Loans

Credible Review: Is It the Best Option for People with Student Loans Debts?


Credible Review: Is It the Best Option for People with Student Loans Debts? 02.08.2019Leave a comment
credible.com

In the US, there are educational loans to assist students and their parents to pay for learning.

They are of great demand since ordinary Americans can hardly afford even one year of training for their children even if this college is not in the Ivy League.

It becomes even more difficult for them if the child has to study far away from home, in another city.

There are three forms of educational loans in the United States: a federal student loan, a parent plus loan, and a private loan.

But what to do if the educational loan is already taken out but the person cannot repay the debt on the current conditions?

Let’s talk about Credible and how it is connected with this issue.

Advantages and Disadvantages to Consider Before to Cooperate with The Credible Platform

Advantages Disadvantages

A single application form for multiple lenders. Credible beauty and simplicity are in the way the platform works. As soon as the borrower submits an application form, Credible does all the job for them. The person immediately sees their options of loan refinancing or a personal loan provision variants with the best rates, APR, and the paying back terms.

In case of troubles with the loans of any sort, the person has to inform Credible first and try to solve the problem with them.

Fast money supply. The lenders which Credible partner with work quickly to satisfy the clients to the full. The issuing of the funds usually takes no more than one business day. Although, the person may have to wait up to one week.

Some lenders can charge additional fees, for example, for the loan origination. Customers always have to read the agreement carefully to be fully aware of what and when they have to pay for.

People can use the Credible website absolutely for free. The website does not put charges from the borrowers. It has its bucks from the lenders it works with. You can read more here.

The number of lenders the platform works with is smaller than the similar companies have. It means that the borrower has a more limited choice of options to refinance their debts.

After signing up the agreement, the borrowers receive numerous calls and messages from the lenders, since Credible provides them with the applicant’s personal contact information.

If the applicant has a low credit score he/she most likely to be offered (if to be offered at all) the options with the highest APR - 35.99%.

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The trick is that it’s hard to reach out to the very lender. Credible is developed to solve this problem.

One only needs to fill out an inquiry and the service will compare many lenders and give the most suitable results with the appropriate rates and terms of paying back the funds. It cooperates only with trustworthy lenders. On the website, an applicant can find the full list of them.

Credible is the well-known resource which primarily aims to help people solve their issues with the loans for education.

student loan
student loan

This platform is the place where persons can opt for the lenders to refinance student loans and to provide private student loans or/and personal loans.

The main distinguishing feature of the website is that it makes this process as easy as possible for the borrower in a markedly difficult financial situation.

Though modern people can find any kind of information nowadays, its diversity and enormous amount make this process hard.

This can be very tiring and exhausting to discover the lender which suits best to the borrower, especially, in such a delicate case when one longs to refinance student loans. Countless student loans lenders claim they will refinance the debt easily and “painlessly” for the borrower.

But how to find out which one to apply to?

The Credible platform is designed exactly for this purpose – to make the search process easy and fully understandable for the person in need.

The service provides the applicants with the information about which lender and by which rates is ready to refinance his/her student debt. So one immediately sees the best options with the best suitable APR and interest rates which suit exactly to him/her.

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What Credible Can Offer

The platform works in three main directions:

  1. Private Student Loans ( Discover, Citizens Bank, INvestED, etc.). They are meant for those for are already studying at school or just is going to start. The rates for such a loan type can be fixed or variable. To begin the process of searching for the private student loans lender, one needs to fill in the form. The algorithm is always the same. The pleasant news for the applicants is that Credible makes it possible to try various cosigners for the application to get the best conditions on the loan. The service cooperates with Sallie Mae, College Ave, EDvestinU, and many other trustworthy lenders in this field.
  2. Student Loan Refinancing ( Advantage Education Loan, MEFA, RISLA, etc.). Refinancing the student loans with Credible is the way out if: the debt is considerably big and a person is not able anymore to pay it off on the present conditions; a borrower seeks for the option to lower his/her monthly payment amount; one wants to find the variant of lending with the better APR and/or interest rates.
  3. Personal Loans ( Prosper, Upstart, FreedomPlus, Marcus, etc). On this matter, the service cooperates with the best lenders and other great platforms, for example, Prosper and Upstart. These two services are p2p lending websites that unite investors and borrowers for mutual benefit. Both of them have an excellent reputation and a solid positive feedback base. Personal loans are a good solution if one needs to consolidate a credit card debt, for example.

Credible informs that the range of the possible amount to borrow from its partners is $1,000-100,000. The term of paying back the debt ranges from 2 to 7 years, as a rule, but for different providers, the terms can vary.

