If you are having trouble with student loans, the Student Loan Refinance Planner can help you. This service reviews your current student loans to see if you can qualify for a student loan refinance. Your current student loans might be a better option than a private student loan, since they may offer lower rates.
Since you have no idea how things will go, it’s smart to start saving your money at an early age. There’s no point saving money and then later on using it to pay for college expenses. This is when you need to decide on what type of student loan refinance to get. To start with, you need to check on the colleges that you will be attending and choose the best school that will help you get into the career that you want.
There are many student loan refinance companies that can help you consolidate your student loans and improve your credit score. Student Loan Planner is one of the most popular student loan refinance companies that offers student loan refinance reviews in addition to student loan refinance rates.. Read more about best student loan refinance bonus and let us know what you think.What you need to know:
- Credible is an online platform where you can compare rates and terms of lenders for student loans and other financial products.
- You only need one form to get interest rate estimates from multiple lenders, but you may miss out on the best deals from the big lenders.
- Credible does not maintain loans itself. Instead, they act as intermediaries, quickly matching borrowers with tailored offers from partner lenders.
Credible is an online marketplace that connects borrowers with customized loan offers from its loan partners. It helps you find refinancing options as well as private student loans, personal loans, mortgages and credit cards on the same convenient platform. Credible acts as a one-stop shop for student loan refinancing, but there are a few exceptions you should be aware of. Here’s our trusted student loan refinancing review to help you on your path to refinancing.
Credible control of student loan refinancing
Credible does not directly underwrite the loans. Instead, it’s a marketplace where you can compare rates and repayment options from multiple private lenders – all within minutes. You can expect to find major lenders like Citizens Bank, College Ave and SoFi. But you will also find many small lenders. Credible’s partner lenders are:
- Trouble: Fixed and variable rate loans
- Conditions: 5, 7, 8, 10, 12, 15 and 20 years
- Loan amount: $5,000 to $500,000
Interest rates and repayment terms for student loans vary by lender. As an added bonus, if you apply for a refinance through our Credible Bonus link, you can receive a cashback bonus of up to $1,250. This is the case if you refinance more than $100,000 (and $500 of that comes directly from Student Loan Planner®). If you refinance less than that amount through them, you get a $350 credible bonus. That’s better than any $500 to $1,000 bonus we’ve seen in the company’s history.
Pros and cons of refinancing credibility
Here is an overview of the pros and cons of refinancing student loans with Credible.
- Practical website and easy application. Smaller lenders often have poor quality websites and lengthy application processes. Credible solves this problem with a user-friendly website and application form.
- Quickly compare rates from multiple lenders. All you have to do is fill out a form to get several quotes from lenders in just two or three minutes.
- No credit assessment fees. Credible can be used for free. Partner lenders do not charge early repayment penalties, application fees or loan origination fees.
- A rate check does not affect your credit history. Credible offers a flexible credit check that does not affect your credit history. Keep in mind that the lender will conduct a thorough credit check once you decide to accept a particular loan offer.
- Lack of control over rates and loan terms. Credible acts as an intermediary and therefore has no role in setting rates or making other credit decisions regarding your credit profile.
- Some of the largest creditors are not up to the task. Credible charges lenders a high fee to be listed on its website. You may miss out on lenders who offer lower interest rates or incentives simply because they are not willing to pay to play.
- Pre-application estimates are not always accurate. While Credible’s student loan refinancing rates are generally aligned, they are not guaranteed. Be prepared for slightly different offers after you have provided all the necessary information.
- There is no uniform protection against unemployment. Ideally, you should not need this protection. However, this is an added benefit offered by other companies such as CommonBond, Laurel Road and LendKey.
- No government protection. If you choose to refinance your federal student loans, you will lose access to federal borrower protections (such as deferrals and waivers), flexible repayment plans, and student loan forgiveness options.
Student loan refinancing depends on many factors, including your credit history, the institution and degree you attended, and the amount of your new loan. Credible says excessive debt-to-income (DTI) ratios are the most common reason for borrower rejection. If you’re worried that you won’t qualify on your own, you can check rates with different co-borrowers on Credible’s refinancing platform to find the best option. Many partner lenders also offer a waiver of collateral after making a minimum number of on-time payments.
