Credible Personal Loan Review 2024

The terms of a loan agreement are often less than ideal for the borrower. There are various challenges like time constraints, few choices, or the borrower’s current ability to repay. Credible can help you overcome these challenges and assist you in refinancing or securing new loans.

What is Credible Loan?

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Established in 2012, Credible is an online marketplace that provides borrowers with competitive, personalized loan offers from vetted lenders. It specializes in quick and easy comparison shopping for a wide range of consumer loan products.

Prequalification is simple and provides rates from a range of lenders. Credible also provides educational information on lending and borrowing topics.

What services does Credible offer?

Credible offers a variety of loan products for different financial situations. These include:

  • Private college loans
  • Student loan refinancing assistance
  • Mortgages
  • Mortgage refinancing loans
  • Personal loans for large purchases
  • Unexpected expenses
  • Debt consolidation

Credible now lets you compare credit card offers, read reviews, and calculate the value of a rewards card.

Credible does not lend you the money directly. Instead, the platform allows you to compare offers from different lenders. With Credible, you can find many options in one place, allowing you to make an educated choice before actually committing to a loan.

A low-interest personal loan can be a great way to help you achieve your goals, whether you're trying to consolidate debt, finance a large purchase, or pay for emergency expenses. Credible personal loans serve a variety of reasons, including:

  • Wedding preparations
  • Refinancing credit card debt
  • Consolidation of debts
  • Home enhancements
  • Career development
  • Startup costs for a business
  • Vehicle financing
  • Vacation
  • Moving expenses

Credible will give you a $200 bonus if you find and accept another offer within eight days of checking rates on the platform.

How does Credible Personal Loan work?

Credible is easy to use – checking available products and navigating the platform is a breeze. The customer support team will guide you if you need assistance with product information or application procedures.

Here’s a breakdown of Credible’s simple and fast application process:

Choose your service. To give you the most accurate rates, various loans on the site will require different information.

Provide your:

  • Given name.
  • Birthdate.
  • Social Security number.
  • Employment information.
  • Education qualification.
  • Yearly income.
  • Average annual expenses.
  • Loan amount sought.


  • Step 1:

    Create an account and get an approval request to execute a soft credit inquiry.

  • Step 2: 
    The comparison and checking rate process will not affect your credit rating.
  • Step 3:

    A reasonable minimum credit score of 600 is required.

  • Step 4: 

    After a suitable lender is chosen, a hard credit check is conducted, which is a requirement for obtaining any loan type.

  • Step 5: 

    Rates with affiliated lenders, terms, and relevant details will be displayed in a dashboard for your comparison and selection.

  • Step 6: 

    The platform provides tools that are simple to use and navigate.

  • Step 7: 

    You can view credible loans by category, such as fixed or variable.

  • Step 8: 

    Loans are organized according to rate, monthly payment, loan term, loan amount, and lifetime interest.

  • Step 9: 

    There are also settings with tools to help you estimate savings.

Things to do later:

  • After consolidating the options based on your needs, you can choose a loan and apply through the lender by visiting the lender/credit card issuer's website for credit cards and personal loans.
  • The company handles the entire application process for student loans, student loan refinancing, and mortgages thereby streamlining the process for you. All Credible associates are reviewed and approved for trustworthiness.
  • Do your own research before proceeding. You may check out a review of each of the lenders during this prequalification process. It’s a new feature on Credible's website. Lenders can also be found online by searching for user feedback, product reviews, and by visiting their websites.

Any information you enter on their website is kept secure. The website has protection from SSL certificates and 256-bit encryption. One of the secure methods for protecting user data is 256-bit encryption. These are industry standards when dealing with sensitive customer data.

Among the most appealing aspects of Credible is that the platform is free for customers to use to get preapproved. The use of the whole website, including applying, comparing, and selecting a loan, is free. There are no charges except if you pick borrower-paid compensation when obtaining a mortgage. Credible is compensated through strategic partnerships with lenders when a loan is approved through their website.

What are the rates and fees of Credible?

Top online lenders such as Avant, Best Egg, LendingClub, LightStream, and Prosper offer the best personal loans through Credible, with loan amounts ranging from $600 to $100,000. Credible Personal loan rates range from 3.49 % to 35.99% Annual Percentage Rate (APR), and you can compare offers in just two minutes.

Numerous factors, including credit score, payment history, annual income, and current loan amount, are used to evaluate the exact APR. Loan term duration ranges from 12 to 84 months.

What are the repayment terms of Credible?

Credible's partner lenders do not charge origination fees, and you will not be penalized if you pay off your loans early. Many lenders will offer you varied interest rates and terms. Loans with differing APRs are available. 

Many students have a small income and a thin credit file, making loan qualification difficult. You can add a cosigner if you apply for a student loan through Credible.

What are the pros and cons of Credible Personal Loans?


  • Access to a variety of loan types.
  • Credible prequalified rates are available without a hard credit check.
  • Minimal credit score requirement of 600.
  • Quick rate comparisons from multiple lenders.
  • They do not give out or sell your personal information.
  • They take proper security measures.


  • Potentially limited lender selection
  • More research by the borrower may be required.


How do they compare with others?

Credible provides unbiased support since it does not originate loans. Credit scores, debt-to-income ratio, and educational background are all considered to deliver accurate rates. An additional cosigner increases your chances of approval and gets you the best rate.

The rates offered while shopping online are comparable to the offers on the lender's website. The added benefit is that you can compare these rates across providers without visiting each lender individually. Going directly to the lender may entail a more involved process, requiring a hard-credit inquiry and the validation of income and other information. Furthermore, rates are time-sensitive and may need immediate action to get fixed.

Can Credible have an impact on your credit score?

Applying Credible's online marketplace to compare with offers from various lenders will not affect your credit score. Credible conducts a soft credit check as part of the prequalification process that does not affect your credit.

Only when you apply to a lender will you be subjected to a hard credit check. Such credit inquiry will show up on your credit report and might result in a slight drop in your credit score.

Is Credible reliable?

Credible has an excellent TrustPilot rating of 4,7/5, with positive reviews from 5,124 customers. Based on customer feedback, the website is simple to use and customer service is good. Numerous users attest to being matched with a stellar offer that managed to help them achieve their objectives.

Although the company's services have received positive feedback, it's crucial to highlight that Credible should not be your only option when looking for loans. While displaying options from a dozen or more lenders, it only showcases loans from its affiliates. It's wise to look into other lending institutions to ensure you're not overlooking a decent bargain from a lender that may not be affiliated with Credible.

What about Credible's student loan refinance?

When you refinance your student loans, you take out a new loan with reasonable terms to pay off your old loans.

You can compare rates from 12 lenders using Credible without risking your credit. While interest rates and terms vary by lender, options with rates ranging from 1.86% to 8.73% APR are available. Refinancing is available for federal student loans, private student loans, and parent-plus loans.

Often these lenders will require a FICO credit score of 670 to 700, and they consider other factors like your debt-to-income ratio. Consider adding a cosigner to your application if your credit score is below the benchmark and you don't make enough money.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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