenders, it does not partner with all major players in the student loan space. Big-name lenders like SoFi and Earnest are not featured, so you’ll have to prequalify with those lenders separately to see if you can get a lower rate.
- Details vary by lender: You won’t know exactly what terms and rates you’re applying for when you submit through Credible’s form. Every lender has its own fees, loan amounts and grace period, so you’ll have to do your due diligence researching the lenders you’re matched with.
Credible student loan requirements
Since Credible isn’t a loan originator, there is no set of minimum requirements to be approved for a loan; it’s all dependent on the individual lender. However, the prequalification tool is a great way to find out what loans you could be eligible for.
In general, borrowers should be in good financial standing to be eligible for a private student loan. Borrowers should also be a U.S. citizen or legal resident and be at least the age of majority. Borrowers who don’t meet all of the requirements are free to add a co-signer to their loan to get approved or qualify for better rates.
Who is this loan good for?
Borrowers who need a loan quickly may benefit from Credible’s unique loan comparison tool. While the company does not partner with every student loan lender — and therefore may not offer you the best rates available — the fact that you can compare several lenders through one three-minute form is a huge benefit for borrowers who don’t have time to do that research on their own.
Interest rates and terms
Many of the lenders that Credible features offer both fixed and variable interest rates on their student loan products. Credible itself doesn’t offer any discounts, but the rates below reflect discounts provided by the lenders.
|Loan product||Variable rate||Fixed rate|
|Undergraduate student loans||2.47% to 13.85% APR||3.22% to 14.75% APR|
Fees and penalties
Fees and penalties vary by lender; some lenders may charge origination fees, application fees or late fees. Before officially accepting a lender’s offer, check the terms and conditions for any hidden fees or penalties.
Repayment terms and grace period
As with fees, repayment and grace period terms vary by lender. However, most private lenders offer a six-month grace period, and the lenders that Credible partners with may offer repayment terms of anywhere from five to 20 years.
Credible gets an “A+” rating from the Better Business Bureau, based the company’s business practices and how it responds to customer complaints.
You can contact customer service through email at email@example.com, by phone at 866-540-6005 or via the online chat feature. The company also offers an extensive FAQ for questions related to the application process, applying with a co-signer and selecting a lender.
How to apply for a loan with Credible
You’ll prequalify for Credible loans directly on Credible’s website, where you’ll enter basic personal details and your desired loan amount. The process takes around three minutes. Once you’ve submitted the prequalification form, you’ll begin to receive offers on your Credible Dashboard.
On your dashboard, you can filter the results by specific factors, like the repayment plan, the type of interest rate or your desired monthly payment. Once you’ve narrowed it down and are ready to apply, you can select your desired lender in the dashboard.
After selecting a lender, the lender will run a hard credit inquiry to see if you meet the required financial criteria, and you’ll need to provide additional documentation. If you’re approved, the lender will contact you to finalize the details of the loan.
How Bankrate ranks Credible
|Repayment Options||4.2||Many details of Credible loans depend on the lender you’re matched with; however, there is the potential for a wide range of repayment terms and loan amounts.|
|Affordability||4.0||Fees and grace periods depend on the specific lender, but in general, Credible’s lending partners offer low interest rates.|
|Customer Experience||4.0||While Credible does not specify customer service hours, it does have a good online experience.|
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.