Credible Personal Loans Review: Compare Rates From Top Lenders With a Single Application

The Credible personal loans marketplace offers a quick way to compare multiple lenders all at once. You can see prequalified rates and terms for personal loans from many of the best personal loan lenders with just one application -- and no impact to your credit score. See how it works with our in-depth Credible personal loans review.

This personal loan is a good fit for: Borrowers who want to compare multiple loan rates without a lot of hassle.

Top perks

Check multiple lenders' rates at once

The main appeal of using Credible is to compare personal loan rates from multiple lenders. Specifically, to do so without needing to fill out half a dozen different prequalification applications.

Instead, you can fill out one application and potentially see rates from more than a dozen popular lenders. Credible can access rates from more than a dozen top lenders, including:

• Avant
• Axos Bank
• Best Egg
• BHG Money
• Discover
• Happy Money
• LendingClub
• LightStream
• OneMain Financial
• PenFed
• Reach Financial
• SoFi
• Universal Credit Services
• Upgrade
• Upstart
• Zable

And because you're prequalifying, not actually applying, your credit score won't be impacted.

Wide range of options

Having a lot of lending partners means Credible has a lot of loan options. It works with lenders who are open to people from a variety of credit score backgrounds, including those with no credit or who are building credit. You can also get loans of almost any size -- from as low as $600 up to $200,000 -- and with a range of term options.

No fees to use Credible

Another perk of Credible is that there is no fee for borrowers to use its marketplace. You can check your rates and apply for a loan for free.

Instead of charging borrowers, Credible makes money through commissions from its lending partners. So, Credible gets a fee from the lender if you close on a loan you found through Credible's marketplace. Credible also advertises that it won't sell your information.

What could be improved

Credible is not a direct lender

One important thing to realize about Credible is that it isn't a lender. You can't get a loan directly from Credible. It's just the marketplace. Credible works with outside lenders, and it's those lenders from which you'll get your loan. In other words, you won't get any money from Credible, nor will you make loan payments to it. (Think of it this way: Farmer's markets don't sell goods. The vendors at the farmer's market are the ones who actually sell their goods.)

Offers are prequalified and don't guarantee approval

Although Credible can be a useful way to get an idea of the types of loans you can qualify for, you aren't actually applying for loans when you fill out the form. Instead, you're getting prequalified offers. Prequalification can be used to determine eligibility, but it isn't binding.

Once you choose a lender, you still need to formally apply -- and approval is not guaranteed. When you actually apply, the lender will perform a hard credit check. At this point, it may decide to offer you a different rate or term. It may also deny you altogether.

Credible has a wide range of lending partners, so the qualifications can depend on the specific lender. But, at a minimum, you'll need the following to get a loan from a Credible personal loan partner:

• An income
• A Social Security number
• An acceptable debt-to-income ratio (40% or lower is recommended)

Application process

Getting a loan through Credible is a multi-step process. You'll start on the Credible website, then finish on the lender's website:

1. Enter basic borrowing information such as loan amount and purpose. You'll also need to provide personal info including your income, address, and Social Security number.
2. Submit your Credible information to see prequalified rates from lenders that match your needs and qualifications. This will not impact your credit score.
3. Choose a lender, interest rate, and term length from the options provided. Then, click the link on your Credible dashboard to go to the lender's website.
4. Finish your application and submit any required paperwork to the lender. If approved, you'll digitally sign the loan offer to close your loan.

Credible's personal loan marketplace may be a good place to start if you want to compare multiple loan rates at once. It works with many popular personal loan lenders and can accommodate borrowers with a wide range of needs and qualifications. However, Credible itself isn't a lender. It also doesn't show rates from non-partner lenders. If you want a direct lender or to apply with a non-partner lender, Credible isn't for you.