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January 17, 2018

Credible Review

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Choosing a loan shouldn’t be that different from choosing a car or other big-ticket item. Ideally, you should have several offers so you can compare them to get the best price. Comparing loans can take a lot of time and effort when you do the research on your own, especially since so many financial institutions want detailed information about your income and credit history before they will give you offers.

Credible makes the process of comparing loans much easier by doing the legwork for you.

Credible Review

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  • Best for: College students who need help paying for school and graduate who want to refinance their student loans.
  • Interest Rates: The interest rate of your loan will depend on several factors, including your credit score and income. Fixed rates start at 3.5 percent. Variable rates start at 2.14 percent.
  • Loan Length: Credible offers five- to 20-year term loans.
  • Loan Amount: You can borrow as little as $5,000. Credible doesn’t advertise a maximum loan amount.
  • Criteria: Credible provides student loans to part-time and full-time college students. If you’re under 18 years old, then you’ll need a co-signer before you can get a loan. Once you fill out Credible’s online form, you will know within a few minutes whether you qualify.

When you use Credible to find a student loan or refinance an existing loan, you only have to fill out one application. Credible then sends your application to multiple lenders. The financial institutions that receive your information get to decide what type of loan offer to send you. In many cases, you can get several loan offers within two minutes.

Lenders know that other financial institutions will send you loan offers, so they’re often forced to make their interest rates more competitive. If they don’t keep their rates low, then Credible clients, like you, won’t accept their offers.

Once you get your offers from Credible’s network of lenders, you can review them to decide which one you want to choose.

Credible gives you a lot of features that will make it easier for you to get, review and choose a loan offer that matches your needs.

Credible Has a Team of Lending Experts to Assist You

One of Credible’s most impressive aspects is how the company connects borrowers with lending experts. A lot of online brokerages will give you offers from multiple lenders, but they rarely have experts who will guide you through the selection process.

Credible’s Client Success Team makes it easier for you to understand what each lender offers, which is a crucial service for college students who probably don’t have much experience borrowing money. When choosing a loan, you should consider more than the interest rate. The amount of time that you take to repay the loan, for instance, can have a dramatic effect on how much the loan ends up costing you. Whether you choose a fixed or variable interest rate will also change your total repayment costs.

Many students can get confused when faced with these options. Since Credible uses knowledgeable customer service representatives to help you choose loan offers, you should find that you can get a loan that helps you meet your financial and educational goals without spending more money than necessary.

Credible Only Gives You Loan Offers With Specific Interest Rates

Credible also stands out because it only gives you offers that include specific interest rates. Many brokerages that perform services similar to Credible’s let their lenders offer rate ranges. For instance, a bank may offer to loan you money with a 4 percent to 5 percent interest rate.

The difference between one or two interest points can cost, or save, you a lot of money over several years. Because of that, you don’t really know what you’re getting when you choose a loan that has an interest rate range. Credible avoids that issue by requiring its lenders to choose specific rates. Once you get your offers and talk to a Credible loan expert, you should know exactly how much it will cost to repay your loan.

Credible Focuses on the Needs of College Students and Recent Graduates

Finally, Credible stands out from the large number of online brokerages by focusing on the needs of students and recent graduates. The company’s loan products include student loans, personal loans, student loan refinancing and credit cards. It doesn’t work with mortgages, business loans or similar products.

Since Credible focuses on student loan services, it can build relationships with lenders that want to work with you. Some other websites make it more difficult because they send your application to lenders that don’t have any interest in student loans. Credible streamlines the process so you can get fast, accurate offers from reliable lenders within minutes.

The vast majority of people who use Credible give it rave reviews. If you read online reviews, you’ll find that more than 80 percent of users give Credible five-star reviews. Of course, people have their own reasons for finding the service so useful.

The Credible Website is Easy to Navigate

Many of the students and graduates who use Credible point out that the website is extremely easy to navigate. The homepage lets you choose between three categories (Student Loans, Student Loan Refinancing and Personal Loans). These are Credible’s core products, so it makes sense to list them prominently at the top of the page. If you scroll down, though, you will find more details about Credible’s credit card services.

Scrolling down to the bottom of the page shows you what types of loan offers you can expect to get from financial institutions in Credible’s network. There isn’t a guarantee that you will get the same offers listed on the page, but seeing what general offers look like helps people prepare for what they can expect to see after they complete their applications.

Finally, the Credible website has a helpful FAQ and blog. If you have any questions about student loans, refinancing, credit cards or personal finance, then you will likely find the answers you need in the FAQ or blog.

Credible Finds Offers Quickly

Credible’s ability to process applications and find loan offers within two minutes impresses a lot of users. Plenty of students who have used Credible’s services note that the speedy services made it easier for them to understand and compare their loan offers.

Many online brokerages let financial institutions send their clients offers over the course of several hours or days. Receiving a trickle of offers can make it more difficult to understand the benefits that each one offers because you have to constantly reevaluate them. When Credible sends you multiple offers within minutes, you have a good opportunity to compare the loans’ features without getting confused or distracted.

Credible Helps Students Choose Credit Cards

Credible recently added credit card services to its list of products. Despite how new the service is, hundreds of people say that it is one of the most helpful aspects of using Credible’s website.

Young college students rarely have much experience using credit cards, so they don’t know what they should look for when comparing interest rates, rewards and other features. Credible breaks down the pros and cons of more than a dozen credit cards. The website also lists the top credit cards for cash back rewards, travel rewards, balance transfers and other features.

Giving young people honest credit card reviews helps students choose cards that they can afford. A lot of college students go into high-interest debt because they don’t know how to choose or use credit cards properly. Credible makes it a little easier for students to make thoughtful decisions that will benefit them financially for years.

Credible is designed to meet the needs of college students who need loans to fund their educations and recent graduates who want to save money by refinancing their loans. If you’re a college student, then there’s a good chance that Credible is a good option for you, especially considering how expensive college tuition has become over the last couple of decades.

Before you accept a loan from a bank, credit union or other financial institution, take a few minutes to fill out a Credible application. Assuming that you have decent credit, you should get several loan offers within a few minutes. It’s one of the best ways for you to choose a loan option that will help you pay for your degree while avoiding high interest rates that could plague you for years to come.

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