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LAST UPDATED: November 18th, 2022

Credible is a third-party student loan refinancing company, providing customers with a dashboard of student loan rates from multiple lenders. The dashboard gives users a side-by-side comparison of APR rates, monthly payments, and more from up to ten lenders, with no impact on the consumer's credit score. This allows consumers to easily compare and contrast multiple lenders in on place, and tailor their refinancing experience to their specific needs. In addition, this process is absolutely free for consumers — Credible will only receive compensation from a lender if you complete the loan process and funding is disbursed. 

Credible also provides comparisons for a variety of needs, including mortgage refinancing and credit cards; and home loan, personal loan, and student loan origination.

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Customer Review: Dustin from Ruby, South Carolina

"I was paying my school loans at an average 7.5%. After using Credible to find my best option for refinancing, I locked in a 2.68% rate and will save over $30,000 in interest payments."

Continue reading for pros and cons, and verified Credible reviews from real customers.

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The Good

  • Choose from a Variety of Student Loan Lenders
  • Private Loan and Federal Loan Refinancing
  • No Fees
  • Auto Pay Discounts
  • Soft Credit Check
  • Apply With a Cosigner
  • Supplemental Information
  • Best Rate Guarantee
  • Positive Reviews

Choose from a Variety of Student Loan Lenders

Credible is partnered with a variety of student loan lenders. To apply for refinancing with each lender, you simply enter information including your education history, employment history, and student debt. The form takes less than two minutes to complete and checking your student loan rates on Credible is free and will not impact your credit score.

Credible's two-minute loan application process enables a customer to begin searching for student loan debt options quickly. Within minutes, you can prequalify for student loans from each of the private lenders in Credible's network. 

Credible's easy-to-use dashboard allows you to compare rates on a number of important loan criteria, including APR rates, monthly payments, total repayment amount, and loan term. 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 loan offer, Credible will notify you about the status of your loan via phone, text, or email.

This process is quick and easy, and allows you to choose the best lender for your needs.

Private Loan and Federal Loan Refinancing

You can use Credible to refinance private and federal student loans. And one feature that sets Credible apart from other loan marketplace platforms is the ability to refinance your student loans even if you did not graduate or are no longer enrolled in school. 

Potential customers should note, however, that they cannot be currently enrolled in school to use Credible's student loan refinancing services. Nevertheless, the ability to refinance a loan for non-graduates is a unique value not offered by many lenders in the student loan industry.

No Fees

Credible's partner lenders do not charge any fees, including a prepayment penalty fee, loan application fee, and origination fee.

In addition, it is free to use Credible. The company's partner lenders do pay a fee, but this will not affect your loan amount or loan terms.

Auto Pay Discounts

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

It is important to note that this auto pay discount option is common within the industry.

Soft Credit Check

You might be worried about a hard credit check impacting your credit history. Credible and its personal loan lender partners make soft inquiries to check which student loan rates the customer prequalifies for, and only with the borrower's permission, leaving the customer's credit score untouched.

Apply With a Cosigner

Credible borrowers have the option to apply with a cosigner to get the lowest interest rate on their student loan refinancing.

With Credible, a borrower can add a cosigner to their loan agreement after receiving prequalified rates. This allows the borrowers the flexibility to see if a cosigner could get them lower rates, or if they will continue alone.

Based on the lender, cosigners can be released from a loan obligation. However, not all of Credible's partner lenders may offer this service, so it is important to check the specific lender's website.

Supplemental Information

Credible works hard to inform student loan borrowers about topics related to lending, refinancing, and personal finance. Credible ranks and reviews its student loan lenders and maintains blogs for three of its lending categories (refinancing, student loans, and personal loans). 

Consumers can also read company FAQs on some of the basics of loan refinancing. Not only is the Credible website capable of serving up the best refinancing options, but it's also a platform for users to weigh the pros and cons of refinancing their student loans.

Best Rate Guarantee

Credible offers a best rate guarantee - if it can't find you the best student loan refinancing interest rate it will give you $200 (terms apply).

Positive Reviews

Credible has predominantly positive online reviews. Although current numbers of reviews are moderately low, 75 percent of reviews are 5 stars. Many customers highlight how fast and easy the comparison and application process is with Credible, in addition to receiving lower rates than they might have otherwise. Customers often remark that they were able to save more money with Credible and that customer service was reliable and helpful throughout the loan and refinancing processes.

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Customer Review: Katie from Asheville, North Carolina

"The application was easy to follow and I got fast responses from multiple lenders including one I was not familiar with who ended up giving me the best rate! I was able to save about $20,000."


The Bad

  • Variable Information
  • High Minimum Credit Score Requirements

Variable Information

Using a marketplace for loan refinancing has both perks and disadvantages. The main drawback to finding a rate through a marketplace platform like Credible is that every lender featured on the site does not offer the same rates and terms. 

For example, some lenders offer a forbearance option for your loan 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.

High Minimum Credit Score Requirements

Most of Credible's partners look for a credit score between 670 and 700 for refinancing. This could be a difficult requirement for undergraduate students to meet, or those who have a low credit score or a limited credit history. However, other factors are taken into consideration for qualification, including the school you graduated from, your degree, and the size of the loan that you want to refinance.

If you aren't able to qualify for Credible student loan refinancing based on your credit score, it is recommended to apply with a creditworthy cosigner.


The Bottom Line

Credible offers a convenient way to compare information from multiple lenders all under one easy-to-use platform. Borrowers can compare rates and terms, allowing them to customize their student loan refinancing lender to their specific needs.

Using Credible is simple, straightforward, and completely free. The prequalification application process is quick and easy, providing a borrower with various lender options in two minutes. Before selecting a lender through Credible, be sure to read its company profile, and make sure the lender provides all the features you're looking for as you refinance your loan.

Although Credible provides lender information quickly, there may be some additional research that you should conduct, as some services and policies vary between lenders (such as cosigner release or forbearance processes), which will not be listed by Credible itself. This may require some extra time, but it will ensure that you are getting the best lender for your needs.

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Jared Austin, TX

Credible gave me an easy way to compare my options for student loan refinancing, and ultimately, helped me save over $11,000 by cutting my interest rate in half. Their customer service team was responsive and helpful. They were my third try on refinancing, and by far the easiest and most communicative during the process. I recommend them frequently.

7 years ago

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Jessica Secaucus, NJ

It was helpful to see everything all in one place...the offers compared with rates and key information as well as knowing that, if I wanted, I could speak with someone for help anytime.Credible helped me do something I didn't think was possible...refinance my loan and set myself up to be done with the loan early. In the process I will save close to $15,000

7 years ago

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Miguel Duarte Oakland, CA

Credible helped me save at least $10,000 on my student loans. It connected me with lenders who were able to offer me very competitive rates; I was able to consolidate two loans down from 6.8% and 12.75% to a single 5.75% loan. I'll be able to pay off my student loans 5 - 7 years sooner, at comparable minimum payments. I'm definitely very happy that I was able to refinance through Credible.

7 years ago

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Ericka Meyers

I tried multiple lenders to refinance my private loans without any success until I found Credible. The refinance process was quick and easy. Everything was completed online and I received a decision very quickly. I highly recommend Credible.

6 years ago


Review Source

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Annie Orr Provo, UT

Credible has taken so much stress off of my shoulders with student debt. Credible is very helpful and it's so easy to get started.

4 years ago

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Zach Davis Westwood, NJ

Overall, Credible was a fast and convenient experience that saved me money in the long run!

7 years ago