Credible is a private student loan marketplace that students can use to get approved outside of the federal system. What makes them so cool is that you can get ACTUAL rates in real time, all online, rather than getting the run-around like most other guys. The price you see is what you get, which is smart. Read on for the full Credible review.

Credible History

Credible was founded in 2012 in San Francisco, California. The founder, Stephen Dash, started Credible because he could not believe the debt that students had to take to complete their education. Credible is an online marketplace that helps students find and compare lending products that best fit their needs.

Credible has a very streamlined integration with their lenders that allow the consumer to see actual (not estimated) rates in real time without sharing the consumer's information with the lenders.

Students looking to start college should always fill out the FAFSA forms to access government-funded student loans and student aid. Federal student loans offer benefits that most private lenders do not. These benefits are income-based repayments, loan deferment, and loan forgiveness. Federal student loans only offer fixed interest rates for the duration of the loan. Once you have maxed out the limits provided by the federal government, private student loans can fill in the gap and pay for college expenses that the federal student's loans do not cover.


Credible does not charge origination, service fees or prepayment penalties. Their lenders offer comparably fixed and variable rates and loan terms. Their lenders will finance almost any undergraduate and graduate degree as long as they are from a Title IV accredited school.

Loan Limits

Each of Credible's lenders has a different minimum and maximum loan limit depending on your school's cost of attendance and the expected income you may earn when you complete your degree. As well, each lender will determine how much you can borrow based on your credit history, the credit history and income of your cosigner.


Most consumers when graduating from high school have not established a strong credit history and usage. When they apply for student loans (other than federal back student loans), they are usually not very successful unless they have a cosigner. Federal Student Aid and the Consumer Financial Protection Bureau state that 90% of all student loans have a cosigner. Having a creditworthy cosigner can make all the difference in securing approval and better rates. Are all cosigners created equal? Not. The higher credit score, strong credit usage, and history and high annual income that a cosigner has, determines how quickly you are approved and the interest rate you are offered. Credible understands this and allows the consumer to add as many cosigners as they want to compare the offers, rates and terms they would get with each cosigner. This helps the borrower determine which loan is the best fit for them. Credible offers cosigner release once the student who holds the loan makes 24 consecutive, on-time monthly payments.

Interesting Note: Credible reported on thousands of rate requests that were submitted to their marketplace throughout a year. The results determined that by adding a cosigner, the lowest prequalified rate was reduced by 2.35 percentage points.

Loan Amounts Each lender has a different minimum and maximum loan amount. Your loan amount will also be based on your requirements and your co-signer's creditworthiness.
Required Credit Score

85% of students that use Credible add a cosigner as they have not developed a strong credit score or credit history. Credible does not place a minimum score as they encourage cosigners who are creditworthy with a strong history that shows responsible spending.

Credible also offers direct lending to applicants who show a strong credit score and history

Minimum Annual Income $24000
Types of Income All with proof of employment
Variable Rate Option Yes - from 2,98% to 5.75%
APR Range Rates are based on the individual lender. All lenders have variable and Fixed rates: Fixed rates starting at 4.64% APR (with autopay)* and 3.26% Var. APR (with autopay)* *Read rates and terms at
Loan Term Credible has 7 Banks and lending institutions that they send your application to. Each lender has terms that are between 5 and 20 years.
Repayment Schedule Monthly - see
Credit Inquiry Initial Inquiry - Soft, Choosing a Loan - Hard Inquiry
Fees and Closing Costs No Origination, Service or prepayment fees
Secured Loans Unsecured
Co-Signer Yes, cosigners are encouraged
Direct Deposit No
Loan Purpose Student Loan
Qualifications US Citizen, International Student whose cosigner lives in the US & is creditworthy
Allows Military Yes
Legal Documents Required US Citizen, (Driver's License or Passport, Certification of costs from your school)
Number of Offers At least 2
Customer Service Email, Phone, or Chat

Repayment Options

Unlike government student loans, private lenders are able to offer you more than one plan. The one thing to keep in mind, is that interest starts accruing the day your loan is disbursed to the school you are attending. Private lenders may offer the following repayment terms while you are attending school but it depends on the lender's criteria.

  • full (interest and principal) repayment commencing the month the funds are disbursed.
  • interest only repayment. This is a good compromise if you do not have the income to make full monthly payments whle you are in school.
  • flat payment. Some lenders allow you to make a flat payment every month and apply it to the interest on your loan.
  • no payments at all while you are attending school. This is really not a good option as your interest accrues as your total loan balance increases.

Credible's Lenders

Credible only partners with loan providers that they have vetted and that they know will offer you the best rates and terms. 

Citizens Bank - 

  • maximum loan amount up to $295,000
  • 5,10 and 15 year loans
  • fixed and variable rates
  • 0.5% rate discount for autopay

College Ave -

  • can borrow up to 100% of your school's cost of attendance
  • 5, 8,10, and 15 year loans
  • fixed and variable rates
  • 0.25% rate discount for autopay

Discover Student Loans -

  • maximum loan amount - 100% of your school's tuition, housing, books and more
  • 15 and 20 year terms
  • fixed and variable rates
  • rewards for good grades

EDvestinU -

  • maximum loan amount - 100% of your school's cost of attendance
  • 7,10, 12, 15 and 20 year terms
  • fixed and variable rates
  • 0.5% rate discount auto-pay 

iHELP Student Loans -

  • maximum loan amount - $100,000 for undergraduate degree. $150,000 for graduate degree
  • 20 year term only
  • variable rate only
  • borrower or cosigner must have 2 year good credit history and annual income of $24,000
  • 0.30% rate discount for qualified borrowers

INvested - 

  • maximum loan amount - 100% of your school's cost of attendance
  • must be attending a certified school in Indiana or be a resident of Indiana
  • 5, 10, 15 year term loans
  • fixed and variable rates
  • 2.0% reward upon graduation

Raise Private Student Loans -

  • maximum loan amount - 100% of your school's cost of attendance minus student aid you have received
  • 5, 7 or 10 year term loans
  • variable rate only
  • 0.25% rate discount for autopay

Sallie Mae -

  • maximum loan amount - 100% of your school's cost of attendance
  • 5 and 15 year terms
  • fixed and variable rates
  • 0.25% rate discount for autopay

In My View

Credible takes the work out of comparison shopping when looking for private student loans. When you fill out the application for prequalified rates you are getting real rates in real time. You will receive offers from a least 7 lenders from which you can research and choose the best loan, terms and rates for you. Credible's partners offer student loans for college, undergraduate, graduate and professional degrees. The process is simple and takes just a few minutes of your time. Credible does a soft credit check to prequalify you and once you choose a loan, they will do a hard inquiry on your credit with your permission. One of the unique features of Credible is that they allow you to actually 'shop' your loan with more than one cosigner giving you the added edge of not only choosing the best loan and terms, but also the cosigner that will help you get those rates and terms. Credible does not charge origination or service fees, or prepayment penalties.

Customer Service

Credible offers customer support 7 days a week. They will do a conference call between you, your Credible representative and the potential lender. You can reach them by Chat, phone or email.

Phone: (866) 540-6005


  1. cfpb - Consumer Financial Protection Bureau - cfpb - Student Loans
  2. Federal Student Aid - Federal Student Aid
  3. FAFSA Student Aid - Federal Student Aid (FAFSA)