Our team at Credible is thrilled to announce that we have recently launched a marketplace for private student loans in addition to our student loan refinancing marketplace.
We have helped tens of thousands of graduates save millions of dollars through student loan refinancing already. Both the borrowers who refinanced through Credible as well as our lenders have found great value in our marketplace approach. Our platform has allowed borrowers to compare offers much like one would compare flights on Kayak or Expedia. Lenders have been enabled to determine who is a fit for their product and what options they can provide borrowers. Given the wide benefits of this approach, we wanted to offer the same straightforward and trustworthy approach for students who are currently pursuing college, graduate, or professional degrees.
$9+ Billion of private student loans are taken each academic year, which can only be expected to grow with the rising costs of college. For many, student loans are the first major financial decision they make. Through our comparison platform, Credible simplifies the confusing and arduous process by enabling borrowers to receive personalized private student loan offers from multiple lenders by filling out a simple form. Credible is empowering borrowers to make the best financial decision based on their individual needs and take control of their financial futures by bringing transparency to the application and decision process.
In an average of five minutes, students can provide all the information necessary for our lending partners to make offers. When this process is complete, applicants will begin to see offers on their Offer Dashboard within several days. Our partner lenders currently offer fixed rates as low as 3.99 percent APR, and variable rates as low as 1.93 percent APR with auto pay, but borrowers can choose from a range of repayment options suited to their personal needs. We’ve seen initial private student loan borrowers save an average of over 1.5 percent by receiving and comparing multiple offers on our platform!