Credible Overview: Student Loan Marketplace

Credible is an online marketplace that lets you compare student loan offers from multiple lenders.
Ryan Lane
By Ryan Lane 
Updated
Edited by Des Toups

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Credible is a free online loan marketplace. It lets you compare lenders and rates for student loan refinancing and private student loans. Credible doesn’t do any lending itself; it earns commissions from the lenders on its platform.

Here's information about Credible's student loan refinancing marketplace; you’ll find an overview of its private student loan marketplace below.

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Credible student loan refinancing

Bottom line: Like other student loan refinancing marketplaces, Credible lets you fill out one form to see if you'll qualify with multiple lenders and receive rate estimates.

Pros and cons

PROS

  • Compare multiple lender offers at the same time.

  • See if you’ll qualify and what rate you’ll get without a hard credit check.

CONS

  • Borrowers need to research individual lenders before applying.

  • No rate discount for applying via Credible.

How Credible student loan refinancing works

Credible lets you compare multiple refinance offers at the same time, similar to other student loan refinancing marketplaces, including NerdWallet's. It doesn't originate loans or offer lower interest rates than you would get by applying directly with a lender. You'll still need to meet a lender's qualifications and should research individual refinance offers.

Here's how Credible student loan refinancing works:

1. Get personalized rate estimates

Fill out a short form on Credible's website about your education history and finances, including the total amount you want to refinance. Then, you’ll be asked to create a Credible account. This won't result in a hard credit check that affects your credit score.

2. Compare rates and lenders

Next, you’ll see a dashboard with refinance rates you’ll likely qualify for. You’ll probably see multiple options from each lender because most offer several term lengths and both fixed and variable interest rates. Adjust the filters to narrow your choices based on what you’re looking for.

3. Choose a lender and apply

Research your options before deciding. The best lender for you will likely be the one that offers the lowest interest rate, but make sure that loan has other features you may want — like co-signer release, for example.

If you move forward with a lender, you’ll be asked to import your loan information and the lender will run a hard credit check before making an offer. After completing this process through Credible, the lender will contact you for the final steps for the new loan.

Credible private student loans

Bottom line: Credible lets you fill out a single form to see if you'll qualify with multiple private student loan lenders and receive rate estimates.

Pros and cons

PROS

  • Compare multiple lender offers at the same time.

  • See if you’ll qualify and what rate you’ll get without a hard credit check.

CONS

  • Borrowers need to research individual lenders before applying.

  • No rate discount for applying via Credible.

How Credible private student loans work

Credible lets you compare interest rates from multiple private student loan lenders; it doesn't originate loans. Anyone can use Credible, but you'll need to meet the individual qualifications for any lender on the platform. For example, if you don’t have a long credit history, you’ll likely need to apply with a co-signer.

Before looking to private student loans, fill out the Free Application for Federal Student Aid, or FAFSA. Borrow all the federal student loan money you can first because federal loans generally have lower interest rates for undergraduate students and more favorable repayment terms for all borrowers. If you need a private student loan, compare rates from multiple lenders before choosing one.

Here’s how getting a private student loan through Credible works:

1. Get personalized rate estimates

Start by filling out a short form on Credible's website with information about the school you’re attending, the amount you want to borrow and your income and expenses. This step doesn't affect your credit score. If you’re applying with a co-signer, they will need to complete this form too. Then, you'll be asked to create a Credible account.

2. Compare rates and lenders

After you and your co-signer complete the pre-qualification form, you’ll see a dashboard with all the loan options you may qualify for. You’ll likely see multiple options from the same lender, each with a different term length or interest rate. To narrow the choices, filter the results to show the repayment plan, interest rate type, term length and monthly payment amount.

3. Choose a lender and apply

Take your time researching your options before deciding. You’ll be dealing with the lender you choose for years after you leave college so make sure it offers features you might need, like flexibility for borrowers struggling to make payments.

If you choose a lender to move forward with, you’ll be asked to provide more information and the lender will run a hard credit check to confirm the final offer. After completing these steps through Credible, the lender contacts you to finalize the loan.

Is Credible legit?

You can't borrow a student loan from Credible or get lower interest rates by using its platform. But Credible is a legitimate way for student loan borrowers to compare multiple offers — similar to other online lending marketplaces, including NerdWallet's — to get the best deal possible.

Get pre-qualified in just 3 minutes with Credible
Check multiple student loan lenders to get accurate, pre-qualified rates with no impact to your credit score.

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