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Shopping around for a personal loan can be a daunting task given all the different options and lenders. Luckily, one provider has found a way to make the loan comparison process simpler through their marketplace model. Our Credible personal loan reviews discovered that you can easily compare lenders and their accompanying rates in just a few minutes. Through its online marketplace, Credible loans is designed to bring lenders and borrowers together to help borrowers access a variety of applicable loan offers. Whether you need a relocation loan or want to get a loan for your wedding, Credible lending can help.
Users can obtain between $1,000 and $100,000 in personal loans with advertised Credible interest rates starting from 4.99% APR. Credible lending partners offer varying interest rates that can be both fixed and variable and we appreciated that borrowers can also select repayment plans that are suited to their needs. Best of all, their service is free and will not impact your credit score.
Why Get a Personal Loan from Credible?
It is the borrowers and not the lenders that remain in control of the loan process via Credible lending services. Borrowers can compare loan offers from up to eleven different lenders such as Avant and LendingClub before eventually choosing loans that are best suited for their needs. One of the best features we uncovered during our Credible personal loan reviews was that the service is entirely free of charge and does not involve a hard credit check which can negatively impact your score.
Another major positive is that while users can borrow as much as $50,000, we could still find lenders that are willing to extend up to $100,000 in loans. The rates are also favorable, starting from 4.99% APR. Some lenders are also willing to provide highly competitive Credible lending rates for borrowers with a strong credit scores and a solid credit history. For individuals that require help along the process, Credible makes a highly experienced team of experts available to guide you throughout the entire loan selection process.
What Does Credible Offer?
Credible offers multiple financing options through its marketplace model. Apart from personal loans, borrowers can pick from mortgage refinancing, home loans, student loans, and credit card comparisons. Each of the different borrowing options features a choice of multiple lenders which offer their own terms and rates in applicable situations.
Throughout our Credible personal loan reviews, we found that the loan application process is simple and quick. After approval by a Credible lending partner, you may receive your funds within as little as one business day. Note, however, that this amount of time depends entirely on the lender and their terms and conditions.
While Credible is best for individuals with a good to excellent credit score, it is still possible to access financing through their platform with a poor credit score. Through the help of a cosigner who will agree to pay your debt in case you default, a cosigner with a good credit score can help borrowers with weaker credit access financing.
What is Credible’s Eligibility Criteria?
In our Credible loan reviews, we found that to qualify for a personal loan you will need to have a good or excellent credit score to secure the best rates. In case you do not have a good credit score, you can still get a loan with a more favorable rate through a cosigner.
Different lenders have their own requirements. However, we found that they all typically needed borrowers to be 18 years or older and have a steady income. The borrower also needs to be a US citizen or permanent resident with a social security number.
Credible Pros and Cons
Pros
- Just a single form to compare different lenders.
- Entirely free service
- Comparing different offers doesn’t impact your credit score
- Simple and fast sign-up process
Cons
- Rates for personal loans are higher compared to credit cards
- Some personal loan lenders may charge origination fees
How to Apply for a Credible Personal Loan?
Applying for a Credible personal loan involves a simple three-step process. You begin by filling in a single form where you add your basic personal information and answer a few financial questions such as annual income and amount of debt. Credible will then run a soft credit check to find prequalified offers.
The next step is to review the initial offers and interest rates. You can also see the terms and cost breakdown of each loan. Finally, you select the preferred lender and apply for the loan. After completion and approval of your loan application, lenders will send funds in as little as one business day.
