Credible

• Multiple Lenders 
• Low APR Rates 
• Flexible Degree Coverage 

Multiple Lenders

Credible offers borrowers a wide range of lenders to consider. With multiple lenders, borrowers are able to research which lender gives them the best loan for their situation. This feature allows borrowers to make their own decisions regarding their loans and provide knowledge of various lenders that are available to them. Because each lender is different, borrowers can choose between fixed rates, variable rates, deferred repayment, and interest-only repayment options.

Low APR Rates

APR rates are definitely something to consider when looking into student loans. Credible claims to provide borrowers with fixed rates as low as 4.50% and variable rates as low as 4.20%. These rates are considerably lower than those of other student loan companies.

Flexible Degree Coverage

Credible claims to finance almost any degree out there. This is an advantage because their flexibility is due to their multiple lenders option. There are few boundaries that accompany Credible's student loan variety.

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• Time in Business
• Prequalification Process
• No Guaranteed Lender Offer

Time in Business

Due to Credible’s relative inexperience in the student loans industry, more time is required before it can be considered totally reliable. This is not to say that Credible is a bad company; however, in such a competitive and rapidly evolving industry, the company needs time to establish a proven track record of success.

Prequalification Process

In order for borrowers to start their search for a lender, they must complete the prequalification process first. When you receive prequalified rates, there is no definite guarantee that those are the rates that will be used. Credible’s website states that lenders “reserve the right to change or withdraw prequalified rate at any time.” This may present a sense of insecurity to borrowers who expect these exact rates.

No Guaranteed Lender Offer

Credible does not guarantee that a borrower will receive an offer from a lender. Although they pride themselves on getting low rates for borrowers, they really leave the process in the hands of the lenders themselves. This can present a problem to the borrower who doesn’t receive an offer from a lender as the borrower might not be able to move forward without an offer.