Credible - Reviewed & Compared

Summary

Credible is a one-stop-shop for comparing student loan offers from various lenders. By using a single application, students can receive multiple prequalified loan offers, helping them choose the best option. Credible stands out for its transparency, no fees, and the ability to prequalify with a soft credit check, ensuring that your credit score is not affected during the comparison process.

MORE: Find The Right Student Loan For You

Company Overview

Founded in 2012, Credible operates as an online loan marketplace. It partners with various lenders to offer a wide range of student loans, including undergraduate, graduate, and refinancing options. Credible's mission is to simplify the borrowing process by providing a transparent and user-friendly platform for loan comparison.

What They Do Best

Credible excels in offering a user-friendly platform where students can easily compare loan offers from multiple lenders. The ability to prequalify with a soft credit check is a significant advantage, allowing students to explore their options without affecting their credit score. The platform also provides detailed information on each loan, including interest rates, repayment terms, and lender reviews, making it easier for borrowers to make informed decisions.

Negatives

While Credible offers a comprehensive comparison tool, it is limited to the lenders it partners with. This means that some potential loan options may not be available on the platform. Additionally, the final rates and terms are determined by the lenders, which might differ from the prequalified offers based on a full credit check.

MORE: Find The Right Student Loan For You

Qualifications

To use Credible, borrowers must be U.S. citizens or permanent residents. Each lender on the platform has its own credit and income requirements, but Credible simplifies the process by allowing you to complete one application to see multiple offers.

Our Final Verdict: 8.8/10

Credible is an excellent resource for students seeking private loans to fund their education. The platform’s ability to provide multiple loan offers through a single application, combined with its transparent process and competitive rates, makes it a valuable tool for borrowers.

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