Written by Hanne Barham Hanne Barham
Edited by Hannah Smith Hannah Smith
Updated January 1, 2023
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You have questions about money. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools they need to be successful in their financial journey through life.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial team is objective, factual and not influenced by our advertisers.
We're transparent about how we can bring you quality content, competitive prices, useful tools, and how we make money.
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at a glance
4.1
Rating: 4.1 out of 5 stars
Bankzins-Score
refund options
Rating: 4.2 out of 5 stars
4.2
Accessibility
Rating: 4 out of 5 stars
4.0
customer experience
Rating: 4 out of 5 stars
4.0
About bank rate score
Credible is not a student loan provider; is an online student loan marketplace that allows borrowers to compare multiple lenders and interest rates. Credible is a good option for borrowers in good financial shape (or those with a co-signer) who want to compare multiple offers in a short amount of time. However, some of the best private student loan lenders are not listed on Credible's website. Therefore, while it is a useful tool, it should not be the only resource used when comparing potential interest rates.
loan amountVaries depending on the lender
annual percentage rate of4.49% - 15.76% Variable; 3.65% - 16.16% Fest
terms of office5 to 20 years
This lender is best forBorrower who need a loan quickly.
Check the rate with Bankrate
Reliable Resources
Credible offers a selection of undergraduate and graduate personal loans, as well as student loan refinance. Credible's primary value proposition is the ability to compare interest rates and potential offers from multiple lenders simultaneously through a single pre-qualification form. You can see which lenders you qualify for and what interest rates you can get without a strong loan application, so comparing offers has little impact on your credit score.
Credible advertises that there is a quick prequalification form – according to the company, you should be able to fill out the form within three minutes. If you find a better price outside of Credible, you may qualify for a $200 Credible Gift Card.
Credibility: in the details
loan amount
Varies depending on the lender
annual percentage rate of
Personal loans: 4.49% to 15.76% variable APR, 3.65% to 16.16% fixed APR (with automatic payout) | Refinance Loan: 3.99% to 11.97% Variable APR; 3.95% to 11.87% Fixed APR
terms of office
Personal loans: 5 to 20 years | Refinancing loan: 5 to 20 years
payment term
Varies depending on the lender
Refund Policy
Personal loans: 5 to 20 years | Refinancing loan: 5 to 20 years
loan types
Undergraduate, Graduate, Law, Medical, MBA, Parents, Refinance
guarantor required?
NO
Pros and cons of credible student loans
Credibility can be a quick and convenient way to compare lenders, but there are some downsides to using it as your main tool.
ADVANTAGES
Multi-company pre-qualification: Credible partnerships with currently 8 student loan lenders and 10 refinance lenders. Being able to compare multiple lenders at once with just one application is a huge advantage. It makes the shopping process easier, faster and more convenient.
No Fee Potential: Reliable partners with many lenders that charge no setup fees.
Wide range of repayment options: Credible partner lenders offer many options for repayment terms. While the exact options vary by lender, you may find terms ranging from five to 20 years.
OPPOSITES
Doesn't research all lenders: While Credible partners with a good selection of lenders, it doesn't work with all the major players in the student loan market. Big lenders like SoFi and Earnest aren't included, so you'll need to pre-qualify with those lenders separately to see if you can get a lower rate.
Details vary by lender: you don't know exactly what terms and rates you're asking when you submit through Credible's form. Each lender has their own interest rates, loan amounts, and grace periods, so you must do your due diligence by researching the lenders you match with.
Credible eligibility requirements for student loans
Because Credible is not a lender, there are no minimum requirements for loan approval; it all depends on the individual lender. However, the prequalification tool is a great way to find out which loans you might qualify for.
In principle, borrowers must have a good credit rating in order to be able to take out a private student loan. Borrowers must also be US citizens or legal residents and be at least the age of majority. Borrowers who do not meet all requirements can add a co-signer to the loan to be approved or qualify for better interest rates.
