Credible Personal Loans Review 2019
Credible might be a good fit if:
If you’ve been looking to refinance your student loans, consolidate debt or borrow a personal loan, Credible might be the right place to start. Credible is an online marketplace that connects borrowers with lenders who offer a wide range of loans to borrowers with good credit.
Credible is best for borrowers with good to excellent credit, or scores above 680 who have a high enough annual income to make their monthly payments on time. With loans ranging between $1,000 and $100,000 and interest rates starting at just 5.95%, highly qualified borrowers can expect to have a variety of loan amounts to choose from and relatively low annual percentage rates.
Borrowers without extensive credit histories or high scores also have the option to apply for a Credible loan with a qualified co-signer.
Is Credible Legit?
Credible is a reliable service to use for borrowers who are still shopping around for the right loan, as it simplifies the rate comparison process by requiring just one application to obtain several potential rates.
Rates, Fees: Because Credible works with a variety of lenders, any origination fees, late payment or returned payment fees will vary depending on the applicant and the loans that are offered. However, all of Credible’s loans do maintain fixed interest rates with no prepayment penalties.
Credible Personal Loan Review
Interest rates: Credible’s loans maintain a fixed interest rate throughout the life of the loan. Annual percentage rates start at 5.95% for borrowers with excellent credit, with a maximum of 35.99%.
Cost: Credible’s lenders offer personal loans starting at $1,000 with a maximum of $100,000, and loan repayment terms ranging between 2 and 7 years.
How to Qualify for Credible: There is no minimum credit score to apply for a Credible loan. However, applicants excellent credit scores above 680 have significantly higher chances of approval. There is no minimum annual income requirement, but it’s recommended that potential borrowers make at least $25,000 per year or enough to manage their monthly payments.
You should also be able to pass a soft credit check upon application and hard credit check upon acceptance of an offer. Additionally, U.S. citizenship or permanent residency and a checking account in your name are necessary to apply.
Types of Loans Credible Offers: Credible partners with several companies including LendingClub, Prosper, Avant, FreedomPlus, Upstart and Payoff. They offer personal loans, student loans, mortgage and student loan refinancing and credit cards.
Loan example: A borrower with good credit who takes out a $40,000 loan with a repayment term of 60 months at 10.2% APR would make monthly payments of $853.82.
Credible Pros and Cons
Pros:
- One application for several potential loan offers
- Wide variety of lenders, affiliates and loan types
- Wide range of loan amounts, with a maximum of $100,000
- Quick funding rates, with some loans funding in just one business day
- No cost to apply
- Fixed interest rates
- Option to apply with a co-signer to improve chances of approval and lower rates
Cons:
- Maximum repayment terms of seven years
- Direct communication with the lender may be difficult because Credible acts as a third party
- Applicants are limited to Credible’s partner lenders, while many popular lenders are not listed under Credible’s service
Credible For Bad Credit
Applicants with credit scores below 680 are less likely to be approved for Credible’s loans. However, potential borrowers can apply with a co-signer that has good credit to improve their chances of approval. Having a qualified co-signer on board is an especially good idea if you have little to no credit history or have a fair credit score. Even if your score and history are excellent, you can still lower your offered annual percentage rate by adding a co-signer.
Credible For Loan Consolidation
Managing debt is a normal part of life for many people. If you’re in the market for a personal loan for debt consolidation, Credible’s wide range of loan amounts and options can make that easier. With potential amounts of up to $100,000, a Credible loan can help you lower your interest rates and payments, as well as turn multiple loans into just one. Some of Credible’s lenders even offer the option to pay creditors directly.
Credible For Student Loan Refinancing
Credible can also help you refinance your student debt. By refinancing, you can lower your long-term interest rates by repaying your higher interest loans. You can get rate estimates from several different student loan refinancing lenders that are partnered with Credible by filling out one application form. Some of Credible’s affiliates include Massachusetts Educational Financing Authority, Rhode Island Student Loan Authority, College Ave Student Loans, Citizens Bank and iHelp.
It takes just two minutes to get a personalized rate estimate from Credible’s student loan refinancing lenders. To apply, you’ll need to share your education history and answer some questions about your personal finances as well as stating the total amount that you want to refinance.
Keep in mind that refinancing the entirety of your student loans is not necessary and you have the option to choose which ones you want to work with. Once you receive your refinancing offers, you can research each lender by looking at their websites and online reviews.
Conclusion
Submitting an application with Credible is a cost-free way to compare several different rates and offers. Due to its relatively high maximum loan amount, applicants who are looking to borrow for any number of purposes, from loan consolidation to home improvement are likely to find a loan that suits their needs.
However, Credible’s options can be limited because they don’t partner with all of the highly rated lenders in the industry, some of whom may be able to offer lower rates. Borrowers should continue to shop around and compare loans from some of the major companies that are not listed as Credible partners before making a final decision. Additionally, working with a third party can create some complications because the original lender may be reluctant to speak directly with the borrower.
All things considered, Credible is a good way for borrowers with good to excellent credit or co-signers to compare a variety of loans without having to complete several different applications.