In the market for a student loan, student loan refinance, personal loan, credit card or mortgage refinance? Before you begin an intensive internet search, check out Credible. It’s free and does all the heavy searching for you. Here’s how it works.

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Credible is an online loan marketplace, where you can apply for financing, and receive offers from several lenders at once. This will reduce the amount of time it will take to get the loan you want by the usual method of searching out individual lenders. Much like online insurance marketplaces, you can complete an application on Credible, and have lenders come to you.

About Credible

Credible is a multi-lender marketplace providing borrowers with the opportunity to get competitive loan offers from one or more of several lenders. The lenders participating on the platform are some of the biggest names in the industry.

Credible is based in San Francisco, California, and was launched in November, 2012. In addition to offering loans for student loans, student loan refinances, and personal loans, Credible has recently added credit cards and mortgages to the mix.

The Better Business Bureau gives Credible a rating of “A+” (on a scale of A+ to F), where it has been accredited since October, 2015.

How Credible Works

You complete a single application, then get personalized loan offers from various lenders in a matter of minutes. You can then choose which loan will work best for your needs.

One of the big advantages Credible offers is that the rates you’ll receive from lenders will be real rates, and not rate ranges. That means you’ll know exactly what you’re dealing with before you complete the loan process.

Loan offers will appear on the Credible Dashboard, where you can review the details of each offer. You can proceed with an offer by clicking “Select Lender.” Once you do, the lender is likely to request documentation, including a driver’s license or passport, pay stubs, W-2s, and pay off statements from any current lenders you’re looking to pay off with the new loan.

Required documentation can be uploaded to the Credible Dashboard, making the submission process quick and easy.

With certain loan types, particularly student loans, you may need to add a cosigner. The application process for your cosigner will be similar to yours.

And if you need any help along the way, Credible has Client Success Team experts to help you with every step of the process.

Credible Loan Programs

Credible serves as a marketplace for the following five loan types:

Refinance Student Loans

You can refinance federal, private and ParentPLUS loans. Credible gives you access to loans from up to 10 vetted lenders, and you can get results in a matter of minutes.

Participating lenders include:

Loan offers will show the following:

• Interest rate
• Loan type (fixed or adjustable)
• Monthly payment
• Loan amount
• Origination fee (if any)
• Loan term

Naturally, you’ll need to qualify for each lender’s loan program based on your income, credit history, and debt level.

Each lender you select may require additional information. But once all information has been provided, you can receive your final offer in as little as one business day.

Credible advertises that their partner lenders do not charge loan application fees, origination fees, or prepayment penalties.

Get Started With Credible

Private Student Loan

Private student loans have the advantage that loan amounts are generally higher than what are available with federal student loans. They can be used for undergraduate, graduate and professional degrees, and cover as much is 100% of your school certified costs. They also offer flexible repayment terms, including deferments, interest-only payments, and other options.

Private student loans are available from nine different lenders, including Citizens Bank, College Avenue, Discover Student Loans, EDvestinU, INvestEd and Sallie Mae. Loans are available for students at more than 2,200 eligible schools.

You can apply individually, or along with a qualified cosigner. Just as is the case with student loan refinances, private student loans come with no origination fee, no service fee, and no prepayment penalty.

Related: The Definitive Guide to Student Loans

Personal Loans

Credible provides access to personal loans from 11 different lenders. This includes some of the biggest names in the personal loans space, such as Lending Club, Prosper, Avant, LightStream and Marcus by Goldman Sachs. Loans are available in amounts ranging from $1,000 to as much as $100,000, and can be used for virtually any purpose. Personal loans are fully unsecured, and currently available at interest rates as low as 5.95% APR.

Once again, you can apply online, and begin getting loan offers in a matter of minutes. As the offers come in, you can select the one that will work best for you then complete the process. Loans can be used for debt consolidation, credit card refinancing, home improvement, car financing, wedding expenses, or even to start a new business.

Be aware however that the personal loan industry is somewhat non-standardized. The specific rates you’ll pay, as well as the terms and documentation requirements will vary from one company to another.

Get Started With Credible

Related: The Best Online Personal Loan Rates and Offers

Credit Cards

This is a recent addition by Credible. It works similar to other credit card aggregators, in that you can select the card category you want to apply for. For example, you’ll have the choice of choosing cards with the most generous cashback, rewards, or travel benefits, those for balance transfers, low rates, or 0% introductory offers.

As you can see from the screenshot below, you can choose your category, and several credit card providers will come up under each. You can choose the one with the best offer for you, and apply directly.

Credible also provides resources to help you choose the best credit card, learn how to apply for a credit card, and how to both build and increase your credit score. The last one will be important in getting a credit card with the best terms and pricing.

Mortgages

Credible is a mortgage broker, and has licensed loan officers to provide assistance from application to closing.

When you complete your online application through Credible, you’ll begin getting actual prequalified rates in as little as three minutes. You can make application without impacting your credit score. Credible uses a question and answer format, and also provides an automated document upload process.

Credible gives you access to multiple mortgage lenders, focused on providing cash out refinances. Loans can be either fixed rate or adjustable rate, and you also have access to a dedicated support team.

Much like the other lending services offered by Credible, once you complete your application, you’ll get offers from different mortgage lenders. Once again, the rates offered will be actual, and not ballpark ranges. That will make it easier for you to select the lender that will work best for you.

