Credible Personal Loans Review

Best marketplace

5.0 _/5

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Personal Loan

• Compare multiple lenders at once
• No impact on your credit score when you apply to compare lenders and rates 
• Get prequalified offers in 2 minutes

• Credible doesn’t offer the option to apply for joint loans
• Lenders may provide different rates after performing a hard credit inquiry
• Credible lenders may charge an origination fee of up to 12%

Rates (APR)	7.74% – 15.94%1
Loan amounts	$1,000 – $200,000
Repayment terms	12 – 120 months

Credible is an online loan marketplace founded in 2012 and headquartered in Durham, North Carolina. Its large network of lenders offers personal loans, student loans, mortgage loans, home and auto insurance, credit cards, and high-yield savings accounts.

According to the company, Credible has helped more than 411,000 people obtain loans since 2020. If you want to consolidate debt, make a large purchase, pay for home renovations, or use loan funds for other purposes, Credible can be an excellent option when shopping for a personal loan.

How do Credible personal loans work? 

Credible offers a quick, simple application process. Within minutes of submitting the form, you can view a list of lender offers for your review with interest rates and loan terms. 

Credible doesn’t charge fees for providing lender and personal loan options. Credible does a soft credit inquiry to match you with lenders that suit your credit and needs, which won’t affect your credit score.

When you decide to pursue a loan with a selected Credible lender, the lender will likely perform a hard inquiry on your credit, which can lower your credit score by a few points. Once approved, you’ll work with the lender to process the loan and distribute loan funds.

Credible rates, borrowing limits, and fees

Term	Details
Fixed rates (APR)	7.74% – 15.94%
Rate discounts	Autopay discount of 0.5% – .5%
Loan amounts	$1000 – $200,000
Repayment periods	12 – 120 months
Unsecured or secured?	A majority of lenders offer unsecured loans
Allows joint loans?	Select lenders allow joint loans. However, only one person can apply with the Credible loan offer request form.
Time to funding after approval	Next business day to one week, depending on the lender and your application
Fees	Origination fee from 0% to 12%, depending on the lender
Unique features	Helps you create a money plan based on your credit, goals, and financial situation. Offers phone, chat, and email customer support.

Most of Credible’s lending partners offer unsecured personal loans with a range of fixed rates. The better your credit and the shorter the repayment period, the more likely you’ll be eligible for offers with a lower APR. The lowest APR tends to be available to borrowers with excellent credit. 

Repayment periods range from 12 to 120 months and vary by lender. Credible has transparent policies regarding its loan application process, lender rates, and repayment periods. Credible won’t share personal information with third parties without your permission.

Requirement	Details
Citizenship	U.S. citizens or permanent residents with a Social Security number
Employment status	Must have a steady income
State of residence	Not specified; loans not available in all states
Minimum age	18
Minimum credit score	580

Credible’s application for prequalified loan offers is simple and transparent, with no hidden fees. Credible finds the best loan offers and interest rates for people of all credit types, including those with good, very good, or fair (FICO 580 to 669) credit scores. 

Once approved for a loan, you’ll apply with the lender. However, you’re under no obligation to proceed with that lender. 

Most lenders require you to be at least 18 years of age and a U.S. citizen or permanent resident with a valid Social Security number. Employment requirements vary by lender, but most lenders require you to have a steady income.

How do you repay a Credible loan?

Once you’re approved for a loan, the lender determines the repayment period and tells you how to pay online or by mail. Credible offers an autopay discount of 0.5% to .5% if you sign up for automatic monthly payments.

The lender determines your interest rate based on your credit, amount of debt, income, and other factors. It’s important to understand how the APR and repayment period will affect the monthly payment and the total amount you must repay. Also, consider whether the lender charges any prepayment penalties if you pay the loan early.

For example, here’s what you would pay on a $8,000 loan at a 6.99% rate with a three-year loan term:

Description	Value
Loan amount	$8,000
Interest rate	6.99%
Loan term	3 years
Monthly payment	$247
Total repaid	$8,891
Total interest paid	$891

However, a higher APR can result in a much higher monthly payment and total cost of borrowing over the same loan period:

Description	Value
Loan amount	$8,000
Interest rate	18.99%
Loan term	3 years
Monthly payment	$293
Total repaid	$10,555
Total interest paid	$2,555

When comparing loan offers, use LendEDU’s online loan calculator to see the total amount of the loan you must repay. Our calculator breaks down the principal and total interest using the rate and repayment period and estimates your monthly payment.

Pros and cons of Credible personal loans 

Be sure to consider the pros and cons before using a financial product.

