Credible Student Loan Refinance: Review

#1 Student loan lawyer

Updated on May 9, 2023

Credible overview:

  • Rating: ⭑⭑⭑✭✭


  • You can compare competitors’ rates to get the best deal on a private student loan.

  • It’s free to use.

  • Checking loan rates with Credible does not affect your credit score.

  • The Credible website is easy to use, and it only takes a few minutes to fill out their application.


  • You will only see loans offered by their lending partners — although Credible does have a lot of lending partners to choose from.

Yes, you should use Credible because it is an online marketplace that lets you compare interest rates and favorable repayment terms between competing private student loans and refinance loans. It’s a newer company whose mission is to empower students to borrow smarter.

What is Credible? Founded in 2012 in San Francisco, Credible is a marketplace where you can compare competitors’ rates and terms for private student loans and refinance loans.

Should you use Credible to find a refinancing lender? If you need to refinance your student loans into a private loan, Credible is a great option for finding the best lender.

It’s important to note that a refinance loan is different from a consolidation loan. Refinance loans are from private lenders. Consolidation loans are federal loans from the government that come with extra benefits concerning repayment and forgiveness. (It’s rarely a good idea to refinance federal loans into a private loan, as you’ll lose these benefits.)

Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.

Benefits of Credible for student loan refinancing

  • You don’t have to pay anything for Credible. It’s free to use. If you use their service to find a loan or financial product, Credible receives a fee from the partner lender at no extra cost to you.

  • You can get the best rate. Credible helps you shop lenders to see who offers the best interest rate for private student loans or refinance loans.

  • You can get the best loan terms. Credible also helps you make an informed choice by telling you which providers offer the best loan terms — such as the length of the loan and benefits for borrowers.

  • Your credit won’t take a hit. It does not affect your credit score to use this service. In fact, it should help your credit by getting you a loan you’ll be less likely to default on.

  • They have a “best rate guarantee.” If they can’t find the best interest rate on a new loan, they give you $200.

  • You can save money on fees. None of Credible’s partner loan providers charge prepayment penalties or an origination fee (a common 5% fee on refinance loans).

  • You can look at co-signer loans. The marketplace includes loans that allow co-signers, so you can consider your options more realistically.

  • Their customer service has fantastic reviews. You’ll probably get excellent customer service if you ever run into issues with Credible’s marketplace, website, or programs. 

  • Your income is used in the qualification process. Credible verifies your pretax income when determining if you’re qualified for certain loans, so they only show you choices that are a good fit for your situation.

Downsides of Credible for student loan refinancing

  • You’ll have to go to a different website to borrow. Credible is not a direct lender or provider. It is a third party that compares various lenders and providers.

  • You won’t always get the very best loan. Credible won’t feature every single loan available. Their marketplace is large, but it’s not infinite. They only include offers from financial institutions they have existing partnerships with (known as lending partners or partner lenders).

  • You need good credit. Credible’s partner lenders offer more loans for borrowers with good credit (a minimum score of 700 or more, in most cases). You might find some loans with bad credit, but it’s trickier.

  • Not everyone can use Credible. To refinance through Credible, you must be a U.S. citizen or permanent resident, have at least $5,000 in qualifying student loan debt, and be older than 18. You may still apply with a co-signer if you don’t meet these conditions.

  • You won’t get the benefits of a federal student loan. Credible is a marketplace of private loans, not federal loans. Federal student loans come with various repayment and forgiveness benefits that you will not get with private student loans. (To get federal student loans, fill out the FAFSA, then your school of choice will send you a financial aid letter.)

  • You may end up with a loan that costs a little more than Credible shows. The marketplace displays lenders’ prequalified rates that consider any autopay discounts on the monthly cost. If you don’t pay with autopay, your loan amount may change slightly.

Related: How Often Can You Refinance Student Loans?

How to use Credible

Credible makes it easy to fill out one form to see what private loans or refinancing options you qualify for.

  1. Go to this secure link to get started with Credible’s refinance student loan marketplace.

  2. Click the orange button, “Find My Rate.”

  3. Sign in with an email address or a Google account.

  4. Answer the prequalification questions Credible asks, like whether you want to lower your monthly payment or save money overall, where you went to college, your annual income, your loan amount(s), your address, your employment situation, and your monthly rent or mortgage payment.

  5. Credible should be able to identify your student loans eligible for refinancing. Click on which ones you would like to refinance.

  6. If you prequalify for any refinance loans, you’ll get this message:

Screenshot of Credible success screen.

Available lenders

Check out this (non-exhaustive) list of available lenders that Credible partners with:

  • Brazos

  • Citizens

  • College Ave

  • EDvestinU

  • ELFI

  • MEFA

  • PenFed


  • INvestEd

  • ISL Education Lending

Each lender may offer refinance loans, private student loans, mortgages, personal finance loans, etc.

How much does Credible cost?

Credible costs you nothing. It is always free to compare rates of Credible loans.

Does Credible affect your credit score?

Credible does not affect your credit score. Using Credible leads to a soft credit check. Unlike a hard credit check (credit inquiry), a soft check does not impact your credit report.

Do I have to use Credible once I start using it?

You don’t have to sign a loan through Credible if you sign up and compare loan offers. Using Credible is risk-free, with no obligations.

How do I apply for a loan with Credible?

You don’t apply for a loan from Credible. This service uses your application to verify your eligibility for certain loans. The Credible marketplace lets you compare interest rates on loans without impacting your credit.

Once you choose the best loan, you’ll go through the loan application process with the lender, not with Credible.

Is Credible legit?

Yes, Credible is a legitimate website where you can compare the rates of various loans.

Credible does not lend money. It lets you compare loans you qualify for, including interest rates and other terms, for refinance loans and other loan products.

How can I contact Credible’s customer service?

Phone: 1-866-540-6005


To live chat with them during business hours, go to their website, then click the “Contact Us” button in the bottom right-hand corner.

Is Credible right for you?

This marketplace is right for most borrowers with decent credit who are seeking a private student loan or refinance loan. Credible offers will save you time finding a lower interest rate and the best loan options with a short application.

Credible is an option for finding a lender to refinance your Parent PLUS loansIf you’d like to move your Parent PLUS loan to your child, this marketplace can help.

Credible may not be right for you if you have a very low credit score. Check out Yrefy for low credit refinance loans. Read my Yrefy review if you’d like to know more about their refinancing options for defaulted student loans.

Learn More: Can You Refinance Defaulted Student Loan Debt?

If you’re looking for federal student loans, Credible isn’t the place to go. You have to fill out the FAFSA every year to see if you qualify for federal loans.

Use Credible today to help you find the best rate and save your hard-earned money.

If you’re interested in more handy student loan tips from an expert student loan attorney, sign up for my free email newsletter.

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