Credible vs SoFi: Which Student Loan Is Best?
SoFi vs Credible: how do they compare? SoFi is an innovative online lender. Credible is a loan marketplace you can use to get quotes from several lenders with just one application. This review will help you decide which is best.
- SoFi is a private lender that offers student loans and refinancing with low loan rates and flexible repayment terms.
- SoFi student loans come with great perks, such as career counseling and special discounts on the lender’s other products.
- Credible won’t lend you money, but it will help you find a lender.
- Apply via Credible, and you can compare quotes from multiple student loan lenders.
For many people, using private student loans to fund their college education is an unfortunate necessity. Nearly 8% of student loan debt is from private loans, with the average loan amount at $13,780.
Luckily a range of options for private student loans makes it easier to find the best loan for you. With the emergence of online lenders, getting a loan can be quick and easy. Two popular names in the online private lending space are SoFi and Credible—which platform should you use?
This review will pit these student loan options head-to-head to help you decide which to use.
In this review:
Credible vs SoFi: at a glance
Despite appearing to sell similar products, SoFi and Credible are not competing companies. SoFi is an online lender, and Credible is a marketplace that helps you compare lenders. But you can apply for private student loans through either platform.
Here’s a quick look at each company’s in-school loans. If you’re interested in refinancing your loans, you can see each lender’s refi rates lower on the page.
|APRs||Fixed: credible-psl-1578-fixlow to credible-psl-1578-fixhigh|
Variable: credible-psl-1578-varlow to credible-psl-1578-varhigh
|Fixed: sofi-psl-1402-fixlow to sofi-psl-1402-fixhigh|
Variable: sofi-psl-1402-varlow to sofi-psl-1402-varhigh
|Loan Amounts||Varies by lender||sofi-psl-1402-amountlow up to sofi-psl-1402-amounthigh|
|Fees||credible-psl-1578-origfee origination fee|
credible-psl-1578-prepayfee prepayment fee
|sofi-psl-1402-origfee origination fee|
sofi-psl-1402-applicfee application fee
sofi-psl-1402-prepayfee prepayment fee
sofi-psl-1402-latefee late payment fee
SoFi vs Credible: How do they compare?
If your federal student loans don’t pay for all of your college expenses, you’ll probably need a private student loan to help cover additional costs. You can find a loan through both SoFi and Credible, but in some cases, one might be better for you than the other. Here’s how they compare:
SoFi is a direct private lender, and a reliable one—it received a 4.92 / 5.00 rating from LendEDU. Among other financial products, it offers private student loans including:
- Undergraduate fixed- and variable-rate loans
- Graduate fixed- and variable-rate loans
- Parent fixed- and variable-rate loans
- Medical/dental resident student loan refinance fixed- and variable-rate loans
- Student loan refinance fixed- and variable-rate loans
You can read more about SoFi’s loan options in our full SoFi Student Loans Review.
Credible is a loan aggregator, not a lender. It’s kind of like an online supermarket for financial products. Rather than go directly to the creamery for ice cream, you go to a store with different brands of ice cream. That’s essentially what Credible does for student loans—shows you your options.
Just fill out a quick application to get quotes from lenders. It saves time if you want to shop around for low rates. Credible’s lending partners (which include SoFi) offer:
- Fixed- and variable-rate private student loans
- Student loan refinance fixed- and variable-rate loans
Comparing your options can help you find the best student loans before making a decision, so Credible is a great place to start. If you want to get straight to the application without seeing other options, you can go directly to SoFi.
You can learn more about Credible’s loan options in our full Credible Student Loans Review.
