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Credible Personal Loan Review
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Established in 2012, Credible is an online lending marketplace that allows consumers to search for and compare customized pre-qualified personal loan offers from multiple lenders.
In addition to personal loans, Credible offers access to student loan refinancing and private student loans from its partners. Credible is based in San Francisco and has a strong leadership team with decades of financial experience.
How is Credible rated?
Breakdown
5.0/5
Flexibility
4.8/5
Interest Rates
5.0/5
Discounts & Fees
5.0/5
Customer Service and Reputation
Overall Rating: 4.7 / 5 (Excellent)
Credible's easy, fast, and secure 256-bit encryption web platform makes getting personalized prequalified rates from lenders a breeze. The company works with a wide range of partner lenders to give borrowers access to customizable loans that suit their purposes and budgets.
Credible is highly regarded and earns top grades from the Better Business Bureau and Trustpilot. Its website is simple to use and includes educational resources for borrowers, to help them make informed credit decisions.
Credible Loan Specifics
Loan Specifics - 4.8 / 5
Credible allows consumers to compare several personalized prequalified personal loan options from a wide range of lenders on its simple web-based platform. Currently, Credible works with 16 different lenders to help find customers the best loans for their needs. You can shop for fixed- and variable-rate loans with many term options.
Credible partners with lenders such as Upstart, Avant, and LendingClub. These partners offer loan amounts ranging from $600 to $100,000 with term lengths ranging from 1 to 7 years.
After an applicant submits his or her personal information, Credible will present all personalized pre-qualified rates in an easily navigable dashboard. Borrowers can study these options carefully before choosing to move forward with the loan application process, to be sure that they accept an option that is well-suited to their borrowing needs. Loans through Credible's partners may be used for a wide range of purposes, from consolidating high-interest credit card balances to renovating a home.
The amount of money you are approved to borrow and how long it takes for a loan to be approved and disbursed will vary from lender to lender, as Credible is a marketplace and not a direct lender.
Loan Uses
| Debt/Credit Card Consolidation | |
| Buy Home | |
| Major Purchase | |
| Home Improvement | |
| Medical Expenses | |
| Wedding | |
| Moving/Relocation | |
| Vacation | |
| Start Business | |
| Education | |
| Taxes |
| Loan Minimum | $600 |
| Loan Maximum | $200,000 |
| Term Length | 1 - 7 years |
| Decision Time | Varies by lender |
| Disbursement Time | Varies by lender |
Representative Loan Sample
A four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% found through Credible would have an estimated monthly payment of $561.60 and a total cost payable of $27,948.13.
Credible Qualification
Qualifications & Flexibility - 4.8 / 5
To receive personalized prequalified rates, applicants are required to create an account on the Credible website and provide relevant personal information.
This information includes the purpose of the loan, name, address, employment status, and social security number. Social security numbers are used to retrieve the applicant's credit history and provide personalized preaualified rates. Credible performs a soft credit check during the prequalification stage. Requesting personalized prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Minimum FICO score, debt-to-income ratio, and other requirements for individual loans are not disclosed by Credible, owing to the fact that they are only a marketplace and not a direct lender.
*Credible Disclosure:
To check the rates and terms you qualify for, Credible, partner lender(s) conduct a soft credit pull that will not affect your credit score. However, when you apply for credit, your full credit report from one or more consumer reporting agencies will be requested, which is considered a hard credit pull and will affect your credit.
| Personal Income Considered | Yes |
| Verify Bank Account | Yes |
| Hard Credit Pull | Requesting personalized prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you. |
Credible Cost of Loan
Costs, Interest Rates, Discounts & Fees - 4.8 / 5
Because Credible is a loan marketplace and not a direct lender, this means many features of loans, like fees and penalties, vary by lender and are only divulged when redirected to one.
Credible does state, however, that their partners offer loans with interest rates from 6.40%-35.99% APR.
| APR Range | 7.49% - 35.99% |
Credible Reputation
Customer Service and Reputation - 5 / 5
Since being founded in 2012, Credible has been featured in many news sites and journals, such as the CNBC, Fox Business, and CNN Money.
It is a BBB accredited business with an A+ rating and 4.97 composite scores. An excellent 9.5 Trustpilot score adds to its already outstanding reputation.
| Type of Institution | Marketplace |
| Year Founded | 2012 |
| BBB Rating | A+ |
| Number of BBB Positive Reviews | 46 |
| Number of BBB Negative Reviews | 1 |
| Trust Pilot Rating | 4.7 out of 5 |
| Consumer Financial Protection Board (CFPB) Complaints | 1 |
| Date Collected | 2023-07-31 |
Disclaimer
* All bonus payments are by gift card. See terms.
** Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Prersonalized prequalified rates are based on the information you provide and a soft credit inquiry. Receiving personalized prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
| Headquarters Address | 320 Blackwell Street Suite 200, Durham, NC, 27701 |
| Homepage URL |
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Top Rated
Our Partner
- Get personalized pre-qualified rates from multiple lenders.
- 2 Minute Process
- Loans from $600 - $200,000
- Rates from 7.49% - 35.99% APR
- Loan terms of 1 - 7 years.
- Rated A+ by the BBB
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