Credible Personal Loans Review
Searching for the perfect personal loan lender can feel like an overwhelming process that requires careful consideration. Amongst a sea of lenders, personal loan options, and financial jargon to navigate, how do you shift through the masses to find the right one for you? Enter Credible, an online lending marketplace where lenders are fully vetted, allowing borrowers to quickly and easily compare competitive loan offers all in one place. Their financial products include personal loans, student loans, mortgage loans, credit cards, and refinancing options, but in this review, we’ll be focusing on their personal loans.
Credible Loan Types and Terms
|Loan amount||$1,000 – $100,000|
|Repayment terms||Loan length is between 2-7 years|
|Minimum credit score||
|Lender type||Credible is a multi-lender marketplace with vetted lenders.|
|Good for:||Personal loans, range of credit scores, refinancing student loans|
Who Credible is Good For
- Personal loans
- Range of credit scores
- Refinancing student loans
Credible offers a variety of loan types, but who stands to benefit most from their lineup of financial services?
- Personal Loans: While some of Credible’s vetted lending partners charge an origination fee (between 0-8%), there is no application fee, disbursement fee, or prepayment penalty, making it a great way to wean out outside personal loan lenders. Their lending partners offer personal loans ranging between $1,000 to $100,000.
- Any Credit Score: We can’t promise the lending partners of Credible will approve you for a loan with any credit score. Yet, what we do know is that rather than having a credit score minimum, Credible lending partners view a borrower’s entire financial profile. Using Credible’s multi-lender marketplace is a good place to start to quickly compare the lending options available to you. You can submit applications quickly and easily, but just keep in mind that once you select a lender and submit your application, there will be a hard credit check.
- Refinancing Student Loans: Credible has long been known for their refinancing options, including student loan refinancing which can allow you to save money in the long-run by securing lower interest rates on your student loans. With Credible, you can compare rates from up to 17 lenders by completing a simple form which will inquire about your education, income, and personal information.
Credible Personal Loans: Pros
Great for Comparing Lenders
Credible is not a direct lender, but rather a marketplace of vetted lenders, making it a one-stop-shop for comparing multiple rates for a personal loan. If you’ve been in the market for a personal loan before, then you’re probably attuned to how many options there are available.
Whether it’s your credit union, bank, or a third party lender, each one will promise the best rates and the best terms and conditions, but may actually fall short of your expectations. Some lenders charge application fees or will hit you with prepayment penalties and some have a credit score minimum to apply.
What’s useful about Credible is that you can expect a curated list of vetted lenders with similar requirements. None of their lending partners charge an application or disbursement fee, and none charge a prepayment fee—only the origination fee may vary between 0% to 8%.
Fast and Easy
Whether it’s flights, hotels, or personal loan lenders, we’ve all been there when it comes to comparison shopping. After all, you want the best bang for your buck. You also want the process to be easy and seamless.
This is where Credible shines. Their online marketplace of lending partners offers borrowers multiple rates in a matter of minutes, making shopping fast and easy. The dispersion of funds ranges between 1-4 business days, which is also convenient if you need money in your pocket fast.
Safe to Shop
Every lender in the market wants your business, and while there are many reputable institutions out there, there are also just as many which charge exorbitant fees and high interest rates, and which may purposely convolute the personal loan application process to win over your business.
Credible doesn’t just allow any vendor to sell their financial products using their platform. As already stated, Credible fully vets their partners to ensure each institution provides exactly what they promise, clearly and efficiently. In other words, they’re credible.
Credible Personal Loans: Cons
While Credible is free to use and none of their lending partners charge prepayment, application, or disbursement fees, their lending partners still may charge an origination fee, which can vary between 1.5-6%. Be sure to read the terms and conditions of the lender you are interested in before moving forward.
Other Variable Info
One of the drawbacks of using a marketplace for comparison shopping is that there is some variety between lenders. Some offer an origination fee and others do not. Some offer a forbearance option and some do not, and so on. While you can find a detailed profile of each lender on Credible’s website, you may have to put in more time to more thoroughly research what each one brings to the table.
Terms are Limited
The repayment terms for Credible lending partners are between 2 to 7 years. Other lenders outside of the platform offer longer terms, some up to ten years. While a longer term means paying more money in interest and a higher overall cost, in the end, longer terms can also help relieve the burden of costly monthly payments.
How to Apply
Credible makes the application process simple and easy. If you’re ready to start shopping for personal loans offered by their marketplace partners, just enter the loan amount to get started with their 2 minute prequalification form. You’ll then be prompted to answer a few questions, such as what the loan is for — i.e. debt consolidation, home improvements, credit card refinancing, etc — what your approximate credit score is, and so on.
It takes just a few minutes to apply and to start seeing your personal loan options. This initial application only runs a soft credit check. Once you choose a lender and submit an application with them, they will run a hard credit check to see if you qualify.
Terms & Requirements
While the exact terms and requirements vary somewhat with Credible’s lending partners, there are a few consistencies among all of them. Let’s take a look.
- There is no minimum credit score. Lenders view a borrower’s entire financial profile to determine their approval, including income, debt-to-income ratio, credit history, and more.
- Must have personal information ready such as date of birth, citizenship status, age, approximate credit score, education, and income.
- Terms vary depending on the lender, but none charge an application, disbursement, or prepayment fee.
- Some lenders charge an origination fee ranging from 0% to 8%.
- APR ranges from 3.99%-35.99%
- A personal loan has a minimum of $1,000 and a maximum of $100,000
- Loan types offered include student loan refinancing, student loans, personal loans, mortgages, mortgage refinancing, credit cards
- The repayment term is between 2-7 years, which is comparable to other lenders. Some outside lenders may offer longer terms.
Privacy & Security
Credible is a reputable marketplace that has a strict vetting process in place for their lending partners which includes verifying each lender for compliance with consumer financial protection laws to ensure high-quality loan products and customer care.
Credible offers excellent customer support 7 days a week with a live chat option, email, or contact via phone, making it easy to ask questions or get help regarding their products and lenders. Customers can even have a conference call and three-way support with a service agent and with a lender.
We’re all familiar with the frustrations and pitfalls of comparison shopping, especially when it comes to financial products like personal loans. There are tons of lenders out there, all vying for your business and promising the best rates, but how do you filter out the shady lenders offering low-quality services and hidden fees?
Credible is a great way to shop around and make side-by-side comparisons because they provide an easy-to-use marketplace, around the clock customer support, and a thorough vetting process for their lending partners, ensuring you’re always in good hands.
600 B Street,
San Diego, CA