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Looking for a refinancing comparison tool? Our Credible review is designed to help you determine whether or not this company can help you reach your financial goals.
Credible is an online loan marketplace that offers borrowers the opportunity to comparison shop with ease. The platform allows you to quickly compare loan options for almost any need.
Although Credible may be best known for its student loan options, it offers so much more. Whether you need a personal loan to fund a major expense or take out a home mortgage, they are there to help you find the best deal.
In today’s Credible review, we will take a closer look at what the company has to offer you, and who can benefit from using their service.
What is Credible?
Since it’s founding in 2012, Credible has built a loan comparison platform to help borrowers find the best loan terms. Instead of sifting through loan quotes at individual lenders, you can do all of your comparison shopping in one place.
The company offers the option to compare student loan refinancing and mortgage refinancing options. Beyond offering refinancing comparisons, the company will also help you find mortgage financing, personal loans, and credit card opportunities.
How does Credible work?
As an online loan marketplace, Credible itself is not a lender. That means that you won’t be entering into a loan agreement with Credible. But you could choose to pursue a loan with one of their partners that you come across on their platform.
The platform is extremely simple to use.
You simply need to fill out a short form that will ask you for a variety of information such as your financial situation and the loan type you are interested in.
Once you fill out the form, Credible will perform a soft credit check which will not impact your credit score. Since you won’t have to worry about a negative impact on your credit score, it is a great resource to uncover your rates and shop around.
After you’ve submitted your information, Credible will present several options for loan offers that you might qualify for. Although none of the offers are guaranteed until you fill out a formal application with the lender, the ability to compare rates without filling out multiple applications is worthwhile.
The rates you see are your actual pre-qualified rates which will likely not change if your credit information and other financial details remain the same when you officially apply for a loan with the lender.
The comparison shopping aspect of Credible streamlines your decision-making process. You can get a comprehensive picture of your options. With that information in hand, you can move forward with your loan application confidently.
The ability to compare rates could save you thousands of dollars over the course of your loan. Let’s take a look at what features credit has to offer you.
Student loan refinancing
Refinancing your student loans could potentially save you thousands. However, shopping around for a better rate can take up a lot of your valuable time.
The platform allows you to explore your refinancing options for all types of student loans, including federal and private. Although you will likely only want to refinance your private student loans, you’ll have the ability to explore your options quickly.
If you aren’t sure whether or not refinancing is a good idea, then check out our full article.
Private student loans financing
If you are looking for a private student loan to fund your education, then finding the best loan terms is important. After all, you don’t want to overpay for the ability to fund your education. Luckily, you can compare your student loan options quickly on Credible’s platform.
A personal loan can be a helpful way to fund major expenses such as an unexpected medical bill or upcoming wedding expenses.
You can find personal loans for amounts ranging from $1,000 to $50,000 which can be used to fund almost anything. The repayment terms typically fall between 2 to 8 years with a wide range of interest rates.
With mortgage interest rates reaching all-time loans, refinancing your mortgage is an especially attractive opportunity. Credible can help you find the lowest mortgage rates on loans that will suit your situation.
You can sort through options for fixed-rate or adjustable-rate refinancing. Plus, there are cash-out refinancing opportunities.
A home purchase is one of the largest expenses most of us will undertake. With that, it is critical to find the best rate possible. Otherwise, you could be needlessly overpaying for your home mortgage.
Instead of working with multiple lenders to find the best deal, you can simply spend a few minutes on Credible to explore your best options.
Best rate guarantee
As you explore your loan opportunities, you might be wondering if Credible truly shares the best rates possible.
The company stands by a ‘best rate guarantee’ to find the best rate available however terms and conditions apply. They will do the hard work of finding quotes from reliable lenders and you’ll be able to save hours of your time.
If you are able to find a better rate than what Credible has to offer, they will send your $200 to apologize. With this, you can have more peace of mind as you work with this company.
