There are many different ways in which taking out a personal loan might be beneficial to one's financial situation.
It's possible that your furry friend needs urgent medical attention, that you'll need to make repairs to your home or vehicle, or that you could simply want to consolidate debt with a higher interest rate.
Finding the right solution can appear to be a daunting task, regardless of the goal you are trying to accomplish or the quantity you require.
You will want to make certain that you choose a lender who has a loan product that is suitable for your requirements, in addition to having a good reputation and being trustworthy.
Credible Loans Overview
Credible is an online marketplace for loans that is completely free to use. It gives you the ability to compare lenders as well as interest rates for private student loans and refinancing of student loans.
Credible does not engage in direct lending of any kind; rather, it generates revenue in the form of commission from the lenders who use its platform. You won't have to pay anything to use Credible, and comparing lenders who have already been verified for you won't have any negative impact on your credit score.
Credible Loans Highlights
- Loan amounts: $600 - $100,000
- Loan types: Personal Loans, Student Loans, Refinance Student Loans,Home Loans and Mortgage Refinancing
- Credit check: You are only required to perform a soft inquiry on your credit, but if you decide to move forward and file a full application with a lender, they will perform a hard inquiry on your credit at that time.
- Minimum credit score: 660
- Funding time: 3-5 business days
- Repayment terms: 5-20 years
- Interest rate: 40% - 35.99%
- Fees: There is no cost associated with the processing of loans, and the expenses that are incurred will differ based on the lender that you select.
- BBB Rating: A+
- You can compare interest rates between different lenders.
- Flexible repayment term.
- Reliable for its BBB rating is A+.
- Not suitable for the people who has bad credit.
- Not a direct lender.
- May have repayment risk.
Credible allows you to simply search and compare offers to discover the one with the lowest rate, however, it is only available in 12 states.
Where Credible Loans Stand Out
You can compare interest rates between different lenders
The most significant advantage of employing Credible is the ability to compare the APRs that are provided by a number of different lenders for unsecured personal loans. In particular, to have the capability to do so without being asked to fill out a half-dozen more prequalification applications.
Instead, you can submit just one application to have the opportunity to evaluate the interest rates offered by over a dozen distinct reputable lenders all at the same time. Credible is able to provide clients with the interest rates offered by more than a dozen of the country's largest lenders.
Flexible repayment term
Credible gives you some flexibility in terms when it comes to repaying loans within the allotted amount of time. It is a wonderful choice for individuals:
- Who, as a result of their high debt-to-income ratio, are unable to generate enough cash flow to make greater payments.
- Who wish to extend the term of the loan in exchange for lower monthly payments and a longer period of time to pay back the loan.
- Who wish to minimize the amount they pay monthly as well as the amount of time it takes to pay off their loans.
The repayment term can support 20 years at most.
Reliable for its BBB rating is A+
Credible maintains an A+ rating with the Better Business Bureau (BBB), and the vast majority of the testimonials left by customers on Trustpilot are favorable.
The vast majority of consumers highlight how simple the website is to navigate, how fast and straightforward the application process is, and how happy they are with the loan offers they have been presented with.
A significant advantage is the fact that the vast majority of connection services have dozens or even hundreds of negative reviews detailing the constant pursuit of former users by telemarketers or third-party lenders.
But that is not the situation when it comes to Credible. It is reassuring to discover that Credible does not provide its business partners with customers' telephone numbers in spite of the fact that the company has a number of dissatisfied customers who have written bad reviews about the company.
Where Credible Loans Fall Short
Not suitable for the people who has bad credit
Applicants seeking a personal loan through Credible are need to have a credit score of 660 or above in order to be considered for approval. Credible receives a significant number of loan applications from prospective borrowers, all of whom are informed that they are unable to qualify for a loan.
When determining whether or not to grant credit, the lender states that it will take the applicant's current financial status into consideration in addition to the applicant's credit history.
Credible receives a significant number of loan applications from prospective borrowers, all of whom are informed that they are unable to qualify for a loan.
Not a direct lender
The fact that Credible is not a lender is one of the most important aspects of its business model that users need to be aware of. You will not be able to get a loan from Credible on an individual basis. That is simply the way that the market operates.
Your loan will come from one of the third-party lenders that Credible maintains relationships with; these third-party lenders are part of the network that Credible works with.
To phrase it another way, Credible will not give you any money, and you will not be required to make any payments toward the loan that it is holding for you while it is doing so.
May have repayment risk
Receiving a loan from Credible carries a risk of repayment. The amount that many loan debtors contribute each month to their debt is enormous.
Also, Long loan terms and high currency inflation may leave you uncertain about your future financial situation.
However, if you make it a habit of skipping payments, you run the chance of your loans eventually defaulting, which has far-reaching effects.
As soon as you miss a payment, the process of defaulting on your loans begins.
There are potentially major repercussions when you default on your loans.
- Become ineligible for federal assistance programs including repayment plans, deferrals, and forbearance
- Risk having the loan servicer sue you to recover the debt
- Risk receiving Social Security retirement benefits
- Damaging to your credit score
Compare Credible Loan to other lenders.
This table contrasts the terms and conditions of Credit Loans with those of Personal Loans and CashUSA Loans. In the following table, we have arranged the three items such that they are next to one another.
The reason for this is so that you are equipped with solutions that are suitable for both your financial situation and your requirements.
The Amount of the Loan: Credit Loan is Known
for Offering a Large Loan Amount That Cannot Be Reduced. Other
loans in the table below do not offer a rate of interest that
is as high as Credible.
