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by Dori Zinn
Updated February 26, 2024
In a nutshell
Looking for the best personal loan isn’t easy. There’s no minimum standard across all lenders, so being able to compare many at once can come in handy, which is where Credible comes in.
- Credible is a marketplace that lets you compare different lenders based on your loan needs, whether that’s personal loans, student loans, home purchases, and more.
- Credible does not own or service your loan.
- Credible has been around for more than a decade, giving millions of users a chance to see where they stand with potential lenders.
Credible Personal Loans
Credible Personal Loans
APR
6.40% - 35.99%
Loan amount
$600 to $200,000
Pros and cons:
Pros:
- Get pre-approved without impacting your credit
- Compare multiple lenders at once
- Free to use
Cons:
- Doesn’t give out loans, just directs you to companies that do
- Must complete full application with lender
- Not all financial institutions are available
Credible loans
Credible offers a few different types of loans from many different lenders including:
- Student loans and student loan refinancing.
- Personal loans.
- Home buying and refinancing.
- Insurance.
While you can’t get a loan directly from Credible, you can compare lenders that do offer various types of loans.
Credible loan requirements
The requirements for personal loans vary by lender and while you might qualify for a loan with one lender, you may not qualify for a loan with all lenders featured on Credible.
For instance, borrowers with bad credit can still apply for a loan. But you might see different lenders compared to borrowers who may want home improvement or debt consolidation loans.
How to apply for a personal loan through Credible
You can see what lenders you’re eligible to borrow a personal loan from when you complete a prequalification form on Credible. It’s free and doesn’t trigger a hard credit check, allowing you to compare many different lenders you could be eligible for all at once.
After you fill in your information for a prequalification and compare lenders, you’ll select a lender with whom you will complete an application. Then you’ll move to the lender’s site to finish the application, get results, and if approved, set up banking information to get funding.
When completing an application on the lender’s site, you’ll need to include a few important details like:
- How much you want to borrow.
- Your driver’s license or another government-issued identification.
- Your address and Social Security number.
- W2s, tax returns, and pay stubs.
- Potential repayment terms of your loan.
Most lenders will approve (or deny) applicants within a couple of minutes and many have banking set up to receive your funds in as quickly as a day or upwards of a couple of days.
Credible alternatives
Credible is a well known loan marketplace, but there are others on the internet where you can compare many different lenders based on your needs, including:
LendingTree
Lendingtree Personal Loan
Lendingtree Personal Loan
APR
starting at 5.99%
Loan amount
up to $50,000
Like Credible, LendingTree is an online marketplace to compare different loans and lenders. Credible offers larger loans than LendingTree — upwards of $200,000, depending on your needs. LendingTree personal loans go up to $50,000. But you might have more of a chance of qualifying for a personal loan with LendingTree if you have fair or even bad credit.
Prosper
Prosper Personal Loans
Prosper Personal Loans
APR
6.99% to 35.99%
Loan amount
$2,000 to $50,000
According to its website, Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has helped over a million borrowers get more than $21 billion in loans. With their partner WebBank, prosper offers personal loans of $2,000 to $50,000 for borrowers who want to consolidate their debts, medical expenses or other approved reasons.
MoneyLion
MoneyLion Personal Loan
MoneyLion Personal Loan
APR
Variable
Loan amount
Up to $50,000
MoneyLion is one of the newest fintech companies compared to others on this list. While they do offer a personal loan marketplace, they also offer investment and financial services to users. They have a credit builder loan, investment account, and a cash advance option, among other products.
Frequently asked questions (FAQs)
Is Credible legitimate?
Credible has been around since 2012 and is a legitimate marketplace to find a lender for loan and insurance products.
Is it hard to get a loan with Credible?
Credible is a lender marketplace, not a direct lender. This means you can’t get a loan with Credible but rather, compare multiple lenders to see which ones are in line with your needs.
Can you get a loan with Credible if you have bad credit?
Credible partners with multiple lenders to offer loans to borrowers with various different types of credit. While you might not qualify for all lenders with bad credit, you may qualify for a few different lenders even though you have less-than-stellar credit.
AP Buyline’s content is created independently of The Associated Press newsroom. We might earn commissions from links in this content. Learn more about our policies and terms here.
