Best marketplace
Rates (APR) | 7.74% – 15.94% |
Loan Amounts | $600 – $200,000 |
Repayment Terms | 12 – 84 months |
Credible is an online loan marketplace founded in 2012 and headquartered in Durham, North Carolina. Its large network of lenders offers personal loans, student loans, mortgage loans, home and auto insurance, credit cards, and high-yield savings accounts.
According to the company, Credible has helped more than 411,000 people obtain loans since 2020. If you want to consolidate debt, make a large purchase, pay for home renovations, or use loan funds for other purposes, Credible can be an excellent option when shopping for a personal loan.
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Credible offers a quick, simple application process. Within minutes of submitting the form, you can view a list of lender offers for your review with interest rates and loan terms.
Credible doesn’t charge fees for providing lender and personal loan options. Credible does a soft credit inquiry to match you with lenders that suit your credit and needs, which won’t affect your credit score.
When you decide to pursue a loan with a selected Credible lender, the lender will likely perform a hard inquiry on your credit, which can lower your credit score by a few points. Once approved, you’ll work with the lender to process the loan and distribute loan funds.
Term | Details |
Fixed rates (APR) | 7.74% – 15.94% |
Rate discounts | Autopay discount of 0.5% – .5% |
Loan amounts | $600 – $200,000 |
Repayment periods | 12 – 84 months |
Unsecured or secured? | A majority of lenders offer unsecured loans |
Allows joint loans? | Select lenders allow joint loans. However, only one person can apply with the Credible loan offer request form. |
Time to funding after approval | Next business day to one week, depending on the lender and your application |
Fees | Origination fee from 0% to 12%, depending on the lender |
Unique features | Helps you create a money plan based on your credit, goals, and financial situation. Offers phone, chat, and email customer support. |
Most of Credible’s lending partners offer unsecured personal loans with a range of fixed rates. The better your credit and the shorter the repayment period, the more likely you’ll be eligible for offers with a lower APR. The lowest APR tends to be available to borrowers with excellent credit.
Repayment periods range from 12 to 84 months and vary by lender. Credible has transparent policies regarding its loan application process, lender rates, and repayment periods. Credible won’t share personal information with third parties without your permission.
Requirement | Details |
Citizenship | U.S. citizens or permanent residents with a Social Security number |
Employment status | Must have a steady income |
State of residence | Not specified; loans not available in all states |
Minimum age | 18 |
Minimum credit score | 580 |
Credible’s application for prequalified loan offers is simple and transparent, with no hidden fees. Credible finds the best loan offers and interest rates for people of all credit types, including those with good, very good, or fair (FICO 580 to 669) credit scores.
Once approved for a loan, you’ll apply with the lender. However, you’re under no obligation to proceed with that lender.
Most lenders require you to be at least 18 years of age and a U.S. citizen or permanent resident with a valid Social Security number. Employment requirements vary by lender, but most lenders require you to have a steady income.
Once you’re approved for a loan, the lender determines the repayment period and tells you how to pay online or by mail. Credible offers an autopay discount of 0.5% to .5% if you sign up for automatic monthly payments.
The lender determines your interest rate based on your credit, amount of debt, income, and other factors. It’s important to understand how the APR and repayment period will affect the monthly payment and the total amount you must repay. Also, consider whether the lender charges any prepayment penalties if you pay the loan early.
For example, here’s what you would pay on a $8,000 loan at a 6.99% rate with a three-year loan term:
Description | Value |
Loan amount | $8,000 |
Interest rate | 6.99% |
Loan term | 3 years |
Monthly payment | $247 |
Total repaid | $8,891 |
Total interest paid | $891 |
However, a higher APR can result in a much higher monthly payment and total cost of borrowing over the same loan period:
Description | Value |
Loan amount | $8,000 |
Interest rate | 18.99% |
Loan term | 3 years |
Monthly payment | $293 |
Total repaid | $10,555 |
Total interest paid | $2,555 |
When comparing loan offers, use LendEDU’s online loan calculator to see the total amount of the loan you must repay. Our calculator breaks down the principal and total interest using the rate and repayment period and estimates your monthly payment.
