Credible review: Comparison platform for student loan and refinancing offers

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In a Nutshell

Credible is an online platform that allows you to compare financial products including student loans and refinancing offers side by side. With multiple lenders to compare as potential options, Credible may help you zero in on an optimal loan and interest rate for your situation. But you’ll probably need credit scores of at least 670 to be considered for student loan refinancing.
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Can apply with a co-signer for student loans, refi

Most Credible partner lenders require credit scores in at least the 670 to 700 range to be considered for student loan refinancing

No service fees, origination fees or prepayment penalties for student loan options

To be eligible for a student loan, either you or your co-signer must be a U.S. citizen or permanent resident

Easy to apply online to check if you prequalify

Must have at least $5,000 of student debt to refinance

Competitive APRs

Student loans that aren’t U.S.-sanctioned won’t be considered for refinancing

Offers a referral and partner bonus


How Credible works

If you’re looking to take out a new student loan or refinance a current one, it may be helpful to compare your options in one place. That’s what Credible aims to help you do.

Credible is an online marketplace that shows different financial products from multiple lenders so you can compare them side by side. In addition to debt and credit card consolidation loans, Credible can show you refinancing options for federal, private and Parent PLUS loans as well as student loans with variable and fixed interest rates.

It’s important to note that Credible is not a lender, bank or credit issuer — it works to connect you with a lender, or lenders, who may be a fit for your needs. The specific requirements and criteria to determine whether you’re eligible for a prequalified rate varies depending on the lender.

Learn more about student loans

Key features of Credible’s refinancing and student loan platform

  • APRs offered by Credible’s lenders are comparable to those of some other student loan and refinancing companies.
  • There’s no fee to use Credible, and none of its student loan or student loan refinance lenders charge origination fees or prepayment penalties. But some lenders may charge a fee when you formally apply after prequalifying — it depends on the lender and loan you choose.
  • Most Credible partner lenders require credit scores at least in the range of 670 and 700 to qualify for student loan refinancing.
  • You can apply for prequalification and see your potential rates in minutes.
  • Co-signers are allowed.
  • You might be eligible for a bonus if you refer someone to Credible.

Easily compare lenders in one place

It’s important to compare multiple lenders before settling on a student loan or refinancing offer. Credible makes it easy to compare loan offers side by side without affecting your credit.

You can get an idea of where you might stand as a potential borrower by reviewing Credible’s partner lender profiles, which describe eligibility requirements. If you decide to submit a prequalification application, you can compare any offers you may be prequalified for in one place. But remember, prequalifying isn’t a guarantee of approval and the terms you’re offered after submitting a formal application can be different from the terms you prequalified for.

No fees, but …

Some lenders charge origination fees that help cover the cost of processing the loan. While none of Credible’s student loan or student loan refinance lenders charge origination fees, some may charge a fee when you formally apply with them. That’s one reason it’s important to review the fine print of a prequalified loan agreement before you make your final borrowing decision.

Good credit may help you qualify

Many of Credible’s lenders offer competitive variable and fixed APRs. To help you qualify for the best rates, Credible allows you to apply with a co-signer. Applying for a student loan with a co-signer who has good credit may improve your chances of qualifying (or help you get a better interest rate) with one lender or another.

If you’re thinking about refinancing your student loans, most of Credible’s partner lenders want to see credit scores of at least 670 to 700 on a scale of 300 to 850. Additionally, Credible’s lenders may also review your debt-to-income ratio.

If you’re not sure you’ll meet their specific criteria, you may want to consider applying with a co-signer.

A closer look at Credible

Here are some important considerations when refinancing and taking out a student loan with Credible.

  • You or your co-signer must be a U.S. citizen or permanent resident to qualify.
  • Potential for loan terms of up to 20 years can help you spread out (and lower) your monthly payments. Just keep in mind that the longer you stretch out your loan, the more you’ll end up paying in the long run. 
  • Student loan amounts start at $5,500, while student loan refinancing amounts start at $5,000. All loan ranges depend on the lender, your education and financial profile.
  • You may be able to refinance your student loan even if your loans are in deferment, depending on the lender.
  • You may qualify for student loan refinancing even if you never graduated.

Who is a Credible student or refinance loan good for?

If you have hit your federal student loan limit and still need additional funding for school, Credible could be an option.

As with any other borrowing decision, it’s important to compare available lenders. Since Credible provides a comparison platform, you can potentially view a number of options in one place, which will save you time. And since Credible doesn’t conduct a hard credit inquiry to see if you prequalify, you can shop around for the best terms and interest rates for you without affecting your credit scores.

Additionally, if you have student loan debt of at least $5,000 and you can meet Credible’s partner lender application requirements, Credible could be an option for your student loan refinancing needs.

And even if you didn’t complete your degree, you may be able to qualify for student loan refinancing.

How to apply with Credible

You can apply with Credible online as long as you’re at least 18 years old and you or your co-signer is a U.S. citizen or permanent resident.

To submit your prequalification profile, you’ll need to complete three sections that ask you about your personal, financial and education information.

Once you submit your profile, Credible will run a soft credit inquiry and provide potential rates and loan terms you may qualify for. If you identify an option that works for you, you’ll be asked to provide additional information for the lender. Note that to do this, you would need to authorize the lender to evaluate your application and conduct a hard credit inquiry, which may affect your credit scores.

If you’re approved for a loan, you’ll receive a final offer from the lender you selected. You’ll want to carefully review the lender’s terms and conditions to make sure you are comfortable with moving forward. If the answer is yes, the lender may request documentation to verify the information provided on the application. If you submit the documentation, confirm everything is in order and sign the promissory note, the lender should notify you of how and when you will receive your funds.

Here’s some of the information you’ll have to give Credible when you apply.

  • Full name and address
  • Date of birth
  • U.S. citizenship or permanent resident status
  • Loan amount
  • Employment status and annual income
  • Expected graduation date
  • Social Security number

Not sure if Credible is right for you? Consider these alternatives.

  • Laurel Road: Laurel Road, which offers student loan refinancing, gives you a 0.25% interest rate discount when you set up electronic payment transfers from your bank.
  • SoFi: SoFi is another lender that offers student loans and student loan refinancing — but it also has member benefits that include career coaching and financial planning.

About the author: Ashley Chorpenning is a personal finance writer and content creator. In addition to being a contributing writer at Credit Karma, she writes for solo entrepreneurs and Fortune 500 companies. Ashley has a Bachelor of Bu… Read more.