How You Can Compare Competitive Loan Offers With Credible

 December 23, 2021
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Refinance Student Loan rates starting at 2.49% APR

2.49% to 11.72% 1

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2.50% to 6.30% 2

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4.13% to 7.39% 3

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  • Variable APR
Pros of Credible student loans Cons of Credible student loans
Compare offers from several lenders at the same time You’ll likely still need to research individual lenders’ terms and conditions
Prequalification won’t affect your credit score Selection of lenders is limited to Credible’s partners
Find offers for private student loans or refinanced student loans No rate discount for applying through Credible
Explore other financial products, such as personal loans, home loans and credit cards

Credible is an online marketplace that helps you compare offers from multiple lenders at the same time. After providing a few basic pieces of information, you can see personalized rate quotes for private student loans, student loan refinancing or other financial products.

Checking your rates doesn’t obligate you to take out a loan, nor does it impact your credit score. To learn more about how Credible simplifies the loan shopping process, check out this full Credible review.

Credible student loans review: the basics

When shopping for airline tickets, you’ve probably used a flight comparison website to find the best deal. Credible works much the same way, but rather than comparing flights, it shows you offers for loans. Credible checks rates across a variety of lenders so you don’t have to.

Plus, it customizes each offer to your individual profile. All you have to do is enter a few pieces of information, like your name, income and college. Then, Credible (or its lender partners) will run a soft credit check to get a sense of your financial history.

Since it’s a soft check, this inquiry won’t affect your credit score in any way, nor do you have to pay any fee to use this secure service. Assuming you meet each lenders’ eligibility requirements, you’ll then prequalify for a variety of offers. None of these offers are binding and you have no obligation to accept any of them.

If you do find one you like, you’ll go on to submit a full application.

Credible products

Credible can show you offers for several types of loans:

  • Refinanced student loans
  • Private student loans
  • Personal loans
  • Home loans
  • Mortgage refinancing
  • Credit cards

For the purposes of this Credible review, we will focus on Credible student loan refinancing and private student loans.

Credible student loan refinancing

When you refinance student loans, you combine all your student loans — private, federal or both — into one private loan from a new lender.

Depending on your creditworthiness, your new loan could have better terms and a lower interest rate than what you have currently. As a result, refinancing your student loans could save you money over the life of your student loans.

When you prequalify with Credible, you can see refinancing offers from multiple lenders at once. You’re not locked into any of these offers, but they’re also not guaranteed. You’ll still need to submit a full application and consent to a hard credit check to confirm your loan terms.

Here are the details:

Student loan refinance interest rates and terms

As of Nov. 17, 2021, Credible offers interest rates from 1.74% to 7.83% APR. Repayment terms range from five to 20 years.

The interest rate you ultimately get depends on your creditworthiness, which is based on factors like repayment history and outstanding debts.

It’s also good to note that preliminary offers are not set in stone. Lenders have to review your full application before finalizing an offer. Plus, interest rates can also fluctuate with the market.

If you get a good initial offer from Credible, you should act quickly to file a full application. That way, you’ll minimize the risk of interest rates going up before you lock in a good deal.

Refinance lenders on Credible

While Credible provides you with a variety of offers, its offers are limited to its partner lenders. Here are the lenders Credible partners with to offer student loan refinancing offers:

  • Advantage Education Loan
  • Brazos
  • Citizens
  • College Ave Student Loans
  • Common Bond
  • Education Loan Finance
  • EdvestinU
  • INvested
  • ISL Education Lending
  • MEFA
  • PenFed Credit Union
  • SoFi

Credible works with some big lenders, but it’s not connected with every major player. For instance, they don’t work with many credit unions, which often have some of the most customer-friendly terms on the market. Similarly, it isn’t partnered with refinancing companies like Earnest or Splash Financial, which have some of the lowest interest rates out there.

Pros of Credible student loan refinance

Some advantages of checking your refinancing rates through the Credible marketplace include:

  • You can compare prequalification offers from multiple lenders at once
  • This prequalification process is fast, easy and won’t impact your credit score

Cons of Credible student loan refinance

On the other hand, the Credible marketplace also has a few downsides to be aware of:

  • Your prequalification offers aren’t guaranteed
  • You may need to do additional research on individual lenders
  • Your offers will be limited to Credible’s partner lenders

Credible private student loans

Most of Credible’s lending partners offer private student loans up to your school’s maximum certified total cost of attendance. As with refinancing, you can use Credible to enter your information once and compare prequalification offers from multiple lenders.

Here’s what you should know:

Private student loan interest rates and terms

As of Nov. 17, 2021, variable interest rates from 0.99% to 11.99% APR and fixed rates from 2.94% to 12.99% APR. Repayment terms range from five to 20 years.

As with student loan refinancing offers, interest rates will vary depending on the lender and your creditworthiness.

