Business Insider's personal finance team compared the Credible student loan marketplace to the best private student loans and found it to be an industry leader, offering solid rates for borrowers and a strong user experience.
Credible is a great option for borrowers who are unsure where to find the best rate. The student loan marketplace lets you compare many offers at once.
Credible Student Loans Overview
What is Credible?
Credible is a free-to-use student loan marketplace, not a lender. Credible is best for borrowers who want to compare various loan options at once and don't want to go through the hassle of applying for them at multiple lenders. After you input some simple information, Crediblewill present you with a list of what you qualify for.
Key Features of Credible Student Loans
Loan Comparison Tool
Credible is not a lender, but a loan marketplace that allows borrowers to compare loan terms, interest rates, and various perks and drawbacks. Credible offers competitive borrowing options through partnerships with lenders and earns commissions from the lenders on its platform.
User-Friendly Interface
Credible makes it fairly easy for users to discover borrowing options and find the right lender. The platform is free, will not ding your credit score to use, and will not charge origination fees or prepayment penalties.
Services Offered by Credible
Credible offers student loans in several forms, including:
- Undergraduate
- Graduate
- Parent
- Medical school
- MBA
- Law school student loans
- Student loan refinancing
Credible Student Loan Refinancing
Credible can help you find options for both student loan refinancing as well as student loan consolidation. You can quickly see which rates you'll qualify for by using Credible's pre-qualification tool, which only requires a soft credit check. This way, you can compare rates from several lenders without impacting your credit score.
Currently, Credible offers student loan refinancing from up to 10 different lenders, including Earnest, MEFA, Citizens Bank, and more.
However, before refinancing your federal student loans into private student loans, you should keep in mind that you could lose the benefits of federal student loans, such as loan forgiveness or income-driven repayment programs.
4.13% - 17.99% variable and 3.39% - 17.99% fixed (with AutoPay discount)
Varies by lender
Varies by lender
- No origination fee
- Many different loan types
- $200 gift card if you close with a better rate than you prequalify for on Credible
- Many repayment term lengths
- Concrete loan details depend on the partner lender you're matched with
Credible is best for borrowers who want to compare a variety of loan options at once and don't want to go through the hassle of applying for them at multiple lenders. Credible will present you with a list of what you qualify for after you input some simple information.
- Offers undergraduate, graduate, parent, medical school, MBA, and law school student loans, as well as student loan refinancing
- Term length depends on partner lender
- Can borrow up to the cost of attendance
Compare Credible Student Loans
4.64% - 15.99% variable and 3.54% - 15.99% fixed (with AutoPay discount)
N/A
Undisclosed
Minimum of $1,000
- No origination fees, prepayment penalties, or late fees
- Solid APR
- Several options for repayment term length
- Quick application process
- Credit check required
SoFi is an excellent lender for borrowers who want a competitive APRs. It's also a great lender for those who don't want to worry about fees.
SoFi Undergraduate Student Loans- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
5.01% - 14.67% variable and 3.39% - 14.85% fixed (with AutoPay discount, varies by plan)
None
Fair to Excellent
$2,001 - $200,000 ($200,000 aggregate total)
- N/A
- N/A
Ascent provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation.
Ascent- Loan amounts available: $2,001* minimum, up to $200,000 for undergraduates, and $400,000 for graduates
- *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Repayment options available:
- Deferred: No payments for up to nine months after leaving school
- Interest only: Only make payments on the loan's interest while in school
- Partial payments: Pay $25 per month while in school
- Immediate Repayment:Begin making full payments (principal + interest) on the loan right away
4.44% - 17.99% variable and 3.47% - 17.99% fixed (with AutoPay discount)
late payment of 5% of the amount due, capped at $25
mid-600s
Minimum of $1,000
- No prepayment or origination fees
- International students eligible with an eligible cosigner
- Low APR
- Multiple options for repayment term length
- Many ways to contact customer support
- Credit check required
- Late payment fee
College Ave is a great lender for borrowers who want multiple options for repayment term lengths and are after a low APR. College Ave also offers many options for contacting customer support.
College Ave- Apply through your computer or mobile device
- Customer service available via phone, text, email, and live chat
- Five, eight, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Repayment options available:
- Deferred: No payments for up to six months after leaving school
- Interest only: Only make payments on the loan's interest while in school
- Partial payments: Pay $25 per month while in school
- Full repayment immediately: Start making full payments while still in school
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
How to Apply for Student Loans Through Credible
Eligibility Criteria
To get a loan, you generally need to meet the following qualifications, which vary by the lenders that Credible partners with:
- Have a qualifying credit score or a cosigner with one
- Have a qualifying income and debt-to-income ratio (DTI) or a cosigner with one
- Be enrolled in a qualifying education program
- Be a U.S. citizen or legal resident with a valid Social Security number
- Be at least 18 years old and have a high school diploma or equivalent (or have a cosigner)
- Use the loan for education purposes only
You should consider your federal student loan options before refinancing into any private student loan, including one with Credible, as you can often get better terms and protections through the government.
Roughly 85% of borrowers who take out a loan from Credible have a cosigner on their loan.