Pros

• Compare offers from multiple lenders at once

  When you apply for a loan at Credible, you’ll get prequalified offers from multiple lenders within two minutes, allowing you to shop for loans in one place and find the best terms for your loan.

• Soft pull won’t affect your credit score

  When you apply for prequalified loan offers, Credible uses a soft credit inquiry that won’t affect your credit score like a hard credit inquiry can.

• Easy process

  Within minutes of applying at Credible, you can view multiple lenders’ prequalified offers based on your credit history.

• Fast funding

  Once a lender approves you for a loan, you could get funds as soon as the next day.

• Open to all credit types

  You can view offers from lenders if your credit score is at least 580. However, applicants with fair, good, or very good credit scores might pay a higher APR.

• Variety of loan types available

  Credible lenders offer various unsecured loan types with varying APRs and repayment periods. A small number of lenders may also offer secured loans.

Cons

• Hard credit inquiry

  When you apply for a loan, lenders usually do a hard pull, which may affect your credit.

• Not available in every state

  Credible lender offers aren’t available in all U.S. states.

• Only one applicant per loan offer form

  Credible doesn’t allow joint applicants on its online form. However, some Credible lenders allow joint loans.

If you’re unsure whether Credible is right, check out our list of reviewed personal loan lenders.

Credible customer reviews

Source	Customer rating	Number of reviews
Trustpilot	4.8/5	7,526
Google	4.8/5	1,345
Better Business Bureau (BBB)	1/5	9

Most Credible reviews are positive, citing a fast, easy loan process with many lenders offering options. Many reviewers on Trustpilot and Google report quick approval and getting loan funds within days. A small percentage of reviewers said funding for their loans took longer than a week or reported trouble navigating the online Credible application process.

A few reviewers on BBB reported problems viewing loan offers or issues with support for the application process.

How to apply for a personal loan with Credible

Applying for a personal loan with Credible is simple and fast. Below are the steps to apply.

1. Complete the loan offer request form

 

Fill out Credible’s online request form or apply by phone with the following:

• The loan amount you want to borrow
• Purpose of the loan
• Current employment situation
• Annual income before taxes
• Full name
• Birthdate
• Home address
• Rent or own your home
• Monthly rent or mortgage payment
• Social Security number
• Phone number
• Log in or create a Credible account to see loan offers

2. Undergo a soft credit pull

Credible performs a soft credit inquiry that won’t affect your credit to verify your identity and determine which lenders are best for you. Credible then contacts lenders to check for offers you may qualify for.

3. Review loan offers

Credible displays a list of lenders offering various rates and other terms within a couple of minutes so you can choose the best option for a personal loan. 

Each lender offer displays:

• Loan amount you’re eligible to borrow
• Loan offer rate
• Estimated monthly payment
• Amount you’ll pay in lifetime interest
• Origination fee
• Amount you’ll receive after any origination fee
• Prepayment penalty policy

4. Apply for the chosen offer

To apply for a loan offer, click “continue” on the offer to go to the lender’s website. Once you apply, the lender will contact you by email to let you know whether your application is approved.

FAQ 

Can you have more than one Credible personal loan?

Yes, you can have multiple personal loans through Credible, but it depends on the lender’s specific policies. Credible itself is a loan comparison platform, so the ability to take out multiple loans is subject to the approval of the individual lenders you choose through the platform.

Can you pay off a Credible personal loan early?

Yes, you can pay off a personal loan obtained through Credible early. Most lenders on the Credible platform don’t charge prepayment penalties, allowing you to save on interest by paying off your loan ahead of schedule. Contact the individual lender, or check your loan agreement’s specific terms and conditions so you know for sure.

What credit score do you need for Credible?

The credit score required for a personal loan through Credible varies by lender. The lowest minimum credit score Credible’s partner lenders accept is 580. A higher credit score can improve your chances of approval and help you secure better loan terms.

Does Credible require proof of income?

Yes, most Credible lenders require proof of income to qualify for a personal loan. This can include pay stubs, tax returns, or other documentation that verifies your income. Providing proof of income helps lenders assess your ability to repay the loan.

Are Credible personal loans legit?

Yes, personal loans obtained through Credible are legitimate. Credible is a reputable loan comparison platform that partners with various accredited and vetted lenders. It provides a secure way to compare loan offers, ensuring you find legitimate and competitive personal loan options.

How we rated Credible 

LendEDU’s editorial rating system is designed to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Credible to several personal loan lenders and marketplaces, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Product	Best for	Our rating
Credible personal loans	Best marketplace	5/5