Credible Review – Fast Quotes for Every Loan Type
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Fast Facts
Free Service:
No fees.
Wide Loan Range:
Personal, student, and mortgage loans.
Competitive Rates:
Partners with multiple lenders.
One Form:
Single form for multiple offers.
Quick Quotes:
Prequalification in minutes.
Fast Approvals:
Decisions in a few days.
Many consumers take out loans to get the extra money they need for vacations, college tuition, homes, and other expenses. Borrowers receive the money immediately but have to pay it back with interest. That last detail — with interest — significantly impacts your monthly payment.
The monthly mortgage payment for a $500,000 home, 30-year financing, and a 5% interest rate are approximately $2,150. That’s assuming you put 20% down. If you compared mortgage loan lenders and got a 4% interest rate on your mortgage instead of a 5% interest rate, your monthly mortgage payment would drop to approximately $1,900. In this example, a homeowner saves roughly $250 monthly by getting a lower interest rate.
Loan rates impact how much you pay to borrow money, and Credible helps connect you with several lenders. Our Credible loans review dives deep into its pros and cons and how it works.
Jump To
What is Credible?
Credible.com is a loan marketplace that lets consumers access various financial products. Instead of reaching out to individual banks and requesting loan offers, Credible streamlines the process. They have relationships with several lenders and send your information to them. This approach lets you receive loan offers from multiple partner lenders instead of relying on one lender.
Branching out can help you secure the lowest rates while borrowing the same amount. Credible shows you the loan provider's real rate and does not use bait-and-switch tactics. It does not issue loans or credit cards, but its partnerships make getting the financing you need easier. Credible has been in business since 2012 and has helped over 3.4 million users compare prequalified rates.
Your Online Loan Marketplace
- 100% free of fees
- $0 origination fees
- $0 to check your rates
- $0 prepayment penalties
- One simple form
How does Credible work?
Credible has a network of 10 lenders that offer financing and refinancing products. You can get a new loan or replace an existing loan. The Credible website lists several loan categories, including federal student refinancing and personal loans. If you click on any loan offers, you will be directed to a page inviting you to create an account.
Credible invites new users to create an account with Google or their email address. You will have to create a password shortly after. For this, I clicked on the Student Loan Refinancing category. That’s where Credible displays a message about making your student loan refinance a reality. Each category will show a different message depending on the financial product.
Once you create your account, Credible will ask additional questions to gauge your financial profile. This process does not impact your credit score; you can see your rates without a hard credit check. Credible will send your information to its network of 10 lenders, who will make offers if you qualify.
Loan offers will appear in your Credible dashboard, and you will receive messages as pre-qualifications arrive. Once you receive offers, it’s your choice. Compare terms and rates to decide which loan is right for you. Credible is happy to offer assistance on your path to financing.
While Credible is more known for its loans, it also connects users with insurance companies. You can enter your information in their Insurance category to get offers from up to 40 insurance carriers. Credible’s top carriers include Lemonade, Nationwide, Progressive, Travelers, and Safeco Insurance.
How much does Credible cost?
Credible is free for users, but they must still pay applicable origination fees and other costs to obtain a loan. Credible makes money through referral fees from its network of lenders. If a Credible user accepts a loan offer on the platform, the lender gives Credible a small commission.
Credible features
Student loans
Credible offers private student loans and allows borrowers to refinance their loans. You can compare rates from multiple lenders and find a financial product that is right for you.
Home loans
Whether you want to buy a new home or finance your current mortgage, Credible can help. Their network of lenders has various rates and terms.
Personal loans
Individuals can use personal loans for any expense. Credible pairs you with lenders who offer competitive rates for their personal loans.
Credit Cards
Credible has a credit cards section that lets you filter credit cards based on their reward program, annual fee, welcome offers, and other parameters. After using the filters, Credible displays several credit cards that you can compare.
Insurance
Credible has a network of over 40 insurance carriers who will receive your information if you apply. This streamlined process can help you compare premiums and coverage quickly.
Your Online Loan Marketplace
- 100% free of fees
- $0 origination fees
- $0 to check your rates
- $0 prepayment penalties
- One simple form
Who is Credible best for?
Consumers with high-interest-rate debt
Credible’s lenders have competitive rates and terms to help you save money. Lowering the interest rate on your remaining debt makes the monthly payments more manageable.
People who want to compare loan options
Getting your loan from the same financial institution limits your choices. Expanding your search can help you find more appealing loans. Finding multiple lenders, researching, and reaching out to each company takes a lot of work. Credible’s streamlined approach lets you compare multiple loan offers while submitting your information to one platform.
People who need to borrow money
Credible isn’t only great for people seeking refinancing. You can also get a new loan from Credible, such as a home loan, private loan, or personal loan. Borrowers receive competitive rates from Credible’s partners.
Who shouldn’t use Credible?
Consumers with low-interest-rate loans
If your loan has a low interest rate, there isn’t much reason to refinance. Extending the loan’s duration can reduce monthly payments, and some people may also benefit from a cash-out refinance. However, most people should keep low-interest-rate loans if they secure those rates.
Debt-free individuals
Credible works great if you want a loan, but it’s not as good for debt-free people. You can still find credit cards and compare insurance policies, but Credible is most known for its lending marketplace.
People who are comfortable with their financial institution or lender
Credible lets you see more offers, but some prefer working with the same financial institution or lender. This approach can result in a higher interest rate and hurt your ability to negotiate a lower rate. You can even use Credible to receive multiple offers as leverage in a negotiation. However, Credible isn’t the best choice if you are already committed to a specific lender.
Pros and cons
Pros
- You only have to fill out one form to receive multiple loan offers
- Credible’s partners offer competitive rates
- Credible is free for users
- Soft credit check
- You can select from various loans, such as Credible student loans, home loans, and personal loans
Cons
- Credible is online-only. If you’re looking to shop for insurance in person, Credible isn’t a good fit.
- Customers generally have to wait a few minutes before receiving their quotes.
Your Online Loan Marketplace
- 100% free of fees
- $0 origination fees
- $0 to check your rates
- $0 prepayment penalties
- One simple form
Credible vs. competitors
Credible has been helping its users get competitive loans for over a decade, but it’s not the only loan marketplace available. Here’s how Credible compares with the competition.
Loan Marketplace | Maximum Loan Amount | Minimum Credit Score | Maximum Loan Term |
|---|---|---|---|
Credible | $200,000 | Excellent, Good, Fair | 5 years |
LendKey | $100,000 | 580 | 7 years |
LendingTree | $120,000 (undergraduate) or $160,00 (graduate) | 660 | 10 years |
LendKey
LendKey is a loan marketplace specializing in student and home improvement loans. Founded in 2009, it connects borrowers with community banks and local credit unions.
LendingTree
LendingTree is a loan marketplace that offers a suite of financial products through its network of over 700 lenders. Consumers can access personal and business loans through the online marketplace. The company was founded in 1996 and is headquartered in Charlotte, North Carolina.
FAQs
Is Credible a legit loan company?
Credible is a legitimate company that provides users with a loan marketplace. After filling in their information, users will receive loan offers from Credible’s network of lenders.
How long does Credible loan approval take?
Most applicants will receive a decision within a few business days. The application process is much quicker and only takes a few minutes to complete.
Does Credible charge a fee?
Credible does not charge a fee for its services. Users can create free Credible accounts and see loan offers without paying money. Credible receives a small commission for each approved loan from the lender, but the user pays nothing extra.
Your Online Loan Marketplace
- 100% free of fees
- $0 origination fees
- $0 to check your rates
- $0 prepayment penalties
- One simple form
The bottom line
Many people use loans, but getting the best rate possible makes repayment easy and manageable. You can work with the same lender you’re familiar with, but limiting yourself to one choice can hurt your leverage and limit your access to attractive rates. Branching out can help you save money, and Credible streamlines the process.
Instead of contacting several lenders to find the best student loan, you can submit your application through Credible and instantly reach their network of lenders. Credible users can visit their dashboards to see loan offers as they arrive and make the best financial decisions. Exploring several choices allows you to get better repayment terms and save money on your loan. A lower interest rate can help you save thousands of dollars over the loan’s duration. Those types of savings make Credible a useful resource. It has no barrier to entry since it is free for all users.
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Writer
Margaret Wack covers personal finance and small business and has appeared on MoneyUnder30, The Simple Dollar and Interest.com.
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