Credible Private Student Loans
Credible is a leading marketplace that allows you to quickly compare private student loans. The company only works with trustworthy lenders and a wide range of loan types and rates are on offer.
You can get a quote in just three minutes, comparing each of the available options to see what is the optimal fit for your situation. This review will showcase all the main aspects of using Credible for your student loan needs.
|APR (fixed interest rate)||2.99%-13.65%|
|APR (variable interest rate)||0.94%-11.98%|
|Eligible loan types||Parent Student Loans, Graduate Student Loans, Medical School Loans, Law School Loans, MBA Loans, Undergraduate Loans, Federal Student Loans|
|Finance amount||Up to 100% of enrollment and attending college costs|
|Minimum credit score||Varies|
|Good for:||Quick quote process, pre-qualification, and decent rates|
- Can get a quote in just three minutes
- Allows you to pre-qualify
- High-quality lenders
- No hard credit check to get a quote
- Only a shortlist of lenders
- Terms vary from lender to lender
On the Credible website, it says that it will only take three minutes to get a quote. No hard credit check is necessary at this stage. You just need to fill out some basic information in order to see what sort of financing package you will be eligible for. This process can be completed if you are a student or if you are a co-signer.
Once you fill out the relevant information, Credible will get back to you with quotes for a number of different lenders. If you like what you see, you can choose one of these loan options. There will be different types of repayment plans and rates on offer.
When you choose a given loan, you will then need to finalize it with the specific lender. This usually entails you uploading relevant documents, signing the loan agreement, and then you should receive the funds. The time it takes to get loan approval and your hands on the money will depend on the individual lender. You will usually have the option to use a co-signer, but it will not normally be a requirement.
Terms & Requirements
As Credible is a marketplace and not a direct lender, you will have plenty of different lenders to choose between. As a result, the terms and requirements will also tend to vary from lender to lender. This is something to keep in mind.
Most of the lenders that Credible partners with will allow for both graduate and undergraduate degrees. It also has different categories of student loans. For example, there are different options for medical school, law school, and MBA students.
There will generally be different qualifying requirements from lender to lender. However, generally, you will need to meet the credit score requirements, be a part of an eligible educational program, be a US citizen or legal resident with a Social Security number, be at least 18 years old, and only use the loan for education purposes.
A co-signer is not a necessity, but in most cases, it will help to have one. This is particularly relevant if you do not really have a credit history or you have a poor one. You can also secure better rates when you have a good co-signer.
Credible does not charge you any fees for searching the marketplace and getting a lender. None of the partners that Credible works with will charge any origination fees on your student loans. There are also no prepayment penalties in place in case you wish to pay back your loan early.
You’ll be able to borrow up to 100% of what the school says it costs to enroll and attend classes, minus other loans and financial aid you already have.
There will be different rates in place from lender to lender. There will usually be separate rates for variable loans and fixed APR loans. The exact rate you get will depend on your given situation and the level of risk that the lender deems your application to carry. You’ll also come across varying loan term lengths.Get my rate
Privacy & Security
Credible is very serious about protecting the privacy of people who use the marketplace to find the ideal private student loan lender. It has partnered with licensed and respected lenders, so you know that you are dealing with legit companies. All information that is transmitted through Credible will be fully encrypted.
Credible has built up a great reputation over the years. It holds an A+ rating with the Better Business Bureau. It also has thousands of positive reviews on Trustpilot, with an overall rating of 4.5/5 stars. This gives you comfort that you are dealing with a legit company.
Credible offers a “best rate” guarantee. If Credible does not manage to find you the best private student loan rate, it will give you $200. There is plenty of useful information on the Credible website that can give you a proper insight into what the marketplace offers.
As well as the in-depth FAQ section, you can reach the support team by email, live chat, and over the phone. The live chat team is usually reachable at all times, while the phone support will only work certain hours Monday through Sunday. The quality of speed for responses tends to be very good.
Credible is a great option for most people who are looking at private student loan options. Using a marketplace like Credible allows you to quickly compare the different options out there for you. It is a very efficient and valuable way to fulfill your student loan needs. It has a great reputation and is only going from strength to strength.
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