What does Credible Demand?

Like any other similar service, Credible has its requirements a borrower should meet to take part in the program.

To provide a client with the lenders’ options to refinance student loans, mortgages, and/or personal loans offers, the platform insists that the applicant has to have:

  • a good credit history;
  • the age of 18 years at least;
  • the minimal $1,000 sum to refinance;
  • a stable income;
  • a mid-600s credit score.
  • the US citizenship or permanent residence permit.
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It is stated on the website that even if the borrower doesn’t have outstanding credit or/and a good income, the situation can improve the appropriate cosigner.

Fees, Rates, and APR

Borrowing amount: $1,000 – $100,000
Term length:
2-7 years
Interest rate:
3.99% – 35.99%
Origination fee:
0% – 8%
APR:
3.99% – 35.99%

The borrowers have to be fully aware that the actual amount to repay differ for each loan, respectively. The interest rates and APR completely depend on the amount to borrow, the credit rating, the term of repayment, and the conditions of a specific provider of services with whom the Credible company cooperates.

The lowest rates are more likely to get people who aren’t considered “risky” by the lenders. The safer the applicant the more favorable conditions he/she will have.

And vice versa, if the credit history is bad and there have been delays in paying back the previous loans, the person either will get higher APR or won’t be approved for the urgent money at all.

The platform is possible to use absolutely for free. Credible doesn’t put charges for that.

How does Platform Work?

To begin cooperation with the Credible platform, one ought to go through simple steps:

  1. The very first step is to find out the rate. It is simpler than simple and takes about 2 minutes. Here, the necessary information has to be provided. One identifies the data about education and the student loan amount he/she looks to refinance for. This does not affect the actual credit score of the applicant in no way. Credible always starts with the soft credit check.
  2. After indicating the needed data and a soft credit check, Credible offers a borrower a list of the possible lenders, which a person might qualify for. At this stage, one has the right to apply to this or that lender considering the rates, APR, and the repayment terms he offers. All of them will be specified according to the very applicant request and conditions he/she indicates.
  3. It’s time for the application itself! When a person has found the best option, he/she can actually apply for a loan and the thorough checking of the credit history will take place. In the case of a positive decision, the lender will work with a borrower directly.
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Transparency and Fair Conditions

Credible is always honest with its customers. All the conditions, useful information, and peculiarities are clearly stated on the website.

Here, each client can find everything they might need to get to know about the process of the application, terms, and rates.

 

Customer Service and Support

On the website, there is a thorough list of an FAQ. All the important moments of refinancing, loans provision, lenders, and the peculiarities of APR and rates amounts are clearly and constructively given in them. The person can easily find the answer they need.

If one hasn’t been able to reach his aim, there is contact information to get in touch with the customers’ support.

Also, there are multiple profiles in social networks (Facebook, Twitter) to be closer to potential clients and better understand their needs.

What do Users Say?

Positive Feedback and Rewards

The Credible company exists on the market since 2012 and the majority of customers’ feedback proves it to be trustworthy and reliable service.

BBB (Better Business Bureau) has accredited the platform and given it a proud worthy A+ rating.

TrustPilot verdict on Credible is 9.5 of 10 (based on 2.458 reviews).

trustpilot
https://www.trustpilot.com/review/www.credible.com

It only confirms one more time that solving difficult problems can be easy if one turns to the right assistant for help.

Mostly, the users are satisfied with:

  • Easy and understandable application process. Each step is written down in details to lessen the possible mistakes and failures.
  • The chance to try out different cosigners variants for the deal;
  • The service firstly conducts soft checking of credit scores without influencing the actual rating;

Users’ Complaints and Dissatisfaction

Despite such good feedback and rewards of trustworthy resources, some clients have negative things to say about Credible.

The most common complaints are about:

  • Receiving multiple calls with promotions from the lenders to which Credible has provided the contact information;
  • Being not approved for participation in the program. The company leaves such a possibility for itself no matter what.
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Conclusion

Refinancing of the debt can become a breath of fresh air. No one is protected from the unexpected obstacles in life and, sometimes, the situation can worsen in a matter of one day.

Credible is aware of it and always stands by its clients’ side. As has been mentioned above, this platform helps people to overcome their financial difficulties and to do so easily and quickly. There are always customers who are not satisfied in any sphere of human activity,

Credible is not an exception and also has a few persons to say not positive things about it. But statistics is a cold thing and the average possible client of all services is on the facts. For this company, they are strong and identify it as trustworthy, reliable, and transparent. Mostly, users are pleased with the service and the lenders it works with.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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