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Credible

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Credible

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Credible is a marketplace provider of student loans; see if you qualify in five minutes

Credible, a third-party student loan refinancing company, was 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
  • Refinances 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.

Within minutes, you can prequalify for loans from each of the six lenders in Credible's network. Credible's easy-to-use dashboard allows you to compare lenders 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.

Refinances 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%
  • No Fees to Use Credible

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

4.4

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52 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Nick Smith
December 9th, 2015 Mansfield, TX

The site was super-easy and intuitive, and the process was quick. It was really easy to compare offers that fit my needs (i.e. length of term and variable/fixed rates).​ Commonbond's 10yr Fixed Rate allowed me to lower my interest rate AND reduce my term without actually increasing my monthly payments. I will save over $4,500 over the life of my loan.

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Michael F.
October 22nd, 2015 Oakland, CA

I had a tremendous experience with Credible. Although I had already refinanced my student loans one year ago, I was still unsatisfied with my rate considering my credit worthiness and income. Moreover, that process took over three months. One year later, I come across your site – a fantastic aggregator of banks willing to refinance student loans. After putting in very basic information regarding my loan and income, I was presented with dozens of options to refinance my loan within seconds. I ultimately decided to go with one of their lenders. Their rate was great and the terms were even better. Within three weeks of visiting Credible, I had refinanced my loan. No hiccups, no delays. I will save at least $1,000 a year and that's after I had already refinanced my student loan to a much lower rate. When compared to my original federal student loan, I estimate that will save over $40,000 over the life of the loan. That's $40,000 more I can now put into my daughter's 529 college savings account.

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Daniel Phillips
October 21st, 2015 San Francisco, CA

Simple, straight forward process. I had applied to 4 different companies seeking student loan refinancing and after being rejected I had virtually given up. I saw an advertisement for Credible and decided to try one last time, it turned out to be a very fortuitous decision. The main reason I chose the loan that I did was the interest rate reduction, I went from 9.25 to 5.14.

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Carly Glass
October 20th, 2015 Ashburn, VA

I had tried to get a loan through several other consolidators before I applied through credible, but I couldn't get approved. I had almost given up searching when I saw an ad for Credible. It was so easy to apply that I did it in less than 30 minutes, and sure enough, I got approved! I had an offer from one of their lenders within 72 hours!! Thanks, Credible!

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Anthony
October 12th, 2015 Irvine, CA

I can sum it up in an email I sent to **** @ Credible below. Hey ****, Thanks for the email. I think this is the 3rd email you've sent me like the below. I am responding to your email because you would love to find out why I never bothered submitting stuff to Citizens Bank. Honestly I had forgotten about why I disliked Credible so much that I blocked it out of my mind. I logged back in and remembered why now. Let's start with Credible itself (irony in the name). You basically represent that you have lenders who are willing to refinance my student loans and imply basically they're ready to fight for my business. Credible holds itself out as being easy and you can do it in as little as “30 seconds.” Regardless of whether it actually takes 30 seconds, your website has implied and the message it sent to me was (1) you are going to have multiple offers and have a choice in your lender and (2) this is going to be so easy it will be as if no time passed at all. In fact, let's go back to your 3 points: (1) compare with my peers, (2) submit one form and (3) choose the best offer. Well, your impressions backfired and turned me completely off once reviewed. Let's review my 3 (THREE) “offers.” One is as you indicate, Citizens Bank needs more information! But isn't the point of taking as long as I did to give you the information up front is to make the back end brainless and easy? Apparently not as Citizens Bank needs more information. CU Student Loans… what do I say about this? They're not accepting new refinancing offers. How is this even an offer you present to me? Honestly it gives me 2 impressions – (1) CU Student loans is a joke and (2) by presenting this to me you just appear small, inefficient and unprofessional. And last, but certainly not least, is Education Success Loans. To your credit, it is an actual quote… sort of. It gives me a term and a range. It tells me its variable even though I specifically requested a fixed rate loan. BEST YET, I have to apply directly to their site. Your company reminds me of the quote from Office Space when the consultants interviews Tom Smykowski and finally the consultants ask him “What would you say you do here, Tom?” and he responds with “Well-well look. I already told you: I deal with the customers so the engineers don't have to. I have people skills; I am good at dealing with people. Can't you understand that?” To me that describes Credible succinctly. In fact, since you operate behind a website I'm not even sure it qualifies as people skills, but let's give you the benefit of the doubt there. So what would you do if you were in my position, ****? Your company takes my information and passes it on to these “lenders.” You promise quotes but you don't deliver quotes. One of your lenders doesn't even lend, and the others I need to fill out their application. So I just have to ask you… What would you say you do here? I normally don't take the time to write these letters – most of the time you really DON'T want opinions like this, and based on the work of the site you must have had some serious angel backers and venture capitalists. It's a great idea as well. Your company's execution, however, is poorly done while its build-up is high – two things you never want a business to be. Thanks for the holiday wishes, and best of luck with Credible. Anthony

