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Investment Apps and Websites

Chase Bank Review: Is It The Right Bank For You?

This Chase Bank review will tell you more about what Chase is, its products and services, and more. We will also provide you information on the things that we like and we do not like about the bank.

Chase Bank Review

Chase Bank is one of the most popular names in the banking industry. It offers all major banking services, which include checking and savings accounts, loans, investments, as well as credit cards.

Chase’s mobile tools are also considered to be the best among national banks. Needless to say, the bank has the second-largest network of branches in the United States.

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Furthermore, Chase Bank has the most ATMs with 16,000 of them around the country.

When it comes to customer satisfaction, Chase was reported to have a high degree of satisfaction with its easy accessibility being the primary determiner.

You see, there is so much to love about Chase Bank. But, as a customer, a potential client, it is important to look through all the details to ensure that this is indeed the right bank for you.

Having said that, in this Chase Bank review, we are going to talk about the following:

  • Who is Chase Bank?
  • Who is Chase Bank best for?
  • What does Chase bank offer?
  • How to do banking with Chase Bank?
  • What are Chase Bank’s fees and charges?
  • How is Chase Bank’s customer service?
  • What are the highs and lows of Chase Bank?

WHO IS CHASE BANK?

As stated on their website, Chase Bank is “proud to serve nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.

Chase is also known as a global banking powerhouse. It’s a division of the famous JPMorgan Chase & Co., which owns more than $2.6 trillion in assets.

Chase Bank, as we have mentioned earlier has the second-largest network of branches in the United States with nearly 4,900 of them, next to Wells Fargo. But apart from that, Chase also offers the best online banking experience, which means you can definitely work with the bank entirely online.

Furthermore, banking with Chase is made more accessible and easier having 16,000 ATMs across the country. With that, you can make deposits and get cash anywhere and anytime.

With everything said, no doubt Chase Bank is not just a big name in the banking industry, but that it also is one of the most trusted banks in the country and even outside the U.S.

If you are interested to know more about Chase, here’s a very informative review by Carter Farr. We actually thought he said all the right words about Chase. Click the play button below to watch the video:

By the way, apart from catering to millions of clients across the country, JP Morgan Chase where Chase Bank is a division of (as mentioned earlier) is home to over 250,000 employees as of 2019 according to MacroTrends.

Chase Bank is headquartered in Manhattan, New York City.

WHO IS CHASE BANK BEST FOR?

Now that you already know who Chase Bank is, as part of our Chase Bank review, we’re also going to share with you who the bank is ideal for, and see for yourself if you are a part of it.

Given the background, and the products and services that Chase Bank offer, it may be ideal for people who prefer dealing with the resources of big banks or a megabank.

In particular, Chase Bank’s products and services may appeal to those who want to:

  • Lessen bank relationships by opening checking accounts as well as credit cards at the same financial institution
  • Use a free checking account (this applies to those qualified for a waiver) with a debit card, online bill pay, as well as paper checks
  • Earn rewards for using a credit card
  • Bank in person or do banking traditionally
  • Use ATMs often

If you see yourself in any of the above-mentioned, then, let’s proceed to the next agenda.

WHAT DOES CHASE BANK OFFER?

Our Chase Bank review will focus on this as we believe this is the most crucial part when deciding whether or not a bank is for you.

Given how large the Chase Bank is, it’s not surprising that they provide a broad offering of both products and services for individual and business customers.

However, in this review, we are going to particularly focus on the following:

  • Savings Accounts
  • Checking Accounts
  • Certificates of Deposit
  • Credit Cards

SAVINGS ACCOUNTS

To set your expectations right, like most traditional banks, Chase Savings Account pays a small amount of interest as well. The annual percentage yield or APY, however, is not that impressive.

As of February 2020, Chase Bank’s APY is 0.01%. The best high-yield savings accounts in other banks, meanwhile, pay more than 2.00%.

Chase Bank, however, does have a top-yielding savings account called Chase Premier Savings, wherein you can earn a few basis points more as compared to the national average APY. The catch though is that you must have at least $15,000 in the account to earn the said rate. In addition, you need to link it to a Chase Premier Plus Checking or Chase Sapphire Checking account as well and make at least five customer-initiated transactions in a monthly statement period with that particular linked account.

