Our Credible personal loan review showcases our top pick among widely available online personal loan providers. The platform the company provides makes shopping for debt consolidation solutions and personal loans through Credible simple, fast, and easy. Credible accepts no fees from its customers, and you can get a loan preapproval in minutes that won’t affect your credit score.
Credible works with 20 personal loan lenders, and you can find a loan to pay for almost anything outside of illegal uses, gambling, and a couple of other restrictions. While Credible itself isn’t a direct lender, it allows you to shop for the lending institution and loan rates and terms that best fit your needs for free and without any obligations.
Credible personal loan reviews from experts and consumers alike propel the company to the top of our review list of the best personal loan providers for fair credit, and it appears in our list of the best debt consolidation companies available. Here’s a detailed look at what you can expect from Credible, its pros and cons, and relevant details to help you decide how it can work for you.
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Pros
Prequalify without affecting your credit score
No customer fees to use the service
Loan amounts between $1,000 and $200,000
Rates as low as 6.94% when autopay discount applied
Highly rated by customers and experts
Cons
Origination fees apply
Cannot guarantee loan approval
Isn’t a direct lender
Credible Personal Loan: Features and Benefits
Working with Credible differs from working with a traditional lender in numerous ways. The company has no brick-and-mortar locations to walk into. Instead, the company provides an online portal at Credible.com where customers can shop and compare lender offers and obtain loan preapprovals without a hard inquiry going against their credit score.
Because Credible isn’t the lender, your loan will be through one of its affiliate providers. Despite this fact, Credible charges no fees to use its service. The company earns a commission from its partner lenders to make a living, but only after you choose a loan product and secure the deal.
- Can compare several borrowing options at once
- Online personal loan and debt consolidation marketplace
- Prequalifying doesn’t impact your credit score or appear on your credit report
- Doesn’t sell your data
- Personal loan rates between 6.94% and 35.99%
- Payment terms from 12 to 120 months
- Loan amounts from $1,000 to $200,000
- Autopay discount available and necessary to achieve best interest rates
- Origination fees apply from 0% to 12%
- Funding often available within 24 hours
- Customer support available
- Private student loans and refinancing options are available
Credible Personal Loan and Debt Consolidation: Editorial Rating
Trusted Company Reviews Rating Score for Credible Personal Loans: 9.5
Trusted Company Reviews Rating Score for Credible Debt Consolidation: 9.2
Credible personal loans rate highly with consumers and experts. That fact carried a lot of weight while we were evaluating the company and comparing it to the competition. We researched the personal loans part of the company from two angles, including its personal loans and its debt consolidation offerings. The personal loans evaluation earned Credible 9.5 out of 10 points in total, while its debt consolidation options earned 9.2 points.
Credible’s personal loan offerings are available for just about any approved need, including, but hardly limited to, medical expenses, events, debt and credit card consolidation, buying or refinancing a car, covering emergency expenses, procedures, RVs and boats, large purchase financing, moving costs, vacations, and many more.
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Credible Personal Loan Reviews |
Overall Average Rating |
| Better Business Bureau | A+ |
| Trustpilot | 4.8 |
| Consumer Advocate | 4.7 |
What We Like
Our researchers are impressed with Credible’s ability to provide numerous borrowing options and straightforward comparisons for consumers on a single platform without charging a special fee for the service. However, while the excellent review scores stand out among the competition, we were looking for hard data to back up the claims and review scores.
In the end, we were happy to find not only a large selection of lenders but also a large span of service availability for nearly any credit score down to around 580. While borrowers with lower credit scores will face higher interest rates and origination fees than borrowers with excellent credit, we were still impressed that the offers were available.
What We Don’t Like
Credible lists its origination fees as 0% to 12%, suggesting that some borrowers won’t have to pay an origination fee for their loan products. While that may be the case, the situation is reserved only for those with excellent credit scores and histories. Most customers will have to pay at least a small origination fee for their personal loan product through Credible.
