Credible Student Loans: 2024 Review

Written by
Hanneh Bareham
Edited by
Pippin Wilbers
Updated on Jan. 1, 2024

At a glance

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Check rate with Bankrate
4.1
Bankrate Score
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Repayment Options
4.6
Affordability
3.8
Customer Experience
4.0

About Bankrate Score

Full methodology

Credible isn’t a student loan lender itself — it’s an online student loan marketplace that lets borrowers compare multiple lenders and rates. If you have good financial health or a co-signer and want to compare multiple offers, Credible is a good option. 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 to compare potential rates.

Lender Details

Moneybag

Loan amount

Varies by lender

Rates

APR from

4.98%-16.70% Variable; 4.07%-15.66% Fixed

Clock Wait

Term lengths

5 to 20 years

Credible features

Credible features a selection of private undergraduate and graduate loans, as well as student loan refinancing. It allows borrowers 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 won't affect 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: In the details

Loan Amount
Varies by lender
APR from
Private loans: 4.98% to 16.70% Variable APR, 4.07% to 15.66% Fixed APR (with autopay) | Refinancing loans: 5.28% to 12.41% Variable APR; 5.48% to 10.98% Fixed APR (with autopay)
Grace period
Varies by lender
Repayment terms
Private loans: 5 to 20 years | Refinancing loans: 5 to 20 years
Loan types
Undergraduate, graduate, law, medical, MBA, parent, refinancing
Cosigner required?
No
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Pros

  • Prequalify with multiple companies: Credible currently partners with seven student loan lenders and 10 refinancing lenders.
  • Potential for no fees: Credible partners with some lenders that don’t charge origination fees.
  • Wide range of repayment options: Credible’s partner lenders offer many options for repayment terms.
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Cons

  • 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.
  • Details vary by lender: You won’t know 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.

Credible student loan requirements

Because Credible isn’t a loan originator, there is no set of minimum requirements to be approved for a loan. Eligibility requirements are all dependent on the individual lender. However, the prequalification tool is a great way to find out what loans you might qualify 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. Those who don’t meet all of the requirements are free to add a co-signer to improve their chances of approval and to potentially 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

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 5.39%-16.99% APR 4.43%-16.99% APR
Refinance student loans 5.28%-14.51% APR 4.90%-11.83% 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.

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.

Customer service

You can contact customer service through email at support@credible.com, by phone at 866-540-6005 or via the online chat feature. 

Representatives are available:

  • Monday through Thursday from 9 a.m to 9 p.m. ET.
  • Friday from 9 a.m. to 7 p.m. ET. 
  • Saturday from 10 a.m. to 6 p.m. ET. 

The company also offers an extensive frequently asked questions page for questions related to the application process, applying with a co-signer and selecting a lender.

How Bankrate ranks Credible

Overall Score 4.1
Repayment Options 4.6 Many details of Credible loans depend on the lender you’re matched with — but there is the potential for a wide range of repayment terms and loan amounts.
Affordability 3.8 Fees and grace periods depend on the specific lender, but in general, Credible’s lending partners offer low starting interest rates.
Customer Experience 4.0 While Credible does not specify customer service hours, it does have a good online experience.

Methodology

The Bankrate team evaluated over 20 lenders to select our top picks for the best student loans. To do this, Bankrate considers 14 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Then, lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.

  • Availability: We looked at minimum and maximum loan amounts, as well as the lender’s eligibility requirements, co-signer option, degrees covered and state availability. Lenders that offered the most flexibility as well as nationwide servicing and that offered financing for a variety of programs ranked higher in this section.
  • Affordability: Fixed and variable interest rates, fees, penalties and discounts were measured in this category. Lenders with the lowest rates, fewer fees and multiple discounts got the higher scores.
  • Customer experience: Our team looked at the ease of the application process, as well as online account management tools, customer support hours, app availability, repayment options and grace periods offered by the lenders. This allowed us to determine the lenders’ ability to satisfactorily serve customers.

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.