Personal Loans and CashUSA each provide loans of up to $500 to $10,000 or up to $1000 to $35,000, respectively. While Credit Loan offers loans ranging from $600 to $100,000 in amounts.
- BBB Rating: Personal Loan and Credit Loan are classified in the A group by BBB but are rated differently as they are given an A- and A+ respectively. CashUSA on the other hand, is fairly rated by BBB with a C- Rating.
Credit Score: Most borrowers with poor credit
will be accepted for loans from companies like Personal Loans
and CashUSA without being given a second thought, and a low
credit score won't be a problem at all.
If you are considering receiving a loan from Credible Loan, their standards are a little bit high. This is due to the fact that if your credit score is below 660, they will not issue you a loan. Do remember this crucial information.
Borrowers with poor credit may find that they are better served by choosing another type of loan. Even though Credible loans have a better BBB rating, in order to qualify for a Credible loan, a solid credit score is required.
5.40% - 35.99%
5.99% to 35.99%
$600 - $100,000
$500 - $10,000
Min. credit score
No minimum credit score is required
No minimum credit score is required
Credible Loans vs. CashUSA
The length of the repayment time for a loan obtained from CashUSA might range anywhere from three months to seventy-two months.
On the other hand, if you have excellent credit, a credit score of at least 660, and you complete the requirements that are essential for Credible, you will be eligible for a loan duration of up to 20 years.
This is because excellent credit and a credit score of at least 660 are both considered excellent. The BBB has given Credible an A+ rating, whereas CashUSA has received a C-.
Credible Loan vs. Personal Loans™
This comparison of Personal Loans to Credible Loans is being done with the intention of illuminating both the similarities and the differences between the two types of loans. For instance, their respective anticipated ARPs range from 5.40 percent to 35.99 percent.
Additionally, both of them have received an A rating from the BBB but Credible Loan is rated A+ while Personal Loan is given an A- rating. On the other hand, customers of Credible Loan are put through extensive credit checks, and a minimum credit score of 660 is required.
Requirements For Credible Loans
On its website, Credible does not publish exact requirements; however, in order to qualify with a lender that is part of its network, you must meet the following minimum standards:
Check the status of your credit.
Personal loans are often unsecured loans, which means that you are not required to put up any collateral in the event that you are unable to repay the loan. Because this is an unsecured loan, the lending institution will look at your credit score to determine your creditworthiness.
Creditworthiness refers to how responsible you are when it comes to borrowing money and paying it back on time. When it comes to the prerequisites for personal loans, this is the most crucial thing to consider.
Check if you can get one
The most common reason for taking out a loan is a lack of sufficient funds to cover an immediate financial obligation.
However, bear in mind that if you do decide to get a loan, you will still need to put some money away so that you can start making the required monthly payments on the loan.
You will need to be certain that a repayment plan for a personal loan can be comfortably accommodated within your financial plan.
Lenders of personal loans will also consider your employment history and level of income. Because it is essential to demonstrate that you are able to repay a loan, having a stable employment that brings in a regular income works in your favor.
Even if you have an excellent credit score, a significant portion of the qualification process for a personal loan is based on whether or not you can afford the loan.
Research financial institutions and go over your options.
Because the standards of the many lenders are different, it's possible that you'll only meet the criteria for one of them.
If you want to avoid settling for the first lender you discover, it's a good idea to do some comparison shopping first. It's possible that the first option isn't the greatest one for you.
It is essential to investigate the choices and prerequisites of each potential lender before settling on the institution that will best serve your specific financial requirements.
How to Apply for Credible Loans
Credible provides a short application that can be completed in approximately two to three minutes, provided that the user is aware of their fundamental personal information, such as their annual income and the amount of money they require.
- Fill out and send in the free form.
- Check out the list of loan options on Credible if you think you might qualify.
- Choose an offer for a loan, and then continue with the whole application.
- Recognize the terms of the loan, and commit to the payback schedule.
- Credible will not actually issue the loan even if you accept a loan offer that it has advertised on its website. The connection service will not perform rigorous credit checks on you, neither will it provide you funds nor will it charge you for using the service.
Also, think about what you really need, because the more money you borrow, the more you'll have to pay back, and interest will be added on top of that. Therefore, do not borrow a larger amount of money than you truly require for the loan.
Get all of your documents together: You are going to need job information, such as pay stubs or anything else that can validate your income. A kind of identifying documentation, such as a driver's license or a social security card, will also be required of you.
Get yourself prequalified: You need to look at the interest rates offered by a variety of lenders in order to determine which one, given your specific personal and financial circumstances, offers the best deal for you.
If you fill out the form and then decide that none of the offers suit your needs, you are not required to continue with the process.
How CreditYelp rates Credible Loans
|Requirements & Application||4.5/5||it require a soft credit inquiry when submit the form.|
|Loan accessibility||4.0/5||available for anyone except the people with bad credit.|
|Affordability||4.5/5||it can compare interest rates between different lenders.|
|Customer experience||4.5/5||customers are satisfied for its BBB rating.|
Credible Loans FAQs
Do I need to file the FAFSA to use Credible?
You do not need to fill out the FAFSA in order to use our marketplace because the lenders with whom we work do not offer federal student loans.
What is the difference between federal student loans and private student loans?
The U.S. Department of Education sets rules for how federal student loans should be used. They also come with benefits for the borrower, like letting the loan be put off, put on hold, or even canceled.
By filling out the Free Application for Federal Student Aid, you can find out if you are eligible for federal loans (FAFSA).
Credible lets you compare these different private loan options side-by-side from different lenders to help cover the rest of the costs.
What can I use the loan for?
You could use the loan for your needs, like bills, emergencies and student fees.