The Chase Savings Account comes with a $5 monthly fee. But, this can be waived provided you meet any of the following criteria:

  • Keep a minimum balance of $300 at the beginning of each day
  • Link a Chase College Checking account, while using the savings account for overdraft protection
  • You are below 18 years old
  • Save a minimum of $25 every month from a personal Chase checking account or Chase Liquid card
  • Link the account to a particular premium Chase checking accounts

It is also important to note that Chase Savings Accounts only allow six withdrawals per month regardless of the type of withdrawal you make. Once you have used up the limit, you will be charged $5 for every subsequent withdrawal in the month.

The withdrawal limit of Chase Bank is more stringent than what is required by Regulation D limits, which is under federal law.

CHECKING ACCOUNTS

Chase has a lot of checking account options to choose from. There’s Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Checking, Chase Secure Checking, Chase College Checking, and Chase High School Checking.

Now, let’s take a look at each of these:

Chase Total Checking

According to Chase, the Chase Total Checking is the bank’s most popular checking account. This easily satisfies the clients’ day-to-day checking needs to give the fact that it has online bill pay and is accessible through a mobile app.

Some of the key features of Chase Total Checking include ATM check deposit, mobile check deposit, paper checks, as well as Zelle transfer to family and friends.

The Chase Total Checking account charges a $12 monthly fee. However, you may qualify for a waiver if you meet any of the following:

  • Must have at least $1,500 in your account
  • Must have at least $5,000 combined Total Checking and eligible accounts
  • Receive a minimum of $500 direct deposit every month into your account

Chase Premier Plus Checking

Unlike other checking accounts, the Chase Premier Plus Checking account pays a small amount of interest (which is quite negligible at 0.01%), as well as provide a few freebies every month.

This particular type of checking account from Chase Bank is ideal for those who have a substantial relationship with the bank.

It comes with $25 monthly fee, but this fee can be waived provided you meet any of the following requirements:

  • Must keep a $15,000 or higher daily balance in qualified Chase Bank accounts
  • Must have a qualifying Chase mortgage that you are paying using your Chase account

Apart from the features of Total Checking that comes with it, the Chase Premier Plus Checking account also includes the following perks:

  • Free basic personal, counter, cashier’s checks, and money orders
  • Four foreign ATM withdrawal fees waived in a month (Note: The ATM owner may charge fees, and Chase may also charge extra if you are using a different currency apart from U.S. dollars.)
  • Free or discounted safe deposit boxes
  • Potential monthly fee waivers on additional savings and checking accounts

Chase Sapphire Checking

The Chase Sapphire Checking comes with additional benefits. However, the hurdle for banking fee-free is higher.

Apart from the 24/7 customer support, as well as higher ATM and debit card limits, this particular checking account also includes the following features:

  • No ATM fees globally
  • Interest on the account holder’s balance
  • Four free overdrafts annually
  • No wire transfer or stop payment fees
  • Other perks and discounts on other Chase services

Meanwhile, to qualify for a waiver, which amounts to $25 a month, you have to keep an average balance of $75,000 in eligible accounts or investments with the bank.

Chase Secure Checking

If you are just starting with your financial journey, then this product is ideal for you. The Chase Secure Checking account is a no-frills account. It does not include paper checks with discounts. However, it allows you to pay bills online or with the use of your debit card.

Furthermore, it also includes the following features:

  • No overdraft fees
  • No minimum deposit required
  • $4.95 monthly fee (definitely cheaper as compared to the previous checking account types)

Chase College Checking

Obviously, this account type is ideal for college students. The Chase College Checking account is specifically designed for customers aged 17 to 24 years old.

While it comes with a $6 monthly fee, this can be waived if you:

  • Are enrolled in college (up to five years)
  • Keep an average of $5,000 daily balance
  • Have a monthly direct deposit into the account

This particular account may be ideal for college students who have more time studying as compared to earning an income.

Chase High School Checking

The last on Chase Bank’s checking accounts list is the Chase High School Checking. This particular account is available for kids aged between 13 and 17 years old. It also comes with NO monthly fee.

However, the bank requires that the account holder’s parent or guardian must own an eligible Chase Bank checking account. The parent or guardian must also be a co-owner of the Chase High School Checking account.

What’s nice about this account is that it converts to a Total Checking account once the child reached the age of 19.

CERTIFICATES OF DEPOSIT

Just like any other bank, Chase Bank also offers Certificates of Deposit.

