Credible Debt Relief Review

Visit site »

Visit site »

Minimum debt

$600

Credit Score

Poor +

Overview

Credible is a lending marketplace with 13 fully-vetted lenders. Potential borrowers can fill out a single application and just two minutes, receive a list of companies that are willing to consider a debt loan. Applicants will also receive an estimate of how much money they could borrow from each lender, the APR, and the repayment term. If they choose to proceed with a formal application, the borrower must agree to a hard pull of their credit.

In addition to general debt settlements, Credible offers connections to lenders willing to refinance or consolidate student loans. They also handle credit card consolidation, mortgage refinancing, home loans, and personal loans.

What are they good for? Where do they specialize?

Credible helps people juggling multiple credit cards to consolidate that debt into a single monthly payment. They connect applicants with companies that lend money to pay off individual revolving charge accounts like store cards and traditional credit cards. The borrower is free from multiple monthly payments and varying interest rates. The consolidation loan comes with a fixed interest rate and term so the borrower knows exactly how much they will pay each month and when the loan will be paid off.

Credible’s personal loan calculator helps applicants figure out exactly how much they will pay for access to the lump sum of money they need to pay off their high-interest credit cards.

• Best Rate Guarantee offers $200 to applicants who find a better rate on any type of personal loan
• Compare rates without making a commitment
• Get access to top-rated lenders
• Wide range of consolidation loans from $600 to $100,000

Credible Cons

• Interest rates start at 5.99 APR and go up to 35.99% APR
• Maximum loan amount is $100,000, which may not be enough for some borrowers
• Prequalified rates are not guaranteed for any length of time
• Applicants with less-than-ideal credit may not be approved for a debt loan

Application Process

Applicants fill out just one form on the Credible website. The marketplace matches the applicant with multiple lenders that are a good fit. This process won’t hurt the applicant’s credit score, because Credible conducts only a soft pull of credit.

They match the applicant’s credit situation and loan amount to a lender that is likely to approve a formal application for a debt loan.

The loan choices may include several terms and loan payment amounts from the same lender. The Credible website allows users to filter choices according to interest rate, term length, repayment plan, and monthly payment amount.

If the applicant chooses to move forward with a specific company, they go on to fill out that lender’s individual application. The lender conducts a hard pull of the applicant’s credit file and uses that information to make a decision about whether to fund the loan. Loan approval or denial is up to individual lenders, and the criteria varies.

Credible’s service relies on information gained from a soft pull of the applicant’s credit. After deciding on a specific lender, the applicant must agree to a hard pull of credit to get final approval for the consolidation loan.

Terms & Requirements

Loan Requirements

Although each lender in Credible’s network sets their own loan requirements, applicants must be at least 18, United States citizens, and have a social security number.
Lenders may have minimum income requirements, debt-to-income ratios, and minimum FICO credit score requirements, as well.

Loan Terms

Lenders in Credible’s network offer APRs that range from 5.99% to 35.99%, based on creditworthiness.
Loan amounts range from $600 to $100,000.
None of Credible’s lender partners charge a prepayment penalty.

Repayment Terms

Maximum repayment terms vary according to the lender and may be set using credit criteria. Lenders listed on the Credible website feature loan terms ranging from 12 months to seven years.

Privacy & Security

Credible.com has just three customer reviews on the Better Business Bureau (BBB) website. They have an A rating and are a BBB accredited business with headquarters in San Francisco. Credible has closed nine companies in the past 12 months and 12 in the past three years, making them one of the more responsive companies among BBB accredited lenders.

Credible has 4,410 customer reviews on Trust Pilot. 87% of consumers who used Credible rated the company as “excellent.”

Credible’s privacy policy states that they may collect and store an applicant’s personal information and then share that information with third-party advertisers to deliver relevant content across all of the applicant’s web activity. The company states that it does not respond to any applicants’ web browser sending “do not track” signals. Credible shares applicants’ information with their parent company, third-party marketing partners, service providers, affiliates, and subsidiaries.

Customer Support

Credible’s customer support is available via email at support@credible.com or via online chat through the company’s website. After accepting a loan offer, applicants can communicate directly with the loan servicer if they have concerns about their account.

Final Thoughts

Credible offers borrowers a one-stop-shop where they can fill out a single application and with only a soft credit pull, find out if they could qualify for a debt loan with one of the company’s 13 partner lenders. The process takes just two minutes, which could be a real time-saver for loan shoppers.

Of course, borrowers should carefully research any lender they choose before accepting a loan offer. Each lender sets its own criteria, loan amount, and terms. None of the lenders in Credible’s network charge a prepayment penalty, but other fees may apply. For those with past credit problems, it’s possible to get stuck with 35.99% APR and origination fees. Credit challenged applicants may be better off shopping around outside Credible’s network to find the ideal consolidation loan.

As with any consolidation loan, it is crucial to resist the temptation to use newly paid-off credit cards and store cards. Running up debt on cards eliminates the advantage of a debt loan.

Address

22 4th St Fl 8 Fl 8
San Francisco, CA 94103-3131

Rachel Morey

Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.