Credible Personal Loans 2020 Review
Since 2012, Credible's fast and secure marketplace has offered personal loans to consumers with fair to excellent credit scores. In 2016, Credible connected with the three major credit bureaus: Experian, Equifax, and TransUnion, allowing them to give you personalized quotes without authorizing a hard credit inquiry (that damages your score).
Founder and CEO Stephen Dash initially created Credible as a means for borrowers to relieve the burden of student loan debt (they also offer student loan refinancing services), but eventually added personal loans to their list of services.
Personal loans offered through Credible's partner lenders can be used for many reasons, including to consolidate credit card debt, renovate your home, or fund a personal expense like a wedding or vacation.
You can receive real, personalized offers from up to 10 lenders in just 2 minutes by filling out a single online form, which saves you time and allows you to compare rates easily.
Additionally, Credible offers an unique and industry leading $200 Best Loan Rate Guarantee (no other loan marketplace offers anything like this). If you find and close with a better personal loan rate on another lending marketplace, Credible will give you $200 (terms apply).
To apply for a personal loan through Credible's comparison marketplace, you must meet a few simple requirements:
- You must be a US citizen or permanent resident
- You must be at least 18 years of age
- You must have a valid checking account in your name
- You must have fair to excellent credit -- usually a credit score of 600+
Filling out an application through Credible's website is free and easy. First, you have to create an account by entering your email and password and indicate that you are taking out a personal loan. Once you have done that, you simply have to enter some basic personal and financial information that includes:
- Your name
- Date of birth
- Social Security number
- Estimated credit score
- Employment information
- Annual income before taxes
- How much you want to borrow
- Monthly housing expenses
- What you plan to use the funds for
- Your highest completed level of education
Credible takes this information (along with your FICO® score) and authorizes a soft credit check (which does not affect your credit score) to confirm your financial information. If you pre-qualify, you will be shown a dashboard of Credible's potential lenders and rates.
Even if you weren't matched with a lender, you can continue the process by providing more detailed information or finding a cosigner in order to request offers from matching lenders. (Note: if you don't prequalify and continue to submit applications, you may end up with multiple hard inquiries. However, if you submit these requests in a period of a few days, you meet the FICO® criteria for rate shopping, which doesn't impact your credit score as much.)
At this point, you can choose a loan and fill out a full application through your actual lender. Keep in mind that you are under no obligation to follow through with any of your loan offers and that prequalifying does not guarantee that you will ultimately receive a loan. Your loan terms -- interest rates, repayment terms, and more -- depend greatly on your credit history.
When you request an offer, you will have to submit important information (like your Social Security number and loan details) to the lender (or lenders) you want to borrow from. Once you submit the form, you will be notified by Credible to review the loan offer. You can then work with your specific lender to complete the process by uploading necessary documentation and signing your loan.
Credible's client support team will keep in touch with you through the entire loan application process. Customers can contact them through phone, email, or website chat functionality to speak directly with a representative.
- $200 Best Rate Guarantee: Credible is so confident in the personal loans rates offered through their site that if you find a better personal loan rate on another lender marketplace, Credible will give you $200 (terms apply).
- Accredited and top rated service: Credible is BBB accredited with an A+. As of November 2019, Credible is rated a 4.7 out of 5 on TrustPilot (a 3rd party review site) with 2800+ customer reviews.
- No fees: Credible's service is completely 100% free to use.
- Simple 2-minute form: Borrowers can receive approval from Credible's partner lenders in a matter of minutes.
- Large loan marketplace: Credible has a large network of vetted lenders that you can reach simply by filling out one form. This allows you to look through several options before deciding on the best loan for you.
- Great customer service: Credible's customer service has representatives available by phone, email, or online chat.
- Accurate rate comparison: When you apply with Credible, you will see the actual rates you prequalify for due to the fact that they are directly connected to the three major bureaus.
- Credible customers complained that once they chose a prequalified offer and submitted their personal information, they were contacted frequently with phone calls and emails by Credible (not the lenders).
- Although Credible does not charge any fees for their services, your lender may charge additional fees (such as origination fees, processing fees, and ACH transfer fees). Be sure to read the terms and conditions carefully before signing any documents.
- Credible is a 100% free to use loan comparison service.
- Credible's lending partners offer loans between $1,000 and $100,000.
- Fixed rates range from 5.95% (with autopay) to 35.99% APR.
- Loan terms range from 2 to 7 years.
Credible is a very reputable company that offers a variety of services, including connecting borrowers to a network of vetted personal loan lenders. If you have good or excellent credit, we recommend using Credible's free service to see your loan options.
Frequently Asked Questions
What makes Credible's loan comparison service unique?
Credible offers a $200 Best Rate guarantee if you find a better rate elsewhere. Along with being a personal loan marketplace, Credible works with multiple lenders in their network that offer a variety of additional services such as credit cards, mortgages student loans, and student loan refinancing.
Will comparing financial products through Credible hurt my credit score?
To provide prequalified rates, Credible simply performs a soft credit inquiry (which does not damage your credit in any way). However, if you decide to proceed with a selected lender, that lender may perform a hard credit inquiry.
How does Credible make money if it's a free service?
Credible is a completely free service for consumers, but they are paid a commission by their partners for referring borrowers.
Are pre-approved offers from Credible guaranteed loan offers?
No. Pre-approval is an estimate of your loan terms and rates (based on your income and creditworthiness). You will receive your finalized offer once your lender has authorized a hard pull on your credit to determine whether or not you meet their requirements.
What is a personal loan?
A personal loan is a large cash fund you can borrow for personal use, like paying off consolidated debt, investing in your home, a vacation, or wedding.
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5 out of 5 stars(12 Reviews)
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- Credit Score Required 600
- Minimum Loan Amount $1000
- Max Loan Amount $100000
- Loan APR 4.99% to 35.99%
- Time in Business Since 2012
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