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Credible can simplify the process of shopping for private student loans. You can compare rates from leading student loan lenders by filling out one form without affecting your credit. However, Credible doesn’t offer any special discounts or incentives, so you won’t qualify for lower rates by going through Credible than you’d get working directly with the lender.
- Pros & Cons
- Key Takeaways
- Company Overview
Compare undergraduate loan rates from up to eight lenders at once
No origination or prepayment fees
$200 best rate guarantee. Terms apply
Repayment policies vary by lender
No special incentives for Credible users
International students must have a co-signer
- Credible was founded in 2012.
- It offers private student loans and student loan refinancing.
- Credible can also connect parent borrowers to private loans.
- There is no fee to use Credible’s platform.
- Rates, repayment options, and loan forgiveness or hardship options vary based on the lender.
Unlike other student loan companies that underwrite and disburse loans, Credible is a loan marketplace. Through its platform, borrowers can fill out one simple form and get connected to leading private student loan companies and student loan refinancing lenders.
Credible can connect borrowers to potential loans anywhere in the country. However, some of its partner lenders may not be available in all 50 states.
In 2019, the Fox Corporation acquired 67% of the equity in Credible for approximately $260 million.
- Year Founded 2012
- Official Website www.credible.com
- Loans Offered Undergraduate, graduate, parent, refinancing
- Customer Service Chat. Phone: (866) 540-6005. Email: firstname.lastname@example.org
Credible Student Loan Rates: Quick Look
Credible offers the following rates through its partner lenders, as of March, 2023.
|Loan Type||Variable APR||Fixed APR|
|Refinance loan||4.78% to 13.93%||4.40% to 11.99%|
- Compare undergraduate loan rates from up to eight lenders at once: While some marketplaces only connect you with a handful of lenders, Credible allows you to compare rates from up to eight leading companies. With more partner lenders, there is a better chance of finding a good deal on a loan.
- No origination or prepayment fees: None of Credible’s partner lenders charge origination fees or prepayment penalties.
- $200 best rate guarantee: Credible backs its private student loan marketplace with a $200 best rate guarantee. If Credible cannot give you the best rate and you take out a loan elsewhere, Credible will send you a $200 gift card. Terms apply.
- Repayment policies vary by lender: Because Credible is a marketplace rather than a lender, co-signer releases, financial hardship issues, and loan discharges are handled differently based on the lender issuing the loan.
- No special incentives for Credible users: With some loan marketplace platforms, customers may qualify for additional interest rate discounts or cash-back bonuses. But with Credible, there’s no added bonus for using the platform to compare rates.
- International students must have a co-signer: Although some lenders will work with international students who don’t have co-signers, Credible does not. International students must have a co-signer who is a U.S. citizen or permanent resident to qualify for a loan through Credible’s platform.
Lenders Available Through Credible
As a lending marketplace, Credible partners with banks, credit unions, and other financial institutions to offer loans. Its private student loan partners include:
- Citizens Bank
- College Ave Student Loans
- Custom Choice
- Sallie Mae
- LendKey (refinancing only)
- ISL Lending (refinancing only)
- RISLA (refinancing only)
- ELFI (refinancing only)
- Brazos (refinancing only)
Loan Eligibility and Approval
Private student loans tend to have higher interest rates and fewer borrower protections than federal student loans, so make sure to use the maximum amount of federal aid first.
Through Credible, borrowers can find private student loans to pay for undergraduate or graduate degrees. Parents borrowing to pay for a child’s college education can also find a loan through Credible’s platform.
Although loan eligibility requirements can vary by lender, Credible’s partners typically require borrowers to meet the following criteria:
- Students must be enrolled at least part-time
- You must be the age of majority in your state or have a co-signer
- Students must be U.S. citizens or permanent residents; international students may qualify for a loan if they have a creditworthy co-signer who is a U.S. citizen or permanent resident
Are Cosigners Required?
Borrowers have to meet lender credit and income requirements. For college students who may not have much income or credit yet, a co-signer can improve their chances of getting a loan.
International students may qualify for private student loans if they add a co-signer to their application who is a U.S. citizen or permanent resident.
Is Loan Pre-Qualification Available?
Through Credible, you can fill out one form and view options from multiple lenders without affecting your credit. Once you find the right loan, Credible will direct you to the lender’s website to complete the full application. At that time, the lender will perform a hard credit check.
Length of Time for Loan Approval and Disbursement
The length of time it takes to get approved and for loans to be disbursed varies by lender. In general, the lender will pay the money to your college. If there is money left over after covering tuition and other fees, the school may issue the remainder to you by check or by electronic transfer.
Loan Fees and Repayment Options
Because Credible is a marketplace rather than a lender, the lender that underwrites your loan—not Credible—determines the fees and repayment options.
None of Credible’s partners charge application fees, origination fees, or prepayment penalties. But there may be late fees or returned payment fees.
