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
star star star star star_half
(52)
SoFi logo verified_user
#3 SoFi
7.2 Overall Score
4.0
star star star star star_border
(60)

Overview

Credible

Forbearance Option

Yes

Features
check Career Support
check Cosigner Option
check Calculator
Requirements
Loan Type

Both

Services Offered

Both

Term Lengths

5, 7, 10, 15, 20

Max Undergrad.

Full

Time in Business

9 Years

SoFi

Yes

check Auto Payment
check Career Support
check Cosigner Option
check Calculator

Both

Both

5, 7, 10, 15, 20

Full

10 Years

Ratings

Credible

Overall Score
7.8 of 10
Review Score
4.4
star star star star star_half
Value for Money
4.5
star star star star star_half
Quality of Product or Service
4.5
star star star star star_half
Company Trustworthiness
4.5
star star star star star_half
Likely to Recommend
0.0 of 10

SoFi

7.2 of 10
4.0
star star star star star_border
3.8
star star star star_half star_border
4.0
star star star star star_border
3.7
star star star star_half star_border
5.0 of 10

Reviews

Credible

Number of Reviews
52
Review Breakdown
4.4
star star star star star_half
5 star
75%
4 star
12%
3 star
2%
2 star
0%
1 star
12%

SoFi

60
4.0
star star star star star_border
5 star
67%
4 star
10%
3 star
0%
2 star
0%
1 star
23%

Reviews for Credible

Helpful Favorable Review

star star star star star

Hailey Nilson Salt Lake City, UT

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.

2 years ago

Helpful Critical Review

star star_border star_border star_border star_border

Cheryl Masters 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.

3 years ago

Reviews for SoFi

Helpful Favorable Review

star star star star star

Mayowan Kenobi Puyallup, WA

SoFi enabled me to refinance my student loans when no one else would lend to me due to my debt ratio. SoFi recognized the needs of student debt holders, and setup a service that enables them to pay off otherwise expensive loans. I paid off my student debt long before it was due and was able to start building wealth rather than being indebted to the government. Highly recommend!

2 months ago

Helpful Critical Review

star star_border star_border star_border star_border

Lena 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!

3 years ago

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.

Top Choice

Credible Logo
Credible

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