Credible Personal Loans 2023 Review
Credible Personal Loans Overview
Since 2012, Credible has served customers as a personal loan marketplace, helping borrowers connect with lenders that serve people with their credit profiles. That makes it easier to get personalized quotes and qualify for loans.
Our Credible Personal Loans review will cover what you need to know and help you decide whether this lender is right for you.
Credible Pros
- $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 May 2022, Credible is rated a 4.7 out of 5 on TrustPilot (a 3rd party review site) with 5092 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.
- Secured with 256-bit encryption
Credible Cons
- 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.
How Does Credible Work?
Credible is a personal loan marketplace. That means that Credible doesn’t offer loans directly to borrowers. Instead, it serves as a matchmaker for borrowers and lenders.
Credible has a list of partner lenders, including some of the top loan companies in the United States. When a borrower visits Credible’s website, they can fill out a basic application with details like their credit, financial situation, and the type of loan they want to get. Credible reviews that application and selects lenders that it thinks are likely to approve that borrower for a loan.
Those partner lenders review the borrowers’ details and submit quotes for loans. Then, you can review those quotes and choose the one that works best for you. Best of all, there’s no impact on your credit to get these quotes and no cost or obligation to move forward if none of the offers are appealing to you.
Products Offered
Credible offers a huge variety of loan products, including:
- Personal loans
- Student loans
- Home loans
- Mortgage refinancing
- Student loan refinancing
Here, we’ll focus on the company’s personal loan offerings.
One of the benefits of personal loans is that they are incredibly flexible. You can use them for almost any purpose, such as consolidating debt, paying for a large purchase, or covering an unexpected bill.
Credible offers personal loans for a few specific purposes. Depending on why you’re applying, the details of the loan might be slightly different.
| Purpose | APR | Loan Amounts | Other Info |
|---|---|---|---|
| General loan | 3.99% - 35.99% | $600 - $100,000 | 1 - 7 year term |
| Credit card or debt consolidation | As low as 5.73% | $600 - $100,000 | 1 - 7 year term |
| Bad credit loans | As low as 5.40% | $600 - $100,000 | 1 - 7 year term, for credit scores 580+ |
| Home improvement loans | 3.99% - 35.99% | $600 - $100,000 | 1 - 7 year term |
How to Qualify for a Credible Personal Loan?
Because Credible isn’t a direct lender, it doesn’t make the rules about the minimum requirements to qualify for a loan. Each of the company’s partner lenders can set its own requirements for potential borrowers.
Like any type of loan, there are two very important factors that influence your ability to qualify for a loan: your credit score and your financial situation.
Your credit score determines your chances of qualifying for a loan as well as the cost of that loan. The higher your score, the easier it will be to qualify and the less the loan will cost. Maintain a good payment history and avoid carrying debt to improve your credit.
Your financial situation also plays a role. Lenders are more likely to approve borrowers who have strong income and low debt.
How to Apply for a Credible Personal Loan?
You can apply for a personal loan from Credible by visiting the company’s website. To get started, you’ll need to create an account. From there, you can fill out the application, which asks for the following information:
- 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
Based on the details that you provide, the Credible will send your information to its partner lenders. Credible does its best to send your details to lenders that are likely to approve you for a loan.
Once you receive the loan quotes, you can choose which lender to move forward with. You’ll complete the rest of the application process on that lender’s website.
Terms & Requirements
While Credible doesn’t offer loans directly, it does have a few minimum requirements that it recommends to borrowers who want to get a loan.
- 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+
Credible Pricing
- Credible is a 100% free to use loan comparison service.
- Credible's lending partners offer loans between $600 and $100,000.
- Fixed rates range from 3.99% to 35.99% APR.
- Loan terms range from 1 to 7 years.
For Whom Credible is Good?
Credible is a good choice for borrowers who want to make it easy to compare multiple personal loan offers. The company generally focuses on people with good to excellent credit, so you should give the company a look if you have a solid credit rating.
Given that Credible is free to use and there’s no obligation or impact on your credit, almost anyone can benefit from applying for a loan through Credible.
Credible Personal Loan Alternatives
Credit is one of many personal loan marketplaces out there. It’s in your best interest to shop around to get the best rates, so consider these alternatives.
Customer Testimonials
Below are some real customer reviews left on Trustpilot:
This is the second time I’ve used credible. It’s so easy and made refinancing my student loans a breeze both times!
-May 18, 2020
Definitely got the best rate by shopping on Credible. Bonus, it didn’t require multiple credit checks and credible was still able to search multiple providers to find the very best rate. Also, super easy process. Thanks for the savings!
-May 17, 2020
Was simple to use and easily digestible for something I had really no idea about how to handle. It made it easy to choose between different loans and institutions I would’ve been lost without it.
