One thing about this Credible loans review is that we are focusing on learning how efficient this free online loan marketplace is. Also, this will help you understand better how everything works, and hopefully help you decide whether or not Credible is the right loan platform for you.
Perhaps a lot of people will agree with us if we say that loans are inevitable. At least once in a person’s life, he or she gets a loan – it could be a personal, student, emergency or other types of loans.
Don’t feel bad if you do have an existing loan or are thinking of applying for one. Borrowing money is not a bad thing at all – what’s not good is when you run away from your obligations (that is when you do not pay the loans you made).
As we have said, loaning or borrowing money is not new. In fact, in a report published by the Chamber of Commerce, it says that there are 21.1 million outstanding personal loans in the United States. Take note that we are just talking about personal loans here. If we are going to add other types of loans, perhaps the number can be quite overwhelming.
In the same report, it says that for personal loans alone, the average interest rates vary between 10% and 28%. You see, people do not care about how huge or how small the interest rate is — after all when you are badly in need of cash or of money, the last thing you will think about is how to pay off the debt, as well as how much the interest rates are.
While there is nothing wrong about that, people have to change that kind of thinking. We should always consider our ability to pay off the debt, otherwise, we might end up being drowned in debts plus interest rates.
Good thing there are platforms that allow you to “shop” for the best or most appropriate loan setup for you. One of these platforms is Credible. As we have mentioned earlier, it is a free online marketplace, which helps you find the perfect lender for you. Basically, Credible acts as a middle man between lenders and borrowers.
Did that spark interest in you? Do you want to know more about Credible?
If yes, then do not go elsewhere as you are in the right place already. This Credible Loans review will specifically tackle some of the most commonly asked questions among borrowers (new and old alike).
In particular, we are going to talk about the following:
- What Credible is all about?
- What are its key features?
- What are the products offered?
- How is its customer service?
CREDIBLE AT A GLANCE
Before we proceed with the more thorough Credible Loans Review, here’s a quick glance on what Credible is all about, at the same time, what it offers. This will give you an idea of whether or not Credible is an efficient platform to use.
|Name of Loan Platform||Credible|
|Fees and Charges||None|
|Products||Student Loan Refinancing, Student Loans, Personal Loans, Mortgage, Mortgage Refinancing, Credit Cards|
|Key Benefit||Compares multiple lenders all at once|
WHAT CREDIBLE IS ALL ABOUT?
Credible is an online loan marketplace that allows borrowers to shop around for different types of loans, which include student loan refinancing, private student loans, personal loans, mortgages, and credit cards.
With Credible, you can compare rates and terms from multiple lenders all at the same time. Furthermore, it has a prequalification tool, which helps borrowers save a lot of time. The tools let the borrowers see personalized rates from up to nine different lenders with just one application.
It is important to note that Credible is (again) a marketplace and not an issuer of loans or a lender. What it primarily does is it connects borrowers with an array of lenders. Credible makes every borrower’s life easier as it helps you search for the best personal or student (or whatever type of) loan out there.
Credible is based in San Francisco, USA, and has currently had 157 employees. More so, at the moment, the company is working with more than 280 partner lenders.
WHAT ARE ITS KEY FEATURES?
So, you already know what Credible loans are all about. This time around, we’ll look into the company’s key features.
Credible’s key features include:
- No Fees: Credible does not charge you for using their service. It’s ultimately free for use for anyone.
- Risk-Free Comparison: With Credible, you can compare your options without having to worry about your credit score. It will not affect your credit score at all.
- Shop with Confidence: By using Credible, you do not have to worry about the information you share as the company assures you it will never share your personal information with anyone without asking your permission.
- Safe and Secure: Credible uses 256-bit encryption and SSL technology keeps your data secure. These are industry standard, thus, you should not worry about the safety and security of your transactions as well as the information you share online through the Credible website.
- Power of Choice: Credible thoroughly vet their lenders. That way, you can compare the best options there is.
- Real People, Ready to Help: In case you have questions or clarifications, Credible has a team of experts called, Client Success, who are always ready to help.
WHAT ARE THE PRODUCTS OFFERED?
As part of our Credible loans review, we are, of course, going to look into their list of products. Surely you know what you are looking for, but it is also nice to be aware of the other products the company offers. Who knows, you might just need of these in the future, right?
