Credible is a third-party student loan refinancing company founded in 2012. Rather than providing refinancing rates from a single lender, Credible instantly provides users with a dashboard of rates from multiple lenders. The dashboard gives users a side-by-side comparison of APR, monthly payment, and more. Finding a rate through Credible is absolutely free.

The Good

  • Choose from a Variety of Companies
  • Refinance Private and Federal Loans
  • Auto Pay Discounts
  • Credible Highlights

Choose from a Variety of Companies

Credible works with six excellent student loan refinancing companies: Citizens Bank, RISLA, MEFA, College Ave, and iHelp. To apply for refinancing, you simply enter information including your education history, employment history, and student debt. The form takes less than two minutes total to complete and checking your rates on Credible does not impact your credit score.

Credible's two-minute application process enables a customer to begin searching. Within minutes, you can prequalify for loans from each of the six private lenders in Credible's network. Credible's easy-to-use dashboard allows you to compare rates on a number of important criteria, including APR, monthly payments, or total repayment amount. If you find a lender you like, simply reach out to the lender by filling out the corresponding form. Once the lender has considered and accepted your offer, Credible will conveniently notify you via phone, text, or email.

Refinance Private and Federal Loans

You can use Credible to refinance private and federal student loans. And one feature that sets Credible apart from other marketplace platforms is the ability to help you refinance your loans even if you did not graduate! Potential customers should note, however, that to use Credible's service, they cannot be currently enrolled in school. Nevertheless, the ability to refinance loans for non-graduates is a unique value not offered by many in this industry.

Auto Pay Discounts

Because Credible is a marketplace of refinancing lenders, there are a variety of discounts available to their lenders. When you sign up for Credible's auto pay service, you will receive a 0.25 percent discount-regardless of the lender you select.

Credible Highlights

  • Compare Student Loans on One Platform in Less Than Two Minutes
  • Low Debt Requirement of $5,000
  • Fixed APR Starts at 3.5%
  • Variable APR Starts at 2.13%
  • Private Loan Refinancing or Federal Loan Consolidation
  • No Fees to Use Credible
  • Soft Credit Pull

Check your rate with Credible

The Bad

  • Variable Information

Variable Information

Using a marketplace for student loan refinancing has both perks and disadvantages. The main drawback to finding a rate through a marketplace platform like Credible is that not all lenders featured on the site are created equal. For example, some lenders offer a forbearance option and others do not. And while Credible does provide extensive profiles on each lender, you may feel the need to conduct additional research on a potential lender before sending in your form.

The Bottom Line

Credible offers a convenient way to compare information about multiple lenders all under one easy-to-use platform. It's an excellent outlet for users to compare several attributes across the lender board. Using Credible is simple, straightforward, and completely free. Before selecting a lender through Credible, be sure to read its company profile, and make sure it provides all the features you're looking for as you refinance your student loans.

Check your rate with Credible


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User Reviews

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Olivia Hua
May 13th, 2015 San Jose, CA

Credible allowed me to quickly and easily understand whether or not I was overpaying on my student loans. As it turns out, my interest rates were competitive and would not benefit much from refinancing. The site was easy to navigate and saved me the hassle of having to explore lenders directly to know if I could benefit from refinancing. I would recommend Credible to anyone with student loans to check them out for reassurance purposes or if your interest rates are high, save some money without much hassle.

May 11th, 2015 Boston, MA

This company shopped my personal information to many different financial institutions. Each of these banks did a hard inquiry on my credit report. This dropped my credit score by 10 points in the middle of a time when I am trying to buy a house. This company NEVER disclosed they would be shopping around my personal information for their benefit. Moreover, they never stated a hard inquiry would be performed on my credit. This company is the antithesis of the word credible. Please avoid this company - they are not professional in how they do business.