Credible makes it quick and easy to find rates. All you have to do is fill out a form and within minutes you will receive a pre-selection from 10 lenders. You must provide basic personal information, such as your full name, date of birth, address and nationality status. Credible also uses information about your education, income, and monthly living expenses. Because Credible’s platform is integrated with partner lenders, your information is not shared until you select a loan and lender that meets your needs. Ask me about your student loans
Should you refinance with Credible?
We recently surveyed more than 1,600 borrowers to better understand their experiences refinancing student loans through Credible and other lenders. Credible generally has a positive brand image and positive experiences from borrowers making purchases. Respondents who recently refinanced at Credible, however, voiced several major complaints:
- The biggest disappointment was that Credible is not a direct lender. As a platform-based lender, borrowers don’t have to deal directly with the people who make the loan decision.
- After selecting a lender on Credible, borrowers reported problems with the lender’s application. Unfortunately, some of Credible’s partners don’t have the best websites and application processes (which is part of the reason lenders pay a fee to be on the Credible platform).
However, many respondents believe that Credible’s refinancing platform puts borrowers in the driver’s seat. One interviewee stated: For the first time, I really felt like financial institutions were competing for my business, and I felt like I was in control. I was very impressed with the simplicity of the process and the result.
Credible is successful in finding refinancing opportunities for borrowers who do not qualify elsewhere. But it may not be the best place to look for lucrative bets if your annual income is more than $200,000. Our survey data shows that Credible receives the majority – about 85% – of its business from borrowers with annual incomes between $50,000 and $200,000. While only 4% of borrowers fall into the $200,000+ income category.
These findings are also consistent with our experience at Student Loan Planner®. If you have a high income and lots of debt, you can still find a good refinance deal at Credible. However, we always recommend contacting at least three lenders before refinancing your current student loan to find the best interest rate.
Credible is the 8th largest refinance lender on our website. This low score is most likely due to the survey itself and not a bad credit market. We give Credible a 4.5 out of 5 star rating for ease of use and borrower experience when looking for good refinancing options. Credible provides a platform where multiple lenders can submit an application for your business.
All this is available on a user-friendly website. Such competition can lower your interest rate, which should be your main goal when refinancing. We always recommend shopping in multiple places. But based on our Credible student loan refinancing review, you have nothing to lose by looking into Credible. A plan for a student loan Refinance your student loan and receive a bonus in 2021.
Frequently Asked Questions
Is credible student loans legit?
One of the world’s best expenses to manage is a student loan. According to the latest statistics, some 2.1 billion people worldwide have a student loan or student loan card, which means that they could be responsible for anywhere from $2 to $1.2 trillion in outstanding student loan debt. Student loans can be difficult to manage under the best of circumstances, but can be crippling if you take them out as a direct result of poor academic performance. If you have a high debt load that has negatively affected your credit score, you may need to consider refinancing your loans.
Should I refinance through credible?
Need to refinance your student loans? If you’re approaching the 6-year mark in your current student loan plan, it’s time to decide if you want to renew and lock in your current repayment amount, or shop around for a lower monthly payment. If you have a student loan and are planning on refinancing, it is important to do your research first. Debit cards are no longer a good way of paying off your loan because they charge much higher interest rates than credit cards or personal loans. The best way to pay off your loan is to have it paid off when you graduate. For some people, this is the only way to ever get rid of their debt.
What is the best company to refinance student loans?
A lot of people can’t imagine their lives without student loans. This is a fact. Before you take on a student loan, it’s best to get some background information on the best company to refinance student loans. With the right information, you can make an informed decision on which company to refinance student loans with.
When you take out a student loan to attend college, you are hoping that you’ll finish your degree in four years and have a job afterwards, so you can pay the loan back. Unfortunately, that doesn’t always happen and student loans can often become a financial burden. A refinance student loan can potentially reduce the interest rate and save you money paying back your loan.