Loans » Personal Loan Lender Reviews » Credible Personal Loan Review 2021
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credible Personal Loan Review 2021

Credible was designed to make finding a personal loan within your preferences much simpler. This marketplace takes your information and finds you suitable matches.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

Credible is a personal loan marketplace. They have a few different lending options and a variety of different personal loans that range from a standard personal loan to home improvements to debt consolidation. 

Credible will have you walk through a process with them to get pre-qualified through their marketplace. They offer a best rate guarantee that if they can’t find you the best personal loan rate, Credible will give you $200. 

With Credible, you start by entering your amount that you are looking for and then they find a rate for you. It takes only a couple of minutes to get results. When you select personal loan, they ask you for an amount and say “find my rate”. 

Once you get through their simple questionnaire process, you will get results of pre-qualified rates. You can shop your rate options there and compare lender options that are produced for you. They have a client success team on standby in case you need any help in the process. 

Credible will not be your lender, they just provide a tool to find the right lender. They have a number of lending partners they can match you with and the criteria is pretty open as far as credit history and debt-to-income data. 

To use Credible or apply for a loan, you are required to be a U.S. citizen or permanent resident and you must be at least 18 years of age as well. The better your credit, the better offer you will get, which is typical. 

Once you choose a lender and apply, you may be required to provide additional information to the lender you work with, such as ID or paystubs. 

Credible was designed to make finding a personal loan within your preferences much simpler. This lender marketplace takes your information and finds you suitable matches.

APR

2.49%-35.99%

Loan Amount

$1,000 – $100,000

Term

12-84 months

Min score

Varies based on lender

Credible Loan Pros & Cons

As we know, each lender has its own pros & cons  – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Credible Personal Loan :

What Can a Credible Personal Loan Be Used For?

Since this is a marketplace for choosing a lender, there will be a variety of interest rates returned. Credible advises that rates are 4.99% and up but they don’t give you a ceiling for how far up they can go. It appears it’s probably around 35.99%. Limits can vary on amounts and so can potential fees and allowance for early payments and more. 

Credible is accredited through the Better Business Bureau and has been since 10/27/15. BBB rates them as an A+ but customer reviews leaves them at 1/5 stars. On Truspilot, they are rated 4.7/5 stars, with an excellent rating. There are a good number of reviews available there as well.  

Credible Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 4.7/5 on Trustpilot ( +4300 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power: We considered J.D. Power’s lending consumers satisfaction study. .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. Credible wasn't rated in the 2020 research.

J.D. Power U.S. Lending Consumer Satisfaction 2020

How to Prequalify For a Loan on Credible??

Choose an Amount 

Start by entering an amount for the loan you are requesting. 

Credible Personal Loan

Give a Reason

Let Credible know why it is you need a personal loan. They have several options. 

Credible Personal Loan

Answer Questions About You

From here, you will share personal information. Interestingly, the first question is about your level of education. After that, they look for annual income and personal identifying information step-by-step. 

Credible Personal Loan

Match, Choose, & Apply

When you complete their questionnaire to the end, they will then return match results to pair you with lenders that meet your details and show specific rates. The return process typically takes less than 2 minutes. 

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi

5.94% – 35.97%
620

Credible

2.49%-35.99%
Varies

OneMain Financial

18.00% – 35.99%

No Minimum

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credible

APR

2.49%-35.99%

Credit Score

Varies, Based on Lender

SoFi

APR

5.99%-18.85%

Credit Score

680

OneMain Financial

APR

18.00% – 35.99%

Credit Score

No Minimum

Credible FAQs

Should I use Credible?

Credible has a lot to offer in terms of variety and solutions. Their customer service is one of the better providers out there for this type of service. While Credible cannot necessarily provide a solution for everyone, they do appear to be a valuable resource that is worth checking out if you need a personal loan. 

Is Credible trustworthy?

Credible has an excellent reputation, with an impressive 4.7 out of 5 rating on Trustpilot, and lots of positive reviews. Additionally Credible takes customer security and privacy very seriously. Although Credible does not receive money from its customers, it does process sensitive personal information including your contact information and Social Security number. However, the site does use industry standard encryption to ensure your privacy is protected.

