Credible is a free loan matching service that simplifies the process by allowing you to compare offers from multiple lenders at one time. Working with some of the best online lenders available, you can shop in a risk-free way in order to get the best loan terms without spending tons of time filling out several loan applications.
In fact, you could receive offers from as many as eight different lenders using just a single pre-qualification tool. Personal loans have a wide variety of uses, so there aren’t cumbersome restrictions to deal with. Find out exactly how Credible works and what you can expect from this convenient online service.
Credible Personal Loans
When you look for a personal loan through Credible’s online matching tool, you can find financing options for a pretty wide range of purposes. Your personal loan can be used for consolidating credit card debt, paying for a wedding, career development opportunities, starting a new business, home improvement, vacation, car, or even moving.
There’s also a lot of flexibility when it comes to loan amounts. The range starts as low as $1,000 and goes all the way up to $50,000. Try to be accurate with the amount you need because not every lender offers loans on both ends of the spectrum.
Exactly which lenders can you expect to work with?
Credible partners with reputable lenders like Avant, Best Egg, FreedomPlus, LendingClub, Marcus, Payoff, Prosper, and Upstart. Loan rates start at 4.99% and loan terms last between two and seven years, depending on your lender and personalized offer.
Because Credible works with online lenders, many have the ability to get your loan funds in your bank account in as little as a single day.
Because Credible partners with multiple lenders, the borrower requirements vary. That’s part of what makes Credible so convenient: you can fill out a single pre-qualification form and then get connected directly with one or more lenders who are willing to work with you. The process is completely personalized so that you don’t end up wasting your time with multiple applications to lenders who don’t cater to your specific credit profile.
The application process through Credible starts with just a simple pre-qualification tool. You can compare rates from multiple lenders in less than two minutes by filling out just a bit of personal information. Plus, you can do this without having a hard inquiry.
After you fill out the form, you can receive up to eight loan offers. You’ll have access to your personal Credible dashboard in order to review the details of each offer.
With Credible, you can use a co-signer if your credit history is either poor or limited. This person can be a spouse, relative, parent or any other adult as long as they’re a U.S. citizen or permanent resident.
Once You’re Approved
Once you’re pre-approved, you’ll see all of your loan offer details directly on the Credible dashboard. You’re not obligated to choose any offer at this point if you don’t like the terms and conditions. However, if you do find an offer that works for you, you then click to the lender’s website directly from your dashboard to finalize your loan application. At this time, a hard pull will be performed.
After that, assuming your application is approved, you can sign your loan agreement with your lender and get the funds. Then, you’ll start the repayment process through the lender and can direct any questions and concerns with them.
With Credible, you can take advantage of a special tool to check how your loan offers change by using different co-signers. That way, if you have a few different people you’re considering to use as a co-signer, you can see which one can have the best impact on helping you qualify to get the best interest rate possible.
When you do use a co-signer, you won’t be able to see each other’s personal or financial information so you can still keep your privacy. The only way to see each other’s information is if you actually add that person to your account.
Credible is also very clear about the lenders with which it partners. You can access the full list of lenders on the Credible website, along with important details about each one. You can see up-to-date rates, as well as loan terms and loan amounts that each lender offers. This is a lot of transparency that you don’t always see when working with other personal loan matching services.
Credible was founded in 2012 in San Francisco. The company started off focusing on student loan refinancing to help college graduates facing enormous debt burdens. Now they’ve reached out to provide matching services for personal loans as well as credit cards and mortgage refinancing. It’s a one-stop shop for finding the best financial products for a variety of needs in your life.
Is a Credible loan right for you?
A personal loan can be a convenient way to reach your financial goals — as long as the terms and conditions suit your needs. Here are a few considerations to think about during the loan selection process.
Limit Your Credit Impact
If you’re trying to shop around for the best personal loan, you can actually harm your credit score if you compare too many options. Every time a lender runs a credit check, you can lose around five points. This may not seem like much, but it could really add up if you check more than a couple of lenders, or if your credit score is on the cusp of a lower category.
Credible, however, only conducts a soft credit check before you see your loan offers. This is oftentimes rare even among loan matching services. In fact, some companies simply dole out your personal information to countless lenders, which you may not even realize until you see them all listed out on your credit report.
With Credible, you don’t have to worry about any credit impact at all until you actually fill out a formal loan application. You’re always in control of what you’re applying for, every step of the way.
Recognize Credible’s Lender Partners
Credible’s online pre-qualification form is quick and painless. But if you want to do some more in-depth research on the website’s lender network, it’s extremely easy to do. Some personal loan matching services don’t disclose which lenders they partner with. While some may advertise that they partner with dozens or even hundreds of lenders, that also means your personal information is made available to all of those third parties.
With Credible, you can see the eight partner lenders and do some research on each one if you choose to. You can go directly to their websites to get a better idea of their borrower qualifications and their most up-to-date interest rates.
Why not just skip using Credible?
That single, two-minute pre-qualification form gets you personalized loan quotes from the lenders that want to work with you. It takes out so much of the early loan application legwork so that you can focus on more important things.
The bottom line is that there’s little reason not to use Credible for your next personal loan search. It’s simple, straightforward, and extremely transparent. You can go into the application process with clear expectations to get the best deal on your next personal loan.