Credible Labs (Credible.com) Reviews: Is it Legit?
Are you tired of filling out endless loan applications just to secure a single low-interest loan? Ditch the hassle with Credible, our top-ranked personal loan pick for 2024. This free platform brings top lenders together, allowing you to compare rates, terms, and features in minutes. No more guesswork—Credible makes it quick and easy to check your loan eligibility, compare APRs, fees, and terms, while offering a variety of loan types through their network of reputable direct lenders, banks, and fintechs.
Whether you’re looking for debt consolidation, a private student loan or student loan refinancing, home insurance, or a personal loan, Credible.com helps you explore your options and qualify with ease. In this Credible.com review, we’ll break down exactly why this online loan marketplace stands out and how you can find the best low-interest loan for your credit score.
Check Credible Personal Loan Rates for Free!
Pros
Quickly Compare Personal Loans from Top-Rated Lenders: Credible.com helps you compare personal loan rates and monthly payments in as quickly as 5 minutes or less.
Reputable Lenders: Credible personal loans are already vetted and include top-rated lenders. They did the due diligence that would have taken you weeks to complete.
No Negative Effect on Credit: The pre-qualification process allows borrowers to check loan rates at Credible.com/Personal-Loan/ without a hard inquiry on their credit report, avoiding any negative impact on credit scores.
Innovative Technology: Credible’s technology makes it simple to find the best personal loan for you. It is tailored to your financial situation and needs. Best of all, their services are completely free of charge.
Best Rate Guarantee: Close with a better rate than you prequalify for on Credible and get a $200 gift card. Terms Apply.
Personal loans for bad credit: Credible offers a unique evaluation process for high-risk and bad credit personal loans. Consequently, applicants with a low credit score are more likely to qualify for a loan at Credible. Bad credit applicants can check if they’re eligible for a loan with any of the top-rated lenders by answering a few simple questions.
Cons
Lack of access to all lenders: You’ll only have access to lenders that work with Credible. As of 2024, they have around 20 partner lenders.
Credible can’t guarantee approval: Credible can pre-qualify you for a loan. However, pre-qualification is not the same as getting approved. There is a chance the direct lender will reject you for a loan.
Loan origination fees: Some lenders charge up-front fees that can be rolled into the loan or subtracted from the amount disbursed.
Who is Credible Labs?
Credible Labs (Credible), established in 2012, is a consumer finance marketplace for debt consolidation and personal loans. Credible’s online loan application makes it easy for consumers to compare pre-qualified loan rates. Credible also offers student loans, credit cards, and mortgages from a diverse pool of top-rated lenders. Backed by major media conglomerate Fox Corporation (Ticker Symbol: FOXA), known for brands like FOX News, FOX Sports, and FOX Entertainment, Credible brings stability and corporate strength to the fintech landscape. (2)
Credible Labs is a team of data scientists and financial technology experts specializing in loan comparison algorithms, led by their CEO, Stephen Dash. Credible’s team focuses on building cutting-edge tools that empower you to find the best loan options faster, saving you time and money. Credible Labs utilizes proprietary technology to personalize user experiences and provide accurate rates. The platform’s loan interface is directly linked to lenders and credit bureaus, ensuring consumers receive the most accurate and up-to-date loan offers, with rapid responses to inquiries.
Offering a carefully vetted list of approximately twenty top-rated lenders, including Zable, Upstart, LendingTree, PenFed, LightStream, Upgrade, and Discover, Credible prioritizes quality over quantity, avoiding the overwhelming “solicitation” feel of some online loan marketplaces. This approach delivers a highly effective, personalized experience for users seeking the right loan, whether for refinancing credit cards, student loans, mortgages, funding home renovations, or making other large purchases. If you’re in the market for a personal loan, Credible.com should be one of your first stops.
You can borrow between $600 and $100,000, with interest rates starting as low as 6.94% APR with autopay*. Please note that Credible loan rates change periodically, so you should check for the most up-to-date rates here.
What can you use Credible personal loans for?
Credible’s personal loans can be used for various purposes, including:
- Paying for a wedding
- Medical expenses
- Consolidating credit cards with a low-interest loan
- Home renovation or improvement projects
- Buying or refinancing a car
- Starting a business
- Covering emergency expenses
- Taxes
- Adoption
- Cosmetic procedures
- RV and Boat
- Engagement ring financing
- Moving costs
- Dealing with unexpected emergencies
- Financing a vacation
- Student loans and student loan refinancing
- Combine your debts into a single Credible personal loan
Credible Personal Loans vs. Bank Loans
- Beyond the Banks: Credible partners with lenders like Zable, who specialize in providing loans to borrowers with imperfect credit histories. You may qualify with a FICO score as low as 600, and funding can be secured within one business day—faster than most banks.