If you are interested to open one with Chase, the bank requires $1,000 to begin with. The bank offers different terms to choose from, which include:

  • 1-2- or 3-month
  • 6-month
  • 9-month
  • 12-month
  • 15-month
  • 18-month
  • 21- to 120-month

Since Chase Bank is a brick-and-mortar bank or a traditional bank, it is not surprising that the rates are quite low.

So, to maximize your rate, make sure to qualify for a “relationship rate” with a linked checking account, and then, purchase of at least $10,000.

CREDIT CARDS

Chase Bank also offers a variety of credit cards. They do have a rich lineup of credit cards to choose from depending on the customer’s needs and preferences.

For your reference, here is Chase’s list of credit cards:

Balance Transfer Credit Cards

  • Chase Slate

Business Credit Cards

  • Ink Business Preferred Credit Card
  • Ink Business Cash Credit Card
  • Ink Business Unlimited Credit Card

Cash-Back Credit Cards

  • Chase Freedom
  • Chase Freedom Unlimited
  • Chase Freedom Student

Travel Rewards Cards

  • Chase Sapphire Preferred Card
  • Chase Sapphire Reserve
  • United Explorer

OTHER FINANCIAL PRODUCTS

Apart from savings and checking accounts, CDs, and credit cards, Chase Bank also offers other financial products, which include the following:

  • Auto loans
  • Business loans
  • Business checking accounts
  • Financial advisers
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • IRAs
  • Managed investment portfolios
  • Private banking
  • Purchase mortgages
  • Refinance mortgages
  • Self-directed trading

HOW TO DO BANKING WITH CHASE BANK?

As part of our Chase Bank review, we are also going to share with you information on how to do banking with Chase.

To open an account with Chase Bank, all you need to do is visit Chase.com or you may pay a visit to one of their branches near you. You may also call 1-800-935-9935 if you have queries or you need clarifications on certain products and services prior to opening an account.

Just like in any other bank, and as required by law, Chase Bank will ask you to provide personal information such as your name, address, contact details, Social Security number, and more.

WHAT ARE CHASE BANK’S FEES AND CHARGES?

Our Chase Bank review will not be complete without us looking into the fees that the bank charges.

Earlier, we already mentioned that each of the Chase Bank accounts does have their respective monthly fees. But apart from the monthly fees, the bank also charges an overdraft fee. Chase Bank charges a $34 nonsufficient funds fee for up to three times per day.

The fee can be avoided though if a customer links their savings account as a backup.

HOW IS CHASE BANK’S CUSTOMER SERVICE?

As we have mentioned earlier, the bank has earned high marks in terms of customer satisfaction. One of the reasons behind this is the bank’s amazing customer service.

According to the J.D. Power 2019 U.S. National Banking Satisfaction Study, Chase Bank ranks first.

With such a position, it makes sense that the bank invests in technology, as well as in training, and staff to ensure clients are satisfied and would keep their assets with Chase for a long time.

WHAT ARE THE HIGHS AND LOWS OF CHASE BANK?

Our Chase Bank review will not be complete without us sharing with you what we like and what we do not like about Chase Bank.

Hopefully, this section helps you decide whether Chase Bank is the right financial institution for you or not.

HIGHS: WHAT WE LIKE

  • Chase has almost 4,900 branches plus 16,000 ATMs across the country. It makes them easily accessible.
  • There’s free checking available from megabank that comes with fee waivers.
  • Chase offers a wide selection of bank accounts and credit cards to choose from depending on the client’s needs and preferences.

LOWS: WHAT WE DO NOT LIKE

  • The probability of getting charged for a monthly fee if you do not qualify a waiver.
  • The bank has an unimpressive interest rate for both savings accounts and CDs as compared to other banks.
  • They have limited branch presence outside metropolitan areas.

FINAL THOUGHTS ON CHASE BANK REVIEW

No doubt, Chase Bank is one of America’s biggest banks, needless to say, most-trusted financial institutions. It provides a variety of products and services to choose from – too many in fact that the bank almost has a certain product or service for every type of customer.

While the banks have a lot of highs, we cannot deny the fact that just like any other banks out there, it’s not perfect. Thus, it also comes with lows.

To be honest, when it comes to interest rates, it is not as competitive, especially when compared to online banks. Customers may find way better interest rates on both savings accounts and CDs elsewhere. The only consolation you have though is that Chase is a credible and well-established bank. The probability of risk is low.

