The Credible Student Loans is a private student loan marketplace that enables you to compare rates and terms from multiple lenders at a goal. This a time-saving system where students no longer waste time checking personalized rates of at minimum nine lenders with one application. The site has a prequalification tool that handles that. Not all lenders can assess here on Credible, in such cases, you may have to use other tools.
Advantages and disadvantages of Credible
Visibly enough, it has advantages that crumble the disadvantages. But both sides, they still point out all this site can enable and disable you of doing.
- It supports and fixes the gap to compare offers from multiple lenders at the same time. This means that credible reviews the offers for which you are prequalified next to each other, enabling you to easily compare rates.
- It simply prequalifies and checks rates without a hard credit inquiry. There is no need to worry if your credit score will be affected.
- It takes just a few steps to check rates and prequalify multiple lenders. This applied that you don’t have to start checking on every lender’s website for prequalification. Instead, you save time by using one for all its lenders.
Disadvantages of Credible
- Generally, not all lenders could be assessed for prequalification and to checkmate for rate. This means that there are special numbers of private student loan lenders that Credible does not account for their terms. E.g. Laurel Road, Earnest, and CommonBond.
- They are limitations On the terms and conditions listed. The features in this context are specifically the terms that are not inclusive in the comparison. This implies that you will have to go on research on your own to see if the lenders you receive offers from have specialties such as multiplayer approval, loyalty discounts, forbearance policies, and lots more.
Available Lenders on Credible
When you check private loan rates via credible, it equally performs soft credit inquiry to prequalify over multiple lenders. So you will be notified once any of the lenders have loan options for you. This could be done within minutes on your credible Dashboard via email, phone, or text. Also, note that anything can happen to the rate at any time once every potential lender responds. Doing this over credible cost for nothing, but not until you have referral commission when you apply to a lender via credible.
You should know that all lenders are not the same and as such, the terms will vary. Repayment schedules and terms are dependent on the lender. Some offer about four different in-school repayment options such as immediate payment, interest-only payment, flat in-school payment, and Full deferral payment.
The immediate payment takes off full payment shortly after the loan is disbursed.
Interest-only payment defines repayment of interest only while in school.
Flat in-school payment is usually a partial interest payment of $25 per month while in school.
Full Deferral Payment requires no payment until after the grace period is over.
How to apply for a Student Loan via Credible
- Move to your dashboard and review fully got the details of your offer.
- Choose the best option that will suit you/ and select the lender by the right side of the dashboard.
- Fill in some additional information with the lender you chose and t perform a hard credit inquiry. Additional documentation at this stage is required by the lenders.
- The lender responds with as either, you met the criteria used in prequalifying you, or mention your inabilities or abilities and demand for the presentation of the document requested or other applicable criteria.
Prequalifying doesn’t mean you’re guaranteed approval for the loan.