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Credible In-Depth Review

In a nutshell: Credible personal loans is a free service that provides a third-party lending service connecting prospective borrowers with a marketplace of financial institutions.

Credible In-Depth Review

In a nutshell: Credible personal loans is a free service that provides a third-party lending service connecting prospective borrowers with a marketplace of financial institutions.

Credible In-Depth Review

Overview

In business since 2012, Credible personal loans offers an easy-to-use lending service connecting borrowers with a host of different financial institutions. Through their platform, borrowers just need to take a couple of minutes to apply online before shopping through a list of offers. Credible personal loans start at $1,000 and go up to $100,000, and borrowers can use the money for a large purchase, home improvement, debt consolidation, and more.

Requirements

Credible doesn’t function as a direct lender itself. Instead, it provides a lending marketplace, connecting borrowers with a range of different lenders. This way, applicants with many financial backgrounds can shop for an ideal loan to suit their budgets.

Although Credible accepts applicants with different financial backgrounds, they do prefer prospective borrowers with good credit scores. In order to qualify, applicants will need to be at least 18 years old and have a US permanent residency or citizenship.

Loan Process

Nowadays, with services like Credible, it has become easier than ever to secure a loan. Borrowers can go right to the website where they can submit a short two-minute application. The application requests information such as the purpose of the loan, age, income, credit score, and contact information.

If approved, Credible will send a list of potential offers with varying rates and terms. Customers can shop around and choose the most optimal rate and repayment term for their budget. Before deciding, you can speak with Credible customer support to receive guidance before finalizing the loan.

Loan Terms

Credible personal loans provides a loan aggregator service. Through their network of lenders, customers can shop around for ideal rates and repayment terms. Their service has a minimum loan amount of $1,000 and a maximum of up to $100,000. Their fixed-rate loans have an APR between 6.40% - 35.99%. Repayment terms range between two to seven years.

Customer Support

Credible offers customers advice throughout the loan process with support available via live chat and online contact form. While they do not offer 24/7 support, when offline, customers can leave a message and a staff member will get in touch within one to two business days. Their FAQ and social media pages also include more information to help you get started.

Pros

Free to apply
Range of rates and terms
Fast funding

Cons

Third-party lender
No 24/7 support

Our Top 3 Picks

Credible

LightStream

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Credit impact

Soft credit check initially, with a hard check only upon final approval

Funding speed

Partners with lenders known for efficient processes, quick funding process, usually within one to two days after approval

Loan flexiblity

Partners with lenders known for customer-friendly policies, borrowers can modify repayment terms or request payment deferrals

Borrower rewards

Offers several benefits and rewards through its partner lenders, including rate discounts for loyalty and responsible payments

Loan amounts

Partners with lenders that offer a wide range of loan amounts

FAQs About Personal Loans

Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.

What is a personal loan?

Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.

Can I take a personal loan online?

Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.

What do I need in order to apply for a personal loan?

Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.

What is APR*?

APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.

How long do I have to repay the loan?

Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.

Representative Example

Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.

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