What is credible loan company?
Credible.com is a multi-lender marketplace that allows borrowers to receive loan offers from its vetted lenders, they also help students get loans and refinance previous loans.
Yes, Credible is a legitimate fintech company that does what it advertises. It's a lending marketplace that helps people compare loan options. It makes money through commissions earned from its lending partners. Credible is not a lender.
What makes Credible different from other comparison sites? With Credible's lending marketplace, you can fill out a simple, streamlined form, and instantly see which lenders you prequalify for and at what rates. These are personalized, prequalified rates based on your credit history.
You can use Credible with any type of credit score, and we will do our best to find a prequalified rate that works for you. This includes loans for credit scores of 580+. The fastest way to see if you qualify is to fill out Credible's two-minute prequalification form.
Credible takeaways
You generally need to provide proof of income, proof of address, and your Social Security number when you apply.
Customers are recommending and reviewing Credible very highly overall. Many Credible loan reviews boast about how quick and easy the process was. Some customers say they were previously turned down for a loan with other companies, but qualified for a loan with Credible's vetted partner lenders.
Does checking your rates with Credible hurt your credit score? For its prequalification process, Credible performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Credible will perform a hard credit check that may affect your credit score.
| Lender type | Approval and funding time |
|---|---|
| Online lenders. | 1-3 days. |
| Banks. | Within a week. |
| Credit unions. | Within a week. |
Credible can also connect parent borrowers to private loans. There is no fee to use Credible's platform. Rates, repayment options, and loan forgiveness or hardship options vary based on the lender.
- Unrealistic guarantees for approval. ...
- Upfront fees and hidden costs. ...
- Pressure to act immediately. ...
- Unsolicited loan offers. ...
- Vague or absent contact information. ...
- Lack of physical address. ...
- No registration or license. ...
- Unsafe websites and requests for personal information.
Is Credible safe and legit?
Yes, Credible is a legitimate company founded in 2012. Credible initially began as a marketplace for student loan refinancing.
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
You will need a credit score of 580 or higher for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
The most common ways to get $1,000 instantly are to take a personal loan, a payday loan or use a credit card cash advance. But you have other options as well. Some online lenders will now approve instant loans, although the total amount may be lower.
Credible is not a direct lender — the company provides an online marketplace that gathers prequalified rates for you to review. The downside to using a private loan from a Credible lending partner is you could lose federal benefits, like income-based repayment plans or unemployment protection.
Authorizing Credible to make a soft credit inquiry is what allows us to show you accurate rates. We're connected to all three major credit bureaus — Equifax, Experian, and TransUnion — that collect information about borrowers' credit lines and payment histories.
- SoFi – Best for High Loan Amounts.
- LightStream – Best for Low Interest Rates.
- LendingPoint – Best for Fast Funding & Below-Average Credit.
- Upgrade – Best for Bad Credit.
- Universal Credit – Best for Comparing Multiple Offers.
- Discover – Best for No Interest If Repaid Within 30 Days.
You can get financing with no credit check from both loan apps and personal loan lenders, but they function differently. Loan apps offer paycheck advances, which allow you to borrow money against your next paycheck and repay it once the next payday comes.
How do I cancel my Credible account?
You can deactivate your Account by contacting customer service and requesting that your account be deleted. Customer service may be reached by calling 866-716-7881 or emailing support@credible.com.
- Making a late payment.
- Having a high debt to credit utilization ratio.
- Applying for a lot of credit at once.
- Closing a credit card account.
- Stopping your credit-related activities for an extended period.
Credible is an online marketplace where customers compare private student loan and student loan refinancing offers from multiple lenders simultaneously. It's best for borrowers who are likely to qualify for several options.
- Credit Score and History. An applicant's credit score is one of the most important factors a lender considers when you apply for a personal loan. ...
- Income. ...
- Debt-to-income Ratio. ...
- Collateral. ...
- Origination Fee. ...
- 4 Personal Loan Documents Your Lender May Require.
