Credible Student Loan Refinancing Review

There’s a lot to like about Credible’s platform. While not a lender, using Credible will allow you to compare and select student loan offers from several lenders in order to find the best rates.

Provider Rates & Terms Great For Get Started
Rates & Terms:

Fixed Rates: 3.39 - 9.99%

Variable Rates: 2.8 - 9.72%

Terms: 5, 7, 8, 10, 15, and 20 years

Great For:
  • Best rate guarantee
Get Started: Check Rate
  • Checking rates won't impact your credit score

Credible isn’t actually a lender. Rather, it’s a student loan refinancing platform that allows you to compare and select loan offers from several different lenders in order to find the best deal. Here’s a rundown of what borrowers should know about Credible’s platform and some other things to be aware of before choosing to refinance your student loans.

What I like about Credible loan refinancing

There’s a lot to like about Credible’s platform. Here’s a rundown of some of the highlights of Credible, as well as my personal experience with its rate-comparison tool.

  • No hard credit pull -- Credible allows prospective borrowers to check their rates with as many as eight different lenders with a two-minute form that doesn’t involve a hard credit pull.
  • Lenders compete for you -- As I mentioned, Credible isn’t the lender. The platform partners with several other lenders, such as Advantage Education Loans, Brazos, Citizens Bank, ELFI, and more. These lenders offer a wide variety of APRs and loan terms, so it takes care of one of the most important things refinancers can do -- shopping around.
  • Best rate guarantee -- Credible is so confident that you won’t find a better APR that it will give you $200 if you find a better student loan refinancing APR somewhere else and close the loan. (Restrictions apply)
  • Competitive APRs -- Credible offers loans from a variety of lenders, each of which sets its own APR range and uses different underwriting methods to determine the APR for any particular borrower. Here’s a rundown of Credible’s lending partners and their starting APRs.

To be sure, not all borrowers will get the best rates. In fact, unless you have stellar credit, extremely stable income, and all-around great qualifications, you can be pretty certain that you won’t. Having said that, the point is that there are eight different lenders giving you rate quotes, so many borrowers will do better than if they apply with just one.

Drawbacks of Credible loan refinancing

There isn’t a whole lot to dislike about Credible’s platform. Having said that, there’s no such thing as a perfect lender (if there is, I haven’t found it), so it’s entirely possible that you may find some drawbacks with the individual lenders you get paired with on Credible.

With that in mind, it’s a smart idea to do a little research into each lender you receive an offer from before hitting the “apply” button. Some offer relationship discounts, more flexibility when it comes to deferment options, and other features you may find valuable.

Why you can trust me

I’m a Certified Financial Planner® who has published more than 4,500 articles on various personal finance and investment topics, and my work has been syndicated on news outlets such as MSN Money, USA Today, CNN Money, and more. In addition, I’m a highly experienced student loan borrower myself (14 individual loans throughout undergrad and grad school and one federal direct consolidation loan) who has extensive firsthand experience with the student loan borrowing, repayment, and refinancing processes.

Real-world example

I decided to test out Credible’s platform to give you an idea of how this works, so here’s a rundown of my experience:

  • The pre-qualification process does take just a couple minutes. In fact, I did it in just over 60 seconds.
  • With a FICO® Score in the upper 700s, some other debts on my credit report, and an income that reasonably justifies the requested loan amount, I received a total of 14 different possible loans to choose from. The point is that my credit isn’t perfect, but it’s definitely in the “very good” realm. (Note: Some lenders offered me both fixed and variable rates.)
  • The lowest variable APR I was offered was 4.60% and the highest was 5.33%.
  • The lowest fixed APR I was offered was 4.98% and the highest was 5.56%.
  • The loan terms I was offered ranged from five to 20 years.

In all, I was impressed with the simplicity and choices I received. Credible’s platform allowed me to select a reasonably-priced loan in a term length that allowed me lots of control over what my monthly payment would be.

How to refinance your loans with Credible

The process to refinance your loans with Credible is pretty straightforward. As I’ve mentioned, Credible offers a simple form to allow you to compare your loan options from several lenders, so this is the first step.

Once you’ve done this, choose the best loan option for you, add documentation and information about yourself and the loans you’d like to refinance, and you’ll get your final loan offer within a day. In all, the application process can take less than 10 minutes.

When it makes sense to refinance with Credible

Credible is a great first stop for people with student loans to refinance, as it allows you to compare rates from several reputable lenders with just one pre-qualification application. Credible can also be a good choice for borrowers with less-than-ideal credit, as this group is most likely to benefit from the rate comparison feature.

As I’ll discuss in the next section, Credible may not be the best option for borrowers with federal student loans, as these have some pretty unique benefits that you may not want to give up.

Alternatives to consider

Credible is unique in that the whole point of the platform is to give you several alternatives. Even so, it might still be a good idea to compare the rates you get from Credible with some others on our best student lenders list. Who knows, maybe you’ll do even better and get to use Credible’s $200 best rate guarantee.

Furthermore, if you have federal student loans, it may not be a smart idea to refinance them at all. By refinancing federal loans, you’ll lose eligibility for things like Public Service Loan Forgiveness (PSLF) and income-driven repayment plan options. If the goal is to combine several loans into one, federal loan borrowers may be better off considering a Direct Consolidation Loan -- it won’t lower your interest rate, but you’ll retain the unique benefits of your federal student loans.