Our experts answer readers’ student loan questions and write unbiased product reviews (here’s how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: Credible is a great option for borrowers who aren’t sure where to find the best rate. The student loan marketplace will let you compare many offers at once. Find more recommendations in our guide to the best private student loans.
Who is Credible Best For?
Credible is best for borrowers who want to compare a variety of loan options at once and don’t want to go through the hassle of applying for them at multiple lenders. Credible will present you with a list of what you qualify for after you input some simple information.
Borrowers who want to avoid fees should also consider Credible.
Types of Student Loans Offered by Credible
Credible offers student loans in several forms, including:
UndergraduateGraduateParentMedical schoolMBALaw school student loansStudent loan refinancing
Credible Student Loan Details
To get a loan, you generally need to meet the following qualifications, which vary by the lenders Credible partners with:
Have a qualifying credit score, or a cosigner with oneHave a qualifying income and debt-to-income ratio (DTI), or a cosigner with oneBe enrolled in a qualifying education programBe a US citizen or legal resident with a Social Security numberBe at least 18 years old and have a high school diploma or equivalent (or have a cosigner)Use the loan for education purposes only
You should consider your federal student loan options before refinancing into any private student loan, including one with Credible, as you can often get better terms and protections through the government.
Roughly 85% of borrowers who take out a loan from Credible have a co-signer on their loan.
You can contact customer support by phone Monday through Thursday from 9 a.m. to 9 p.m. ET, Friday from 9 a.m. to 7 p.m., and on Saturday from 10 a.m. to 6 p.m. You may also email the company at its support account or contact them through live chat.
Pros and Cons of Credible Student Loans
Pros
No origination fee. Some lenders charge origination fees, which eat into your overall loan proceeds and add to the total cost of your loan. Many different loan types. Credible probably has a loan for your situation, regardless of the degree you’re pursuing. Additionally, if you already have a loan, you can refinance it on the marketplace.Cash bonus if Credible can’t find you the best student loan rate. Credible will pay you $200 if it can’t offer you the lowest rate out there.Many repayment term lengths. While the term lengths on your loan through Credible depend on your partner lender, you can expect it to last between five to 20 years.
Cons
Concrete loan details depend on the partner lender you’re matched with. It may be hard to know the exact details of your loan without doing a deeper dive on each lender you get an offer from. Other lenders make their terms clearer before you apply.
How to Apply for Credible Student Loans
1. Put in an application on Credible’s website. You (and your cosigner, if applicable) will enter your email address, name, phone number, education level, Social Security number, and income history. You’ll get an estimated monthly payment and rate range with no impact on your credit score.
2. Sign a loan agreement and get your new loan. After you sign your loan agreement, you may get your loan soon after with Credible. Remember, refinancing a loan means you replace your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your budget to fit in your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Credible Frequently Asked Questions
Is Credible a legitimate loan company?
Yes, Credible is a legitimate loan company offering student loans to a variety of borrowers.
Does Credible affect your credit?
Applying for a loan with Credible doesn’t impact your credit score — the lender will only conduct a soft credit pull to get your rates. However, your payment consistency once you get the loan will affect your score.
Do student loans go away after 7 years?
No, student loans don’t go away after seven years.
Credible Trustworthiness
Credible has an A+ rating from the Better Business Bureau. The BBB is a nonprofit organization focused on consumer protection and trust. It determines its grades by focusing on a business’ response to consumer complaints, honesty in advertising, and openness about business practices.
The lender hasn’t been involved in any recent controversies, so you may feel comfortable borrowing from them.
Credible Competitors
Credible Student Loans – Product Name Only vs. Splash Financial Student Loan Refinancing – Product Name Only
Credible offers a $200 bonus if you find a lower rate with a different lender, although that might not be easy to do.
Both Credible and Splash Financial have term lengths ranging between five to 20 years, depending on the partner lender you choose.
Credible Student Loans – Product Name Only vs. Earnest Student Loan Refinancing – Product Name Only
Earnest originates undergraduate and graduate loans, as does Credible. You won’t pay origination fees or prepayment penalties with either company.
Earnest’s loans have a distinctive perk: the ability to skip one payment every year. You can request your first skip once you’ve made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Methodology: How We Rated Credible Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)Fees (20% of rating)Term lengths (15% of rating)Repayment options while in school (15% of rating)Borrower accessibility (15% of rating)Customer support (7.5% of rating)Ethics (7.5% of rating)
Each category’s weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan’s terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans >>