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Credible is a great option for borrowers who aren't sure where to find the best rate. The student loan marketplace will let you compare many offers at once.
Credible Student Loan Marketplace Overview
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.
To get a loan, you generally need to meet the following qualifications, which vary by the lenders 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 co-signer 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 on 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.
Credible Student Loan Pros and Cons
Pros
- 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.
Cons
- 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 doing a deeper dive on each lender you get an offer from. Other lenders make their terms clearer before you apply.
How to Apply for Credible Student Loans
1. Put in an application 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 get an estimated monthly payment and rate range with no impact on 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 after with Credible. Remember, refinancing a loan means you replace your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your budget to fit in your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Credible 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 may feel comfortable borrowing from them.
Types of Student Loans Offered by Credible
Credible offers student loans in several forms, including:
- Undergraduate
- Graduate
- Parent
- Medical school
- MBA
- Law school student loans
- Student loan refinancing
Credible Alternatives
Is Credible right for you? Compare Credible to leading student loan providers below.
Credible Student Loans vs. Splash Financial Student Loan Refinancing
Credible offers a $200 gift card if you find a lower rate than you prequalified for with a different lender not on Credible, although that might not be easy to do (terms apply).
Both Credible and Splash Financial have term lengths ranging between five to 20 years, depending on the partner lender you choose.
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 every year. 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.
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 that takes into account 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. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans >>
Credible Frequently Asked Questions
Yes, Credible is a legitimate loan company offering student loans to a variety of borrowers.
Applying for a loan with Credible doesn't impact your credit score. The lender will only conduct a soft credit pull to get your rates. However, your payment consistency once you get the loan will affect your score.
Credible is an online marketplace where you can compare student loan offers from multiple lenders. The required credit score to qualify will vary by lender.
