Credible Review: Easily Refinance Student Loans

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Credible is a lending marketplace that lets you compare rates for refinancing. Read our Credible review to see how much they can help you save on your debt.

Being in debt makes it hard to pay your other bills. Refinancing your loans for a lower interest rate is an easy way to get out of debt sooner. Credible is one of the quickest ways to find the lowest rate and monthly payment by comparing multiple lenders.

Lower interest rates can also mean a smaller monthly payment. Your lifetime interest costs are less so you can have more money each month.

It’s free to compare interest rates without a credit score drop. You might use Credible to refinance your student loans or credit card debt.

Credible can also be an easy way to compare rates to find low-interest student loans and personal loans.

What is Credible?


Credible launched in 2012 as a loan comparison marketplace for refinancing student loans and new private student loans.

You can pre-qualify for loans from multiple lenders in a single search.

In addition to low-interest student loans, the platform offers rate quotes for these loans:

  • Personal loans
  • New home loans
  • Mortgage refinancing

If you have credit card debt or medical debt, getting a personal loan can result in a lower interest rate to consolidate your debt.

You know that finding the best interest rates can be time-consuming if you request separate quotes from each lender.

Credible saves you time by showing personalized rates for multiple lenders at once.

The precise number of lenders depends on what type of loan you want.

All loan quotes are free and don’t affect your credit score. You can see what loan terms you pre-qualify for on the same screen.

The lending partner you choose will issue any Credible loans you apply for. The lender still needs to offer a firm credit offer after you apply.

Another difference between Credible and other loan marketplaces is when lenders can call you. Other comparison sites let these same lenders contact you by phone and email as soon as you request a quote.

The platform only allows these same lenders to call you if you decide to apply for their loan offer.

You might be asking, “Is Credible legit?” because it’s free. The short answer is yes. Credible only makes money if you apply for a loan from their lending partner.

While it doesn’t show the rates of local banks, you will see competitive rates for many online lenders.

Who Should Use Credible Student Loan Refinancing?


It’s possible to refinance your student loans using Credible with a minimum $5,000 balance. You can combine your federal and private student loans if you choose.

Credible displays the best student loan refinance rates. You will see your pre-qualified interest rate, total interest charges, and new monthly payment.

This makes it easy to see if refinancing can save you money.

Refinancing your student loans makes sense when you can pay less total interest than by keeping your current loan.

However, you may think twice about refinancing federal student loans if you don’t want to forfeit your loan forgiveness benefits. Private loans don’t have the same repayment benefits.

But if you’re going to repay the loan early, the lower interest rate can be more valuable.

If you have federal and private student loans, you can choose only to refinance your private loans.

The best time to refinance your student loans is soon after graduation. You’re now earning a regular income, building credit, and your loan balance is high.

Lowering your interest rate as soon as possible reduces your lifetime interest charges more than waiting a few years.

Before applying, try to increase your credit score as much as possible. Higher credit scores can qualify for the best student loan refinance rates.

You may still need a co-signer if your credit history is lacking. Lenders may release the co-signer after you make a series of on-time payments.

Another reason to delay student loan refinancing is when you have high-interest personal debt such as credit cards. Applying for a personal loan first can maximize your interest savings.

This is because consumer debt has higher interest rates than student loans.

For example, you might qualify for a personal loan with a ten percent annual percentage rate (APR) instead of keeping a credit card balance with twenty percent APR.

When refinancing student loans, your new rate may only be two percentage points less than your current rate.

What are the Qualifications to Use the Service?


Credible doesn’t have any minimum qualifications to use its platform. But each lender has its own requirements that you must meet.

For example, you will need to be at least 18 years old and a valid Social Security number.

Private student loans and personal loans only require a $1,000 minimum balance. You need a $5,000 minimum balance to refinance your student loans.

One reason you may not receive a rate quote is if you have poor or no credit history. Some states may also require you to be at least 21 years old to apply for a loan by yourself.

Applying with a co-signer can improve your odds of qualifying for a loan. Try to find a co-signer with the highest credit score possible so you can get a better rate.

How Does Credible Work?


It takes approximately two minutes to receive a rate quote from Credible. The entire quote process occurs online. Below is a step-by-step look at what you can expect.

1. Fill out the Paperwork

The first step is to choose which loan you need. After that, you will answer basic questions regarding your personal details such as your age, home address, and housing expenses.

This process takes about two minutes.

Credible uses your Social Security Number and home address to access your credit report. Your credit report lets lenders give you an accurate rate quote.

2. Receive Your Rates

You will need to create a user account to see your rates. Joining with your email address only takes several seconds.

After creating your account, the platform requests offers from their lending partners. It takes up to one minute for Credible to retrieve your pre-qualified rates.