Anyway, so here are what Credible currently offers:
STUDENT LOAN REFINANCING
If you wish to find a lender to refinance your student loan, all you have to do is follow below steps provided by Credible:
STEP 1: Fill out a quick simple form. – With just one form, you get to access options from top lenders (who Credible are in partnership with). During this stage, checking your rates will not affect your credit score. Also, your information will not be shared with lenders yet.
STEP 2: Choose the option you like. – During this phase, you get to easily compare your prequalified options in just one place. You can also opt to use Credible’s comprehensive tools to quickly look for a plan ideal for you. Also, you may get annual rates according to your credit profile (no estimates).
STEP 3: Provide your loan details. – At this point, you may use Credible’s easy import tools to add the loans you want to refinance. You may also be asked to provide additional information about yourself. Once done, expect to receive your final offer in as quickly as one business day.
Meanwhile, in order to qualify for a refinancing of student loan, lenders will look into a number of factors like your credit as well as your earnings history, the school you graduated from, your college degree, your credit report, as well as the size of the loan you want to apply for refinancing.
By availing Credible’s private student loans, you get to pay for college after you hit federal loan limits. While there are so many student loan options out there, by using credible you get to take advantage of the following benefits:
- Multiple lenders compete to get you the best rate
- No filling out duplicate forms
- Get actual rates, not estimated ones
- Finance almost any degree
- Flexible repayment plans
- San Francisco-based customer support 7 days a week
- 3-way phone support connecting you and lenders
In addition to the above-mentioned, rest assured that the process will not cost you anything. Credible does not charge any origination fees, service fees, or prepayment penalties.
Before we move on, know more about Credible’s Student Loan Refinancing option through this video blog by The College Investor. Click the play button below to watch the whole thing:
Private student loans can be used to pay for education-related costs, as well as living expenses that may not be covered by your federal school loans. For your reference, some uses include the following:
- Tuition and fees
- Room and board
- Housing utilities
- Meals and groceries
- A personal computer you’ll use for school
- Dependant childcare expenses
Meanwhile, while each lender has their own requirements as to who qualifies for a private student loan, some of the basic requirements include:
- Have a qualifying credit score (or a co-signer with one)
- Have a qualifying income and debt-to-income ratio (DTI) (or a co-signer with one)
- Be enrolled in an eligible education program
- Be a U.S. citizen or legal resident with a Social Security number
- Be at least 18 years old and hold a high school diploma or equivalent (or have a co-signer)
- Use the loan for education purposes only
One thing that will catch your immediate attention is that Credible has the “Best Rate Guarantee”. That is how confident the company is about their personal loan service.
Three things that Credible personal loan offer:
- Rates from 4.99% APR*
- Loan amounts from $1,000 to $100,000
- Compare rates from multiple lenders in just 2 minutes
Credible takes pride in having a fast process, low rates, and no stress personal loan service. You basically have to follow these three simple steps:
- Find loans you qualify for (and compare the rates)
- Complete your application online
- Close your loan (by signing documents)
With Credible, you can avail a personal loan for different purposes like debt consolidation, credit card refinancing, home improvement, as well as bad credit loans.
As to how one can qualify to avail a personal loan through Credible, the requirements vary from one lender to another. However, some of the most common qualifications these lenders look for are as follows:
- At least 18 years of age
- Must be a citizen or a permanent resident holder of the United States
- Must have a valid Social Security number
- Must have a steady income
- Must have a good credit history
Meanwhile, with regards to allowed loanable amount, this will depend hugely on the borrower’s credit score and the person’s debt-to-income ratio (this refers to the amount of your monthly income that goes to your rent, credit card bills, car payments, etc.). The upper limits for online personal loans depend from one lender to another but usually falls between $35,000 and $50,000. With lenders on the Credible marketplace, however, qualified borrowers for a personal loan can borrow up to $100,000.
If you are looking for a lender that offers mortgage loans, then Credible is also perfect for you. This online loan marketplace also provides you with the best mortgage lenders out there.
