Credible Student Loans: 2024 Review

Credible features

Credible features a selection of private student loans, as well as student loan refinancing. It allows borrowers to compare potential rates and offers from many lenders at once through a single prequalification form. You’ll be able to see what lenders you qualify for and the rates you could get without a hard credit pull, so comparing the offers won't affect your credit score.

Credible advertises the fact that it has a quick prequalification form — according to the company, you should be able to complete the form in three minutes.

Credible: In the details

Credible student loan requirements

Because Credible isn’t a loan originator, there is no set of minimum requirements to be approved for a loan. Eligibility requirements are all dependent on the individual lender. However, the prequalification tool is a great way to find out what loans you might qualify for.

In general, borrowers should be in good financial standing to be eligible for a private student loan. Borrowers should also be a U.S. citizen or legal resident and be at least the age of majority. Those who don’t meet all of the requirements are free to add a co-signer to improve their chances of approval and to potentially qualify for better rates.

Who is this loan good for?

Borrowers who need a loan quickly may benefit from Credible’s unique loan comparison tool. While the company does not partner with every student loan lender — and therefore may not offer you the best rates available — the fact that you can compare several lenders through one three-minute form is a huge benefit for borrowers who don’t have time to do that research on their own.

Interest rates

Many of the lenders that Credible features offer both fixed and variable interest rates on their student loan products. Credible itself doesn’t offer any discounts, but the rates below reflect discounts provided by the lenders.

Fees and penalties

Fees and penalties vary by lender. Some lenders may charge origination fees, application fees or late fees. Before officially accepting a lender’s offer, check the terms and conditions for any hidden fees or penalties.

Repayment terms and grace period

As with fees, repayment and grace period terms vary by lender. However, most private lenders offer a six-month grace period, and the lenders that Credible partners with may offer repayment terms of anywhere from five to 20 years.

How to apply for a loan with Credible

You’ll prequalify for Credible loans directly on Credible’s website, where you’ll enter basic personal details and your desired loan amount. The process takes around three minutes. Once you’ve submitted the prequalification form, you’ll begin to receive offers on your Credible Dashboard.

On your dashboard, you can filter the results by specific factors, like the repayment plan, the type of interest rate or your desired monthly payment. Once you’ve narrowed it down and are ready to apply, you can select your desired lender in the dashboard.

After selecting a lender, the lender will run a hard credit inquiry to see if you meet the required financial criteria, and you’ll need to provide additional documentation. If you’re approved, the lender will contact you to finalize the details of the loan.

Customer service

You can contact customer service through email at support@credible.com, by phone at 866-540-6005 or via the online chat feature. 

Representatives are available:

• Monday through Thursday from 9 a.m to 9 p.m. ET.
• Friday from 9 a.m. to 7 p.m. ET. 
• Saturday from 10 a.m. to 6 p.m. ET. 

The company also offers an extensive frequently asked questions page for questions related to the application process, applying with a co-signer and selecting a lender.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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