Credible Personal Loans 2022 Review
Since 2012, Credible's fast and trusted 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 personalized offers from up to 17 lenders in just 2 minutes by filling out a single online form, saving you time and allowing 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.
Contact Credible
Email: [email protected] Chat: Credible website Phone: 866-540-6005 Address: 22 4th St, 8th Floor San Francisco, 94103
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.
Credible Pricing
- 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 2.49% to 35.99% APR.
- Loan terms range from 2 to 7 years.
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.
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.
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
Post your review for Credible Personal Loans
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!