To borrow money, all you need to do is go through Credible’s very easy mortgage loan process:
- Get pre-approved in 3 minutes
- Compare lenders and choose a rate
- Submit your documents online
- Finish your loan with Credible
What makes Credible’s mortgage product different from others is that it is “pain-free”. What does that mean? Well, Credible provides instant streamlined pre-approval process, they keep your personal data private, and lastly, they have a modern approach to mortgages.
One of the things that people look into when shopping for a mortgage loan is the rate. With Credible, you will be presented with both an interest rate, as well as an annual percentage rate and APR. This way, you get to choose the best option that is suitable for you.
With regard to requirements, it varies from one lender to another. However, some other common criteria that lenders look for are as follows:
- Minimum credit score (The rule is — the lower your credit score, the higher the interest rate.)
- Minimum down payment (Usually, homebuyers are required to make a down payment that is equivalent to 20% of the home’s value. But with Credible, again, it depends on the lender’s requirement.)
- Maximum debt-to-income ratio (This represents the percentage of your monthly income that’s required to meet ongoing expenses.)
- Maximum loan-to-value ratio (This reflects how big the mortgage is in relation to the value of the home you’re financing.)
In addition, there are documents that you will need to keep on hand when applying for a mortgage loan. These documents will be used to verify your identity, as well as your income. These documents include:
- Drivers license
- Social Security card
- Your two most recent bank statements
- Signed tax returns for the last two years
- Two years of W-2 forms
- An estimate of the home’s value (an appraisal or recent sale price)
- Documentation of the source of funding for your down payment (for home purchase mortgages)
- For new home purchases, you’ll also need to submit the home purchase contract
With Credible’s mortgage refinancing, you get to compare lenders and save on interest, get cash out to pay off high-interest debt, and you get to prequalify in just a few minutes! That quick!
Furthermore, what makes this service different from others is the fact that Credible provides you with actual rates from multiple lenders, it uses smart technology by streamlining questions and automating uploaded documents, as well as providing you with end-to-end experience.
Before you apply for a mortgage refinancing, Credible lets you look for loan estimates from different lenders. You may request by providing the following details:
- Your name and income
- The property address
- The property’s estimated value
- The amount of the mortgage (how much you want to borrow)
Once you have already chosen the best loans and lenders based on your needs, you may process with your loan application. Usually, lenders require certain documents to verify both your assets and income.
Some of the documents required are as follows:
- Contact info for your employers for the last two years, and copies of pay stubs for anyone who will be on the mortgage
- Recent bank statements
- Two years of W-2s and tax returns
- Bank statements for two to three months
- Records of investments and securities including stocks, bonds, and life insurance
- Information about ongoing debt obligations including student loans, credit cards, and car loans
Again, requirements, as well as the criteria to qualify for a loan, depends from one lender to another.
Meanwhile, with regards to how much you can qualify for mortgage refinancing, this will depend on three vital factors, which are:
- Your home’s appraised value
- Your monthly income in comparison to your monthly debt (known as your debt-to-income ratio)
- Your credit score
It is worth sharing that Credible’s mortgage marketplace is well-integrated with credit bureaus as well as lenders.
Credible also offers a comparison between credit cards. The comparison will be based on rewards points up to building credit. This gives you better options and allows you to make informed decisions when it comes to your credit card choices.
This service is ideal for those who are new to the idea of using credit cards, or those who want to make better choices when it comes to the cards they use.
With Credible, you can filter your credit card choices based on the following types:
- Cash Cards
- Travel Cards
- Balance Transfer Cards
- Low-Interest Cards
- Zero-Percent Cards
- Secured Cards
- Student Cards
HOW IS ITS CUSTOMER SERVICE?
Another important aspect of this Credible loans review is the customer service support that the company provides. Since this one’s an online loan marketplace, customer service is a major thing.
Credible is known for its great customer service. The company has a team of people who are available to help you out 24/7 via phone, email, or live chat.
If we may add, Credible is highly rated with an A+ Better Business Bureau grade in terms of service. Thus, it is safe to say that you will not go wrong with Credible.
FINAL THOUGHTS ON CREDIBLE LOANS REVIEW
You see, Credible offers an array of loan choices. Basically, some of the most common loan products. While there are so many other online loan marketplaces out there, it has its own unique features that make it popular especially to those looking for lenders.
Having presented all the loan options offered by Credible, do you think it’s the right one for you?