About Credible Personal Loans and Other Financial Products
Credible started in 2012 and was among a handful of early starters in the fintech banking revolution. Since then, it has partnered with multiple lenders, ultimately selecting only the ones with the best track records to work with. Nineteen providers currently make up Credible’s lender network, offering a wide variety of financial products to fit the needs of many customer types.
Credible’s unique approach of matching consumers with lenders for free on its website streamlines the personal loan and debt consolidation processes and reduces costs to both borrowers and providers. This allows customers to take advantage of readily available loan products, provided they meet basic borrowing requirements and have adequate resources to repay the loan.
Personal Loan Rates and Payment Terms and Conditions
The repayment terms you’ll experience when working with Credible will depend primarily on the lender and financial product you choose after your preapproval. Your rate and terms will vary based on your credit score, credit report and history details, financial situation, and what you intend to spend your loan funds on. You can expect to discover the following rates and terms when working with Credible.
| Fixed rates | 6.94% – 35.99% (with autopay) |
| Loan amounts | $1,000 – $200,000 |
| Terms | 12 – 120 months |
| Origination fee | 0% – 12% |
| Minimum credit score | 580 |
| Approval time | Usually within 24 hours |
| Funding time | One day to one week on average |
Credible Partner Company Providers
Your personal loan and debt consolidation specifics will vary depending on the lender you choose. The following list is all of the current providers available through Credible. You may see more or less of them depending on the details you include in your initial preapproval application and your credit score.
| Lender | Minimum APR | Loan Amount |
| 60monthloans | 19.00% | $1,000 to $10,000 |
| Avant | 9.95% | $2,000 to $35,000 |
| Best Egg | 6.99% | $2,000 to $50,000 |
| BHG | 10.26% | $20,000 to $200,000 |
| Citibank | 11.49% | $2,000 to $30,000 |
| Happy Money | 8.95% | $5,000 to $40,000 |
| LendingClub | 8.91% | $1,000 to $40,000 |
| LendingUSA | 13.00% | $5,000 to $50,000 |
| LightStream | 6.94% | $5,000 to $100,000 |
| OneMain Financial | 18.00% | $1,500 to $20,000 |
| Prosper | 8.99% | $2,000 to $40,000 |
| Reach Financial | 14.30% | $3,500 to $40,000 |
| Rocket Loans | 9.12% | $2,000 to $45,000 |
| SoFi | 8.99% | $5,000 to $100,000 |
| splash | 7.99% | $5,000 to $35,000 |
| Universal Credit | 11.69% | $1,000 to $50,000 |
| Upgrade | 7.99% | $1,000 to $50,000 |
| Upstart | 7.80% | $1,000 to $50,000 |
Other Credible Products
Personal loans are what Credible is most well-known for. However, several other financial products are also available through its partner companies. Auto and home loans, credit card consolidation, mortgage refinancing, home insurance, student loans, and student loan refinancing are among them.
Credible Personal Loan Requirements
Personal loan approval requirements vary by lender when working with Credible. However, a number of minimum requirements must be met in order to apply. While having a credit score of at least 580 is generally accepted as a minimum, there’s no official credit score in which you’ll be automatically disqualified from applying.
Instead, Credible’s partner lenders will evaluate your financial and credit situation based on your credit history, payment history, debt-to-income ratio, credit usage ratios, number of hard inquiries on your credit report, and employment status to determine your approval odds, calculated ability to repay, creditworthiness, and your loan interest rate and origination fee.
Basic minimum requirements to apply for preapproval through Credible include:
- Must be at least 18 years old
- Must be a U.S. citizen
- Must have proof of address
- Must have a Social Security Number
- Must provide proof of income (W-2s, pay stubs, 1099s, etc)
Origination Fees Apply
An origination fee will likely apply for Credible applicants with less-than-perfect credit scores and histories. The fees can equal up to 12%. However, most are lower than that. Your origination fee will be disclosed in the details returned to you after applying for preapproval and before you choose to accept a hard inquiry by officially applying for a loan.
