Credible has been around since 2012 and operates from San Francisco. It’s aim is to help borrowers find the most competitive rates and products for personal loans. As of May 16, 2023, the APR range an individual can expect between 9.99% -35.99%.
With LendingPoint, you can take out a personal loan with repayment terms ranging from two to five years. The minimum amount available is $2,000 while the maximum is $36,500. Several variables will affect the Annual Percentage Rate (APR) on LendingPoint loans, including income, credit rating and data presented in the application form.
Credible Requirements. Do you qualify?
To use they services, there are no specific requirements. However, if you decide to refinance your student loan through one of Credible’s lending partners, you will need to meet certain criteria. Here are the qualifications:
- Be 18 years old or older.
- Be a U.S. citizen or a permanent resident.
- Have a minimum of $5,000 in student loan debt from a qualifying institution.
- Possess a valid Social Security number.
If you don’t meet one or more of these requirements, there is still an option to apply. You can have a co-signer who meets all three requirements and has a fair credit score.
Credible Application process. How to apply?
Applying for a loan is a straightforward process. Here’s a step-by-step guide on how to apply:
- Visit the website (www.credible.com) and navigate to the loan section.
- Select the type of loan you are interested in, such as student loan refinancing or personal loans.
- Fill out the required information, including your personal details, loan amount, and loan purpose. This information helps Credible match you with potential lenders.
- Provide accurate information about your financial situation, including your income, employment status, and credit score. This data helps lenders assess your eligibility and determine the terms of the loan.
- Review and submit your application. Make sure to double-check all the information before finalizing the submission.
- Company will then present you with personalized loan offers from its network of lending partners. You can compare the offers based on interest rates, terms, and other relevant factors.
- Once you’ve chosen the loan offer that suits your needs, click on the selected offer to proceed to the lender’s website.
- Wait for the lender to review your application. They will assess your creditworthiness and make a decision regarding loan approval.
Compare Credible with Lendingpoint:
LoanPioneer (based on available information):
- Offers personal loans up to $36,500 with terms of two to five years.
- Competitive APRs ranging from 9.99% to 35.99%.
- Accepts applicants with a minimal credit score of 580.
- Provides quick turnaround on quotes.
- No additional costs for loan origination.
- Same-day approval of applications.
- Funding available the following day.
- Operates in 41 states (and Washington, DC).
- Reports payments to major credit bureaus.
Credible (based on available information):
- Offers student loans and student loan refinancing options.
- Provides a loan comparison marketplace with a variety of lenders.
- Offers personal loans from $600 to $100,000 with varying APR rates.
- Fast quotes, no origination fees, and same-day approval.
- Next-day funding available.
- Accepts borrowers with low credit scores.
- Doesn’t offer secured and co-signed loans.
- Reports payments to two out of three credit bureaus.
Both LoanPioneer and Credible have similarities in terms of strengths and weaknesses. They both provide fast quotes, have no origination fees, offer same-day approval, and provide next-day funding. They also have low credit score requirements. However, they both don’t offer secured and co-signed loans and report payments to two out of three credit bureaus only.
In summary, they offers a convenient and transparent platform for borrowers to explore and compare loan options from a variety of trusted lenders. With its focus on empowering borrowers, they simplifies the loan shopping process and provides valuable resources to help individuals make informed decisions. By offering a wide range of loan amounts and competitive rates, they has established itself as a reliable and accessible option for those in need of financial assistance. Remember, always review the terms and conditions of any loan offer carefully and consider your financial circumstances before making a borrowing decision.