Credible Review 2020: Student Loan Refinancing and Borrowing

Last updated Jun 5, 2020 | By Team FBZ

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Why Credible

☑️ Credible helps borrowers navigate student loan refinancing, in addition to providing student loans and personal loans

☑️ Using Credible’s service is completely free

☑️ It’s fast to get started, and Credible’s rate check uses a soft credit inquiry, meaning it has no effect on your credit score


  • Loan types: Student loan refinancing, student loans, personal loans
  • Loan amounts: $1,000 - $100,000 for personal loans, minimum of $1,000 for student loans. Eligibility for student loan refinancing requires a minimum of $5,000 in student debt
  • Credible works with a select list more than 121 partner lenders
  • Borrowers who sign up for Credible’s auto pay service can receive a 25% discount, regardless of their selected lender
  • Both Federal and private student loans can be refinanced
“I launched Credible to empower students and graduates to take control of their financial futures.” - Stephen Dash, Founder and CEO of Credible

Credible: What is it and how does it work?

Credible is a student loan marketplace that partners with lenders nationwide to help you find and compare the best options for refinancing student loans, taking out private student loans, and most recently, taking out personal loans as well.

Details and policies vary depending by loan type, but Credible’s commitment to providing consumers with smooth processes and easy-to-digest information makes it easier to select what may be the best option for you. They know navigating loans can be a daunting task and have made it their mission to simplify the process as much as possible.

How student loan refinancing works: When refinancing student loans, all your federal and private loans are combined into one private loan with a new lender, and depending on your creditworthiness, can help you secure better terms and lower interest rates. Ideally, this could help you save a lot of money as you pay down your loans.

Requirements: Do You Qualify?

To qualify for loans or refinancing from Credible, applicants should aim to meet the following criteria by loan type:

Student Loan Refinancing

  • Be a U.S. citizen or permanent resident. This also applies to your cosigner, if you have one.
  • Be at least 18 years old
  • Not currently enrolled in a degree or other educational program
  • Have a minimum of $5,000 in student debt
  • Refinancing options are available to both those who have graduated and who have not graduated and are no longer enrolled in school

Student Loans

  • If under 18 years old, you must apply with a cosigner. (Good to know: About 85% of those who apply for a student loan through Credible apply with a cosigner).
  • International students may apply, but must have a U.S. citizen or permanent resident cosigner
  • Must be enrolled in a qualifying educational program at least part-time

Personal Loans

  • Eligibility varies by lender for personal loans. The best and fastest way to check if you qualify, is to complete Credible’s 2-minute prequalification form.

How to Get Started

Credible offers one of the easiest online platforms to navigate and you can begin reviewing potential loan offers in just a couple of minutes.

Step 1 – Choose your loan type. Select the loan type you’re interested in: Student Loans, Student Loan Refinancing, or Personal Loans

Step 2 – Answer a few questions. Depending on the loan type of you’ve selected, you’ll be asked to answer a few additional questions which should take only a few minutes to complete.

Step 3 – Browse offers. After a short wait, you’ll get a variety of loan offers to browse. It’s good to note that none of these offers are binding and there’s no obligation to accept any of them.

Step 4 – Choose your lender. Choose the lender you think is the best fit for you and click through to submit a full application directly through the lender.

Step 5 – Success! Depending on your loan type and lender, the timeline can vary. For instance, the process for securing a personal loan may take as little as 5 to 7 business days, while refinancing takes 30 days on average to complete.

Get Started With Credible

Is Credible safe?

Information shared with Credible is secure on the company’s platform outfitted with bank-grade encryption and SSL technology. Since founding the company in 2012, thousands of consumers have successfully partnered with trusted lenders nationwide with a high customer satisfaction rate.

What credit bureaus does Credible work with?

Credible works with the three major credit bureaus: TransUnion, Equifax, and Experian.

How much can I borrow from Credible at one time?

It depends on your service and/or loan. Credible offers three loan types: Student loan refinancing, student loans, and personal loans.

For student loan refinancing, you’ll need to have a minimum of $5,000 in student debt to qualify. Maximum loan amounts may cover up to the full cost of your student loans, depending on your lender.

For student loans, you can take out a minimum of $1,000 up to the full certified cost of attendance at an eligible school and/or program.

For personal loans, you can take out between $1,000 up to $100,000.

How much does it cost to use Credible?

Credible’s service is completely free! Credible earns its keep by charging partner lenders a fee, but the fee does not impact the terms of your loan or the amount you pay the lender.

What about late fees?

Late fees depend on your individual lender’s policy, meaning some lenders have them while other lenders might not. The best way to find out is to contact your lender directly.

If I can pay my loan back early, are there fees for doing so?

No, Credible doesn’t charge any prepayment fees, so if you’re able to pay off your loan early, there are no extra fees to worry about.

How can I contact Credible?

You can call their customer service number at (866) 540-6005, or email customer support at

You can also find Credible on Facebook and Twitter.

Where is Credible available?

Credible is an online service that partners with lenders across the country and is available nationwide.

Disclaimer: This content and the opinions expressed here are the author’s alone and have not been provided, commissioned, or endorsed by any financial institution. All information was accurate at the time of publication but terms and conditions may change at any time.