The site also automatically logs you out of your account after a period of inactivity. Your application is auto saved, so you don’t lose your progress, but it minimizes the risk of unauthorized access.

Does Credible affect credit score?

In order to provide personalized pre qualified loan product rates, Credible or its lending partners may perform a soft credit inquiry, but this will not affect your credit score. If you choose a loan deal and want to move forward, the lender will then perform a hard credit search.

One of the advantages of using Credible is that you can compare prequalified rates through multiple lenders without affecting your credit score.

Is Credible better than Monevo?

Both Monevo and Credible have excellent reputations, with numerous positive review comments. However, Monevo is a BBB accredited business. This provides an additional layer of reassurance for consumers, as you can access arbitration services via the Better Business Bureau if you encounter an issue.

Another similarity is that Monevo and Credible offer access to loans up to $100,000. However, while Monevo offers access to personal loans, Credible can also help you to source student loan refinancing, home loans and mortgage refinancing. This may be more appropriate if you are looking for this type of finance, as you are likely to secure a better rate compared to a basic personal loan.

Is AmONE better than Credible?

Like AmONE, Credible has a decent reputation, especially on Trustpilot. However, while AmONE has a focus on personal loans, business loans and debt consolidation, Credible offers access to student loans and student loan refinancing, home loans and mortgages. This may mean that it is not as flexible for you if you have a start up in need of finance.

Both companies offer loan options for different credit ratings, but AmONE advertises that you can receive funds in as little as 24 hours after approval. However, Credible has a lower APR for those with good credit and can help you source loans up to $100,000 rather than the $50,000 cap with AmONE.

Is 5K Funds better than Credible?

Credible has a solid reputation, particularly on Trustpilot that is more positive than 5K Funds. This company also offers different types of loans and finance, rather than just the personal loans on offer with 5K Funds. You can source personal loans, student loans, student loan refinancing, home loans and mortgages, which makes it more flexible than 5K.

Both platforms use bank level encryption to protect your data and like 5K Funds, in most cases, Credible will not perform a hard credit check to allow you to compare loan deals.

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Credible personal loan: 

This company is an online lender that offers very high loan amounts yet at low interest rates. LightStream is part of the Trust Bank group, formerly the SunTrust Bank. You can use the loan for any purpose, including home improvements, debt consolidation, etc.

LightStream does not charge fees. So, there are no late payment fees, processing fees, or pre payment fees. They even offer $100 to customers if they are unsatisfied with their loan processing experience and are willing to beat competitor’s rates by 0.1%.

If you find a lender offering a better rate than LightStream, the company will offer you a 0.1% decrease to highlight that they are a better option.

Most of the loans have a term of two to seven years, but this may be extended to 12 years for solar financing, home improvement loans, or swimming pool loans.

This is a unique lender created in 2012 by a group of former Google executives. They are the first lending platform to use artificial intelligence with an automated lending process. The company aims to go the extra mile for its customers.

Most lenders primarily focus on a FICO score to approve a loan. However, Upstart uses its advanced technologies to look beyond this and explore the risk of your loan. These calculations are used to assess your ability to repay your loan.

The company has a strong belief that if lenders would use its intuitive credit model, they would probably be approving more loans.

For borrowers, this means that Upstart can offer high quality loans at low interest rates. With fair terms for borrowers with bad credit, this company has a strong reputation with excellent reviews on Trustpilot and other sites.

Upgrade is an online direct lender established in 2017. The company offers both personal loans and lines of credit called “Upgrade Card”. To date, 8 million people have applied for an Upgrade personal loan or Upgrade Card.

According to representatives, Upgrade looks for a credit score of at least 620. However, the company may consider other factors to establish your creditworthiness.

One issue to be aware of is the Upgrade fees. While there is no prepayment fee, Upgrade charges an origination fee of 2.9 to 8% on personal loans. There is also a $10 late payment fee, which applies after a 15 day grace period.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.