Credible

Credible is a multi-lender marketplace that allows users to compare personalized loan offers from various vetted lenders. Instead of applying to five different banks, a user fills out one form on Credible and receives real rate offers (not just estimates) from partners like SoFi, LendingClub, and Marcus.

It is widely used for student loan refinancing, mortgages, and personal loans. Credible is free for users; they earn a commission from the lender when a loan is closed. It is a legitimate tool for shopping around to ensure you get the lowest possible interest rate.

Frequently Asked Questions

1. Does using Credible hurt my credit score?

Checking your rates on Credible uses a "soft credit pull," which does not affect your credit score. A hard credit inquiry is only performed by the specific lender if you choose an offer and proceed with the formal application.

2. Is Credible a lender?

No, Credible is not a bank or a lender. It is a marketplace or broker that connects you with partner lenders. Credible does not fund the loans or service them; the partner lender handles the money.

3. specific Best Rate Guarantee?

Yes, Credible offers a Best Rate Guarantee. If you find and close a better rate with another lender than what you found on Credible, they will pay you $200 (terms and conditions apply). This demonstrates confidence in their marketplace.

4. Is it free to use?

Yes, Credible is completely free for borrowers. There are no service fees or hidden costs to compare rates. Credible is paid a referral fee by the lender if you successfully close a loan through their link.

5. Can I refinance student loans?

Yes, student loan refinancing is one of Credible's core services. They allow you to compare rates for refinancing both federal and private student loans, potentially saving you thousands in interest.