Credible Review - Personal Loans
Application & Approval Process
Customer Support & Benefits
Credible was founded by Stephen Dash when he discovered the high levels of student debt in the USA. This led him to design Credible, a comparison site for people seeking to refinance their student loans. Following the success of the site, it has grown to allow consumers to compare mortgages, savings, credit cards, and personal loans. The company is headquartered in California and offers some of the biggest lenders available from across the country, including household names like LightStream, SoFi, and Axos.
At Credible, they are focused on delivering a personal experience with accessible customer support through their Client Success Team. Since launching in 2012, the company has built a reputation for providing a positive experience for its users. If you’re trying to find your way through all the information about personal loans, Credible is a helpful service with lots of useful resources and a good panel of lenders.
- High maximum value of $100,000
- Co-signing options to help those with low credit scores
- $200 guarantee if you find better rates elsewhere
- Accessible customer service by phone, email, and chat
- Receive marketing phone calls from lenders
- Different fees from different lenders
- All loans are offered at a fixed interest rate, so your monthly payments never change.
- After a soft credit pull, you’ll be given a list of pre-qualified loans to choose from, without any effect on your credit rating.
- The minimum credit score is around 620, depending on the lender you choose, but most lenders allow a co-signer which can help to reduce your rate.
- You can borrow large amounts compared to other marketplaces, with loans ranging from $1,000 to $100,000.
- Best for customers looking to explore all their options without affecting their credit score, and people who might want some extra support during the loan process.
Application & Approval Process
When you use Credible, you are searching for a loan company rather than borrowing money from the website directly. You are obligated to share some of your financial information with Credible, which they will use to create a personalized list of pre-qualified loans. As your agreement will not be made with Credible, you will not be making your monthly payments to them.
To get started, you need to fill in some of your personal information, such as:
- Full name
- Date of Birth
- How much you want to borrow
- The purpose of the loan
- Your level of education
- Employment status and income
- An estimate of your credit score
- Your social security number
Once the basic information is provided, a soft credit pull (which does not affect your credit score) will be conducted to get your list of loan providers and the rates they can offer based on your circumstances. If the rates are a little high, you could consider a co-signer and there’s a tool on the site where you can check how a second applicant on the loan would affect your rate without affecting anyone’s credit score. From here, it’s up to you to choose which lender you want to continue with to make your loan application.
To get the loan approved, you’ll need to complete a full loan application with your chosen lender. Each company will be different when it comes to the exact details of their process, but it’s all pretty similar.
You’ll need to verify the information you’ve already disclosed to Credible, and share some more details, too, this includes proof of income and additional documents like tax returns or bank statements to confirm your overall financial situation. A hard credit check will also be run before your loan can be approved, this will affect your credit score and be noted on your credit file.
Once your loan has been approved, you will get a confirmation of your interest rate and monthly payment amount.
You can complete your loan documentation with a simple e-signature. This is a lot faster than having to wait for paperwork to arrive in the post. Afterward, the money will be transferred to your bank account.
Credible claims that most of their lenders will transfer the funds into your account within 1 or 2 working days. However, there are some companies that may take a week to transfer the funds.
You’ll make your payments direct to the loan company each month. Some companies will offer a rate discount if you agree to AutoPay, this will be discussed as you go through your loan application.
Rates & Fees
You’ll find a range of rates to suit many different circumstances. The lowest rate on the site is 3.99%, for which you’ll need an excellent credit score and request to borrow a low amount over a short period time. The highest rate is 35.99%, which will be offered to customers with a lower credit score and want to borrow high amounts over a longer payment term.
Credible also has a rate guarantee scheme in place. You will receive $200 if you can provide evidence of a better rate offer from a lender that’s not available on their site, subject to some terms and conditions.
None of the providers on Credible have any early settlement fees in place, therefore, if you can pay off your loan sooner than agreed, there will be no issue. However, you may pay origination fees depending on your chosen lender and these can be as high as 8% of the loan value. This is something worth inquiring about with your loan company before going ahead with an application.
Credible’s payment terms vary, with most companies ranging from 2 to 7 years. When you take a loan over a longer term, you will end up paying back more in interest which equals a slightly higher interest rate, therefore, we recommend borrowing for a shorter term, if possible.
As previously mentioned, none of the lenders on Credible will charge you settling your loan early, but you will need to check with your lender if you’re able to take a payment holiday or make additional payments.
Customer Support & Benefits
You will have access to their unique Client Success Team, who can be contacted via phone, email, or online chat. The opening hours are from 6 AM to 6 PM (PT) Monday to Thursday, 6 AM to 4 PM (PT) on Fridays, and 7 AM to 4 PM (PT) every Saturday.
The website has a blog section discussing the products that Credible offers as well as articles to educate readers on personal loans. There’s also a useful search function to help you find specific blog posts that you would like to read.
Any questions that you have about a loan you found on Credible should be directed to the loan company directly.
Email: [email protected]