Credible vs SoFi: Which Student Loan Is Best?

Key Points:

• SoFi is a private lender that offers student loans and refinancing.
• SoFi student loans come with 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.

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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. 

This comparison 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
• SoFi vs Credible: In-depth comparison
• Student loan alternatives

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.

SoFi vs Credible: In-depth comparison

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:

• Loan options
• Rates
• Eligibility requirements
• Other benefits
• Customer support

Loan options

SoFi

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

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 good 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.

Rates

Here’s how each company compares on interest rates.

SoFi

Loan type	Fixed-rate APR	Variable Rate APR
Undergraduate	4.73% to 11.46%	2.05% to 10.63%
Graduate	4.73% to 11.99%	3.11% to 11.37%
Parent	5.05% to 11.71%	3.43% to 11.03%
Medical/dental resident refinance	3.71% to 6.74%	2.56% to 6.74%
Refinance	3.49% to 6.69%	3.21% to 6.69%

Credible

Credible advertises these ranges across all partner lenders:

Loan type	Fixed-rate APR	Variable-rate APR
Undergraduate	4.54% to 12.49%	2.84% to 11.87%
Graduate	4.54% to 12.49%	2.84% to 11.87%
Parent	4.54% to 12.49%	2.84% to 11.87%
Refinance	3.14% to 9.62%	2.21% to 9.12%

Eligibility requirements

Before you apply, knowing whether you’re likely to qualify could save you time.

SoFi

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. 

Credible

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. 

Other benefits

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

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

• 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. 

Customer support

Both companies have customer support that you can contact in a variety of different ways. 

SoFi

• 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] 

Credible

• Phone: 1-866-540-6005 
• Email: [email protected] 
• Chat: credible.com

Student loan alternatives

Getting 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.
• Ascent Student Loans: Good if you’re looking for a no-cosigner option.

To compare SoFi with more options, check out the comparison reviews:

• Sofi vs Earnest
• Sofi vs CommonBond
• Sofi vs LendKey Student Loan Refinancing