Credible vs SoFi
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
Overview
Credible
Undisclosed
SoFi
Undisclosed
Ratings
Credible
SoFi
Reviews
Credible
Reviews
SoFi
Reviews for Credible
Helpful Favorable Review
Hailey Nilson
January 5th, 2019
Salt Lake City, UT
DETAILS
Review Source
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
William Love
March 23rd, 2024
*What is dislike the most, is how Credit Unions Lack of Communication, and the lack of trusted Resource for Consumer Protection Act.* *When you put your trust, on direct deposits and on my check date, the funds are not availible,is frustrating. I tried to withdraw fund that was reference check stub at the bank and when i addressed the bank they told me to check my workplace. They tried to give me the run-a-round.
Reviews for SoFi
Helpful Favorable Review
Daniel Cebrero
January 1st, 2022
Henderson, NV
Review Source
This is one of the student loan companies I had after graduation college. Their website and customer support was always easy to use and navigate. They helped whenever I had any issues paying my loan and would do business with them again
Helpful Critical Review
Lena
February 13th, 2018
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.
