Credible Student Loans Review [2024]

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If you are looking for a marketplace platform that provides private student loans and offers student loan refinancing, then credible student loans are the ones you should go for. In this article, today we are going to deep dive into the credible student loans review which will help you make better choices for your student loans.

Credible makes hunting for private student loans easier. By filling out just one form, you can see personalized prequalified rates from top student loan lenders, all without it impacting your credit score.

However, it’s important to note that Credible doesn’t provide any exclusive discounts or incentives. This means that you won’t necessarily secure lower rates by using Credible compared to if you approached the lender directly.


Also Read:

Verdict of Credible Student Loans Review:

Here are the quick verdict of credible student loan:

Credible Student Loan Verdict:

Credible simplifies the search for private student loans. Just fill out one form, and you’ll receive personalized prequalified rates from leading student loan lenders, all without affecting your credit score. However, it’s essential to understand that Credible doesn’t offer any special discounts or incentives. So, using Credible might not necessarily get you lower rates compared to going directly to the lender.

Pros of Credible Student Loans:

Here are the key pros of credible student loan:

Sl No.



Easily compare rates for undergraduate loans from up to eight lenders all at once


You won’t encounter any origination or prepayment fees


Enjoy a $200 best rate guarantee. Terms and conditions apply

Cons of Credible Student Loans:

Here are the key cons of credible student loan:

Sl No.



Each lender has different repayment policies


There aren’t any special incentives for users of Credible


International students need to have a cosigner

Key takeaways of Credible Student Loans:

Here are the key takeaways of credible student loan:

Sl No.

Key Takeaways


Credible was established in 2012


Credible’s motto is “Simplicity. Choice. Unbiased Support.”


It provides private student loans and refinancing options for student loans


Credible can also help parents connect with private loans


Using Credible’s platform is completely free


The rates, repayment plans, and options for loan forgiveness or assistance differ depending on the lender

Company Overview: Credible

Here is the brief overview of credible as a company:


About Credible

About Credible

Unlike other companies that directly provide and distribute loans, Credible acts as a marketplace for loans. Using its platform, borrowers can fill out a straightforward form and be linked with top private student loan companies and lenders for loan refinancing.

Credible has the ability to connect borrowers with potential loans across the nation. However, it’s worth noting that some of its partner lenders might not operate in all 50 states.

In 2019, the Fox Corporation acquired 67% of Credible’s equity for around $260 million.

Year Founded


Official Website

Loans Offered

Undergraduate, graduate, parent, refinancing

Customer Service

Chat. Phone: (866) 540-6005. Email:

Credible Student Loan Rates:

Credible provides the following rates from its partner lenders as of February 2024:

Sl No.

Loan Type

Variable APR

Fixed APR


Undergraduate loan




Graduate loan




Refinance loan

5.28% to 12.41%

5.24% to 10.98%

Credible Pros Explained:

Let us understand the credible student loan pros in brief:

Sl No.

Pros Explained


Easily compare rates for undergraduate loans from up to eight lenders all at once:

While some marketplaces only link you with a few lenders, Credible provides personalized prequalified rates* from up to eight top companies. Having more partner lenders increases the likelihood of finding a favorable deal on a loan.


You won’t encounter any origination or prepayment fees:

Credible’s partner lenders don’t impose origination fees or prepayment penalties.


Enjoy a $200 best rate guarantee. Terms and conditions apply:

Credible stands behind its private student loan marketplace with a $200 best rate guarantee. If you find a better rate elsewhere and take out a loan there, Credible will send you a $200 gift card. Terms and conditions apply.

Credible Cons Explained:

Let us understand the credible student loan cons in brief:

Sl No.

Cons Explained


Each lender has different repayment policies:

Since Credible operates as a marketplace rather than a lender, the procedures for co-signer releases, financial hardships, and loan discharges vary depending on the lender providing the loan.


There aren’t any special incentives for users of Credible:

While some loan marketplace platforms offer additional interest rate discounts or cash-back bonuses for customers, there’s no such bonus when using Credible to compare rates.


International students need to have a cosigner:

While some lenders might accommodate international students without requiring co-signers, Credible doesn’t follow this practice. International students must have a co-signer who is either a U.S. citizen or a permanent resident to be eligible for a loan through Credible’s platform.

Lenders available through Credible:

Credible, as a lending marketplace, collaborates with banks, credit unions, and various other financial institutions to provide loans. Some of its partners for private student loans are:

Sl No.

Lenders available through Credible




Citizens Bank


College Ave Student Loans


Custom Choice








Sallie Mae


LendKey (refinancing only)


RISLA (refinancing only)


ELFI (refinancing only)


Brazos (refinancing only)

Credible Loan Eligibility and Approval:

Private student loans generally come with higher interest rates and fewer borrower protections compared to federal student loans, so it’s advisable to exhaust your federal aid options first.

Through Credible, borrowers can explore private student loans for undergraduate or graduate studies. Additionally, parents seeking loans for their child’s college expenses can also utilize Credible’s platform.

While eligibility requirements may differ among lenders, Credible’s partners typically expect borrowers to meet the following criteria:

  • Students must be enrolled at least part-time.
  • Borrowers should be of the age of majority in their state or have a cosigner.
  • Students must be U.S. citizens or permanent residents. International students may qualify for a loan if they have a creditworthy cosigner who is a U.S. citizen or permanent resident.

Are cosigners required?

Borrowers need to meet the credit and income requirements set by the lender. For college students who may not have a substantial income or credit history, having a co-signer can increase their likelihood of loan approval.

International students can qualify for private student loans by including a co-signer in their application who is either a U.S. citizen or a permanent resident.

Is loan Pre-Qualification available?

