August 6, 2019

Credible Student Loans Review

Credible is a comparison site that originally made a name for themselves because of the work that they accomplished in the student loan space.

Recently, they’ve expanded their services to include private loans, mortgages, and credit cards. But for today’s review, we’re going to focus on the student loan side of their business.

In our review, we’ll explain what Credible does, what makes them unique, and how they could help you find the best deal on student loans and student loan refinances.

What Does Credible Do?

Credible gives potential borrowers the ability to see current rates and receive loan offers from 10+ lenders…all from one site. What Trivago is to hotels or Bankrate is to mortgages and savings accounts, Credible is to student loans.

What Makes Credible Different Than Other Comparison Sites?

Honestly, there are very few student loan comparison sites in existence today. But even among the few that are out there, the rates that are shown are typically generic. In other words, lenders just advertise the lowest possible rates that they can offer.

But only consumers with the highest of credit scores qualify for these super-low rates. If that’s not you, then comparison sites like these are basically useless.

What you really want to know is what kind of a rate you can qualify for.

And that’s where Credible steps in with a completely different model that is more effective and helpful:

  • Upon visiting their site, Credible will ask you to fill out a 2-minute form.
  • Once you do, Credible will use your information to perform a soft credit check (it will not be a hard inquiry so it won’t affect your credit score).
  • Then, Credible surfaces real rates from lenders that are tailored specifically to you.

There is one other major site, LendKey, that follows a very similar model to compare actual student loan rates and offers. The sites are different, however, in that LendKey focuses on partnering with credit unions and small banks while Credible tends to work with the big players in the industry.

How Does the Process Work?

It’s important to understand that Credible cannot guarantee that any lenders will want to offer you a student loan or a refinancing deal.

No Guarantees

If you don’t have a credit score at least in the mid-600s, there is a strong possibility that you may not receive any offers.

Credible recommends borrowers who are worried about qualifying for offers consider getting a co-signer to apply with them.

Co-signing can be a dangerous move for both the co-signer and the borrower, so proceed with caution if you are considering this as a way to qualify for loans.

Getting Prequalified

After receiving your information, ff any lenders want to make you an offer, you’ll see one or more “Prequalified Rate” notifications pop up on your Credible dashboard within a few minutes of submitting your form.

You can then decide if you feel good about any of the offers and would like to proceed.

Closing the Deal

If you choose to pursue a deal with one of the lenders that’s making you an offer, they will need you to fill out additional information. Credible says this step should take no longer than 10 minutes.

Upon submitting this information to the lender, they then WILL perform a hard credit inquiry. If everything goes well, you will then work with the lender from that point forward to finalize all the details.

Get started with Credible

Does Credible Work With All Student Loan Lenders?

No. Credible works with many of the leading lenders in the industry, including SoFi (new addition!) Citizens Bank, College Ave., Brazos, iHELP, Penfed, and RISLA.

But there are many lenders that are not part of their network. Commonbond, Earnest, and Laurel Road are a few examples. All three of those lenders are major players who are known for either offering great rates, great payment options, or both.

For these reasons, I would recommend checking with each of the companies from our top refinance lenders for 2019 list in addition to using Credible’s comparison tool.

Does Credible Charge a Fee?

No. Credible gets paid by the lenders for referring business to them, so they are able to offer their service for free to consumers.

What are the Eligibility Requirements?

Credible doesn’t officially have any income or credit score requirements. However, in my experience, it’s unlikely that you’ll be offered a prequalified rate if your credit score is below the mid-600s or if your debt-to-income ratio is unusually high.

You do have to be over 18 to apply. Applicants under 18 must have a cosigner apply with them.


If you currently have federal student loans, then refinancing could be a really bad choice for you. Before making any decision about refinancing you need to read 6 Critical Questions to Ask Before Refinancing Your Student Loans

But if you’re looking to refinance a private loan or if you need to take out a new student loan, Credible could save you a lot of time and money!

Get started with Credible

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About the author 

Clint Proctor

Hi, I'm Clint! I love writing about everything personal finance. In addition to this site, my work has been featured on several major publications including Business Insider, Forbes, Credit Karma, and U.S. News and World Report. My hope is that you'll be able to find plenty of helpful information and inspiration on this site to help you reach your financial goals. Thanks for visiting!

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