Who is this loan good for?
Borrowers who need a loan quickly can benefit from Credible's unique loan comparison tool. Although the company doesn't work with all student loan lenders -- and therefore doesn't offer the best interest rates available -- the fact that you can compare multiple lenders via a three-minute form is a huge boon for borrowers who don't have time to compare them to conduct research yourself.
(Video) What Are the Best Private Student Loans?interest rates and maturities
Many of the lenders that Credible offers offer both fixed and variable interest rates on their student loan products. Credible itself does not offer discounts, but the rates below reflect discounts given by lenders.
loan product
variable interest rate
flat rate
Loans for undergraduate students
APR from 4.49% to 15.76%
APR from 3.65% to 16.16%
Refinance student loans
APR from 3.99% to 11.97%
APR from 3.95% to 11.87%
Fees and Penalties
Fees and penalties vary by lender; Some lenders may charge processing fees, application fees, or late fees. Before officially accepting a lender's offer, check their terms and conditions for any hidden fees or penalties.
Refund Terms and Grace Period
As with fees, repayment and grace periods vary by lender. However, most private lenders offer a six-month grace period, and credible partner lenders can offer repayment terms from five to 20 years.
Customer service
Credible receives an "A+" rating ofBest business premises, based on the company's business practices and how it responds to customer complaints.
You can contact customer service via email at support@credible.com, by phone at 866-540-6005, or through the online chat feature. Representatives are available Monday through Thursday from 6:00 a.m. to 6:00 p.m., Friday from 6:00 a.m. to 4:00 p.m. and weekends from 7:00 a.m. to 4:00 p.m. Pacific Time.
The company also offers oneextensive FAQfor questions about the application process, application with co-signer and selection of a lender.
How to apply for a loan at Credível
You qualify for Credible loans directly on Credible's website, where you enter basic personal information and your desired loan amount. The process takes about three minutes. After submitting the prequalification form, you will receive offers in your credibility panel.
From your dashboard, you can filter the results based on certain factors, such as: B. your payment plan, the type of interest or the desired monthly payment. Once you've narrowed it down and are ready to apply, you can select your desired lender from the dashboard.
Once you have selected a lender, the lender will complete a rigorous loan inquiry to determine if you meet the required financial criteria and will be required to provide additional documentation. If you are approved, the lender will contact you to finalize the loan details.
How Bankrate assesses credibility
total score 3.8 refund options 4.2 Many details of credible loans depend on the lender you connect with; However, there is potential for a wide range of repayment terms and loan amounts. Accessibility 3.2 Interest rates and grace periods vary by lender, but generally Credible's lending partners offer low interest rates. customer experience 4.0 Although Credible doesn't list customer service hours, it offers a good online experience. Editorial Disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed here are solely those of the reviewer and have not been verified or approved by any advertiser. The information contained in the review, including prices and fees, is correct as of the date of the review. Check the details at the top of this page and the lender's website for the most up-to-date information.
This page
This page
- at a glance
- Reliable Resources
- im Detail
- Advantages and disadvantages
- Requirements
- our assessment
Compare prices
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FAQs
Is it hard to get a loan with credible? ›
Credible's lending partners will work with credit scores as low as 670. If your score is lower, you can use a qualified cosigner to apply for a loan refinance.
What are my chances of getting approved for a student loan? ›Try applying with several different lenders. With approval rates hovering around 20%, there's a good chance that your first application may not get you the loan you need. But, trying to get approved through several different private student lenders may work out in your favor in the long run.
Is credible a good company to refinance student loans? ›We consistently rank Credible as one of the best private student loan marketplaces. Just like for student loan refinancing, you can fill out a simple form and compare offers from multiple private student loan lenders all at once (without a hard credit check)¹.
Are there legitimate student loan forgiveness programs? ›There are real federal loan forgiveness programs out there, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. But many companies will try to take advantage of borrowers by guaranteeing immediate results or requesting money up front for services they cannot provide.