With Credible, you only need to fill out one form to explore options from various lenders, and it won’t impact your credit score. When you’ve chosen the loan that suits you best, Credible will guide you to the lender’s website to finish the full application. During this step, the lender will conduct a hard credit check.

What is the length of time for Loan Approval and Disbursement?

The time it takes for approval and loan disbursement varies from lender to lender. Typically, the lender directly sends the funds to your college. If there’s any excess money after covering tuition and fees, the school may provide it to you through a check or electronic transfer.

Loan Fees and Repayment Options:

Since Credible functions as a marketplace and not a lender, the fees and repayment options for your loan are determined by the lender who underwrites it, not by Credible.

1. Loan Fees:

Credible’s partners do not impose application fees, origination fees, or prepayment penalties. However, there might be late fees or fees for returned payments.

2. Loan Discounts:

A few of Credible’s partners provide special discounts, such as autopay discounts. With certain lenders, you might be eligible for a 0.25% interest rate deduction by signing up for automatic payments, or you could receive extra discounts by demonstrating proof of graduation or taking out multiple loans.

3. Repayment Options:

Unlike federal student loans where payments are typically deferred while you’re in school, private student loans may not offer the same flexibility. While some of Credible’s partners may allow payment deferment until after graduation, not all lenders may provide this option. 

Depending on the lender, you might have the choice of various repayment plans:

Immediate full payment:

With an immediate repayment plan, you start making payments toward both the interest and principal of your loan while you’re still in school. Although the payments are higher compared to other plans during your student years, this option ultimately results in the lowest overall cost.


Under a fixed payment plan, you’ll only need to pay a set amount each month, like $25, while you’re attending school. Once you graduate, you’ll start making payments toward both the principal and interest of the loan.


Opting for an interest-only repayment plan means you’ll make payments specifically toward the interest that accumulates monthly while you’re enrolled in school. Once you graduate or leave college, you’ll then start making payments toward both the principal and interest of the loan.


With a deferred payment plan offered by a lender, you have the option to delay making any payments until after you graduate. Typically, there’s a six-month grace period following graduation before payments become necessary.

4. Rewards

Credible doesn’t offer a rewards or referral program, though some of its partner lenders might have one.

5. Loan Forbearance and Discharge Options

When considering a private student loan through Credible, make sure to review the following lender policies before finalizing a loan agreement:

Financial hardship forbearance:

Some private student loan companies, though not all, provide forbearance to borrowers facing financial difficulties like job loss. This feature allows you to either make reduced payments or even skip payments for a few months.

Loan discharge for death or disability:

While federal student loans are discharged in cases of death and permanent disability, private student loans may not offer the same provisions. It’s important to inquire with your lender about how your loans will be managed if either you or your co-signer pass away or become totally and permanently disabled.

Is Student Loan Refinancing Available?

Alongside private student loans, Credible also links borrowers with lenders for student loan refinancing. Credible’s partner lenders provide various refinancing options, including:

  • Undergraduate loan refinancing
  • Graduate loan refinancing
  • Parent loan refinancing

Eligibility criteria differ among lenders, but certain partners of Credible permit borrowers to refinance their loans even if they didn’t graduate or are still attending school. Borrowers have the option to refinance their loans with either a fixed or variable-rate loan, and the repayment terms can extend up to 20 years.

Customer Service and Customer Support

Credible enjoys a favorable reputation among its customers. Only 25 complaints regarding Credible were submitted to the Consumer Financial Protection Bureau, with merely three of them related to student loans. 

This is considerably fewer than what one would usually expect for a student loan company.

You can contact Credible’s customer support team via phone, email, or online chat.

  • Email:
  • Phone: 866-540-6005

Since Credible doesn’t provide loans directly, you’ll need to communicate with another company once your loan enters the repayment phase. If you encounter any issues with your account or require assistance with your payments, you’ll need to reach out to the lender who issued the loan or the loan servicer responsible for managing it.

How to Apply for a Credible Student Loan?

Before considering Credible or any other student loan company, it’s crucial to explore all your federal and state financial aid options thoroughly. 

Start by completing the Free Application for Federal Student Aid (FAFSA) and reaching out to your college’s financial aid office to ensure you’re making the most of all available aid before resorting to private loans.

With Credible, you can receive quotes for private student loans and refinancing by completing a straightforward form. The form will ask for the following information:

  • Your name
  • Date of birth
  • Address
  • Citizenship status
  • College name
  • Degree type
  • Expected graduation date
  • Monthly housing payment
  • Employment status and income
  • Desired loan amount

Credible will utilize your information and conduct a soft credit check to present you with potential loans from various lenders.

Should you find a loan that suits your requirements and decide to apply for it, you can choose that loan, and Credible will guide you to the lender’s website to complete the full application. During this process, the lender may ask for additional information, and you’ll also need to authorize a hard credit check.

What are the Alternate Choices for Credible?

Here are some of the alternatives for credible student loans:

Sl No.






Loan Types Offered

Undergraduate; graduate; parent; professional

Undergraduate; graduate

Undergraduate; graduate; med; law, health, vet


Undergraduate Fixed APR





Undergraduate Variable APR





Origination/ Administrative Fee





Repayment Options

Varies by lender

Deferment; interest-only; immediate; deferment with co-borrower release

Deferment; interest-only; immediate; full payment


Refinancing Available




Final Verdict

If you’re in need of a private student loan but don’t know where to begin, Credible can be a valuable solution. 

It collaborates with numerous major lenders and offers quotes from up to eight of its partner lenders (for undergraduate loans), allowing you to discover the most suitable private student loans and terms for your education. 

While Credible doesn’t offer borrowers special discounts or bonuses for using the platform, it does simplify the process of finding a loan.

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