Credible student loans: 2021 review

Credible is a free online loan market. It allows you to compare lenders and refinance rates for student loans and private student loans. Credible does not make any loans itself; he receives commissions from lenders on his platform.

Here is information on the Credible Student Loan Refinance Market; Below is an overview of its private student loan market.

Credible student loan refinancing

Advantages and disadvantages

BENEFITS

  • Compare several offers from lenders at the same time.

  • See if you’ll qualify and what rate you’ll get without a credit check.

THE INCONVENIENTS

  • Borrowers should research individual lenders before applying.

  • No rate reduction for the application through Credible.

How Credible Student Loan Refinance Works

Credible allows you to compare several refinancing offers at the same time, like others student loan refinancing marketplaces, including NerdWallet. It does not create loans or offer lower interest rates than you would get by applying directly from a lender. You will still need to meet the qualifications of a lender and look for individual refinance deals.

Here’s how credible student loan refinancing works:

1. Get personalized quotes

Fill out a short form on the Credible website regarding your education and finances, including the total amount you want to refinance. Then you will be asked to create a Credible account. It will not result in a serious credit check which will affect your credit score.

2. Compare rates and lenders

Then you will see a dashboard with the refinancing rates you will likely qualify for. You will likely see multiple options from each lender, as most offer multiple terms and both fixed and variable interest rates. Adjust the filters to narrow down your choices based on what you’re looking for.

3. Choose a lender and apply

Research your options before deciding. The best lender for you will probably be the one with the lowest interest rate, but make sure the loan has other features that you might want, like the release of the co-signer, for example.

If you go ahead with a lender, you will be asked to import your loan information and the lender will perform a credit check before making an offer. After completing this process through Credible, the lender will contact you for the final steps of the new loan.

Credible private student loans

At the end of the line : Credible allows you to complete a single form to see if you will qualify for multiple private student lenders and to receive rate estimates.

Advantages and disadvantages

BENEFITS

  • Compare the offers of several lenders at the same time.

  • See if you’ll qualify and what rate you’ll get without a credit check.

THE INCONVENIENTS

  • Borrowers should research individual lenders before applying.

  • No rate reduction for the application through Credible.

How Credible Private Student Loans Work

Credible allows you to compare the interest rates of several private student lenders; he is not the originator of loans. Anyone can use Credible, but you will need to meet the individual qualifications of any lender on the platform. For example, if you don’t have a long credit history, you will likely need to apply with a co-signer.

Before looking for private student loans, complete the Free Federal Student Assistance Application, or FAFSA. Borrow all of the federal student loan money first, as federal loans generally have lower interest rates for undergraduates and more favorable repayment terms for all borrowers. If you need a private student loan, compare the rates of several lenders before choosing one.

Here’s how getting a private student loan through Credible works:

1. Get personalized quotes

Start by filling out a short form on the Credible website with information about the school you attend, the amount you want to borrow, and your income and expenses. This step does not affect your credit score. If you are applying with a co-signer, they will also need to complete this form. Then you will be asked to create a Credible account.

2. Compare rates and lenders

Once you and your co-signer have completed the prequalification form, you will see a dashboard with all of the loan options you may be eligible for. You will likely see multiple options from the same lender, each with a different term or interest rate. To narrow down the choices, filter the results to view the repayment plan, interest rate type, term length, and monthly payment amount.

3. Choose a lender and apply

Take your time to research your options before deciding. You will be dealing with the lender you choose for years after you leave college, so make sure they offer features you might need, like flexibility for borrowers who are struggling to make their payments.

If you choose a lender to go ahead with, you will be asked to provide more information and the lender will perform a credit check to confirm the final offer. After completing these steps by Credible, the lender contacts you to finalize the loan.

Is Credible legit?

You cannot borrow a student loan from Credible or get lower interest rates using their platform. But Credible is a legitimate way for student loan borrowers to compare multiple offers – similar to other online loan markets, including NerdWallet – to get the best deal possible.

About Eric Harris

Eric Harris

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