What is the minimum credit score for Credible? ›Meet minimum requirements to qualify
In general, you'll need to have a credit score of at least 620 to qualify for a loan.
You can often apply online within minutes and might even get an instant decision, depending on the lender. If you're approved, you'll typically get the funds within five business days. Some lenders send money even faster — for example, Lightstream might fund your loan as soon as the same business day.
Why do I keep getting denied for student loans? ›Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.
Why would I get denied for a student loan? ›Unfortunately, it's common for would-be borrowers to be denied loans, and there are a number of factors that could lead to loan denial. Your credit history, current credit score, insufficient application information, or a whole host of other issues could cause you to be rejected for a loan.
What is the minimum credit score to get student loan? ›So, you can understand why most lenders require a minimum credit score between 600 and 700 to be approved for a private student loan. If you don't have a credit score over 600, you'll likely need to add a creditworthy cosigner to your loan.
Will credible affect my credit score? ›Does Using Credible Affect Your Credit Score? Credible does not perform a hard inquiry on your credit report when you submit a request for rates. Instead, it does a soft inquiry, which has no effect on your credit score. That said, you are not guaranteed to get prequalified rates from every lending partner.
How does credible make money? ›
Credible is free to use and makes money by receiving a referral fee from the companies it recommends. Both parents and students can apply for student loans or refinance existing student loans with Credible. The refinancing process is also available for students who didn't complete their degree and who did not graduate.
What is the downside of refinancing your student loans? ›The biggest drawback of refinancing your student loans is giving up the protections that you otherwise receive with federal loans, such as income-driven repayment plans.
How do I know if student loan forgiveness is real? ›- Promises immediate student loan relief.
- Want you to pay money up front.
- Ask you for your SSN or other sensitive information.
- Claim to be affiliated with a government agency.
- Use high-pressure sales tactics.
How will I know when my loans are forgiven? The Department of Education will notify you when your application is approved, and your loan servicer will update you once your loans are forgiven. Keep an eye out for any correspondence from your servicer via email or mail, and regularly check your loan balance online.
What student loans are not eligible for forgiveness? ›What student loans are not eligible for forgiveness? Private student loans, by definition, are private and are not eligible to be forgiven. These are loans the borrower owes to student loan providers and not the federal government.
What is the poorest credit score? ›- Very Poor: 300-499.
- Poor: 500-600.
- Fair: 601-660.
- Good: 661-780.
- Excellent: 781-850.
A FICO® Score of 620 places you within a population of consumers whose credit may be seen as Fair. Your 620 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
How to get credit score from 620 to 700? ›- Pay on Time, Every Time. ...
- Reduce Your Credit Card Balances. ...
- Avoid Taking Out New Debt Frequently. ...
- Be Mindful of the Types of Credit You Use. ...
- Dispute Inaccurate Credit Report Information. ...
- Don't Close Old Credit Cards.
Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.
Does getting denied for a loan hurt? ›Getting rejected for a loan or credit card doesn't impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little. Learn how to wisely manage your next application and avoid unnecessary hard inquiries.
Can a approved loan be denied? ›
Banks will not approve another loan and will deem you overleveraged. Your DTI (debt-to-income) ratio will be unfavourable and you will not be able to allocate more of your income to clearing off your new loan.
What GPA is required for student loans? ›To be eligible for federal student aid and college financial aid, a student must be making Satisfactory Academic Progress (SAP). This generally consists of maintaining at least a 2.0 GPA on a 4.0 scale (i.e., at least a C average) and passing enough classes with progress toward a degree.
How do you pay for college if you can't get a loan? ›- Complete Your FAFSA. ...
- Qualify for Merit Scholarships. ...
- Apply for Private Scholarships. ...
- Apply for ROTC Scholarships. ...
- Attend a Community College. ...