-May 17, 2020
Summary
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.
Contact Credible
Email: [email protected] Chat: Credible website Phone: 866-540-6005 Address: 22 4th St, 8th Floor San Francisco, 94103
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 pre qualified 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.
Does Credible affect your credit score?
No, Credible only does a soft pull on your credit when helping you get quotes from its partner lenders.
Is Credible a legit loan company.
Yes, Credible is a legit loan company. It has been matching borrowers to lenders since 2012.
How long does it take to get a loan from Credible?
You can usually get a loan through Credible in less than five business days.
Reviews for Credible Personal Loans
Why leave a review about the service here?
Your reviews are a valuable source of insight for us to improve our service as well as improve the offerings. All pros and cons submitted here are evaluated and are responded. We also share these insights with our partners so that they could improve their offerings as well.
User Rating
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(15 Reviews)Rating Distribution
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15 Credible Personal Loans Consumer Reviews and Complaints
Rick, on August 04, 2019
The experience was rewarding and pleasantly simple. I submitted my information and applied with the lender who offered the best terms. Once I was transferred to the chosen lender and filled out the application. I was approved within 2 days and the money was in my account the next day. The whole process took 3 days from start to finish and the interest rate was less than 1/2 of what a local brick and mortar bank was going to charge for a personal loan.
Brett Schmidt, on March 23, 2020
Credible was very easy to use. It gets overwhelming to go to each loan companies website and enter your personal information over and over again. This is usually followed by phone calls from each of these companies trying to push their products. I really liked the one stop shop of Credible. They showed accurate options for my specific situation. That made my choice quick simple and I only had to enter my information once!
Robert, on January 24, 2020
I consulted this website in December of 2019 seeking a personal loan. I was provided with a list of ten (10) potential lenders. I clicked on the first and best option Credible recommended and within minutes I was granted my desired amount with a very competitive and desirable interest rate. Thanks Credible for helping me gain financial stability and for helping me start the 20s off right.
Karim, on November 29, 2019
I found the lowest rate in the market, and I had no idea Lightstream existed (a SunTrust company) had a loan division until I came upon Credible. My credit is great and I needed a loan to consolidate airline credit cards. I almost went with Marcus or SoFi until I landed on Credible. Good for me!
Deborah Schneider, on November 04, 2019
Despite my excellent credit score and history, my bank was giving me grief about borrowing for a remodel job. With Credible, it was super easy and fast. They were able to obtain my credit history and matched me up with a bank that offered lower interest. It was a win-win.
Douglas Hendrock, on August 09, 2019
I put my information in and Credible matched me with the best company to call for debt consolidation. Most banks charge 8-9% for their rates unless you do a home equity loan and they were able to give just a little less than a home equity without the wait time or hassle.
Christopher Brueske, on August 20, 2019
Very easy application process after the list of lenders likely to approve were generated. When I applied to one of the lenders Credible recommended based on prequalification, I was approved with a great rate. Great site for personal loan origination.
Nixon Rene, on December 02, 2019
I was paying high credit card interest each month until I found Credible. They summarize your loan offers so it's easy to identify your most suitable ones. All my credit cards are paid off, and now I can easily focus on one monthly payment.
Tamara Hope, on November 18, 2019
I was unsure of how this process would go but the loan process was very easy, and the money was available the next day just like Credible said it would be. Looking forward to seeing if everything works as smoothly in the future.
Andrew, on November 22, 2019
Beautifully simple combination of multiple loan offers, and compares them all equally in a sortable way. In addition, the customer service is amazing. I wish all support calls were like calling Credible!
Jeremy Cuebas, on December 23, 2019
Credible got me a much lower rate. With Credible, I was able to compare rates and find something much lower than what my bank was offering me for a loan, saving me about $500 over my payoff timeline!
Robyn Herridge, on June 29, 2019
I got a credit consolidation loan. It was easy to apply and the funds came through within a week of being approved. Low interest rates and quick approval made this a painless process.
Chet C, on August 10, 2019
Applied for a loan, the entire process was seamless. No hassles, approved and funds paid on accounts flawlessly. Have recommended Credible to 2 people since I completed my process.
John Sanford, on December 07, 2019
Great loan company. They were very nice and helpful with documents needed. A few questions and the money was dispersed quickly. I would do business with them again.
Cortney, on February 19, 2020
This is how getting a loan should work! I was looking for a loan to consolidate my credit card debt and get my finances in order. I was planning to go to my bank, but I thought 'Hey, you shop online for everything else, why not try there first?'. After a quick Google search I found Credible and it was fantastic! I entered a little information and had several offers right away! I chose the best option for me and was approved within minutes, and had my money within a few days. I would definitely recommend this service. So easy and they were all really nice!