Some of Credible’s partners offer special discounts, such as autopay discounts. With some lenders, you can qualify for a 0.25% interest rate reduction by enrolling in automatic payments, or get additional discounts by showing proof of graduation or taking out multiple loans.
With federal student loans, you don’t have to make payments while you’re in school, but that’s not always the case with private student loans. Some of Credible’s partners allow you to defer payments until after you graduate, but not all of its partners may offer that option. Depending on the lender, you may be able to choose one of the following repayment plans:
- Immediate full payment: Under an immediate repayment plan, you make payments against the interest and principal while you’re in school. Although the payments are higher than with other plans while you’re a student, this option has the lowest overall cost.
- Fixed: With a fixed payment plan, you only pay a fixed amount per month, such as $25, while you’re in school. After you graduate, you make payments against the principal and interest.
- Interest-only: If you choose an interest-only repayment plan, you make payments against the interest that accrues each month while you’re in school. After graduation or dropping out of college, you make payments against the principal and interest.
- Deferred: If a lender offers a deferred payment plan, you can postpone making any payments until after you graduate. There is often a six-month grace period after graduation before payments are required, as well.
Credible does not have a rewards or referral program, although certain of its partner lenders may.
Loan Forbearance and Discharge Options
When shopping for a private student loan through Credible, be sure to check the following lender policies before signing a loan agreement:
- Financial hardship forbearance: Some private student loan companies—but not all—offer forbearance to borrowers that experience financial issues, such as a job loss. This option allows you to make reduced payments or even skip payments for a few months.
- Loan discharge for death or disability: Although federal student loans are discharged in cases of death and permanent disability, that’s not always the case with private student loans. Check with your lender to see how your loans will be handled if you or your co-signer pass away or become totally and permanently disabled.
Is Student Loan Refinancing Available?
In addition to private student loans, Credible also connects borrowers to student loan refinancing lenders. Credible’s partner lenders offer the following refinancing options:
- Undergraduate loan refinancing
- Graduate loan refinancing
- Parent loan refinancing
Eligibility requirements vary by lender, but some of Credible’s partners allow borrowers to refinance their loans if they didn’t graduate or if they’re still in school. Borrowers can refinance their loans and get either a fixed or variable-rate loan, and loan terms can be as long as 20 years.
Credible has a strong reputation among customers. On Trustpilot, Credible’s TrustScore is 4.7 (Excellent) based on over 5,300 reviews. Consumers submitted just 24 complaints about Credible to the Consumer Financial Protection Bureau and only three of them were about student loans, far fewer than you typically see for a student loan company.
Credible’s customer support team can be reached by phone, email, or online chat:
- Email: email@example.com
- Phone: 866-540-6005
Because Credible doesn’t issue loans, you will be in contact with another company once you have a loan in repayment. If you have problems with your account or need help with your payments, you’ll have to contact the lender that issued the loan or the loan servicer that manages it.
Applying for a Credible Student Loan
Before turning to Credible or any student loan company, make sure to explore all of your federal and state financial aid options first. Fill out the Free Application for Federal Student Aid (FAFSA) and contact your college’s financial aid office to ensure you maximize all available aid before turning to private loans.
With Credible, you can get quotes for private student loans and refinancing by filling out one simple form. The form will prompt you to enter the following information:
- Your name
- Date of birth
- Citizenship status
- College name
- Degree type
- Expected graduation date
- Monthly housing payment
- Employment status and income
- Desired loan amount
Credible will use your information and a soft credit check to show you potential loans from multiple lenders.
If you find a loan that meets your needs and you want to apply for it, you can select that loan and Credible will redirect you to the lender’s website to fill out the full application. At that time, the lender may request additional information, and you’ll also need to consent to a hard credit check.
|Loan Types Offered||Undergraduate; graduate; parent; professional||Undergraduate; graduate; parent; professional||Undergraduate; graduate|
|Undergraduate Fixed APR||3.65%–15.91%||5.49%–14.99%||4.89%–6.99%|
|Undergraduate Variable APR||4.99%–16.20%||6.12%–15.37%||N/A|
|Repayment Options||Varies by lender||Deferment; fixed; interest-only||Deferment; interest-only; immediate; deferment with co-borrower release|
If you need a private student loan and aren’t sure where to start, Credible can be a useful solution. It partners with many major lenders, and it provides you with quotes from up to eight of its partner lenders (for undergrad loans) so you can find the best private student loans and terms for your education. Although Credible doesn’t give borrowers special discounts or bonuses for using the platform, it can streamline the process of finding a loan.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.
Credible. "Simplicity. Choice. Unbiased Support."
Fox Corporation. "2022 Annual Report," Page 75.
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Credible. "Credible Private Student Loans Best Rate Guarantee."
Credible. "Frequently Asked Questions Student Loans," Click "Can I Use Credible if I Am an International Student?"
Credible. "Private Student Loans."
Credible. "Private Student Loans," Click "View Details."
Credible. "10 Best Student Loan Refinance Companies: Reviewed and Rated."
Consumer Financial Protection Bureau. "Complaint Database - Credible Labs."