It’s important to state that any origination fees associated with your Credible personal loan product will be deducted from your requested amount instead of added to the balance. For example, if you request a $1,000 loan and your origination fee is 5% ($50), you’ll receive $950 and owe $1,000 on the loan.
This is essential knowledge if you need a specific dollar amount for a purchase or consolidation. You may wish to request a larger loan amount to cover the difference after the origination fee is calculated and applied.
Sample Loan
Figuring in your APR and origination fee, your Credible personal loan through one of its partners could look like this.
| Requested Loan Amount | $10,000 |
| Origination Fee 6% | $600 |
| Money Received | $9,400 |
| Total Starting Balance | $10,000 |
| Interest Rate | 12% |
| Term Length | 36 months |
| Monthly Payment | $332.14 |
Availability
Credible is available in all 50 states nationwide and in Washington, D.C. However, only some of its partner lenders are available in United States territories, such as Puerto Rico and the Virgin Islands.
How to Apply for a Credible Personal Loan or Debt Consolidation
A five-step process is necessary to obtain a personal loan through Credible. While the process itself is fast, gathering your necessary documents and verifications can take some time. The steps are needed to provide you with a preapproval that allows you to compare lenders and loan products before taking a hit against your credit score in the form of a hard inquiry, which is necessary for final loan approval.
- Complete the initial request form on Credible’s website. You’ll be asked to provide details about your personal and contact information, Social Security Number, birthday, monthly bills and payments, employment status, income, taxes, and a few other questions, including what you intend to use the loan funds for.
- Wait for Credible to perform a soft credit inquiry. This will not affect your credit score and won’t appear on your credit report. The step usually takes just a few minutes. However, it can take longer if additional verifications are needed from you.
- Receive your loan offers from lenders and compare them against one another, then choose the offer you like, or discard all options and leave the site owing nothing. The loan details will include your loan amount, interest rate, origination fee, and repayment specifics.
- After choosing one of the offered options, you can now formally apply for the loan of your choice by submitting proof and documentation of the information you provided in the initial preapproval step. This step will initiate a hard inquiry on your credit report and have a temporary negative effect on your credit score. It’s important to note that if any of the information you supply here differs from what was stated in the first steps, you could be turned down for the loan.
- Receive your funds within 24 hours to one week and use them as intended. Credible’s debt consolidation partners also may offer to pay your creditors directly so you don’t have to disperse it yourself.
Credible Partner Reviews
You can check out some of our Credible partner company reviews here:
Frequently Asked Questions
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Source
Logo image source: credible.com
Disclosure
Personal Loans Rate and Terms Disclosure:
Rates for personal loans provided by lenders on the Credible platform range from 6.94% APR to 35.99% APR, with terms from 12 to 120 months. These rates may include discounts for enrolling in autopay or loyalty programs, where applicable. Actual rates may differ from those advertised, depending on the lender’s criteria, which can include factors such as credit score, loan amount, loan term, credit usage, and credit history. Additionally, rates may vary based on loan purpose. The lowest available rates typically require excellent credit, and in some cases, may be reserved for specific loan purposes or shorter loan terms.
Credible Personal Loan Origination Fees:
The origination fees charged by lenders on the Credible platform range from 0% to 12%. Each lender has its own qualification criteria for discounts (e.g., some require enrollment in autopay before loan funding to qualify for the autopay discount). All rates and terms are determined by the lender and must be agreed upon by the borrower and their chosen lender.
Example of a Credible Personal Loan Repayment Period:
For a $10,000 loan with a three-year repayment period, an interest rate of 7.99%, a $350 origination fee, and an APR of 10.43%, the borrower will receive $9,650 at the time of funding and make 36 monthly payments of $313.32.
Assuming all payments are made on time, and the borrower complies with the loan contract and any discount programs included in the APR or interest rate, the total amount paid over the life of the loan will be $11,279.43.
*Read rates and terms at Credible.com
Deane Biermeier
