Credible Student Loan Refinance

Pros

• Personalized pre-qualified rates
• No filling out duplicate forms
• 3-way phone support connecting you to lenders

Cons

• Not a direct lender
• Works with some but not all top lenders

Credible at a Glance

Loan types: Undergraduate, graduate, and professional degrees

APRs: Variable rates start from 1.04%, fixed rates start from 3.34%

Repayment terms: 5-20 years

Loan amount: Up to 100% of the cost of attendance

Origination fees: No

Credible Student Loan Interest Rates and Fees

Credible can be used with no cost whatsoever. It does not generate revenue unless you obtain a loan from one of the companies with which it works in conjunction. Because Credible maintains relationships with several of the most reputable student lenders in the United States, it is able to provide loans with interest rates as low as 1.04% for variable-rate loans and 3.34% for fixed-rate loans.

The business idea behind Credible is really straightforward: it contacts a number of different lenders that are part of its network, and those lenders compete with one another to provide you with the most favorable interest rate. Credible will only engage with lenders that have been thoroughly screened, and the company promises that none of its lenders will charge you any origination fees.

Credible Student Loan Repayment Options

The average Credible partner gives customers the option to choose between three or four different payback arrangements, with terms ranging from five to twenty years. The majority of the student lenders that Credible partners with provide a variety of convenient repayment options while borrowers are still enrolled in school. These typically consist of the following:

• Full principal & interest – to pay off the loan as soon as possible and save money.
• Interest-only payments – to strike a balance between affordability during school vs. not dragging out the loan for too long.
• Flat payment – to reduce your accrued interest slightly during school.
• Deferred payment – to avoid paying anything until after graduation.

Credible Student Loan Discounts and Rewards

Credible student loan refinance bonus: 

If you choose to make your monthly payments via autopay, all of Credible’s partners will reduce your interest rate by 0.25%. Aside from that, the deals and prizes are subject to change. Some of the participating lenders will give you cash upon graduation, some will give you prizes and freebies, while yet others will provide you with no cost educational tools to assist you in your studies. Because of the fact that discounts and rewards might vary from one top lender to the next, it is helpful to use Credible in order to compare top lenders side by side.

Credible Student Loan Application Process

It will only take you three minutes to fill out the online form on Credible, where you may compare interest rates from a variety of student lenders. These are pre-qualified rates, and the lender reserves the right to change them at any time. The same is true for other marketplaces. After obtaining and selecting a pre-qualified rate, you will be sent to the home website of the lender, where it is possible that you will be required to fill out further information and provide it. After this, the lender will undertake a thorough investigation of the borrower’s credit history, which typically takes approximately ten minutes. If everything goes according to plan, the very last step is for the lender to confirm your details with your school. This process can take anywhere from five days to three weeks, depending on how long it takes (this is the same for all lenders).

In order to be eligible for a loan from a Credible partner, students often need to be enrolled in an educational program for at least some portion of their available time. The credit score of either you or your co-signer is the other aspect that plays a significant role in determining whether or not a student loan application will be approved. Credible is available to serve international students if they meet the requirements. However, they need to offer an address in the United States and apply with a creditworthy co-signer who is either a citizen of the United States or a permanent resident of the United States.

Credible Student Loan Co-Signer Options

Co-signers are required by around 85 percent of prospective borrowers for credible private student loans. Co-signer release regulations differ from lender to loan. For instance, some Credible partners give a co-signer release option within two years of graduation, while others don’t offer this choice until after the loan has been repaid for half of its whole duration.

Credible Student Loan Customer Service

Credible provides live chat and phone assistance from Monday through Thursday from 6 a.m. to 6 p.m., Friday from 6 a.m. to 4 p.m., and Saturday and Sunday from 7 a.m. to 4 p.m. (all Pacific time). The number that should be dialed is 866-540-6005. Credible claims that it provides free expert guidance and even has the ability to set up three-way phone calls between you, prospective lenders, and themselves.

Summary

Because there are so many different lenders offering student loans, it can be difficult to know where to start looking. Credible makes the most of this circumstance by encouraging its top lending partners to engage in a competitive environment in order to provide you with the best rates possible. The final result is that Credible is able to assist you in obtaining competitive loan offers from a variety of the most reputable lenders in the United States in a matter of minutes, all without having any influence on your credit score.