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.