Be sure to consider the pros and cons before using a financial product.
Pros
Compare offers from multiple lenders at once
When you apply for a loan at Credible, you’ll get prequalified offers from multiple lenders within two minutes, allowing you to shop for loans in one place and find the best terms for your loan.
Soft pull won’t affect your credit score
When you apply for prequalified loan offers, Credible uses a soft credit inquiry that won’t affect your credit score like a hard credit inquiry can.
Easy process
Within minutes of applying at Credible, you can view multiple lenders’ prequalified offers based on your credit history.
Fast funding
Once a lender approves you for a loan, you could get funds as soon as the next day.
Open to all credit types
You can view offers from lenders if your credit score is at least 580. However, applicants with fair, good, or very good credit scores might pay a higher APR.
Variety of loan types available
Credible lenders offer various unsecured loan types with varying APRs and repayment periods. A small number of lenders may also offer secured loans.
Cons
Hard credit inquiry
When you apply for a loan, lenders usually do a hard pull, which may affect your credit.
Not available in every state
Credible lender offers aren’t available in all U.S. states.
Only one applicant per loan offer form
Credible doesn’t allow joint applicants on its online form. However, some Credible lenders allow joint loans.
If you’re unsure whether Credible is right, check out our list of reviewed personal loan lenders.
Source | Customer rating | Number of reviews |
Trustpilot | 4.8/5 | 7,526 |
4.8/5 | 1,345 | |
Better Business Bureau (BBB) | 1/5 | 9 |
Most Credible reviews are positive, citing a fast, easy loan process with many lenders offering options. Many reviewers on Trustpilot and Google report quick approval and getting loan funds within days. A small percentage of reviewers said funding for their loans took longer than a week or reported trouble navigating the online Credible application process.
A few reviewers on BBB reported problems viewing loan offers or issues with support for the application process.
Applying for a personal loan with Credible is simple and fast. Below are the steps to apply.
Fill out Credible’s online request form or apply by phone with the following:
Credible performs a soft credit inquiry that won’t affect your credit to verify your identity and determine which lenders are best for you. Credible then contacts lenders to check for offers you may qualify for.
Credible displays a list of lenders offering various rates and other terms within a couple of minutes so you can choose the best option for a personal loan.
Each lender offer displays:
To apply for a loan offer, click “continue” on the offer to go to the lender’s website. Once you apply, the lender will contact you by email to let you know whether your application is approved.
Yes, you can have multiple personal loans through Credible, but it depends on the lender’s specific policies. Credible itself is a loan comparison platform, so the ability to take out multiple loans is subject to the approval of the individual lenders you choose through the platform.
Yes, you can pay off a personal loan obtained through Credible early. Most lenders on the Credible platform don’t charge prepayment penalties, allowing you to save on interest by paying off your loan ahead of schedule. Contact the individual lender, or check your loan agreement’s specific terms and conditions so you know for sure.
The credit score required for a personal loan through Credible varies by lender. The lowest minimum credit score Credible’s partner lenders accept is 580. A higher credit score can improve your chances of approval and help you secure better loan terms.
Yes, most Credible lenders require proof of income to qualify for a personal loan. This can include pay stubs, tax returns, or other documentation that verifies your income. Providing proof of income helps lenders assess your ability to repay the loan.
Yes, personal loans obtained through Credible are legitimate. Credible is a reputable loan comparison platform that partners with various accredited and vetted lenders. It provides a secure way to compare loan offers, ensuring you find legitimate and competitive personal loan options.
LendEDU’s editorial rating system is designed to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared Credible to several personal loan lenders and marketplaces, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.
Product | Best for | Our rating |
Credible personal loans | Best marketplace | 5/5 |
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