You can contact customer service by phone at (866) 540-6005 Monday through Thursday from 9 a.m. to 9 p.m. ET, Friday from 9 a.m. to 7 p.m., and Saturday from 10 a.m. to 6 p.m. You may also email the company at support@credible.com or contact them through live chat on the Credible website.
Sign-Up Process
1. Apply on Credible's website. You (and your cosigner, if applicable) will enter your email address, name, phone number, education level, Social Security number, and income history. You'll receive an estimated monthly payment and rate range without impacting your credit score.
2. Sign a loan agreement and get your new loan. After you sign your loan agreement, you may get your loan soon with Credible. Remember, refinancing a loan means replacing your old loan with a new one.
3. Work loan payments into your budget. Figure out how to adjust your budget to accommodate your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Credible Student Loan Interest Rates and Fees
Credible's student loan marketplace lets you compare lenders with fixed interest rates ranging from 3.39% to 17.99% and variable rates from 4.38% to 17.99%. These rates include loyalty discounts that you may be eligible for. The exact rates you qualify for will depend on the lender you choose and your creditworthiness.
Credible offers a quick pre-qualification tool on its website to let you find out which rates you are eligible for in as little as 3 minutes and without impacting your credit.
You can avoid fees and enjoy flexible repayment terms by choosing a lender on Credible.Credible only partners with lenders that don't charge origination fees or prepayment penalties. Also, while your exact repayment terms will vary based on the lender you choose, Credible's partners have terms ranging from five to 20 years.
Credible Student Loans Pros & Cons
Credible Student Loan Pros
- No origination fee. Some lenders charge origination fees, which eat into your overall loan proceeds and add to the total cost of your loan.
- Many different loan types. Credible probably has a loan for your situation, regardless of the degree you're pursuing. Additionally, if you already have a loan, you can refinance it on the marketplace.
- Cash bonus if Credible can't find you the best student loan rate. Credible will give you a $200 gift card if you receive a better rate than what you prequalified for on their website from a lender not on Credible (terms apply).
- Many repayment term lengths. While the term lengths on your loan through Credible depend on your partner lender, you can expect it to last between five to 20 years.
Credible Student Loan Cons
- Concrete loan details depend on the partner lender you're matched with. It may be hard to know the exact details of your loan without diving deeper into each lender you get an offer from. Other lenders make their terms clearer before you apply.
Credible Student Loan Alternatives
Credible Private Student Loans vs. Splash Financial Student Loan Refinancing
Both Credible and Splash Financial have term lengths ranging between five to 15 years or more, depending on the partner lender you choose.
Credible offers a $200 gift card if you find a lower rate than you are prequalified for with a different lender, not on Credible, although that might not be easy to do (terms apply).
Splash Financial Student Loan Review
Credible Private Student Loans vs. Earnest Student Loan Refinancing
Earnest originates undergraduate and graduate loans, as does Credible. You won't pay origination fees or prepayment penalties with either company.
Earnest's loans have a distinctive perk: the ability to skip one payment yearly. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Credible Student Loan Customer Experience
Credible boasts a 4.8-star rating on TrustPilot, with users lauding the user-friendly interface, strong chances of approval, and swift processing times.
Several Credible loan reviews noted how quick and easy the application and comparison process was. Certain customers reported that even after being previously turned down for a loan from other companies, they qualified for a loan with Credible's partners.
Is Credible Trustworthy?
Credible has an A+ rating from the Better Business Bureau. The BBB is a nonprofit organization focused on consumer protection and trust. It determines its grades by focusing on a business' response to consumer complaints, honesty in advertising, and openness about business practices.
The lender hasn't been involved in any recent controversies, so you should feel comfortable borrowing from them.
Why You Should Trust Us: How We Rated Credible Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average considering seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Though Credible is a student loan marketplace rather than a student loan lender, we used the same criteria for student loans to come up with its numerical rating.
Read more about how we rate student loans »
Credible Student Loan Marketplace FAQs
What types of loans can I compare on Credible?
You can compare various types of loans on Credible, including student loans, personal loans, mortgages, and refinancing options.
Is Credible free to use?
Yes, Credible is free to use. The platform earns a commission from lenders when users get a loan through their site.
How accurate are the loan comparisons on Credible?
Credible offers accurate, real-time loan offers from its partner lenders, ensuring users get up-to-date information.
Does Credible affect my credit score?
The first comparison on Credible uses a soft credit check, which does not affect your credit score. Only final loan applications may involve a hard credit check.
How secure is my information with Credible?
Your information is secure with Credible. Credible uses advanced security measures, including encryption, to protect user information.
** SoFi Private Undergraduate Student Loans Disclosure: Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/2024 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
** SoFi Private Graduate Student Loans Disclosure: Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/2025 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi's underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
* The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.
* 0.125% Continuing Scholar Discount: Terms and conditions apply. Offer good for private student loan customers who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, select a term and repayment type that is eligible for the discount, and is subject to lender approval. To receive the offer, you must: (1) complete a loan application with SoFi; and (2) meet SoFi's underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.125% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan borrowers only. Offer cannot be combined with other rate discounts, with the exception of the 0.25% autopay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.