- Earn College Credit in High School For FREE. ...
- Get a Job, or Two. ...
- Education is a Gift.
To qualify for a student loan with Sallie Mae, you must have a credit score in the mid-600s. They're a good option for students seeking competitive interest rates with a creditworthy cosigner.
Does everybody get approved for student loans? ›Almost everyone qualifies for student loans, though students with the greatest financial need can generally borrow under the best terms. The first step in applying for a student loan is figuring out whether you will be considered an independent student or one who is dependent on your parents.
Does student loan hurt your credit? ›Yes, having a student loan will affect your credit score. Your student loan amount and payment history will go on your credit report. Making payments on time can help you maintain a positive credit score. In contrast, failure to make payments will hurt your score.
What credit score does a cosigner need for a student loan? ›Since a cosigner shares responsibility for the loan, they need to show that they can manage the loan. This includes having good to excellent credit — usually a credit score of at least 670 or higher — as well as reliable income and a low debt-to-income (DTI) ratio.
Can you get a student loan with a 600 credit score? ›If you have a credit score in the mid-600s or below, a co-signer will be all but necessary. However, you can also take a look at your options with bad-credit private student loan lenders. Just be ready to pay a much higher price.
Can I get a student loan with a 590 credit score? ›Most private lenders require borrowers to have a credit score of 690 or above. If you don't have credit or your credit history is thin, you have two options for private loans: A private loan from one of the few lenders that don't have credit or co-signer requirements, though you'll pay higher interest rates.
Can I cosign a student loan with a 600 credit score? ›Experian classifies credit scores below 499 as very poor. Scores between 500 and 600 are poor credit and scores between 601 and 660 are fair. If your credit score is below 650, you're not likely to find a private lender who will approve an application to let you cosign student loan refinancing.
Does credible do a soft pull? ›
In order to provide personalized prequalified rates for the loan products on our site, Credible or its lender partners will perform a soft credit inquiry, as authorized by the prospective borrower. Soft credit inquiries do not affect your credit score.
How do I delete credible? ›You can deactivate your Account at any time by signing in to your Credible Account, going to Account settings and deleting your account. Alternatively, you can contact customer service and request that your account be deleted.
What 5 things are worst for your credit rating? ›- Highlights:
- Making a late payment.
- Having a high debt to credit utilization ratio.
- Applying for a lot of credit at once.
- Closing a credit card account.
- Stopping your credit-related activities for an extended period.
Content provided by Credible, which is majority owned by Fox Corporation.
Who does Credible pull from? ›Soft credit inquiries
Authorizing Credible to make a soft credit inquiry is what allows us to show you accurate rates. We're connected to all three major credit bureaus — Equifax, Experian, and TransUnion — that collect information about borrowers' credit lines and payment histories.
Credible will not contact you unless you choose to move forward with a lender and loan product. With other sites, consumer data is sent or sold to multiple lenders, often resulting in unexpected and unwanted phone calls and texts from these lenders.
Can student loans still be forgiven if you refinance? ›Because refinancing federal student loan(s) means converting them to a private student loan, the amount of federal debt that you refinance will no longer be eligible for federal forgiveness or other federal benefits.
Can student loans that have been refinanced be forgiven? ›This means that if you refinance your federal student loans with a private lender, you won't qualify for any of the existing loan forgiveness programs or any future ones, either. If you believe that you're currently eligible for one of the existing forgiveness programs, it may be best to keep your loans where they are.
Why you shouldn't refinance federal student loans? ›Only loans held by the federal government are eligible for Biden's student-loan forgiveness. If you refinance your student loans with a private lender, those loans are no longer eligible. You may receive a lower interest rate by refinancing, but you'll miss out on forgiveness.
How long does it take for student loan forgiveness to be approved? ›This process can take at least 90 days, but it could take longer.
