Credible Review: Compare Rates for Student Loan Refinancing and More
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Editor’s Note: In response to the coronavirus pandemic, as of March 13, 2020, the Trump Administration has halted interest payments on federal student loans. Please note that this applies to federally held student loans only and may not apply to your private student loans. Also note that student loan payments are still required, however your entire payment will now be made toward the principal of the loan. Check with your student loan provider for more information.
In this Credible review, we’ll explain how the service works, review the types of loans you can find through Credible, and explore whether it is a good option for you. Enjoy!
Taking out a loan can be tedious. With so many lenders offering different terms and interest rates, it’s tough to know which one is right for you. Wouldn’t it be great if we could compare loans online the same way we compare flight costs?
Well, now you can.
Credible is an online marketplace that helps users compares rates from multiple lenders to get the best deal. Based on the amount you want to borrow and your credit history, Credible can connect you with lenders who handle student loan refinancing, private “in-school” student loans, and personal loans.
Although Credible is not a lender itself, the site retrieves offers from various banks, credit unions, and other lenders for every inquiry. Each offer comes with different terms and rates to meet your needs.
Sound interesting? Let’s dig into Credible and see if they can help you save money on your student and personal loan needs.
Credible at a Glance
- Refinance federal, private, and ParentPLUS loans
- Compare private student loans for those in school
- Personal loans also available
- Competitive variable and fixed rates
- Free to use
- Compare rates from up to 15 lenders
- No application or origination fees
- Easy and fast online application process
- Get rates based on your actual credit profile
- Checking prequalified rates does not affect your credit score
What is Credible?
Credible is an online marketplace for student loan refinancing, “in-school” private student loans, and personal loan products. By providing personalized rates from multiple lenders, Credible users are able to compare and choose the most competitive interest rate for their situation. Receiving rate quotes is free and users can get a list of prequalified offers without it impacting their credit score.
When looking for ways to reduce your monthly student loan payments and save on interest, one of the best options may be to refinance your student loans. When you refinance, you’re taking out a new loan that pays off your old loans. Hopefully, this new loan will have a lower interest rate (saving you money over the life of your loan), longer repayment terms (which could lower your monthly payment), or both.
The hard part is finding a loan that meets those requirements.
That’s what makes Credible so useful.
How Does Credible Work?
To start comparing offers, users simply complete a single form. From there, Credible will provide multiple loan offers side-by-side, all in one place. It’s as easy as comparing airline tickets or hotel rooms.
Credible isn’t just our top choice for student loan refinancing; they can help you find a great rate on personal loans and private student loans, too! Using the same comparison process as their student loan refinancing service, you’ll have personal or student loan offers at your fingertips in less than two minutes.
To get your prequalified customized results, simply provide information like your name, income level, and the university you attended. Credible then performs a soft credit check that won’t affect your credit score. From there, you’ll receive instant access to personalized offers, not estimated rates.
Once you get your list of offers, there’s no obligation to accept any of them. At this point in the process, your information isn’t shared with any lenders, and your inquiry isn’t binding. If you find an offer you like, you can continue to complete a full application with that lender. If not, you don’t lose anything by walking away.
Loans Available through Credible
Using their marketplace platform, you can compare the best student loan refinancing options and get access to personal loans, credit cards, and private student loans, too. Here’s a breakdown of what you’ll find.
Student Loan Refinancing
Using Credible to refinance your student loans is a simple process that could potentially save you thousands. Entering information into a single form delivers quotes from different lenders. From there, you can compare quotes and decide which is best for you.
To begin, enter your loan information manually or use their automated tool to import your loan details from places like Sallie Mae, Citizens Bank, and others.
The offers you receive depend on your credit history and which lender you work with. One of the best parts is you’ll get real interest rates based on your credit profile, instead of estimates or a range of possibilities.
For student loan refinancing, you can choose between variable and fixed interest rates. If you find a rate you like, you’ll fill out an application with that lender. Your finalized offer is delivered within two business days.
>> Compare Student Loan Refinancing Rates Here <<
Private Student Loans
Though most notable for their student loan refinancing, you can also find private student loans through Credible. As with student loan refinancing rates, Credible uses the same comparison method to list loans from different lenders. Simply get your rates and pick the one that best meets your needs.
Using the funds from a private student loan, you can cover education-related costs and living expenses. This includes things like food, rent, and transportation. Private student loans are a good solution if you’ve maxed out your federal student loan options and need extra money for school.
With this type of loan, you borrow up to the maximum certified total cost of attendance from your school of choice. Depending on the lender, there are variable and fixed loan options, each with different rates and options for repayment plans. Credible compares lenders and helps you find a private student loan with terms that fit your needs.
>> Compare Private Student Loans Here <<
For personal loans, one application with Credible gives you access to quotes from up to 15 different lenders. Working with its lending partners, you’re connected with personal loans using the same comparison method as the student loan refinancing process.