So, would we recommend Chase Bank?

Of course! As we have said in this Chase Bank review, there’s so much to love about Chase. But then, at the end of the day, the decision is all yours. After all, you know what you need exactly in a bank, right?

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Investment Apps and Websites

Credit Sesame Review: How It Works And Why It’s Right For You

The very purpose of this Credit Sesame Review is to help you understand why this company is the perfect credit monitoring service provider for you. Furthermore, we are going to share with you the very reason why Credit Sesame has earned its spot in the industry.

Credit Sesame review comprehensive review

Let’s face it, data breaches are inevitable. Sometimes, no matter how trustworthy the security and safety features of a company is, data breach still happens. Enter the massive Equifax breach (you can find the whole story on the Federal Trade Commission) that happened in late 2017. This exposed sensitive information of almost 146 million Americans. Yes, that huge!

Can you just imagine how these people felt when their information was out there!? That’s crazy!

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No wonder why today, consumers are on high alert and are extra cautious when it comes to their credit. People now are, in fact, looking for ways to always keep an eye on their credit than ever before.

The nice thing about monitoring your credit information is that it helps empower you to take action in case something unusual happens. More so, it leads you to take steps to help improve your score, and also, helps you prepare should you need financial services in the future.

All these and more are the very reason why Credit Sesame exists, which refers to themselves as “a fast-growing credit and loan management platform”.

In this Credit Sesame review, we are going to specifically talk about the following:

  • What is Credit Sesame?
  • How does it work?
  • Is it accurate?
  • How much does it cost?
  • Will it help you save money?
  • How does it make money?
  • Is it safe?
  • What are the other services it offers?

WHAT IS CREDIT SESAME?

Before anything else, like in anything, as a consumer or potential user of this platform, it is important that you get to know the company first. We thought to know what Credit Sesame is all about — in the first place — is vital especially if you are in the process of making a decision whether or not this tool would work for you.

Anyway, Credit Sesame describes itself as “a fast-growing credit and loan management platform”. It offers four primary credit management services. Upon signing up with Credit Sesame, you will automatically have access to the following:

  • Your credit score
  • Your credit report
  • Daily credit monitoring (that comes with an alert system, thus, letting you know when your TransUnion credit score changes)
  • Identity theft protection (of up to $50,000)

Founded in 2010 by Adrian Nazari, over the years Credit Sesame has grown as a company. In fact, it currently employs 119 people. Furthermore, it has also grown its users — from zero to millions of people using Credit Sesame to date. Although the company does not disclose the exact numbers, some sites estimate its users to be at around six to twelve million people.

One of the things that make Credit Sesame a standout among the rest is the fact that its basic service is free for everyone — regardless of how long you use it. However, if you wish to receive a higher service level, you have the option to upgrade for a fee. Upgrading your plan gives you access to more features that may be valuable for those who are working to have an improved credit.

Later on, we are going to talk more about the different plans that Credit Sesame offers – apart from the free one.

HOW DOES IT WORK?

This time around in our Credit Sesame review, we are going to talk about how this platform actually works. Again, for any user or potential customer, it is important to know how a tool works before jumping into it. This will give you a thorough idea of what to expect once you start using the platform.

Anyway, so, once you sign up with Credit Sesame, you automatically gain the ability to monitor your credit accounts, as well as your credit score. By the way, signing up with Credit Sesame is easy. You will just need to provide a few pieces of vital information. Do not worry as the platform will not ask for your credit card information — after all, the basic service is given for free. It’s a different story though if you wish to upgrade.

Part of the information you will be asked to provide though is the last four digits of your Social Security number. This allows them to have access to your credit history for personal use only. Furthermore, Credit Sesame will ask you some essential identity verification questions. This is to make sure you get the highest level of security as well as to ensure that your personal information is protected.

Once you are done creating your account, you can now log into your Credit Sesame account either through their website or using its mobile app.

With Credit Sesame, you will see tips on how you can improve your credit based on their analysis. Also, it includes basic credit monitoring. Basically, if something on your credit report changes, they will immediately inform you.

Furthermore, you also get to see a credit score from TransUnion. This one’s updated on a monthly basis. However, please take note that this is not a FICO score, which is the one that a lot of lenders use when making credit decisions. Rather, it is an alternative, which is the VantageScore 3.0. VantageScore 3.0 is used by other lenders and uses a 300 to 850 range — basically like a FICO score.

