How hard is it to get a loan with Credible?
What is the credit score for credible
700 or higher
Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible." When you apply for a personal loan, your credit score will play a large role in determining whether you get approved. In most cases, you'll need good to excellent credit — a score of 700 or higher.
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Is credible a legit loan company
Yes, Credible is a legitimate company founded in 2012. Credible initially began as a marketplace for student loan refinancing.
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Does credible ask for proof of income
Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible." A common requirement when applying for a personal loan is proof of steady income.
How long does credible take
Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes. Depending on the method (Direct Deposit, Check), as early as the next day. Funds are sent within 1 business day, but availability of funds depends on the financial institution.
What lenders does credible work with
Credible private student loans
Ascent, Citizens Bank, College Ave, Discover, EDvestinU, INvestED, MEFA, Sallie Mae and SunTrust.
What is the minimum credit score for credibly
Although its website states a benefit of an equipment loan is that it "doesn't require a minimum credit score or annual revenue to qualify," a spokesperson stated you'll need a minimum credit score of 550 to qualify. Credibly also offers long-term business loans of up to $250,000.
What lenders does Credible work with
Credible private student loans
Ascent, Citizens Bank, College Ave, Discover, EDvestinU, INvestED, MEFA, Sallie Mae and SunTrust.
Does Credible charge a fee
How much does it cost to use Credible Nothing! Using our service is free. Our partner lenders do pay us a fee, but the fee does not impact the terms of your loan or the amount you pay the lender.
What loans Cannot verify income
However, there are some lenders that offer loans without requiring income verification. These loans tend to fall into three main categories: loans for excellent credit, secured loans, and pawnshop loans.
What loans don’t ask for proof of income
A no-doc mortgage loan, also known as a no-income verification home loan, does not require you to provide income proof to the mortgage lender. This no doc loan is more like a reduced documentation loan rather than a no income loan.
Does credible charge a fee
Student loans, Student loan Refinance: Credible receives compensation by the lender if you finish the loan process and a loan is disbursed. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort.
How long after my loan is approved do I receive the money
If you are approved, funding generally takes between two to five business days. Smaller banks and credit unions may take longer, but most should be able to fund your loan within a week of applying if you opt for direct deposit into a bank account.
What are the easiest loans to get approved for
The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit. They're also very expensive in most cases.
How much would a $5000 personal loan cost a month
What is the monthly payment on a $5,000 personal loan The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
Can I get approved with a 550 credit score
Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.
Will I get approved with a 500 credit score
It is 200 points away from being a “good” credit score, which many people use as a benchmark, and 140 points from being “fair.” A 500 credit score won't knock any lenders' socks off, but it shouldn't completely prevent you from being approved for a credit card or loan, either.
What is the interest rate on Credible
Personal loans at Credible
| Loan amount | $600 to $100,000 |
|---|---|
| Loan term | 12 to 84 months |
| APR | 4.60%-35.99% (as of May 31, 2023) |
| Credit needed | Varies by lender |
Apr 25, 2023
What can disqualify you from a loan
Some reasons your loan application could be denied include a low credit score or thin credit profile, a high DTI ratio, insufficient income, unstable employment or a mismatch between what you want to use the loan for and the lender's loan purpose requirements.
Can I borrow money without proof of income
You may be able to get a personal loan without income verification if you pledge collateral, use a co-signer or have an excellent credit score.
Can you get approved for a loan without proof of income
You can get a loan even if you're unemployed. Lenders look at multiple sources of income, including government benefits, alimony, and worker's compensation payments. If you have no income at all, you may be eligible for a secured loan using some form of property as collateral.