Refinancing with Earnest
Refinancing rates from 2.54% APR. Checking your rates won’t affect your credit score.
When it comes to taking out a loan, it’s tough to know where to start. There are thousands of banks, credit unions, and other lenders across the country to choose from.
That’s where Credible comes in. Credible compares offers from a variety of lenders so you don’t have to. After you enter a few pieces of basic information on the Credible site, it will show you preliminary loan offers from multiple lenders.
If you find an offer you like from Credible, you can take out a loan or refinance your student loans. If not, you aren’t committed to any of the offers.
To learn more about how Credible simplifies the loan shopping process, check out this full Credible review.
Credible review: What is Credible?
When you shop for airline tickets, you probably use 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 personal and student 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 (name, income, former university, ). Then, Credible will run a soft credit check to get a sense of your financial history. Credible is able to run an instant soft credit check because it works with the three major credit bureaus: Equifax, Experian, and TransUnion.
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 through the lender itself.
What products does Credible offer?
Credible will show you offers for three types of loans:
- Personal loans
- Student loans
- Refinanced student loans
Credible’s lending partners offer personal loans between $500 and $40,000. For a private student loan, you can take out anywhere from $1,000 up to your school’s maximum certified total cost of attendance. To be eligible for a refinanced student loan, you must have more than $5,000 in student debt.
When you refinance, you combine all your private and federal student loans 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 a lot of money over the life of your student loans.
Which lenders does Credible work with?
While Credible provides you with a variety of offers, its offers are limited to its partner lenders.
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 SoFi or CommonBond who have some of the lowest interest rates out there.
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 might be able to find a better deal by looking outside of their partners.
What interest rates can you expect to see?
Interest rates vary depending on the lender and your creditworthiness. At the time of writing, Credible’s student loan refinancing lenders offer variable interest rates as low as 2.60% and fixed interest rates starting at 3.49%. Loan repayment terms range from five to 20 years.
As for private student loans, variable interest rates start at 2.99% and fixed interest rates go as low as 3.99%. Finally, Credible’s personal loan lenders offer fixed interest rates starting at 4.99%.
The interest rate you ultimately get depends on your creditworthiness. Your creditworthiness 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 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.
How to use Credible’s online platform
Credible’s online platform is easy to use, and you can browse loan offers in just a couple of minutes.
First, create your account by entering your email and a password. Then, indicate whether you’re interested in refinancing student loans, taking out a student loan, or taking out a personal loan.
In this example, we’ll look at the process for comparing personal loan offers. After selecting “get a personal loan,” you’ll go on to fill out two short pages with your personal information. The first asks about your education and employment status.
The second asks for your address, citizenship status, and Social Security number. At this point, Credible will run a soft credit check to get a sense of your creditworthiness and confirm your credentials. This won’t affect your credit score at all.
After a brief wait, you’ll get a variety of loan offers. You can click on each one to get more details. If there are any you like, you’ll click away to the lender’s website to submit a full application.
If you’re refinancing your student loans though, you’ll need to provide additional documentation when you complete the full application. You’ll upload proof of income, as well as loan statements that show your monthly loan payments and principal balance.
Eligibility requirements to use Credible
Beyond loan limits, Credible doesn’t have many restrictions for its users. To apply for a student loan, you must be enrolled in a qualifying educational program at least half-time. If you’re under 18, you have to apply with a cosigner. International students can apply, but they must have a cosigner who’s a U.S. citizen or permanent resident.
Student loan refinancing, however, is limited only to U.S. citizens or permanent residents. You must be 18 or over and you can’t currently be enrolled in a degree or other educational program. You could also choose to apply with a cosigner to possibly get better rates.
Personal loan eligibility varies by lender. To see if you might be eligible, you’ll have to fill out a prequalification form on Credible’s site.
Credible was founded in San Francisco in 2012. Its founder and CEO, Stephen Dash, created Credible to help borrowers deal with the burden of student loan debt.
A native of Australia, Dash was motivated by his “sheer disbelief” at the student loan crisis in the U.S. Since 2012, Credible has raised over $24 million in equity funding from 16 investors.
It continues to work toward its mission to “bring simplicity, choice and unbiased support to all of life’s important financial decisions.”
Contact Credible for more information
When you compare your options through Credible, their support team stays in touch with you to answer any questions you have. You’ll likely get a phone call from a representative, as well as an email to check in. Plus, you can chat with its Client Success Team directly on the website.
For additional information beyond this Credible review, you can email email@example.com or call 866-540-6005. To stay up to date on company developments, like Credible on Facebook or follow them on Twitter.
Need a student loan?Here are our top student loan lenders of 2019!
|1 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
2 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust 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.
Information advertised valid as of 2/1/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
* 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.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
6 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
7 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|4.23% – 13.23%1||Undergraduate and Graduate|
|4.20% – 11.44%2||Undergraduate, Graduate, and Parents|
|4.84% – 13.49%3||Undergraduate and Graduate|
|4.50% – 10.11%*,4||Undergraduate and Graduate|
|4.25% – 13.25%5||Undergraduate and Graduate|
|5.85% – 6.99%6||Undergraduate and Graduate|
|3.95% – 9.81%7||Undergraduate, Graduate, and Parents|
|4.45% – 12.42%8||Undergraduate, Graduate, and Parents|