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Business Insider's personal finance team compared Credible Student Loan marketplace to the best private student loans of 2024 and found it to be an industry leader, offering solid rates for borrowers and a strong user experience.
Credible Student Loans Overview
5.00% - 17.99% variable and 3.49% - 17.99% fixed (with AutoPay discount)
Varies by lender
Varies by lender
- No origination fee
- Many different loan types
- $200 gift card if you close with a better rate than you prequalify for on Credible
- Many repayment term lengths
- Concrete loan details depend on the partner lender you're matched with
Credible is best for borrowers who want to compare a variety of loan options at once and don't want to go through the hassle of applying for them at multiple lenders. Credible will present you with a list of what you qualify for after you input some simple information.
- Offers undergraduate, graduate, parent, medical school, MBA, and law school student loans, as well as student loan refinancing
- Term length depends on partner lender
- Can borrow up to the cost of attendance
Credible is a great option for borrowers who are unsure where to find the best rate. The student loan marketplace lets you compare many offers at once.
What is Credible?
Credible is best for borrowers who want to compare various loan options at once and don't want to go through the hassle of applying for them at multiple lenders. After you input some simple information, Credible will present you with a list of what you qualify for.
How Does Credible Work?
To get a loan, you generally need to meet the following qualifications, which vary by the lenders that Credible partners with:
- Have a qualifying credit score, or a cosigner with one
- Have a qualifying income and debt-to-income ratio (DTI), or a cosigner with one
- Be enrolled in a qualifying education program
- Be a US citizen or legal resident with a Social Security number
- Be at least 18 years old and have a high school diploma or equivalent (or have a cosigner)
- Use the loan for education purposes only
You should consider your federal student loan options before refinancing into any private student loan, including one with Credible, as you can often get better terms and protections through the government.
Roughly 85% of borrowers who take out a loan from Credible have a cosigner on their loan.
You can contact customer support by phone Monday through Thursday from 9 a.m. to 9 p.m. ET, Friday from 9 a.m. to 7 p.m., and Saturday from 10 a.m. to 6 p.m. You may also email the company at its support account or contact them through live chat.
Services Offered by Credible
Credible offers student loans in several forms, including:
- Undergraduate
- Graduate
- Parent
- Medical school
- MBA
- Law school student loans
- Student loan refinancing
Key Features of Credible Student Loans
Loan Comparison Tool
Credible is not a lender, but a loan marketplace that allows borrowers to compare loan terms, interest rates, and various perks and drawbacks. Credible offers competitive borrowing options through partnerships with lenders, and earns commissions from the lenders on its platform.
User-Friendly Interface
Credible makes it fairly easy for users to discover borrowing options, and find the right lender. The platform is free, will not ding your credit score to use, and will not charge origination fees or prepayment penalties.
Transparency and Trustworthiness
Credible has an A+ rating from the Better Business Bureau. The BBB is a nonprofit organization focused on consumer protection and trust. It determines its grades by focusing on a business' response to consumer complaints, honesty in advertising, and openness about business practices.
The lender hasn't been involved in any recent controversies, so you should feel comfortable borrowing from them.
Credible Student Loans Pros and Cons
Advantages
- No origination fee. Some lenders charge origination fees, which eat into your overall loan proceeds and add to the total cost of your loan.
- Many different loan types. Credible probably has a loan for your situation, regardless of the degree you're pursuing. Additionally, if you already have a loan, you can refinance it on the marketplace.
- Cash bonus if Credible can't find you the best student loan rate. Credible will give you a $200 gift card if you receive a better rate than what you prequalified for on their website from a lender not on Credible (terms apply).
- Many repayment term lengths. While the term lengths on your loan through Credible depend on your partner lender, you can expect it to last between five to 20 years.
Disadvantages
- Concrete loan details depend on the partner lender you're matched with. It may be hard to know the exact details of your loan without diving deeper into each lender you get an offer from. Other lenders make their terms clearer before you apply.
Credible Student Loans User Experience and Reviews
Customer Satisfaction Ratings
Credible boasts a 4.8-star rating on TrustPilot, with users lauding the user-friendly interface, strong chances of approval, and swift processing times.
Common User Feedback
Several Credible loan reviews noted how quick and easy the application and comparison process was. Certain customers reported that even after being previously turned down for a loan from other companies, they qualified for a loan with Credible's partners.
Credible vs. Competitors
Credible Student Loans vs. Splash Financial Student Loan Refinancing
Both Credible and Splash Financial have term lengths ranging between five to 20 years, depending on the partner lender you choose.
Credible offers a $200 gift card if you find a lower rate than you are prequalified for with a different lender, not on Credible, although that might not be easy to do (terms apply).
Splash Financial Student Loan Review
Credible Student Loans vs. Earnest Student Loan Refinancing
Earnest originates undergraduate and graduate loans, as does Credible. You won't pay origination fees or prepayment penalties with either company.
Earnest's loans have a distinctive perk: the ability to skip one payment yearly. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Credible Student Loan Application Process
Sign-Up Process
1. Apply on Credible's website. You (and your cosigner, if applicable) will enter your email address, name, phone number, education level, Social Security number, and income history. You'll receive an estimated monthly payment and rate range without impacting your credit score.
2. Sign a loan agreement and get your new loan. After you sign your loan agreement, you may get your loan soon with Credible. Remember, refinancing a loan means replacing your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your accommodate your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Credible Student Loan Marketplace FAQs
You can compare various types of loans on Credible, including student loans, personal loans, mortgages, and refinancing options.
Yes, Credible is free to use. The platform earns a commission from lenders when users get a loan through their site.
Credible offers accurate, real-time loan offers from its partner lenders, ensuring users get up-to-date information.
The first comparisons on Credible use a soft credit check, which does not affect your credit score. Only final loan applications may involve a hard credit check.
Your information is secure with Credible. Credible uses advanced security measures, including encryption, to protect user information.
Why You Should Trust Us: How We Rated Credible Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average considering seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Though Credible is a student loan marketplace rather than a student loan lender, we used the same criteria for student loans to come up with its numerical rating.
Read more about how we rate student loans >>