- Smarter Credit Checks: Credible’s process uses AI for efficient loan underwriting, which streamlines the experience. Lenders like Upstart use alternative methods for qualification, considering more than just your credit score.
- Unlocking Value: Credible’s risk assessment methods can approve borrowers who might be rejected by traditional banks. This results in more options for borrowers, even those deemed “high-risk” by conventional standards.
However, your own bank may offer competitive rates for personal loans, so it’s worth comparing options between your bank and Credible’s lenders. Multiple offers give you leverage to negotiate lower rates.
How Does Credible Get Paid?
Credible earns a commission from lenders when a borrower secures a loan. Customers do not pay anything for using the platform—Credible’s services are free to consumers. This ensures Credible’s interest aligns with helping you find the right loan option.
Is Credible a Good Option for Personal Loans?
Credible is a trusted loan marketplace that allows borrowers to compare offers from multiple lenders with a single application. It works with top lenders to provide personal loans for debt consolidation, large purchases, and other major expenses.
Credible’s Key Features:
- Fast Prequalification: Prequalify within minutes without affecting your credit score.
- No Fees: There are no fees for using Credible’s platform.
- Wide Range of Loan Amounts: Borrow from $600 to $100,000.
- Trusted Lenders: Credible partners only with well-established, reputable lenders.
Common Themes in Credible Customer Reviews:
- Streamlined Process: Customers often highlight Credible’s user-friendly platform.
- Competitive Rates: Many reviews mention Credible’s ability to provide attractive loan offers.
- Transparency: Borrowers appreciate the clear terms and conditions.
- Fast and Efficient: Many report receiving prompt approvals and timely disbursements.
- Excellent Support: Credible’s responsive customer service is frequently praised.
Loan Terms and Conditions: Flexibility and Transparency
Credible provides personal loans with various terms, giving borrowers the option to choose repayment periods that suit their financial needs. Repayment periods can vary from 12 to 120 months. Borrowers also appreciate Credible’s transparency, as all potential fees and terms are clearly outlined before you commit.
Credible’s loan calculator helps you estimate monthly payments based on loan amounts, interest rates, and loan terms.
Real-Life Scenarios: Credible Benefits Customers
- Emergency Car Repair: If your car unexpectedly breaks down, Credible helps you quickly compare loans to cover repair costs.
- Debt Consolidation: If managing multiple debts becomes overwhelming, a personal loan through Credible can help consolidate them into a single monthly payment with potentially lower interest rates.
- Home Renovation: Planning a renovation? Credible connects you with lenders offering competitive rates to finance home improvements.
How to Secure the Lowest Interest Rate on Personal Loans:
- Improve Your Credit: Paying down credit card balances can boost your credit score.
- Compare Offers: Use Credible’s platform to find the lowest rates.
- Negotiate: Some lenders offer discounts, such as autopay discounts, which can lower your rate.
Credible Personal Loan Requirements:
To get pre-qualified for a loan on Credible, you’ll need to provide basic personal and financial information, including:
- Personal details (name, address, Social Security number)
- Employment status and income information
- Desired loan amount
Is Credible Safe?
Credible uses TLS encryption to secure all personal information and does not sell your data to third parties. Partner lenders undergo a rigorous screening process, ensuring borrowers only deal with reputable institutions.
Does TrustedCompanyReviews.com Recommend Credible?
Yes, based on our research, Credible is a great platform for consumers to explore personal loan options without worrying about excessive solicitations. Unlike competitors, Credible maintains a high level of privacy and consumer protection.
Frequently Asked Questions
What credit score do you need for a loan through Credible?
Does Credible hurt your credit?
How much does it cost to get a loan through Credible?
Why use Credible vs. direct lenders?
Are there other lenders or places similar to Credible for personal loans?
Source
Sources:
- PR Newswire, Fox Corporation Completes Acquisition of 67% of Equity of Credible Labs, https://www.prnewswire.com/news-releases/fox-corporation-completes-acquisition-of-67-of-equity-of-credible-labs-300940531.html.
- Crunchbase, https://www.crunchbase.com/organization/credible
- Wikipedia, Credible Labs, https://en.wikipedia.org/wiki/Credible_Labs
- Nationwide Mortgage Licensing System, (NMLC), https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
- Credible.com website,
- Better Business Bureau (BBB), Credible BBB review, https://www.bbb.org/us/ca/san-francisco/profile/financial-services/crediblecom-1116-544253
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
