APR: 6.40% - 35.99%
Pros
- Free service
- Fast response time
Cons
- Require high credit scores
- Doesn’t work with refinancing companies or credit unions.
Company Overview
Credible is a personal loan brokerage service that offers services to individuals with high credit ratings who need to finance a huge purchase, consolidate debt, or set up a business. Using Credible to compare lenders and rates is offered for free. As an online loan broker, Credible offers free and fast initial responses to anyone who needs a loan but doesn’t know how to start the process.
They accelerate the process of looking for a personal loan by sending an application to several providers on your behalf and performing a soft credit check. Credible can give you back up to 17 prequalified rates so that you can compare options easily and directly contact the lender to complete the process.
Credible requires high credit scores so they’re suitable for individuals with excellent credit scores who want to consolidate debt. You need to have a credit score of at least 620 in order to be eligible for the service. However, the 2.49% to 35.99$ APR makes Credible a promising choice for debt consolidation.
Features
Credible’s main advantage is the response time. It can be draining filling out several pages of application forms providing the same information repeatedly. In addition, it’s also time-consuming. The ability to receive responses from multiple lenders in a few minutes with just a single application is a huge advantage.
Credible is also highly transparent about their fees, something you can’t say about many loan brokerage services. Using Credible to review loan offers for various amounts does not affect the credit rating negatively. This is highly advantageous if you’re not completely sure how much you need. Loan amounts range from $600 to $100,000. This means you can use the service if you need to finance a major home repair or just tide you over during a difficult financial situation.
What you’ll like about Credible:
- Service available for free
- Quick response time
- Offers from multiple lenders
- Compare side by side
- Faster process to getting a loan
Application Procedure
Credible has a clean and streamlined application process online which can be initiated by creating an account on the website. You can choose from different personal options and then proceed to complete the online application. They will ask about your credit score, annual income, employment status, and education history. You also need to provide identifying information with your date of birth, address, and social security number, the amount you need to borrow, and the purpose of borrowing such amount.
Once the information they need is collected, Credible runs a soft credit check to verify the details and your credit score. These will not affect your credit rating. Your application and credit result will then be sent to multiple loan providers.
In just a few minutes, you can receive up to 17 prequalified rates. You can compare essential features such as requirements, APR, and repayment terms with a clear table or get more information by clicking through the website. When you find a suitable loan offer, find the provider’s terms and conditions to see if you agree with them. You will complete the process directly through the provider’s website.
Requirements:
- Above 18 years old
- Minimum 620 credit score
- US citizen or permanent resident
- Checking account
Terms
Credible does not provide the specific terms for the loan since they only act as a loan broker. For personal loans, the lowest APR we found was 2.49% but it can also go up to 35.99%. Loan amounts range from $600 to $100,000 – a range that allows borrowers to have some form of flexibility.
If you want to process a loan through Credible, remember that the rates may change even after they send the prequalification offer. Terms are not guaranteed until the lender has run a credit check and confirmed that they’ve accepted the application. If you receive a good offer, you would want to secure it fast.
Repayment
Repayment terms will vary with each lender. Credible has a maximum repayment term of 5 years but you may also find repayment terms of 24 months. 2 years is a short time which could pose some issues for borrowers who want to stretch the payments into a longer period so they can pay less per month.
Privacy
Credible has a solid reputation for securing personal details but they are not responsible for the lenders that would send the offers. It is the responsibility of the borrower to look into the respective company’s terms and policies before they finalize the loan process.
Customer Support
Credible’s website is easy to navigate and has a FAQ section that you can quickly locate. Although not all questions are covered, the FAQ section does provide helpful information regarding application requirements and such.
The customer support team responds quickly to inquiries via email and provides comprehensive responses. They also have a phone channel and live chat feature in addition to email support.
Credible vs. Lending Tree
Credible and LendingTree have similar APRs but Credible has a higher cap upper limit for loan amounts. LendingTree meanwhile offers more flexible terms but an excellent credit score will allow you to benefit from Credible’s rates.
| Item | Credible | Lendingtree |
| Minimum Credit Score | 620 | None |
| Loan Amounts | $600 – $100,000 | $1,000 – $50,000 |
| APR | 6.40% – 35.99% | 2.49% – 35.99% |
| Loan Term | 24 – 84 months | 3 – 180 months |
| Best for | Consolidating debts | Comparison of various loan offers |
Final Thoughts
Credible is a free loan brokerage service that promises fast returns of several prequalification offers from multiple lenders. Customers appreciate the quick response times and the concise comparison tables. It is useful for individuals with excellent credit ratings and who want to finance a huge purchase, consolidate their debts, or launch a new business.
Frequently Asked Questions
Is Credible a legitimate service?
Credible holds a 5-star rating on TrustPilot with a solid reputation as a loan brokerage service.
Am I eligible to process a loan with credible?
To find out if you are eligible for a loan, complete the application form on the website. If you are a qualified borrower, you will receive prequalified rates from partner lenders. These are all available on the Credible Dashboard.
Can credible help in refinancing student loans?
Credible allows users to compare refinancing offers from different lenders side by side. Comparison can be based on certain criteria such as monthly payment, APR, and repayment options.
How much does their service cost?
Using Credible to compare loans is free for users but partner lenders pay them a certain fee. This fee does not affect the loan terms or the amount that you must pay your lender.