Meanwhile, if you are interested to know more about Credit Sesame and how it helps increase your credit score, we recommend you check out the below review by Rebecca Brand:

IS IT ACCURATE?

In this Credit Sesame review, we are also going to look into the accuracy of the platform.

Based on what we found, Credit Sesame is as accurate as any other alternative out there. This is because the basis comes from your credit report.

The only thing that we — and perhaps a lot of Credit Sesame reviews, too — found debatable is the company’s use of VantageScore instead of FICO score (which we already talked about a while ago). As mentioned, most lenders use FICO score more than VantageScore in making credit decisions. Needless to say, your FICO score is likely different from your VantageScore, which may be confusing.

However, it is important to note also that any decisions that lead to a higher VantageScore normally benefit your FICO score as well. The only thing that matters really is for users to understand that these two models do not come up with the same results, which means there may be times when your FICO is higher or lower than what you see in your VantageScore.

But you know, if you are someone who doesn’t really mind about the difference between FICO and VantageScore, this should not be a problem. Well, after all, you are using a free tool.

HOW MUCH DOES IT COST?

This Credit Sesame review will not be complete without us tackling costs. Of course, money matters are always vital in making decisions, right?

As mentioned, Credit Sesame has a basic plan, which anyone can use free of charge. If you are someone who finds the basic Credit Sesame membership good enough, then great! You can use it for as long as you want without having to worry about getting charged.

But, as we have earlier said, if you want to take advantage of more features provided by Credit Sesame, you may do so but this time, for a fee. Yes, Credit Sesame also offers paid services, which are offered in the form of three different subscription plans, namely:

  • Advanced Credit
  • Pro Credit
  • Platinum Credit

To give you a glimpse of what to expect from these plans, check the information in below table:

Advanced Credit Pro Credit Platinum Credit
Subscription Cost:  

$9.95 per month

What It Provides:

Daily credit score updates from TransUnion  

Full credit reports each month from all three credit bureaus  

Monthly credit score updates from all three major credit bureaus
Subscription Cost:

$15.95 per month  

What It Provides:  

All that Advance Credit offers  

Full identity protection  

Credit monitoring with alerts for all three credit bureaus  

24/7 access to live experts to help solve credit report inaccuracies
Subscription Cost:  

$19.95 per month  

What It Provides:  

All that Advance Credit and Pro Credit offer  

24/7 access to live experts for stolen/lost wallet protection  

Black market website monitoring  

Public records monitoring  

Social Security Number monitoring

As you can see, each subscription plan comes with their respective offerings. As expected, the price differs depending on the features it provides.

WILL IT HELP YOU SAVE MONEY?

The answer to this question is a resounding YES. Yes, Credit Sesame can help you save money. However, it is important to understand that this does not happen automatically by simply using the service.

There are actually a few ways you can proceed with saving money by using Credit Sesame. Here are some of them:

– By using the tools to improve your credit, you get to secure lower interest rates on products such as credit cards, and/or loans

– Credit Sesame may also recommend a product that some users do not usually find on their own

What is good about Credit Sesame is that it shows alternative financing options that will help you with your finances. This includes products and ways to help reduce your interest rates.

HOW DOES IT MAKE MONEY?

Perhaps you are wondering how Credit Sesame makes money given the fact that it offers basic service for free. Well, as mentioned, the company also offers paid services to customers. By offering subscription plans that come with more advanced features as well as monitoring options, the company gets to earn.

Apart from that, Credit Sesame also displays loan products and credit cards that customers may be interested in depending on their profile. It is typically an example of an affiliate program. What does that mean? Well, should you or any customer choose to apply to those advertised loan products or credit cards, Credit Sesame gets to receive a commission.

Though Credit Sesame receives different amounts of compensation, this does not mean that the advice they give is not reliable. One thing you must be confident about as a user or consumer is that Credit Sesame stays in business because they live up to their core mission, which is to help consumers. Furthermore, you are assured that the company’s suggestions are all based on analyzing the customer’s situation, as well as finding options that will benefit the customer. Making money on their end is just secondary.

In addition, Credit Sesame also makes money through its paid advertising partners like the banner ads on any webpage out there.

IS IT SAFE?

Credit Sesame is obviously an online tool — thus, as user/consumer, one of the things that we always look into is the safety of the platform.