Here’s how each company compares on interest rates.
|Loan type||Fixed-rate APR||Variable Rate APR|
|Undergraduate||sofi-psl-1402-fixlow to sofi-psl-1402-fixhigh||sofi-psl-1402-varlow to sofi-psl-1402-varhigh|
|Graduate||sofi-psl-1484-fixlow to sofi-psl-1484-fixhigh||sofi-psl-1484-varlow to sofi-psl-1484-varhigh|
|Parent||sofi-psl-1485-fixlow to sofi-psl-1485-fixhigh||sofi-psl-1485-varlow to sofi-psl-1485-varhigh|
|Medical/dental resident refinance||sofi-refi-1395-fixlow to sofi-refi-1395-fixhigh||sofi-refi-1395-varlow to sofi-refi-1395-varhigh|
|Refinance||sofi-refi-2-fixlow% to sofi-refi-2-fixhigh%||sofi-refi-2-varlow% to sofi-refi-2-varhigh%|
Credible advertises these ranges across all partner lenders:
|Loan type||Fixed-rate APR||Variable-rate APR|
|Undergraduate||credible-psl-1578-fixlow to credible-psl-1578-fixhigh||credible-psl-1578-varlow to credible-psl-1578-varhigh|
|Graduate||credible-psl-1578-fixlow to credible-psl-1578-fixhigh||credible-psl-1578-varlow to credible-psl-1578-varhigh|
|Parent||credible-psl-1578-fixlow to credible-psl-1578-fixhigh||credible-psl-1578-varlow to credible-psl-1578-varhigh|
|Refinance||credible-refi-1576-fixlow to credible-refi-1576-fixhigh||credible-refi-1576-varlow to credible-refi-1576-varhigh|
Before you apply, knowing whether you’re likely to qualify could save you time.
Eligibility requirements vary by loan type, but generally, you need to meet the following criteria:
- You’re a US citizen, permanent resident or a visa holder.
- You’re at least 18 years old (or the age of majority in your state).
- You are employed with sufficient income or have an offer of employment that will start within 90 days. You might be able to waive these requirements if you have a co-signer.
- You are a student at an eligible, accredited Title IV school.
- You are looking to refinance education debt or take on debt for school. Bar loans or residency loans cannot be refinanced.
- You must be looking to borrow at least $5,000.
- While SoFi doesn’t list a minimum credit score or a debt-to-income ratio limit, these elements of your credit history will likely into factor into whether you’re approved for a loan.
Eligibility criteria vary from lender to lender, so Credible doesn’t have fixed requirements. However, the eligibility criteria listed by SoFi is relatively standard across the industry. If you want to borrow less than $5,000 or have a low credit score, Credible may have options that SoFi does not.
While getting the cash you need for school at an affordable interest rate and monthly payment is important, other perks may help you choose one student loan resource over the other.
SoFi is a standout among online student loan lenders for benefits you won’t get anywhere else.
- SoFi offers customer loyalty perks, such as discounts if you use its other products, including personal loans, banking, and investing.
- Career Coaching hooks you up with a one-on-one adviser to help you search for a job and transition into your career.
- SoFi offers community events like workshops, happy hours, and speaker series.
- The Unemployment Protection Program lets you apply for forbearance for three months at a time for up to 12 months in case you lose your job while repaying your loan.
- SoFi does not, however, offer cosigner release.
- Credible ensures that all the lenders they work with forgo origination fees, prepayment penalties, and service fees.
- Other perks will depend on which lender you choose from Credible’s partners.
- Compare lenders before officially applying for a loan.
Both companies have customer support that you can contact in a variety of different ways.
- Phone: 1-855-456-7634, Monday to Thursday from 4 a.m. to 9 p.m., Pacific, and Friday to Sunday from 4 a.m. to 5 p.m.
- Email: [email protected]
- Phone: 1-866-540-6005
- Email: [email protected]
- Chat: credible.com
Student loan alternatives
Gettiing quotes from several lenders before applying can help you find the best rates. Here are a few more private student loan lenders worth considering:
- College Ave Student Loans: Great for undergraduate student loans.
- Sallie Mae Student Loans: Great for both graduate and undergrad loans.
- Ascent Student Loans: Good if you’re looking for a no-cosigner option.
To compare SoFi with more options, check out the comparison reviews:
How we rate private student loans
Wondering how we rate private student loans? We use a weighted average of several data points to score private student lenders. You can read more about our methodology here.
Author: Amanda Reaume
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