Credible Student Loan Marketplace Review
- July 28, 2017
- Posted by: Jeff Gitlen
- Category: Student Loans
Credible.com is an online loan marketplaces that was started in 2012 in San Francisco by Stephen Dash. As someone who was raised in Australia where student debt wasn’t such a big problem, Dash was astounded by the student debt burden that many young Americans faced. Dash wanted to do something to alleviate the problem, and so he started Credible with the goal of helping student loan borrowers refinance their student loans to save money and make their repayment easier.
The company does not lend money or refinance student loans itself, but instead allows student loan borrowers to easily apply for and compare lenders and rates when refinancing their student loans. Like most online loan marketplaces, you fill out one application and get rate quotes from many different lenders. You don't pay anything in order to use the platform as Credible earns a commission from the lenders. This Credible student loan marketplace review will cover how it works, the benefits and drawbacks, customer support, and trustworthiness.
How Credible Works
If you’re considering refinancing your student loans, you can log onto Credible, fill out a single form, and get a rate estimate for student loan refinancing from multiple lenders in minutes. Credible works with student loan refinance lenders like SoFi, Citizens Bank, and College Ave. It takes about two minutes to fill out a pre-approval form on Credible’s site that requires information about your finances, education history, and the amount that you want to refinance. They also run a soft credit check on you.
You can then compare rates and terms between lenders and decide whether you want fixed or variable interest rates. At that point, you can choose a lender to refinance your student loans with and the lender will ask for further information and run a hard credit check before sending you a final loan offer.
Benefits and Drawbacks of Credible
One of the advantages of online loan marketplaces like Credible is that they save you a significant amount of time. Rather than having to go to a number of different student loan refinance lenders’ websites and fill out separate applications, you go to one site and you get rate estimates from multiple lenders. This also means you’re more likely to get a better deal and find a lender who is right for you.
Credible offers access to savings on your student loan refinance loan since it's lenders offer fixed rates that can start at 4.45% APR and variable rates that can be as low as 2.81%. Another benefit of using Credible is that getting an estimate won't harm your credit since they only perform a soft credit check, like LendEDU.
Despite these benefits, Credible has its downsides. One thing to consider is that their lenders require a fairly high credit score in order for borrowers to qualify for student loan refinance. Lenders on Credible generally look for a credit score that is in the mid-600s or above and enough income to allow you to pay your student loan payments. If you do not qualify on your own, you can potentially apply with a co-signer which could increase your chances of getting a lower rate or qualifying for student loan refinance. But there are many challenges involved in co-signing student loans and it can be difficult to find someone who is willing to take them on.
Another downside is that Credible does not currently have a relationship with many popular student loan refinance lenders. There are other student loan marketplaces that allow you to check your rates with more borrowers by similarly filling out just one quick and easy application. By getting quotes from more lenders, you increase your chances of getting the lowest rate.
Customer Support at Credible
Credible offers great customer support via email, phone, or chat. You can email them at email@example.com or call them at 1-866-540-6005.
Credible has a 9.4 rating on Trustpilot with over 698 reviews. Here is a representative sample of what some people are saying:”This is the easiest and most efficient way of searching for lenders that are actually willing to work with you. It was the best experience that I've had in my lending process so far.”
The company also has an A+ rating of 98% with the Better Business Bureau. They have over 46 positive reviews and one negative review.