Credible Personal Loans Review
Are you in need of a personal loan? It can be difficult to know which lenders to trust as there are a lot of options out there. One option you may have come across is Credible Personal loans, but are they reliable and legit? In this Credible Personal loan review, we’ll cover and explore the pros and cons of using them for your financial needs.
We’ll also cover topics such as their interest rates, loan terms, customer service, and more so that you can make an informed decision about whether or not to take out a loan from a Credible Personal loan company.
Credible is an online marketplace that helps borrowers connect with lenders. In other words, they are not a lending company but a loan servicer. The platform offers personal loans, student loans, and business loans. You can use Credible to compare loan offers from multiple lenders and choose the one that best suits your needs.
| Website | https://www.credible.com/personal-loan |
| APRs | 5,40% to 35,99% |
| Loan Amount | From $600 to $100,000 |
| Loan Terms | 24 to 84 months |
| Origination Fee | No |
| Prepayment Fee | No |
| Immigration Status Considered | U.S citizens, permanent residents |
| Employment Statuses Considered | Full or part time employed, self-employed |
| Credit Score Range | |
| Intended Use | Debt consolidation, home improvements, wedding costs, car financing, vacation, moving costs |
| Joint Loan Applications Accepted | Yes |
| Verification Documents Required | Social Security number, pay stubs, tax returns |
| Late Fee | No |
| Minimum Credit Score | 600 |
| Minimum Income | N/A |
| Loan Purpose | Personal use |
| Supported Income Types | All |
| Time to Receive Loan Money | 1- 2 business days |
| Other Requirements | Must be at least 18 years old |
Credible Personal Loans Pros and Cons
Credible Personal loans is an online personal loan marketplace that offers a simple and transparent loan process. But like any other lender, they do have both pros and cons that you should weigh out and consider before deciding to work with them.
One of their biggest pros is that they are a BBB-accredited company that has a rating of A+. On top of that, Credible Personal loans are no-fee loan services which is a huge plus for them.
On the other hand, even though they don’t charge any fees, their lender might charge you. That is considered a big downside. You may also not be approved at all since they are looking for a minimum credit score of 600.
Pros:
- They have BBB accreditation
- Good loan amount range
- No prepayment, origination or late payment fees
- Fast approval process
Cons:
- They are not a direct lender
- Some lenders may charge additional fees
- You might not get approved
- Only 18 personal loan partners available
What Are the Eligibility Requirements for a Credible Personal Loan?
The first thing you’ll need to do is check your credit score. Credible personal loans are available to people with good or bad credit, but you may be offered better terms if your credit score is on the higher end. If your credit score is below 600, you may still be able to qualify for a loan, but you may be required to provide a cosigner.
Once you know what kind of loan you’re looking for, research lenders to find one that best suits your needs. When considering a lender, take into account the interest rate they’re offering, the fees they charge, and the repayment terms. It’s also important to read reviews from other customers to get an idea of their experience.
Once you’ve selected a lender, you’ll need to fill out an application. This will include information such as your name, address, Social Security number, and employment history. Be sure to be accurate and honest when filling out the application, as any false information could result in your loan being denied.
How Much Can You Borrow with a Credible Personal Loan?
Considering that Credible is not actually a direct lender, but actually a marketplace from where you can get connected with a certain lender, the borrowing amount differs.
This is because all of their lenders offer different loan amounts and it depends with which loan lender you will work. But generally speaking the loan amounts vary from $600 and go up to $100,000.
What Types of Personal Loans Does Credible Offer?
Credible Personal loans offer a wide array of loan options from their lenders. These include the following:
- Personal loans
- Student loans
- Student loans refinancing
- Mortgages
- Mortgage refinancing
- Debt consolidation
Overall we would say this is a great variety of loan options that can fit almost anyone’s needs. And it’s also great that the maximum borrowing amount is quite high for all loan types.
What Are the Interest Rates Offered by Lenders Through Credible Personal Loans?
As we have mentioned multiple times, Credible is not actually a direct loan lender but a loan servicer. This means that they find the most suitable lender for your needs after you apply on their website.
Now, because of that, their lenders do offer different loan terms and interest rates. Overall, their lenders are considered an average lender with their APR starting from 5,40% and going up to 35,99%.
Are There Any Fees Associated with a Credible Personal Loan?
If you’re looking for a personal loan, Credible is a great option to consider. They offer competitive rates and terms, as well as a variety of options to choose from.
Credible offers personal loans with fixed or variable interest rates. Loan terms range from 24 to 84 months, and you can borrow anywhere from $600 to $100,000. There are no origination fees or prepayment penalties.
On top of that, their APR starts from 5,40% and goes up to 35,99%. This is considered an average APR in comparison to similar lenders. You can also use a personal loan from Credible for just about anything including debt consolidation, home improvement projects, medical expenses, or even a major purchase.
Is it safe to apply for a personal loan through Credible Personal Loans?
Credible Personal loans is an online lending marketplace that connects borrowers with multiple lenders to provide personal loans. Credible does not lend money directly to borrowers.
Instead, Credible provides a platform for borrowers to compare loan offers and choose the best option for their needs. They do not charge any fees for its services.
To get started, borrowers can fill out a short online form with some basic information about themselves and their loan needs. They will then match the borrower with multiple lenders who are willing to provide personal loans.
The borrower can then view and compare different loan offers before choosing the one that best suits their needs. Once the borrower accepts a loan offer, they will work directly with the lender to complete the loan process.
So, in conclusion, even though this is just a platform that connects you with the right lender, it is perfectly safe. This is due to the fact that Credible does not share any of the personal information with third party companies.
Are Credible Personal Loans Legit?
When it comes to personal loans, you want to make sure that you are borrowing from a reputable and reliable source.
But what about the safety and legitimacy of Credible Personal Loans? The company is licensed by state regulators and has a strong reputation in the industry. They are also accredited by the Better Business Bureau (BBB) and have an A+ rating from the organization.
When it comes to safety, Credible uses encryption technology to protect your personal and financial information. Overall, we believe that Credible Personal Loans are a safe and legitimate option for borrowing money.
Credible Personal Loans Summary
- Credible is a loan servicer offering personal loans, student loans, student loan refinancing, mortgages, and much more.
- Their personal loans range from $600 to $100,000 and have terms from 2 to 7 years.
- The company isn’t a direct lender issuing loans to borrowers but actually works with other lenders to connect them with the clients, in other words, they are a marketplace.
- In order to qualify, the borrower must have a credit score of at least 600 and be over 18 years old US citizen, or a permanent resident.
- Lastly, they are considered a good and reputable company with an online rating of 4.7 out of 5 stars.
FAQs About Credible Personal Loans
1. Is Credible a lender?
Credible is not a direct lender but instead a loan servicer that connects you to the right lender.
2. How long does it take to get a loan through Credible Personal Loans?
Actual wait time does depend greatly on the lender you choose but in general, it’s about 1-2 business days,
3. Can I apply for a personal loan through Credible Personal Loans if I have bad credit?
Credible has a minimum credit score requirement of 600, but if you are just slightly below we recommend you contact them as they may be willing to work with you.