Student loan lenders on Credible

Here are the lenders Credible works with to offer private student loans:

  • Ascent
  • Citizens Bank
  • College Ave Student Loans
  • EdvestinU
  • INvested
  • MEFA
  • Sallie Mae

Pros of Credible student loans

The pros of Credible student loans are similar to those of Credible’s refinanced loans:

  • Compare offers from multiple lenders at the same time
  • Prequalify for offers with no impact on your credit score
  • Option to borrow up to the full cost of attendance of your school

Cons of Credible student loans

  • Your student loan offers are not guaranteed
  • You may need to research individual lenders on their websites to determine which one is right for you
  • You’ll only see offers from Credible’s partners, so it could be worth looking around to see what other lenders have to offer

Credible takes much of the work of loan shopping out of your hands, but its selection of offers is limited to a select list of lenders. This makes Credible a good jumping off point as you begin to research your options, but you may be able to find a better deal by looking outside of its partners.

How Credible’s marketplace works

Credible provides a marketplace that lets you check your rates with multiple lenders at once. Whether you’re applying for a private student loan or a refinanced student loan, the process is largely the same.

1. Submit basic information for personalized rate quotes

You’ll start by providing some basic information, like your name, college, income and the amount you want to borrow. If you’re applying with a cosigner, your cosigner will provide their information, too. Credible will then run a soft credit check to determine your eligibility, as well as ask you to create an account.

2. Compare your offers

Once you’ve created your account, Credible will show you offers from a variety of lenders. You might see multiple offers from the same lender, each with different rate types (fixed or variable) and term lengths. You can filter your results so you only see offers with certain terms. You might also use a student loan calculator at this step to compare offers and find terms that work for you.

3. Pick a lender and submit a full application

If you see an offer you like, you can select the lender and submit a full application. Note that this application will involve a hard credit check, which can impact your (and your cosigner’s, if applicable) credit score. Before applying, make sure to research the lender to learn more about its policies. Some lenders, for instance, offer flexible repayment options in the event of financial hardship. Since you’ll likely be dealing with this lender for years, you want to do your due diligence before deciding.

What we like about Credible student loans

Credible’s free student loan marketplace makes it easy to compare offers from multiple lenders in a matter of minutes. Whether you’re looking to borrow a new student loan or refinance an existing one, Credible can help you comparison shop. It offers competitive rates and partners with reputable lenders.

What to keep in mind about Credible student loans

While Credible is a useful resource for finding a loan, it’s important to keep in mind that it won’t show you offers from every lender out there. It’s probably worth shopping around with other marketplaces or lenders, such as credit unions, to find the lowest rates. You’ll also have to do your own research on a lender before applying to learn about its terms and conditions.

Contact Credible for more information

When you compare your options through Credible, you can chat with its Client Success Team directly on the website. For additional information beyond this Credible review, you can email [email protected] or call 866-540-6005.

Need a student loan?

Here are our top student loan lenders of 2022!
LenderVariable APREligibility 
2.49% – 13.85%1Undergraduate

Visit College Ave

2.55% – 11.44%2Undergraduate

Visit Earnest

3.25% – 13.59%3Undergraduate

Visit SallieMae

0.00% – 23.00%4Undergraduate

Visit Edly

3.25% – 9.69%6Undergraduate



Visit FundingU

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
  2. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 9/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 2.80% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

3 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

4 Important Disclosures for Edly.

Edly Disclosures

1. Loan Example:

  • Loans from $5,000 – $20,000
  • Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan.
    • Payments deferred for the first 12 months during final year of education.
    • After which, $270 Monthly payment for 12 months.
    • Then $379 Monthly payment for 44 months.
    • Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.

About this example

The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

5 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of September 1, 2022, the 30-day average SOFR index is 2.23%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
  • Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
  • Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.


    Undergraduate Rate Disclosure: Variable interest rates range from 3.25%-10.35% (3.25% – 9.69% APR). Fixed interest rates range from 4.24% – 10.59% (4.24% – 9.93% APR). 

    Graduate Rate Disclosure: Variable interest rates range from 3.75%-9.90% (3.75% – 9.68% APR). Fixed interest rates range from  5.22% – 10.14% (5.22% – 9.91% APR). 

    Business/Law Rate Disclosure: Variable interest rates range from 3.75%-9.35% (3.75% – 9.16% APR). Fixed interest rates range from 5.20% – 9.59% (5.20% – 9.39% APR).

    Medical/Dental Rate Disclosure: Variable interest rates range from 3.75%-9.02% (3.75% -8.98% APR). Fixed interest rates range from 5.18% – 9.26% (5.18% – 9.22% APR). 

    Parent Loan Rate Disclosure: Variable interest rates range from 3.25%-9.21% (3.25% – 9.21% APR). Fixed interest rates range from 3.96%-9.50% (3.96%-9.50% APR).

    Bar Study Rate Disclosure: Variable interest rates range from 6.58%-11.72% (6.58% – 11.62% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.82% APR). 

    Medical Residency Rate Disclosure: Variable interest rates range from 5.67%-9.17% (5.67% – 8.76% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR).

6 Important Disclosures for Funding U.

Funding U Disclosures

Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.