Have you ever felt like you're getting a bad deal but been unable to prove it? Maybe you saw an item in a store that you're certain was cheaper online. Maybe you looked for airline or hotel tickets and discovered a lot of confusing price differences.
There are tools to help find the most affordable option in these cases. Modern networking and technology have both allowed us to access a wealth of information without needing to do hours of research. Credible.com is a website that aims to offer similar comparisons for loans, mortgages, and credit cards.
When I was exploring Credible's website, I discovered that it's one of the most easily navigated sites I've ever used. The interface is responsive, the questions are quick, and the design is simple. If you get easily overwhelmed by all the jargon in financial deals, this website will be a breath of fresh air.
Features
How to Use Credible
Nowadays, you don't have to call every hotel individually to ask about their rates before choosing one. You can use an online tool or app to compare the rates of dozens at once.
Credible.com applies the same principle to financial options. Instead of needing to speak to multiple executives at different financial institutions, you can use the website to get real-time comparisons of loan offers based on your unique circumstances. Each of the lenders has been vetted.
To use the website, all you have to do is enter your information into a secure form. Your data is encrypted to ensure privacy. Once you've provided the info, you'll be given instant access to prequalified offers from separate lenders. By comparing them side-by-side, you can pick the best option for you.
Credible is a tool that's free to use. The website doesn't sell your data, either. Instead, the company makes money through commissions. Lenders pay when Credible's information directs people toward them. If you're not sure how to evaluate the different data, you can talk to Credible's Client Success Team to reach a decision.
Is Credible a Lender?
Credible.com isn't a lender or a financial institution. Instead, the company acts as a middleman to connect you with different lenders. It's a tool to help you find a plan that's right for you.
In addition, the loan application and refinancing process can be completed through Credible's interface. The website streamlines and automates the process of gathering data, generating offers, and confirming eligibility.
What used to take hours of sit-down meetings now takes about three minutes, and you get final confirmation from the lender in around a day.
Student Loans
If you want to take out a student loan, Credible allows you to view offers from up to eight private lenders simultaneously. You just need to fill out a questionnaire and indicate whether you're a student or co-signer.
You'll be asked to provide details regarding your finances and education. Educational questions include the school you're attending, your intended degree, the academic period the loan will cover, and the requested amount. The website offers some helpful information regarding how to calculate loan costs.
Student Loan Refinancing
The form for student loan refinancing takes about two minutes to fill out. When you're done, you'll be able to view offers from up to ten lenders. Credible streamlines the entire refinancing process into just a few clicks. It's the easiest and most intuitive means of refinancing available.
Checking different rates doesn't affect your credit score. None of your information is shared with lenders automatically. Once you have your prequalified offers, you can use the website's tools to determine which option is the best for your situation. Instead of getting estimates, you're given actual rates immediately.
After you've chosen the plan, Credible offers import tools to let you upload information about the loan or loans you're refinancing. The form will ask for additional details regarding your financial situation and personal information. Uploading your loan information takes just three minutes, and the final offer often arrives within a business day.
Mortgage Options
Credible offers multiple research tools and educational resources regarding mortgage options. If you're in the market for a house, whether you've found the perfect place or not, Credible's tools help you understand what to expect from the mortgage process.
When you're still in the researching process, you'll need to calculate what types of homes are within your budget. Credible offers a calculator to help you determine what kind of mortgage you can expect to be pre-approved for.
Once more active home searching has begun, you can take three minutes to fill out a Credible form and generate an instant pre-approval letter. That takes a lot of time and hassle out of home buying. In fact, you can complete the entire pre-approval process online without ever needing to speak to a loan officer.
For people who have already made an offer on a home, you can input information regarding yourself and your offer to compare mortgage rates from multiple lenders. That lets you know immediately where to get the lowest rates.
Mortgage Refinancing
If you have an existing mortgage but want to refinance for lower interest rates, you can fill out a three-minute form to compare multiple options from different lenders. The rates generated are prequalified based on your information, so you don't have to worry about inaccurate estimates.
Refinancing your mortgage through Credible comes with these benefits:
Credit Card Options
Not only does Credible help you compare credit card offers, but the website also has valuable resources explaining the differences between different types of cards. You can browse options based on categories like:
Personal Loans
Credible can also be used to compare personal loan rates for a variety of different life purposes. First, you'll be asked how much you want to borrow. Then you'll be given a list of reasons to choose from. A few examples include:
You'll then be asked about your educational background, employment status, income before taxes, and approximate credit score. Once you provide your name, you'll be given a comparison of personalized rates based on your information.
Pros
Cons
Final Verdict
Credible started as a tool for comparing student loan offers and helping with student loan refinancing. Since then, it's launched tools that help you compare personal loan offers, potential mortgage rates, mortgage refinancing options, and different credit card programs.
This is by far the easiest and most effective finance comparison tool on the internet. Not only is the interface intuitive, but the automated data collection process means that you only spend about five minutes at most on filling out forms.
Since Credible doesn't provide your information to lenders or third parties until you complete a financial application, there's no risk to checking it out. The tool is totally free to use and will give you an idea of what options are out there.