How long does it take to find out if you qualify for student loan forgiveness? ›
After you submit an application, expect loan forgiveness in four to six weeks. The Department of Education will accept applications until December 31, 2023 and process them as they're received. About 8 million borrowers won't have to do anything to get forgiveness.
Are student loans automatically forgiven after 10 years? ›Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
Can I get all my student loans forgiven? ›If you work full-time for a government or not-for-profit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—that is, 10 years of payments.
Can student loans disappear? ›Summary: Even if the statute of limitations on your student debt has passed, the debt can still show up on your credit report for up to seven years. There is no statute of limitations on federal student loans, but private student loans have an average statute of limitations of six years.
How do I get my student loan paid off or forgiven? ›- Income-Driven Repayment Forgiveness. Income-driven repayment (IDR) plan forgiveness is a good option if you cannot afford your payments under a 10-year standard repayment plan. ...
- Perkins Loan Cancellation and Discharge. ...
- Public Service Loan Forgiveness. ...
- Teacher Loan Forgiveness.
- Aetna. Aetna is a leading health insurance company serving customers nationwide. ...
- Ally Financial Inc. ...
- Carvana. ...
- CommonBond. ...
- Chegg. ...
- Estée Lauder. ...
- Fidelity Investments. ...
- Google.
You may be eligible for discharge of your federal student loans based on borrower defense to repayment if you took out the loans to attend a school and the school did something or failed to do something related to your loan or to the educational services that the loan was intended to pay for.
How do I know if my student loan is federal or private? ›1. Check the top of your federal loan promissory notes, applications, and billing statements, as these state the name of the federal loan program at the top of the document. Federal loan programs include the William D.
Does Credible hurt your credit score? ›Does checking your rates with Credible hurt your credit score? For its prequalification process, Credible performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Credible will perform a hard credit check that may affect your credit score.
Can you get rejected for a pre approved loan? ›Yes. A lender can decline your pre-approved application if you don't pass their checks. It's important you check your information in the 'My details' section of your account is up-to-date before searching for a product, to make sure your results are accurate.
What disqualifies you from getting a loan? ›
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.
Is Credible a direct lender? ›Credible is not a lender, a bank or a credit card issuer — we partner with top financial service providers so that they can provide you with a variety of competitive options, enabling you to quickly find the right financial product for your needs.
Who does credible pull from? ›Soft credit inquiries
Authorizing Credible to make a soft credit inquiry is what allows us to show you accurate rates. We're connected to all three major credit bureaus — Equifax, Experian, and TransUnion — that collect information about borrowers' credit lines and payment histories.
90% – 99% chance of approval
This means that you're very likely to be approved for a loan or credit card based on what you've told us. Usually, the lender will need to do a few final checks on their side to fully approve your application.
Some reasons your loan application could be denied include a low credit score or thin credit profile, a high DTI ratio, insufficient income, unstable employment or a mismatch between what you want to use the loan for and the lender's loan purpose requirements.
What can jeopardize your pre approval? ›New loans, big purchases, job changes or large, unexplained bank deposits could jeopardize or delay final mortgage approval.
What is the easiest loan to get approved for? ›The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.
What are 5 things you need to get approved for a loan? ›- Credit Score and History. An applicant's credit score is one of the most important factors a lender considers when evaluating a loan application. ...
- Income. ...
- Debt-to-income Ratio. ...
- Collateral. ...
- Origination Fee.
- Don't apply for a new loan or make any large purchases. ...
- Don't add significant debt to your credit cards. ...
- Don't switch jobs. ...
- Don't make big deposits. ...
- Don't miss payments.
- Direct Subsidized Loans.
- Direct Unsubsidized Loans.
- Direct PLUS Loans.
- Direct Consolidation Loans.
What is credible personal loan? ›
Credible offers a personal loan marketplace where you can see prequalified rates from multiple lenders at once. There's no fee or credit score impact to check your rates and Credible says it won't sell your data. Pros/Cons. Check multiple rates at once. Wide range of options.