Credible.com: A Solution to Your Student Loan Problem

Credible.com: A Solution to Your Student Loan Problem.

Credible.com: Credible is an online marketplace that allows you compare both student loan and refinancing, personal loans, mortgages, and credit cards.

Credible.com: A Solution to Your Student Loan Problem

There are dozens of student loan lenders and refinancing companies out there, and where do you even start? However, finding the best interest rate and terms for your loan can be tough. That’s where Credible comes into play.

On this article, you will get to know in details; what Credible is all about, how there can be of benefits to you.

What Does Credible.com Do?

Credible is a loan comparison website for financial products, including student loans, mortgages, personal loans, and credit cards. Once you’ve found an offer you like, Credible will connect you to the lender site, where you can fill out the full application for financing.

Credible does not underwrite or service loan products or offer credit cards directly. The marketplace simply helps you compare rates and terms for these products.

Pros

  • Compare rates of multiple lenders in minutes.
  • Only requires one form.
  • There are no fees to shop.
  • Shopping won’t impact your credit score (until you fill out an application with a lender).

Cons

  • Credible has no control over rates, fees, and loan terms (it’s just a middleman).
  • The network of lenders and credit card companies is limited.
  • Consumer ratings are mixed (four stars on Better Business Bureau; 1.5 stars on Consumer Affairs)

What You Get from Credible

Credible lets you compare options in six categories:

  • Student loans & refinancing
  • Personal loans
  • Mortgages & Mortgage refinancing
  • Credit cards

Credible.com Student Loans & Refinancing

Student loans are Credible’s main focus. The marketplace offers access to both private loans and refinancing options, and rates start as low as 3.26%.

More than 2,200 schools accept Credible partners’ student loans, and borrowers can find financing options for four-year colleges and universities, graduate programs, and professional degrees. You may also see options for deferred and interest-only payment plans.

Credible has partnered with nine private lenders, including Citizens Bank, Sallie Mae, College Ave, Ascent, SunTrust, and others.

Credible.com student loans & refinancing

Private Student Loans

Credible allows borrowers to shop for student loan options from private student loan lenders. You can use these loans to pay for education-related costs that are not covered by federal student loans, including tuition, housing, food, books, and more.

To be eligible for most loans, you’ll need to be enrolled at least part-time in an educational program. International students may be eligible, as long as they have a U.S. address and a cosigner who’s a U.S. citizen or permanent resident.

Private student loan rates and terms vary depending on your financial need, credit history, your school’s cost of attendance, and whether you have a cosigner. Some lenders offer deferred and interest-only payment options, as well as both fixed- and variable-rate loans.

Student Loan Refinancing

Borrowers can also find options for refinancing student loans through Credible. Refinancing can lead to lower interest rates, lower monthly payments, or a different repayment period.

Credible can help you find refinancing quotes for both federal loans and private student loans from 10 lenders, including SoFi, Brazos, PenFed, EDvestinU, and RISLA. Rates start at 1.81%, and Credible offers $200 if you find a better rate elsewhere.

Credible student loan refinancing rates & fees
Fixed APRs 3.14% – 9.62%
Variable APRs 1.81% – 9.12%
Prepayment fee $0
Origination fee $0

Credible Personal Loans

You can also shop for personal loans on the Credible marketplace. Loans range from $1,000 to $100,000 and come with interest rates as low as 5.95%.

Credible personal loan rates & fees
Amount $1,000 – $100,000
Terms 2 – 6 years
APRs 5.95% – 35.99%

Lenders Credible Partners With For Personal Loans

Credible works with 11 partner lenders to compare personal loan offers. These include:

  • LightStream Personal Loans
  • Marcus by Goldman Sachs Personal Loans
  • Best Egg Personal Loans
  • Avant Personal Loans
  • Payoff Personal Loans
  • FreedomPlus Personal Loans
  • LendingPoint Personal Loans
  • Upgrade Personal Loans
  • Prosper Personal Loans
  • Upstart Personal Loans
  • LendingClub Personal Loans

Credible.com Mortgages & Refinancing

You can shop for mortgages loans, as well as options for mortgage refinancing, on the Credible marketplace. You can even get a pre-qualified quote and get pre-approved for your loan right on the site.

Mortgages

To compare mortgage rates, you’ll need to enter some data about your home search. You will also need to agree to a soft credit check, which won’t impact your credit score. Have this information handy while you shop:

  • Details about the properties you’re considering.
  • Your income.
  • Bank account information.
  • Savings account.
  • 401(k) and retirement account statements.
  • Info on your stocks and bonds.

A few of the mortgage lenders Credible has partnered with include Caliber Home Loans, loanDepot, Quicken Loans, and United Wholesale Mortgage.

Mortgage Refinancing

Refinancing your mortgage might be able to lower your interest rates, reduce your monthly payment, or help you pay off your loan faster.

On Credible, you can shop for refinancing quotes. You’ll be able to see fixed- and adjustable-rate options, and even opt for cash-out refinance loans that let you pay off debts or other expenses. Once you apply for a loan, you can complete the entire closing process online via Credible’s platform.

Credible.com credit cards

Credible also offers credit card comparisons, including options for rewards cards, travel cards, and balance-transfer credit cards. Some of the top cards Credible has partnered with include:

  • Discover It Student Card
  • Chase Freedom Unlimited Card
  • Chase Sapphire Preferred Card

FAQs

FAQs

– How can Credible help me?

Credible is an online marketplace for students and graduates to refinance student loans. It also has other good products which you will find interesting.

– How does Credible’s process work?

Credible is not just a passive website listing out advertisers. Whether you’re looking to refinance your student debt or consolidate credit card debt, you’ll be asked to fill out a one-page form. Credible then performs a soft credit check which does not adversely affect your credit score. It does, however, allow them to assess what loans are right for you.

– Who is qualified to apply for loans through Credible?

The eligibility requirements to use the services offered by Credible are not overly cumbersome. In order to use Credible, you must be a U.S. citizen or a permanent U.S. resident with a permanent address in the country. You also must be over 18 years of age and have more than $5,000 in student loan debt.

– Can I use a co-signer with Credible?

Co-signers are often required by lenders if you have poor or limited credit. You can better your chances of qualifying for more attractive refinancing terms by adding a co-signer with strong credit to your application.

– Does Credible have a good reputation?

Credible has been in business for five years and has both an A+ rating from the Better Business Bureau and an excellent 9.4/10 star rating on Trustpilot.

Final Thoughts

In a sea of online lenders advertising lower interest rates on your student loans, Credible certainly stands out from the pack. While they may not be a fit for everyone, and not everyone will qualify to work with them, they appear to have the best of intentions.

I am a big fan of Credible because they make it easy to shop for student loan refinancing by comparing multiple lenders in just minutes.

Add a Comment

Your email address will not be published. Required fields are marked *