Based on our assessment, we have not found anything that will indicate Credit Sesame as unsafe. First thing, we like the fact that it does not require you to input your credit card information. More so, we also like the fact that it only asks you to enter the last four digits of your Social Security number to be able to establish an account.

As of this writing, we have not found any data breaches or other loss of private user information associated with Credit Sesame.

Overall, I got to say that signing up with Credit Sesame is not worrisome at all.

WHAT ARE THE OTHER SERVICES IT OFFER?

As part of our Credit Sesame review, we also thought of sharing with you some of the other services offered by the company.

Apart from credit scores and reports, Credit Sesame also offers the following products:

– Credit Monitoring

Using your free Credit Sesame account, you get to take advantage of the credit monitoring service for your TransUnion credit report. You will receive alerts should there be new activities on your TransUnion report. If you, however, wish to receive credit monitoring as well as alerts for all three of your credit reports — TransUnion, Experian, and Equifax — you will need to upgrade to a Pro plan subscription, which amounts to $15.95 per month.

– Credit Card Recommendations

Depending on your likelihood of approval, Credit Sesame will recommend credit cards to you. Furthermore, these offers will also show how much credit you are likely to gain access should you get approved.

In addition, you can also check if you pre-qualify for any personal loans plus you can also look for mortgage lenders.

– Identity Theft Insurance

Perhaps this is where Credit Sesame really stands out from the rest. While most credit score sites do not give you free access to identity theft insurance, Credit Sesame does otherwise. In fact, you will get $50,000 in insurance coverage should you become a victim of identity theft, fraud, and other financial crimes.

Imagine getting insured without having to pay for it! Meanwhile, if you want more coverage, you may opt to sign up for a Pro Credit subscription that entitles you to get $1 million identity insurance.

And that does not end there, you will also get some identity restoration tools, which come in the form of documents that show you how to report fraud to government agencies, as well as letters to credit bureaus, and more.

HOW IS ITS CUSTOMER SERVICE?

Credit Sesame has a support center on its website, which is where they prefer customers to contact them. You basically have to submit your request through an online form. The form allows you to add attachments to help them understand better your issues and concerns.

Apart from the support center, Credit Sesame may also be reached through its social media accounts particularly via Twitter and Facebook. Based on customers’ feedbacks, Credit Sesame seems to provide timely responses on either of the two social media platforms.

Meanwhile, for feedback and media relations, Credit Sesame may be reached through the following email addresses:

  • For help: help@creditsesame.com
  • For feedback: feedback@creditsesame.com

For those who prefer phone calls, unfortunately, Credit Sesame does not seem to have a functioning phone number intended for customer care.

FINAL THOUGHTS ON CREDIT SESAME REVIEW

To be honest, there’s so much to like and love about Credit Sesame. It is probably safe to say that the company offers an amazing free credit as well as monitoring service. Needless to say, it adds extra protection against identity theft, which is a very common concern among customers or users. In addition to that, Credit Sesame also provides personalized financial offers.

We also like the fact that it provides accurate information according to your TransUnion credit report, which helps you stay informed of your credit activity, as well as review your own credit history.

Overall, we find the service to be safe, secure, and very easy to use. More so, it provides detailed financial information on the full website, as well as a simple mobile app. That said, Credit Sesame should be a great choice for those who want to track their credit.

No worries as Credit Sesame is not a scam at all. It is legit!

To sum it up, we find Credit Sesame ideal for those who:

  • Wants to know their TransUnion credit score without spending a penny
  • Wants free credit monitoring
  • Wants free identity theft insurance (cost is at $50,000)
  • Are willing to pay for a higher credit management platform or service

Having said all that, how do you find Credit Sesame? Are you convinced of how helpful and amazing the platform is?

Well, we hope that through this Credit Sesame review we are able to enlighten you regarding how useful this platform is, and why it is worth getting into your radar especially if you want an efficient credit management service.

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Investment Apps and Websites

Credible Loan Review: The Best Online Loan Marketplace Right For You

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.

Credible loans review what you need to know

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.

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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.

STUDENT LOANS

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
  • Books
  • Supplies
  • 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

PERSONAL LOANS

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.

MORTGAGE

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

MORTGAGE REFINANCING

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.

CREDIT CARDS

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?

Well, we do hope that this Credible loans review has helped you in making a decision. More so, we hope that by using Credible (which is for free), you get to find the best lender based on your needs.