What Is Credible Used For: Features, Reviews & Alternatives

Credible operates on a marketplace model. When a borrower successfully refinances or secures a new private student loan through a lender found on Credible, the lender pays Credible a referral fee. This ensures the service remains free for individuals comparing loan options.

No, checking your pre-qualified rates on Credible involves a 'soft credit pull,' which does not affect your credit score. Your credit score is only impacted if you proceed with a full application directly with a lender, which involves a 'hard credit inquiry.'

Credible primarily facilitates comparisons for private student loans and student loan refinancing. This includes refinancing both federal and private student loans into a new private loan. It does not offer federal student loans directly.

Yes, you can refinance federal student loans through Credible, but it's important to understand that doing so converts them into a private loan. This means you would lose access to federal loan benefits like income-driven repayment plans, deferment, forbearance options, and potential loan forgiveness programs.

To receive personalized rate quotes, you'll typically need to provide details such as your education level, income, employment status, current student loan balances (if refinancing), and basic personal identification information. This allows lenders to pre-qualify you accurately.