Credit card comparison tool
A final feature that Credible offers is a credit card comparison tool that will help you find the best fit for your wallet. Since there is an overwhelming number of credit cards on the market with a dazzling array of reward opportunities, Credible can help sort through to find your best options.
You can filter through the options based on what is important to you. For example, you might not want to pay an annual fee or plan to seek out the best welcome bonus. Whatever you want out of a credit card, Credible can help you find it.
What does Credible cost?
The best part about Credible is that it delivers incredible value at no cost. The service is completely free to use. They will not charge you any origination fees, service fees, or prepayment penalties.
However, it is important to be aware that the lenders that they work with may charge these fees. Each lender will have different types of fees attached to their loan, so make sure to read the fine print before moving forward.
How do you apply and login in Credible?
After reading this Credible review, you'll know whether or not this tool is a good fit for you. If it does sound like a good fit for you, here’s how to apply:
1. Fill out the online application form
Head over to Credible’s home page. You’ll see a bar of loan types from which you can select what you are interested in.
When you apply, you’ll need to have information about the type of loan you want on hand. For example, if you want to take out a personal loan you’ll need to know how much you’d like to take out. Or if you are looking to refinance your student loans, then you’ll need to have information about your current loans easily available.
2. Compare real quotes
The application will take a few minutes to complete. Immediately after filling it out, you’ll have real quotes to review. Take some time to review the offers and find the best lender for your situation.
A few factors to consider include the loan term, repayment options, any fees attached to the loan, and the APR.
3. Wait for the hard credit pull
Once you’ve selected a lender, then you’ll move forward with a hard credit pull. You’ll need to provide more information to the lender including employment pay stubs and your bank account information.
At this point, the lender will perform the hard credit check and make a final offer. In most cases, you’ll receive your finalized offer from the lender within a business day. Once you accept the offer, you’ll be able to move forward with other financial goals.
Customer reviews of Credible
Overall, Credible is keeping borrowers happy with their easy-to-use platform. The Better Business Bureau has given Credible an A+ rating which is as good as it gets.
A few customer reviews online voiced complaints about higher interest rates than they expected after they had credit pull. In most cases, a hard credit pull will not affect your rate. But in some cases, you might run into a higher interest rate if you have some problems with your credit history.
Who should use Credible
Credible is a good tool, but it is not for everyone. Here’s who should consider using Credible:
You want to refinance high-interest student loans
If you have high-interest student loans, then refinancing could transform your financial future for the better. Credible can help you find the best rates if you choose to refinance.
You are looking for better rates with private student loan
If you have federal student loans, then Credible may not be a good fit. If you choose to refinance federal student loans, you’ll lose access to federal repayment programs such as Income-based repayment (IBR) and Pay as you earn (PAYE) which can truly help you.
Private student loans are a better candidate for refinancing if you are able to find a better rate. Luckily, Credible can help you find the best rate for refinancing your student loans.
You have high-interest credit card debt
If you have a large amount of credit card debt, then finding a way to pay it off as quickly as possible is important. A good option is consolidating your credit card debt into a single credit card with a 0% interest rate. Credible can help you find 0% APR credit card offers that could help you dig out of credit card debt ASAP.
Who shouldn’t use Credible
Credible isn’t for everyone, here’s what you should consider.
You have low-cost federal student loans
If you refinance federal student loans, then you are losing out on repayment options that could make your life easier. It's important to consider the benefits you may lose. You also want to make sure that if you chose to refinance you are actually saving money with a lower interest rate. a
Your student loan debt amount is small
Credible will not be able to find a lender for you if you are trying to refinance less than $5,000 of student loan debt. If you are in this situation, then this platform is not able to help you.
Credible review: the bottom line
Credible is a useful platform that can help you explore a variety of loan options as you seek out the best financing. You should take advantage of this free tool that can save you time and energy.
Instead of filling out multiple applications, work with Credible to find the best loan for your situation.