3. Compare the Offers

Credible shows you a list of offers from different lenders. These are the offers you pre-qualify for but may not be your official interest rate. You will need to formally apply to get a firm offer.

The first offer has the lowest interest rate APR to pay the least amount in interest.

Each lender quote includes the following details:

  • Estimated monthly payment
  • Lifetime interest you will pay
  • Repayment term
  • Interest rate APR
  • Borrowing amount

You can filter your offers by factors including the repayment period or the lowest monthly payment.

Most lenders don’t charge an origination fee. If they do, Credible shows how much each withholds upfront.

You won’t pay a prepayment penalty with any lender if you pay off your loan early.

If you’re still rate shopping, you can retrieve your rate quote in the future by accessing your Credible account.

4. Select Your Loan

The final step is choosing the loan offer that best fits your needs. At this point, Credible takes you to the lender website to apply for the loan.

The lender will require you to submit information about your loan, annual income, and monthly expenses.

You may also need to provide a copy of your recent pay stub, driver’s licenses, and Social Security card to verify your application details.

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This application results in a hard credit inquiry that stays on your credit report for the next two years. If the lender approves your application, you can receive your funds in a few business days.



There are several features Credible offers to make it easy to find the best loan offer.

No Cost

The platform is always free to use, and they never require you to apply for a loan.

Best Rate Guarantee

If you find a better rate for the same lender and loan terms somewhere else, Credible gives you a $200 cash bonus.

Student Loan Refinancing

Credible is one of the best places to refinance student loans as you can compare many options.

It’s possible to refinance loans for these types of student loans:

  • Federal student loans
  • Private student loans
  • Parent PLUS loans

There are ten student loan refinance lenders you can compare rates from.

You can also compare offers for fixed and variable interest rates. A fixed interest rate can be the better option for most as you don’t have to worry about future rate increases.

Each increase can require a larger monthly payment, and you pay more in lifetime interest.

Private Student Loans


Maybe you’re still in school and need to find a low-interest student loan. Credible offers private student loans for undergrad, graduate, and professional studies.

Private loans can have lower interest rates than federal student loans making this a wise way to save money in college.

You can borrow up to 100 percent of your school-certified costs minus financial aid. Applying with a co-signer can improve your approval odds if you have a minimal credit history.

Personal Loans


Personal loans are available through Credible with balances as small as $1,000. Most lenders offer repayment periods of either three or five years.

These loans don’t require collateral to get approval, but having good credit is helpful.

Some practical uses for a personal loan to get out of debt include:

  • Credit card debt
  • Medical expenses
  • Moving expenses
  • Funeral expenses (if you don’t have life insurance)

You can also consolidate multiple high-interest loans into a single personal loan. Besides a lower interest rate, you only have one monthly payment.

Credible also offers home loans and mortgage refinancing. As home loans have lower interest rates than personal loans, you should apply for this loan type separately than a personal loan.

Pros and Cons




  • Compare multiple interest rates in one search. You can compare pre-qualified rate quotes from several lenders in one search. It takes a few minutes to receive a personal offer.
  • Many loan options. You can refinance your student loans. Private student loans and personal loans are available as well.
  • No credit check. Requesting loan quotes from Credible never hurts your credit score. Credible lets you see whether you qualify for a loan without applying first.
  • It’s free. You can always compare loan offers for free. Credible only makes money if you apply for a loan from a lending partner.
  • No annoying follow-up phone calls. Other loan marketplaces let lenders contact you even if you don’t apply for their loan offer. Credible only allows the lender to contact you if you apply for a loan.



  • Overlooks local lenders. Although Credible compares rates from many of the best lenders, a local bank may offer a better rate.
  • Pre-qualified offers. You only see loan offers you pre-qualify for on Credible. Receiving a rate quote on Credible doesn’t guarantee the lender will approve you.
  • No rate discounts. Your current lender may give you an interest rate discount on new loans. Lenders don’t offer upfront rate discounts on Credible.

Credible is a lending marketplace that lets you compare rates for refinancing. Read our Credible review to see how much they can help you save on your debt.Summary


Is Credible legit? Yes; with Credible it’s always free to compare rates when you need to refinance debt like student loans or high-interest debt.

If you’re looking for a way to get out of debt quickly by saving money, getting a lower interest rate is a smart move.

Check your rate at Credible today to see how much you can save.


How much interest are you paying on student loans or credit cards? What are you doing to pay off debt quicker? How many lenders do you currently work with?

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Josh uses his personal experience to write about saving money and getting out of debt. After getting out of debt, Josh switched careers in 2015 and took a 60% salary cut. He enjoys spending his free time with his wife and three young children or reading books. You can catch more of Josh's story at his blog,

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