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Credible Personal Loans Calculator & Overview

Carla Soto
Updated 19 Aug 2023
Fact checked

Credible logo

Credible was founded in 1935. This San Francisco-based online lending marketplace currently has more than 700,000 members and holds over $17 billion in assets. Credible offers consumers with a wide variety of personal financing solutions such as personal loans, student loans, mortgage refinancing, and insurance. They work with outside lenders, and it’s those lenders from which you’ll get your loan.

When managed responsibly, a personal loan can be one of the best ways to relieve financial burdens and set yourself up for success. If you’re new to loans and budgeting in general, use the Credible personal loans calculator to figure out how much you have to pay on a monthly basis. This article can help you determine if a Credible personal loan is right for you.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Credible personal loans in a nutshell

Credible does not issue loans directly to borrowers; instead, users are connected to a variety of lenders with a wide range of loan options. Rates and fees vary depending on an applicant’s creditworthiness and capacity to repay a loan. A Credible personal loan can be used to finance any important life events or unexpected expenses such as home renovations, car repairs, medical bills, or school fees.

Key features and benefits of a Credible personal loan:

  • Loan amounts: From $600 to $100,000
  • Loan terms: Between 12 months and 84 months
  • Loan fees: No origination fee; no prepayment penalty
  • Repayment frequency: Monthly
  • Loan flexibility: Same day approval and same day funding for qualified borrowers
  • Interest rates: APR from 5.40% up to 35.99%
  • Required credit score: fair to excellent credit

Requirements for a Credible personal loan

To apply for a Credible personal loan, you must provide the following:

  • Loan amount
  • Reason for taking out a personal loan
  • Given name
  • Birthdate
  • Social Security number
  • Yearly income
  • Average annual expenses
  • Employment information
  • Education qualification

 

Credible personal loan calculator

Loan Amount

$20,000

Term

3 months

Credible

Credible personal loans (Light Stream)

Estimated Month Repayments
Interest Rate
2.49%
APR
Repayment Period
24 months
to 84 months
Loan Amounts
$5,000
to $100,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Best Egg)

Estimated Month Repayments
Interest Rate
4.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$2,000
to $35,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Upgrade)

Estimated Month Repayments
Interest Rate
5.94%
APR
Repayment Period
36 months
to 60 months
Loan Amounts
$1,000
to $50,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Payoff)

Estimated Month Repayments
Interest Rate
5.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$5,000
to $40,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (PenFed)

Estimated Month Repayments
Interest Rate
5.99%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$600
to $50,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (SoFi)

Estimated Month Repayments
Interest Rate
5.99%
APR
Repayment Period
24 months
to 84 months
Loan Amounts
$5,000
to $100,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (UpStart)

Estimated Month Repayments
Interest Rate
6.46%
APR
Repayment Period
36 months
to 60 months
Loan Amounts
$1,000
to $50,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Axos)

Estimated Month Repayments
Interest Rate
6.79%
APR
Repayment Period
36 months
to 72 months
Loan Amounts
$5,000
to $35,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Prosper)

Estimated Month Repayments
Interest Rate
6.95%
APR
Repayment Period
36 months
to 60 months
Loan Amounts
$2,000
to $40,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Marcus)

Estimated Month Repayments
Interest Rate
6.99%
APR
Repayment Period
36 months
to 72 months
Loan Amounts
$3,500
to $40,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Discover)

Estimated Month Repayments
Interest Rate
6.99%
APR
Repayment Period
36 months
to 84 months
Loan Amounts
$2,500
to $35,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (LendingClub)

Estimated Month Repayments
Interest Rate
7.04%
APR
Repayment Period
36 months
to 60 months
Loan Amounts
$1,000
to $40,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (FreedomPlus)

Estimated Month Repayments
Interest Rate
7.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$10,000
to $50,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (Universal Credit)

Estimated Month Repayments
Interest Rate
8.93%
APR
Repayment Period
36 months
to 60 months
Loan Amounts
$1,000
to $50,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (AVANT)

Estimated Month Repayments
Interest Rate
9.95%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$2,000
to $35,000
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (LendingPoint)

Estimated Month Repayments
Interest Rate
15.49%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$2,000
to $36,500
Personal loans from top lenders. All in one place.
Credible

Credible personal loans (OneMain Financial)

Estimated Month Repayments
Interest Rate
18.00%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$1,500
to $20,000
Personal loans from top lenders. All in one place.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Pros and Cons of Credible personal loans

Pros

  • Compare personal loan rates from multiple lenders simultaneously
  • Open to people from a variety of credit score backgrounds
  • No fee to use Credible

Cons

  • Not a direct lender
  • Prequalification doesn’t guarantee loan approval

Frequently asked questions

How does Credible work?

Credible is just a marketplace – not a direct lender. While it doesn’t offer loans directly to borrowers, it serves as a matchmaker for borrowers and lenders.

What are the available loan amounts for Credible borrowers?

Qualified borrowers of a personal loan from Credible and its partner lenders can receive funds between $600 and $100,000.

What is the estimated APR for a Credible personal loan?

Potential rates vary by lender. It can range between 5.24% and 35.99% APR.

How soon will the funds be disbursed to my personal account?

Qualified borrowers can get the money as fast as one business day.

What makes Credible a good option to borrow money?

While Credible isn’t the one actually lending you money, it works with many popular personal loan lenders which can accommodate borrowers with a wide range of needs and qualifications.

How much does Credible cost?

Credible is free to use. Credible makes money by accepting a fee from partner lenders when a loan offer is accepted.

What is the application process at Credible?

Simply fill out a quick form before viewing your offers. You can get prequalified in just two minutes. Though this does not guarantee approval, it helps you make an informed decision before committing to a loan.


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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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