You’ll need to provide the following information to begin the process:

• Your full name
• Your income
• The subject property address
• Estimated property value
• The amount of the mortgage you need

Once you select the lender, you’ll need to provide typical information required for any mortgage loan. That will include employment and income information, including two years W-2s and recent pay stubs, bank statements for two or three months, and asset statements for brokerage and retirement accounts. Each can be downloaded directly on the site for easy submission.

Related: Mortgage Rates Today

Credible Features and Benefits

Loan types offered: Refinance student loans, private student loans, personal loans, credit cards and mortgages.

Eligible borrowers: You must be at least 18 years old, a U.S. citizen or permanent resident alien, residing in the U.S.

Platform security: Credible uses 256-bit encryption and secure socket layer (SSL) technology to keep your data secure.

Customer service: Credible customer service is available by phone, live chat, or email. Customer service is available Monday through Thursday, from 6:00 am to 6:00 pm, Fridays from 6:00 am to 4:00 pm, and Saturdays and Sundays, from 7:00 am to 4:00 pm. All times are Pacific time.

Credible Fees

There are no fees payable directly to Credible for using the platform. However, certain fees may be charged by the lender through which you get your loan. But in many cases, partnering lenders also charge no fees at all.

How to Sign Up with Credible

The sign-up process varies somewhat from one loan type to another, but it follows the same basic pattern. You’ll enter basic information about the loan you’re looking for, then lender offers will be provided.

For example, with personal loans, you start by entering the loan amount you’re looking for.

You’ll then be asked to provide the reason for the loan, such as debt consolidation, credit card refinancing, home improvement, a major purchase, or other purposes.

You’ll then be asked the following questions:

• What’s the highest level of education you completed?
• Are you employed?
• How much do you earn annually before tax?
• What is your approximate credit score? (Ranges are provided.)
• Your first and last name
• What is your date of birth?
• What is your home address?
• Do you rent or own this home?
• What is your monthly housing payment?
• Are you a U.S. citizen?
• What is your Social Security number?
• What is your phone number?
• You’ll then be asked to enter your email address

Once all that information has been entered, you’ll create a password, after which you’ll need to click “Agree and Find My Rates.”

Once the rates are presented by various lenders, you can select your program. However, expect that lender to request additional information, as well as documentation, to support your loan approval.

Credible Alternatives

What Credible does really well is to act as a lending marketplace, where you as the borrower can receive multiple loan offers by completing a single application. But if you prefer making direct application with certain lenders, there are excellent choices available.

For example, if you’re specifically interested in student loan refinances, SoFi is one of the biggest and best single providers. They also offer other valuable financial services you may be interested in including with your student loan.

If you’re looking for a personal loan, the two biggest providers are Lending Club and Prosper. They also have the advantage that each offers medical loans and large business loans.

An excellent source for credit card offers is Credit Karma. It’s a free credit score provider, that also gives you access to credit card offers. One of the big advantages is that they indicate which offers you’re likely to qualify for, based on your credit profile. You can also get other loans from the site, including auto loans.

Credible Pros and Cons

FAQs

Question: If I make application for a particular loan type, will I receive offers from every participating lender?

Answer: No. Loan offers will be based on the type of loan you request and your qualifications and eligibility. Offers will come only from lenders who can provide financing based on the criteria you provide. It’s even possible you’ll receive no offers if you fail to meet eligibility requirements for any participating lenders.

Question: Since Credible has multiple lending partners, will my credit score be hurt by multiple credit inquiries?

Answer: No. Credible does a “soft credit pull,” which isn’t recorded on your credit report as an inquiry. It will have no negative effect on your credit score. However, once you make direct application to a participating lender, that lender will do a “hard credit pull,” generating a single inquiry. But the result of that inquiry will be no more than 2 to 5 points on your credit score, which shouldn’t have a material effect.

Question: Once I’ve been approved by a participating lender, how quickly can I expect to receive my funds?

Answer: It depends on the type of loan you are applying for. In the case of personal loans, you’ll generally receive funds by the next business day, though some lenders can take up to one week. In the case of student loans and mortgages, disbursement will be based on the specific terms of your transaction. For example, with a mortgage, funds will be dispersed upon loan closing.

Question: How does Credible make money to stay in business if they don’t charge fees to applicants?

Answer: Credible receives a fee from their lending partners when borrowers from the site take out a loan. This does not affect the rate paid by the borrower to the lender.

Should You Get a Loan Through Credible?

Credible is an outstanding loan source if you’re looking to get competitive loan programs and pricing from different lenders. Since there are multiple lending partners participating in each loan type, you’ll get offers from several just from completing a single application. This will enable you to select the loan that best fits your needs, at the most affordable rates.

The service has become even more valuable as the product offering has expanded. Credible started out with student loans and personal loans, but has now added credit cards and mortgages. It’s the type of lending platform you’ll be likely to come back to again and again, as you have need for additional financing.

In addition, Credible is free to use. That means it won’t cost you anything extra to use the service to find the right loan for you. And you’ll save the time it will take to make individual applications with multiple lenders, since participating lenders will come to you with offers.

If you’d like more information, or you wish to apply for a loan, visit the Credible website.

Get Started With Credible

Topics: Mortgages • Reviews

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