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Credible Student Loan Refinance Review
ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Founded in California in 2012, Credible is an online marketplace that allows consumers to compare accurate prequalified rates side by side.
The company partners with leading providers to offer personalized prequalified rates. The company will never charge you any fees for its matching services.
How is Credible rated?
Breakdown
4.4/5
Loan Specifications
4.4/5
Eligibility Requirements
4.4/5
Customer Experience
5.0/5
Reputation
Overall Rating: 4.5 / 5 (Excellent)
Credible is an online marketplace where prospective borrowers can compare accurate prequalified rates from leading lenders. Credible's lender partners offer competitive rates on fixed- and variable-rate loans, as well as a wide variety of loan terms.
Its list of lender partners includes CollegeAve, Earnest and Citizens Bank, among others.
The company is a BBB-accredited business with exceptionally high ratings and favorable customer feedback across multiple online review sites.
Prospective borrowers looking for competitive, personalized rates from various lenders will benefit from trying out Credible's service.
Credible Loan Specifics
Loan Specifications - 4.4 / 5
The lenders that partner with Credible offer loan refinance products for student borrowers as well as parents.
Eligible loan types include federal, private, graduate, undergraduate loans, and ParentPlus loans. Loan terms range from five to 25 years, and rates can be either fixed or variable.
The company states none of its partners charge loan origination fees or prepayment penalties. Further loan details will depend on the particular lender selected, and the application process will be completed through the lender's website, as Credible only facilitates personalized prequalified rates and does not provide funding itself.
| Loan Types | Undergraduate Graduate Parent Federal Private |
| Terms | 5 7 8 10 15 20 25 |
| Rates | Fixed Variable |
| Fixed APR Range | 3.85% - 12.10% APR |
| Variable APR Range | 4.70% - 13.44% APR |
Credible Qualifications
Eligibility Requirements - 4.4 / 5
There are no qualification requirements to use Credible's services, yet qualifying for a loan through one of its partner lenders may require a fair-to-very good credit score.
Although eligibility requirements vary between lenders, applicants can improve their chances of qualifying for a refinance loan by having a creditworthy cosigner.
| Minimum Credit Score | 650 |
Credible Customer Experience
Customer Experience - 4.4 / 5
Through Credible, prospective borrowers can obtain personalized prequalified rates from eleven vetted, industry-leading lenders.
The process is quick and straightforward, only taking approximately two minutes to complete. Borrowers only have to fill out a simple form providing details about their school, income, and requested loan amount.
After completing the form and creating a Credible account, applicants will be able to see different personalized prequalified rates on their dashboard. Once the borrower has narrowed down the APR and loan terms they find most favorable, they simply have to choose a lender and complete the process on the company's site.
Comparing rates through Credible does not affect an applicant's credit score, although applying for or closing a loan will involve a hard credit pull that will impact your credit score.
Credible Company Reputation
Reputation - 5 / 5
Credible is a Better Business Bureau-accredited company with an A+ rating. The company has also received a handful of BBB complaints over the last three years. Since financial services companies tend to attract numerous complaints and comments, the relatively few that Credible has is an encouraging sign.
Further confirming its outstanding reputation is the company's excellent 4.7 out of 5 Trustpilot score.
| Lender Type | Marketplace |
| Year Founded | 2012 |
| BBB Rating | A+ |
| Number of BBB Positive Reviews | 0 |
| Number of BBB Negative Reviews | 2 |
| Trustpilot Rating | 4.7 out of 5 |
| Date Collected | 2023-05-31 |
Company's Disclosure
NMLS# DISCLOSURE
Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.
Mortgage Address DISCLOSURE
320 Blackwell Street Suite200 Durham, NC 27701
Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states.
Prequalified Rates DISCLOSURE:
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 pre-qualification 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.
Won’t impact your credit score DISCLOSURE
Requesting 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.
Company Profile
| Full Name | Credible Student Loan Refinance |
| Company Website | |
| Headquarters | 320 Blackwell St., Durham, NC, 27701 |
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Customer Comments & Reviews
Loading Reviews ...
psdzinr
8/4/2021
Looked for your company on the BBB website with a search of your name, city, state and zip code. BBB website says can't be found.
S
Steve A
8/29/2019
How would my daughter go about refinancing her student loan. Steve Andrews
Top Rated
Our Partner
2 Reviews
- Compare personalized prequalified rates from multiple lenders
- No impact on your credit score to compare rates
- No origination fees or prepayment penalties
- Free customizable rate & monthly payment comparison tool
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