Though personal loans don’t make sense for everyone, and they certainly aren’t the best option to help pay for college expenses, they can be helpful in some situations.
In a pinch, personal loans can provide access to some much-needed cash. They can also offer longer repayment terms than other types of loans, and they typically offer a far lower interest rate than credit cards.
Ideally, I like personal loans as an option for refinancing your high interest debt. In certain situations, you may be able to move your credit card debt to a personal loan, saving thousands on interest in the process.
Be careful, though – using a personal loan to get through hard financial times could end up costing you! Make sure you’re using your loan to improve your financial standing and not adding even more to your debt. just adds to your debt.
>> Compare Personal Loan Rates Here <<
Benefits of Using Credible
- Receive quotes quickly – The application only takes a few minutes to complete and walks you through each step of the process. You can complete the application online without talking to anyone on the phone, but that option is available if you need it.
- Compare multiple quotes in one place – You could get several quotes from multiple lenders. Depending on your qualification factors and the terms of the lender, you might even receive more than one quote from the same lender. This gives you an easy side-by-side comparison and makes the refinancing process less stressful.
- No obligation – You can take your time and research the lenders that interest you, and there’s no obligation to accept these initial quotes. Keep in mind the rates and terms can change at any point, and you may want to lock in your rate sooner rather than later.
- Quotes are free – It’s completely free for you to use, and there are no application or origination fees. Credible’s lending partners do pay a fee, but that cost isn’t passed on to the borrowers and doesn’t affect the rates or loan terms.
- Co-signer may get you better rates – They’ll let you know if you’re approved on your own without using a co-signer, but you can also see if it would help you qualify for a better rate. Using Credible’s co-signer tool will help you see if adding one is right for you.
- Helpful support – Contacting Credible is easy if you have questions or concerns. You can contact them without any obligation to accept an offer, and they’re available by telephone, email, or online chat.
Where Credible Falls Short
Loan shopping with Credible is a great starting point if you’re looking to refinance your student loan. Several big lenders partner with Credible, which allows you to compare a variety of interest rates and loan terms. With that said, they aren’t connected with every lender, so you won’t see every rate that is possibly available to you.
For instance, credit unions are known for providing customers with some of the best terms in the market. However, Credible doesn’t work with very many of them. You might score a great rate with Credible, but it is always possible that you might find a better outside of their network partners.
Additionally, Credible is not a lender themselves. So, once you choose a lender, you’re no longer working with Credible. This could obviously be frustrating if you forget this and run into problems with your loan.
Who Should Use Credible
Borrowers looking to refinance student loans – If you’re in the market to refinance your student loans to a lower rate, Credible is a great place to start shopping. Refinancing makes sense for those wanting to save money, reduce their monthly payments, or pay their loans off faster. Credible helps you compare rates from multiple lenders all in one convenient place, drastically reducing the amount of time you’d otherwise spend shopping for rates.
Those with high-interest credit card debt – Personal loans are a decent option for those with high-interest credit card debt. Through a personal loan, you may be able to consolidate that debt to a much lower interest rate, saving you thousands in the process. Again, you can compare personal loan rates using Credible.
Current students who need more financial help – Credible is an excellent option for current students who need additional financial assistance. At Credible, they can compare multiple private student loan offers that may be able to help them pay for extra educational and living expenses.
Those having issues with their student loan provider – Are you having problems with your federal student loan provider? Refinancing through Credible means you won’t have to deal with them any more.
People in need of quick cash – Although we far prefer an emergency fund for these situations, if you’re in serious need of quick cash, a personal loan may help. As with student loans, users can compare rates from multiple lenders through Credible.
Who Should Avoid Credible
Borrowers who may be eligible for PSLF or IBR programs – Certain federal student loan borrowers might not benefit from refinancing with Credible. For instance, if you’re eligible for loan forgiveness or income-based repayment programs, refinancing your federal loans will disqualify you from receiving assistance. In this instance, giving up that option might not be in your best interest.
Borrowers with less than $5,000 in student loan debt – Most lenders require you to refinance at least $5,000 worth of student loans. Student loan balances under that amount may not qualify for refinancing with Credible.
Borrowers without a co-signer – Borrowers hoping to secure a private student loan or refinance their current student loans may need a co-signer to qualify. Use Credible’s free co-signer tool to see if adding one is the right option for you.
Credible Review: The Bottom Line
Taking out a loan is a big decision. By allowing you to compare several options in one place, Credible helps make your decision easier.
The site does a great job at matching you with lenders that fit your profile, allowing you to see real rate offers that are customized to your situation. Plus, it’s a free, making it an easy way to compare rates from multiple lenders at no cost to you.
We hope this Credible review has been helpful! Thanks so much for reading and good luck!
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