Searching for loan refinancing lenders online can be quite a challenge, as you may have experienced.
First, you need to find one and then verify their legitimacy by reading numerous reviews. Finally, you have to compare rates from other lenders to secure the best deal.
Thankfully, the Credible student loan refinance platform has already done 70% of that work for you, gathering several reputable lenders and their refinance details.
In this review, we’ll explore this platform, providing insight into what they offer and whether or not they’re best for you.
SLP RATING (4.1): ⭐️⭐️⭐️⭐️
 | Credit Score: Mid 600s Loan Term: 5 to 20 years Fixed APR: Competitive rates available Variable APR: Competitive rates available Cosigner Release Availability: Based on Lender |
Credible Student Loan Refinance Overview
Credible, a student loan refinancing marketplace, has been operating since 2012.
According to their Better Business Bureau profile (BBB), we’ve confirmed that they’re a Delaware-incorporated company with headquarters in Durham, North Carolina.
They’re also licensed by the North Carolina Commissioner of Banks (NMLS ID #1681276) and have met regulatory requirements for their services.
We’ve checked Credible for transparency and noted that there are no hidden fees. Every pricing detail is stated on the platform. Additionally, borrowers aren’t charged for comparing rates or using Credible’s services to refinance student loans.
Customer reviews for this platform are generally positive. There are, however, occasional complaints regarding mismatches between advertised rates and actual rates, which is common on marketplace sites. Regardless, Credible has proven to be a legitimate platform.
Credible is best for borrowers looking to compare multiple student loan refinance lenders for the best rates. It’s even more beneficial for those with high credit scores.
Credible Student Loan Refinance Pros and Cons
| Pros | Cons |
| Easily compare rates from up to 10 lenders with a single application | As a marketplace, Credible doesn’t manage loans directly and isn’t responsible for servicing issues |
| Using the platform is completely free for borrowers. No sign up or origination fees | Some lenders on the platform may not offer services in your location |
| Enjoy access to a network of vetted lenders | |
| Most Credible users agree to be satisfied with its services | |
| Refinance both private student loans and federal student loans |
Credible Student Loan Refinance Details
Considering that Credible isn’t a direct lender but a marketplace, the refinancing details reviewed here are not particularly that of Credible but a reflection of some of its best lenders.
Refinance Rates, Terms, and Fee Structure
Marketplaces like Credible make it possible to get exceptional rates and terms you’d hardly find anywhere else.
Credible partners with lenders offering competitive fixed and variable rates. Rates vary based on your credit profile and loan terms. Check lender websites for the most up-to-date rate information.
While these rates sound really good, ensure you confirm from the lenders’ sites to get the current figures, as rates are constantly changing and might not reflect immediately on Credible.
Credible’s partner lenders provide flexible loan terms, typically ranging from 5 to 20 years, to accommodate various financial goals and repayment needs.
You can consolidate amounts from $5,000 to $750,000, depending on the lender and loan type. This is convenient as it gives room for both borrowers with modest debts and substantial balances.
In terms of fees, Credible doesn’t charge for its services; any fees would depend on the specific lender’s policy.
However, it’s quite clear that Credible doesn’t charge borrowers for any instance, including its services.
Refinancing Requirements
Credible partners with several lenders who cater to the needs of different kinds of borrowers.
For instance, one lender on the platform only provides services to residents of Texas. If you happen to reside in a different state, you may not be eligible to refinance student loans through this lender.
This means each lender has specific requirements, but there are common criteria across lenders.
- Minimum Loan Balance: Borrowers must refinance at least $5,000 in student loans. Some lenders may have higher minimums or maximum limits.
- Credit Score: A minimum credit score of 650-670 is generally required for individual applicants.
- Income Requirements: Lenders assess income to ensure borrowers can repay the loan. While the threshold varies, a stable income or a low debt-to-income ratio improves your chances.
- Residency and Age: Applicants must be at least 18 years old and either US citizens or permanent residents. Some lenders may allow cosigners to meet residency requirements.
- Educational Qualification: Lenders often require applicants to have attended a qualifying institution.
- Cosigner Options: Borrowers with weaker credit profiles can add a cosigner to meet credit or income requirements. The cosigner release option, however, is dependent on the lender. Some might allow this after 12 to 24 months of on-time payments, while others don’t offer this at all.
Application Process
The process with Credible is a bit different from applying directly with a lender. Here’s what you should expect.
Step 1: Provide Basic Information
Visit Credible’s website and click on the student loan refinancing section. Enter personal details, including your name, address, and contact information.
Then, input details about your current loans, such as balances, lenders, and interest rates. You’ll also need to specify your educational background and degree information.
Step 2: Prequalification
Complete a soft credit inquiry to view prequalified rates from multiple lenders. This step doesn’t affect your credit score.
At this stage, you’ll receive details on interest rates, loan terms, and monthly payment options. You can then compare these details provided by Credible’s partner lenders.
Step 3: Choose a Lender
Review the offers and select the lender that best meets your refinancing goals, such as lower monthly payments or a reduced interest rate. Credible allows you to see detailed loan terms to help you make an informed decision.
Step 4: Complete the Lender’s Application
Once you select a lender, you’ll be directed to their website to finalize the application. You’ll need to provide additional documentation, such as proof of income, a government-issued ID, and your current student loan details.
A hard credit check may be performed by the lender at this stage, which can temporarily affect your credit score.
After verification and loan approval, the lender pays off your existing loans and issues the new refinanced loan with updated terms.
Repayment Options
These repayment options are often common amongst Credible’s partner lenders.
- Full Repayment: This is the standard repayment option where you pay both the principal and interest every month until the loan is fully repaid.
- Interest-Only Payments: Some lenders allow you to pay only the interest for a specified period, reducing monthly payments temporarily but prolonging the repayment term.
- Deferment: This option allows borrowers to pause payments during specific situations, such as returning to school, active military deployment, or economic hardship. During deferment, interest may continue to accrue depending on the loan type.
- Forbearance: Borrowers facing financial challenges may qualify for forbearance, allowing them to temporarily pause or reduce payments for a limited time.
- Biweekly Payments: Some lenders on the platform offer the flexibility to split monthly payments into two biweekly payments, helping to pay off the loan faster and reduce interest costs.
Credible Student Loan Refinance Top Lenders
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| Credible’s partner lenders offer a range of competitive fixed and variable APRs. Rates and terms vary by lender and are influenced by factors such as credit score, loan balance, and repayment term. | |||
Make Informed Choices with Student Loan Professor
Credible offers the right tool for students to find reputable refinancing lenders and compare rates at a glance. However, having too many options can be overwhelming, as each lender offers unique benefits, making the choice difficult.
Yet, one good thing about situations like this is that you can always seek help. At Student Loan Professor, we’ve helped lots of students, graduates, and even institutions manage student loan debt and provide proper consultation for refinancing.
You can learn more about our services or contact us today!
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.
