Credible vs SoFi

Kalicia Bateman
Kalicia Bateman | Contributor

Credible and SoFi are both highly ranked student loan refinancing companies, offering lower interest rates and shorter loan terms when a consumer combines their student loan debt into one new loan. However, Credible is a lending marketplace company that provides consumers with various potential lenders based on their personal information, while SoFi is a direct lender.

Both companies refinance private, federal, and parent PLUS loans and neither charge an application fee, loan origination fee, or prepayment penalty fee on their refinanced loans. With a quick and easy application process, consumers can see what rates and terms will be available to them with either company.

When comparing Credible and SoFi’s refinancing services, there are some key differences to be aware of:

  • Type of lender — Marketplace lender vs. direct lender
  • Minimum credit score requirements
  • Website FAQ pages
  • Customer reviews
Credible logo verified_user
#1 Credible
7.8 Overall Score
4.4
starstarstarstarstar_half
(52)
SoFi logo verified_user
#3 SoFi
7.1 Overall Score
4
starstarstarstarstar_border
(57)

Overview

Credible

SoFi

Forbearance Option
Forbearance Option
Yes
Yes
Features
Features
check
Career Support
check
Cosigner Option
check
Calculator
check
Auto Payment
check
Career Support
check
Cosigner Option
check
Calculator
Requirements
Requirements
Loan Type
Loan Type
Both
Both
Services Offered
Services Offered
Both
Both
Term Lengths
Term Lengths
5, 7, 10, 15, 20
5, 7, 10, 15, 20
Max Undergrad.
Max Undergrad.
Full
Full
Time In Business
Time In Business
8 Years
9 Years

Ratings

Credible

SoFi

Overall Score
Overall Score
7.8 of 10
7.1 of 10
Review Score
Review Score
4.4
starstarstarstarstar_half
4.0
starstarstarstarstar_border
Value for Money
Value for Money
4.5
starstarstarstarstar_half
4.0
starstarstarstarstar_halfstar_border
Quality of Product or Service
Quality of Product or Service
4.5
starstarstarstarstar_half
4.0
starstarstarstarstar_halfstar_border
Customer Service
Customer Service
4.5
starstarstarstarstar_half
4.3
starstarstarstarstar_half
Company Trustworthiness
Company Trustworthiness
4.5
starstarstarstarstar_half
3.7
starstarstarstar_halfstar_border
Likely to Recommend
Likely to Recommend
0.0 of 10
0.0 of 10

Reviews

Credible

SoFi

Number of Reviews
Number of Reviews
52
57
Review Breakdown
Review Breakdown
4.4
starstarstarstarstar_half
5 star
75%
4 star
12%
3 star
2%
2 star
0%
1 star
12%
4.0
starstarstarstarstar_border
5 star
67%
4 star
11%
3 star
0%
2 star
0%
1 star
23%

Reviews for Credible

Helpful Favorable Review

starstarstarstarstar

Hailey Nilson

October 30th, 2020 Salt Lake City, UT DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Credible helped me in a time when I really needed it. Their forms were easy to fill out, I got a personalized rate for my situation, and I had the best person working with me to help me find the best option.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Cheryl Masters

October 30th, 2020 Denver, CO

I just received your information about no debt minimum, only to find information on following pages that contradicted your prior advertising. Please DO NOT attempt any further contact with me. Otherwise, I shall find it necessary to contact the Better Business Bureau regarding your fallacious advertising. I am saving your entire communication in case I need it.


Reviews for SoFi

Helpful Favorable Review

starstarstarstarstar

Lindsey B

October 30th, 2020 Orem, UT DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Great company, easy to consolidate student loans. SoFi was able to help me get better control of my student loans by reducing my interest rates and making it so I had one low monthly payment instead of many. I would recommend SoFi to anyone looking more into their student loan situation.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Lena

October 30th, 2020 Albany, NY

SoFi Financial is identity theft entity. It knows that it will not help you with refinancing, but try to obtain as much as possible your personal identification information, your income and other personal financial information. They are dangerous!


The Final Word

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.

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