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Credible Personal Loans Review
Credible at a glance
|Min. Loan||Max. Loan||APY Range||Terms||Key Benefit|
|Credible||$1,000||$100,000||4.99% to 35.99%||2 – 7 years||Compare multiple lenders at once|
What we like about it
Since Credible is a marketplace, users can fill out one form that takes two minutes and immediately get access to multiple offers from potential lenders. This considerably lowers the effort and time needed in researching various lenders. Additionally, Credible has partnered with credit bureaus such as Experian and Equifax, so only a soft credit check is done when checking rates. Furthermore, Credible lenders don’t just look at the credit score, the lenders look at a person’s entire financial profile. This can make it easier for those with low credit scores to get a personal loan.
The other advantage of Credible’s personal loans service is that it’s extremely fast, with most people receiving their funds within a couple of days of approval. On top of that, Credible’s Best Rate Guarantee means you get a $200 cash bonus if you find a better rate somewhere else.
In terms of service, Credible is very highly rated with an A+ Better Business Bureau grade. It’s also known for its great customer service, a team of people who are available through phone, email and online chat 24/7.
Things to consider
The main disadvantage is that the selection of lenders is not as wide as it could be, considering the hundreds of lenders in the market. And although Credible displays all lenders in one place, it’s always recommended to do your own research on the fees, terms and conditions of each one. This can increase time spent researching the lenders that Credible partners with, instead of securing your loan and receiving funds quickly.
Credible is free to use and none of the lenders charge prepayments, however, lenders may charge an “origination fee” which can be anything between 1.5-6%. One other disadvantage is that the loan repayment terms on Credible are between two and seven years. If you want access to lenders with longer terms, you’ll need to search elsewhere.
Keep in mind that once you submit your application, there will be a hard credit check, so make sure to do your research before going through with the application. Credible has two lending partners that offer cosigned loan options for those with poor credit scores.
What you need to know
To get started you’ll fill out a two-minute form on Credible.com. You’ll need to give information on your loan: the total amount, how you’re going to use it, credit score, employment and educational information. Then, fill in your personal details and create an account. A dashboard will come up with several lenders that meet your criteria. Make sure to do your research before going through with the application, as this will involve a hard credit check which could affect your credit score.
The loan range on Credible is anything between $1,000 to $100,000, with an APR of between 3.99 to 35.99% with repayment periods of two to seven years.
Fees and penalties
As mentioned above, Credible’s personal loan marketplace is completely free to use. Having said that, the lender you pick may have some fees such as processing, late payment, returned payment and origination fees. However, no lenders charge application, disbursement or prepayment fees. Before applying to one of the lenders on Credible’s site, make sure to read the terms and conditions.
Collateral and criteria
In order to be considered on Credible, you will need to meet the minimum criteria. Borrowers must be U.S. citizens and have a Social Security number. Meeting the recommended criteria such as a credit score higher than 620 and a debt-to-income ratio of under 40% can significantly improve your chance of getting cheaper loans.
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