Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.
Credible Review
With Credible, borrowers can get multiple offers from different student loan refinance companies by filling out one form without affecting their credit score. However, as with all loan marketplaces, once you get offers you’ll need to go through the details of each one to find the best student loan option.
PROS
Multiple lender options. You can get loan quotes from as many as 10 different refinancing lenders by submitting one single online application and without having a hard credit check done. This means Credible's credit inquiry won't affect your credit score or credit report. You can then evaluate which lender offers the best student loan options, and finish the application directly with the lender.
Competitive interest rates. Credible’s lending partners can offer loans with fixed interest rates ranging between 5.48% - 10.99% APR APR (with autopay)* and 5.28% - 12.44% APRvariable APR (with autopay). See Terms.* You’ll also be able to choose between fixed and variable rate options.
Best rate guarantee. Credible will give you a $200 gift card if you find a better rate and close a loan with another lender (as long as the lender isn’t on the Credible website). Terms apply.
CONS
Approval is not guaranteed. Each one of Credible’s lending partners will have their own financial criteria for eligibility. Getting an initial offer does not guarantee you’ll meet the lender’s income or debt-to-income ratio requirements. While applying for a quote with Credible won’t affect your credit score, applying to individual student loan lenders will, as they will do a hard credit check. Make sure you meet the lender requirements before applying.
Some lenders only operate in specific states. Some of Credible’s lenders are not available in all states. In fact, one lender (Advantage Education Loan) is only available to residents of Kentucky, while another (Brazos) is only available to residents of Texas. A third (INvesteED) will only lend to residents of Indiana or students enrolled in eligible Indiana schools.
Credible Key Facts
- Lending partners require minimum credit scores between 670 and 700
- You can use a cosigner if you don’t qualify on your own
- Credible offers refinancing of federal, private, and Parent PLUS loans
- Refinancing available for undergraduate and graduate programs
Credible Student Loan Refinancing Process
As an online marketplace, Credible.com allows student loan borrowers to obtain multiple loan quotes from up to 10 different lenders in as little as 10 minutes. Applying for a quote is as easy as answering a few questions about your educational history, your finances, and the loan amount you want to refinance.
Within minutes you’ll get multiple offers from different lenders, or even multiple offers from the same lender, as they will most likely give you different term options. You can then evaluate each company and what they offer to see which might be the best fit.
When you evaluate each company, make sure to compare the interest rate of your current loan to the refinance rates offered. You may already have the best rate available. You’ll also want to compare loan terms and repayment options to make sure refinancing makes financial sense. You should also compare any special repayment plans, such as forbearance periods or monthly payment deferrals. If you’re using a co-signer to apply for the loan, compare each lender’s requirements for a co-signer release. Comparing this information will help you narrow down offers to those that best suit your needs.
Once you’ve made your decision, you can upload the information from the loan(s) you want to refinance and provide additional financial information. You’ll then finish the prequalification and application process directly with the lender you’ve chosen. You should receive a final determination on whether you have been approved or not within one business day.
Credible’s Educational Resources
Sometimes it can be hard to know if refinancing your student debt is the right move. You could also have questions about what type of interest rate would be best, fixed or variable. Credible can help answer those questions, as well as others you may have.
Credible provides several articles that will help you understand the ins and outs of refinancing, when it makes sense to do so, and when a variable interest rate loan may be preferable over a fixed interest rate loan.
If you have federal student loans, you’ll have the option of either refinance or consolidation. Credible can walk you through what each of the options mean, and which one may make the most sense for your current situation. Other topics include options on how to get approved for a loan refinance, whether you have good credit or bad.
Other useful tools include a refinancing calculator, so you can get an estimate of how much you can save by refinancing your debt, and a summary review of each of the 10 lenders Credible partners with, including the pros and cons of each, so you are familiar with each company before applying for a loan, and without having to leave the Credible website.
Credible Company Information
Credible was established in 2012 in San Francisco as Credible Labs, a financial technology company dedicated to providing student loan refinancing. Since that time, the company has expanded to provide direct student loan originations, mortgages, personal loans, and credit cards.
In April 2019, Credible entered into a trial mortgage partnership with Realtor.com, the second-largest digital real estate platform in the country, as Credible Operations, Inc. (NMLS# 1681276, “Credible.” Not available in all states. http://www.nmlsconsumeraccess.org). The company was acquired by Fox Corporation in October of that same year.
Credible’s Fees and Lending Partners
As a marketplace that allows you to contact multiple lenders, Credible doesn’t charge any fees. Instead, its lending partners pay Credible a commission when you sign up for a loan, so using the website is 100% free.
You also won’t pay any fees once you choose a lender. None of Credible’s lending partners charge application or origination fees, nor do they charge a prepayment penalty if you want to pay your loan off early. The only cost you need to evaluate is the interest rate offered by a lender.
Credible’s partners include a mix of banks, state loan authorities, and fintech companies.
Credible Refinance FAQs
Does Credible service its loans?
No. As a lender marketplace, Credible will submit a referral to other companies so you can compare rates and terms and find the best refinance loan option. The lender you choose to do business with will service your loan.
Why should I refinance my student loan debt with Credible?
Credible will allow you to get multiple loan quotes from multiple lenders by filling out one single application, making the comparison between lenders easy to do. Credible doesn’t charge any fees, and its lending partners don’t charge application or new loan origination fees, nor do they charge prepayment penalties.
Can I refinance a federal student loan with Credible?
Yes, Credible’s lending partners can refinance federal student loans. Credible recommends that you thoroughly evaluate the advantages and disadvantages of refinancing federal loans into private loans, as you may qualify for a lower interest rate but lose benefits unique to federal loans, such as income-driven repayment terms and Public Service Loan forgiveness.
Does it make sense to refinance my student loan now?
It depends on what your goal is. If current interest rates are lower than the rates on your original student loan, or your credit score has improved enough to qualify you for a lower rate, you can save money by refinancing now. If you already have a low interest rate and don’t want to extend the term of your loan, it may not make sense to refinance your loan now.
Can I still refinance my student loan with Credible if my credit score is low or I have a poor credit history?
You can. Credible’s lending partners will work with credit scores as low as 670. If your score is lower, you can use a qualified cosigner to apply for a loan refinance.
Credible Student Loan Refinancing Key Takeaways
- Access multiple loan offers from multiple lenders with one single application.
- Refinance your federal, Parent PLUS, and private student loans.
- Get competitive interest rates
- Refinance undergraduate and graduate student loans
