Credible Personal Loan Review
Last updated July 18th, 2018
Recommended for: Personal loan - home improvement, moving costs, wedding, vacations, debt consolidation
Credible was founded in the San Franciso area in 2011. The company has an A+ rating with the BBB and 9.5/10 rating with Trustpilot. Credible has developed an unsecured personal loan comparison platform that sends one application to eight lenders and you will know within seconds if you are approved. AVANT, best egg, freedomplus (offering co-signing), Lendingclub, Marcus: by Goldman Sachs, Payoff, Prosper and Upstart receive the borrowers loan request and can bid on this business at the same time.
The borrower could receive up to 8 loan offers in minutes and decide which loan suits their requirements.
Where Credible Shines
- Your credit score will be not affected when you apply
- Borrowers do not have to fill out multiple applications to find the best loan option
Average Credit score of Applicants as of June 20, 2018
- 10% of applicants with a credit score below 640 receive loans.
- 43% of applicants with a credit score between 640 - 699 receive offers
- 49% of applicants with a credit score of 700+ receive offers
Fair to Poor Credit Score
if your credit score is below 640, there are lenders that specialize in loans with fair to bad credit.
Terms and Conditions
Credible provides a platform that enables you to compare the personal loan options you qualify for from multiple lenders side-by-side, based on all of the criteria that are important to you, like total repayment amount, APR, repayment options, and monthly payment.
Income requirements vary by lender. Some lenders will accept annual incomes under $25,000 if the credit score and history are strong. Other lenders require a minimum salary of $50,000
What's good about Credible Personal Loan?
Have a strong credit history.
Sufficient annual salary for repayment of loan.
What's bad about Credible Personal Loan?
Applicant has a limited credit history
Have had a bankruptcy within the last 5 years.
|Loan Amounts||$1,000 to $50,000|
|Required Credit Score||640+|
|Minimum Annual Income||$25000|
|Types of Income||Salaried, Self-Employment, other sources of income|
|Variable Rate Option||Fixed Rates|
|APR Range||4.99% to 35.99%|
|Loan Term||2 years - 5 years|
|Repayment Schedule||Monthly by can Vary by lender|
|Credit Inquiry||Initial Inquiry - soft, Loan acceptance - hard inquiry|
|Fees and Closing Costs||No origination fee - other fees vary by lender|
|Direct Deposit||Yes - with a valid checking account|
|Loan Purpose||Consolidate credit cards, finance moving, home, medical, renovations etc.|
|Qualifications||U.S. Citizen, permanent resident and 18+ years of age|
|Insurance||Varies by lender|
|Legal Documents Required||U.S. Citizen, permanent resident and 18+ years of age|
|Number of Offers||Up to 8 offers|
|Customer Service||Contact by phone or email|