Credible vs SoFi

Type of Lender

Credible is a marketplace lending company while SoFi is a direct lender. It is important to understand the distinction between the two, especially if you are concerned about your credit score. 

As a marketplace lending company, Credible will provide you with a list of its partner lenders that match your provided personal information. For example, if you have a low credit score, you could still find a lender through Credible that may provide services to consumers with bad credit, although you will likely still receive higher interest rates. It is important to note that SoFi is one of Credible’s partner lenders.

SoFi, on the other hand, is a direct lender, providing consumers with a new SoFi loan to refinance their current debt. Direct lenders often have a high minimum credit score requirement, which can be difficult for some consumers to reach; SoFi’s minimum credit score is 650, allowing the company to provide consumers with lower rates and terms. For those who may not meet that credit score requirement, SoFi allows consumers to add a cosigner to their loan, potentially increasing their chances of approval and receiving lower rates.

Which type of lender is better for you is entirely dependent on your needs and current financial situation. If you have a low credit score, Credible may be a better choice for you, but if you have good to excellent credit, SoFi could get you more competitive rates and terms.

Minimum Credit Score

As mentioned previously, SoFi has a minimum credit score of 650, which is relatively high. However, Credible does not have a disclosed minimum credit score because it will be dependent on the lenders that are provided to you based on your information. 

It is important to note that both Credible and SoFi allow consumers to apply with a cosigner, which can help secure lower rates.

Comprehensive FAQ

SoFi has a very comprehensive FAQ section on its website, providing answers to all sorts of questions that a consumer may have when considering refinancing their loans with the company. This is helpful as all important information is given up front, and it will take less digging to find answers.

Conversely, Credible’s website FAQ section is somewhat limited, and may not answer all questions that you may have about the refinancing process. 

It is important to note that both company websites may not be able to answer all your questions up front, but you are welcome to call a customer service representative who can answer your questions and help you through the student loan refinancing process. Customer reviews for both Credible and SoFi highlight excellent customer service.

Customer Reviews

The majority of reviews for both Credible and SoFi are positive. For both companies, customers often highlight excellent customer service, in addition to low rates and competitive terms that save them both money and time.

Negative reviews are limited for both companies and are also from three to five years ago. But, past Credible customers have complained about their credit being pulled multiple times throughout the application process and overall dissatisfaction with how Credible connected them to lenders. Past SoFi complaints include customers waiting months to receive their loan.

Customer reviews for both companies are limited and thus may not be the best indicator of whether or not the company is good or bad. 

Please consider leaving a review about your experience if you have refinanced your student loans with either Credible or SoFi.