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Joel Sommer
September 30th, 2015 San Francisco, CA

I recommend anyone with high student loans to use Credible as a source to shop for refinancing options as it was a great experience for me. I was able to significantly reduce my annual interest rate and overall debt.

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Jon R
July 30th, 2015 Foster, RI

Credible is basically an affiliate website. They advertise that they will help you with finding better lenders for student loans, when all they did was take my information and sell it to a bunch of different useless lenders. Not only was my credit report pulled multiple times (I know it doesn't hurt your score that much because the inquiries are all similar), but they don't make this clear when you are giving them your social security number. Not only did my credit score get slammed from them allowing multiple companies to pull my report, but their entire system is bugged. Of the 5 lenders they said I would hear something from, only 2 of them actually responded. One of them was Citizens who I applied with privately prior and their rates were outrageous, but the other was listed on Credible as "No Offer", meaning that this lender did not make me an offer, but they still send me an email every day telling me that my application with this lender was incomplete. Do not waste your time with this company. If you want to refinance, you can find the top lenders by simply searching Google. All you are doing with Credible is allowing them to sell your information to multiple lenders.

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XV
July 21st, 2015 New York, NY

This site is bogus. You give them all of your information only to have them "link" you to other companies where you then also have to fill out more info and/or apply for a new loan. Not only that, but each of these institutions it links to, performed a HARD inquiry on my credit report, which negatively impacted my credit score. Had I realized all using this site was going to do was leave me w/ the crappy student loan I already had and a lower credit score I would never have bothered!!!

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Amanda Middleton
July 10th, 2015 San Francisco, CA

I would highly recommend Credible to anyone looking to lower their student loan payments. With one easy form, my information was submitted to multiple lenders, and I was able to chose the best loan option for me, and I was even able to consolidate private and federal loans into one payment! Refinancing through Credible lowered my average interest rate by 5% and I am able to pay off my loan 5 years sooner then before, saving me over $25,000 for the life of the loan! I had thought about refinancing my student loans many times before, but it wasn't until Credible made is so easy that I actually went through with it, and now I am glad I did.

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Zac Lawhon
May 27th, 2015 San Jose, CA

When I realized how much my college loans had appreciated during the five years I was in college, I thought I had given up any dreams of home ownership or having children. I refinanced $70,000 of my student loans with Credible, and was able to reduce my payment by about $35 a month, and my interest rate by 1.5%. That may not seem like a lot, but over the life of the loan I'm saving tens of thousands of dollars by using Credible's service, and the loan is ending sooner than I had originally anticipated. Watching my principal go down much faster than it did before makes me sigh with relief. Using this service and a couple other financial tools-- including better budgeting and conserving resources-- has helped me come to a point in life that I'm able to buy a modest house with an extra room. For now, that means I can use the house to build wealth quicker, and pay my loans down faster, which remains my number one goal.

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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.

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David
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.

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