Credible Private Student Loans Best Rate Guarantee

How it Works

Credible wants you to have confidence that you’re receiving access to the lowest interest rate in the market when you obtain your private student loans with a lender on the Credible Website. This promotion relates to private student loans for students taking out loans to cover their current educational expenses. For information about our Best Rate Guarantee for student loan refinancing, please click here.

Important Highlights

These are a few important details to know, but make sure to read the full Terms and Conditions below to ensure you understand and follow the requirements of this Promotion.

How To Make Claim

Read the Claims Process that is contained in Section 5 of the Best Rate Guarantee Terms and Conditions below. Then, take a moment to fill out our Best Rate Guarantee claim form. Once submitted, we’ll begin processing your claim.

Fill Out Form

Questions?

The Better Rate must be received and submitted to Credible within 10 days after receiving prequalified rates on Credible;

The Better Rate must be from a lender that is not on the Credible Website (for a list of lenders participating on the Credible Website click here);

The Better Rate must be for an offer of credit that is based on the same information submitted on the Credible Website and for a Similar Loan Offer;
 

After closing with the lender that offered you the Better Rate, you will have 7 days to submit to Credible proof of closing and funding of the loan; and Reach out to our dedicated Best Rate Guarantee support team at [email protected].

If we can’t find you the best private student loan rate, we will pay you $200 (“Best Rate Reward”) if (1) after receiving prequalified options for a private student loan on the Credible Website; (2) you receive an offer with a Better Rate (defined below) from a lender that is not on the Credible Website; and (3) you originate a private student loan with that lender at a lower rate (APR) with a “Similar Loan Offer” (defined below), all subject to the Credible Best Rate Guarantee Terms and Conditions set forth below.

Only private student loan offers are eligible for the Best Rate Guarantee;

The Better Rate will be compared against your prequalified rates on Credible. If an autopay discount is available with the lenders you prequalify with on Credible, we will apply that discount for purposes of comparing it to the claimed “Similar Loan Offer.”

Credible Best Rate Guarantee Terms and Conditions

The following terms and conditions (“Terms”) relate to Credible Labs Inc.’s (“Credible”) “Best Rate Guarantee” promotion (the “Promotion”). By participating in the Promotion, you (“you” or “Participant”) represent and warrant that you have read and agree to these Terms, as well as Credible’s Terms of Use and Privacy Policy. Capitalized terms, unless defined herein, shall take their meaning from the Terms of Use and Privacy Policy. Credible reserves the right to modify or amend the Promotion at any time without prior notice. If we amend these Terms, we will post the modification on the “Credible Website” (at www.credible.com), and any such modified terms will be effective upon posting. Continued participation in the Promotion after any amendment will constitute consent to such modified Terms. Claims will be processed in accordance with the Terms in effect on the date a Claim is made.

1. Eligibility Period

The Promotion commences on June 3, 2020 until otherwise discontinued or amended by Credible (“Eligibility Period”). 
 

2. Eligible Participant

In order to be eligible for the Promotion (an “Eligible Participant”) you must:
i. Meet Credible’s eligibility requirements to use the Credible Service as set forth in Credible’s Terms of Use and you must comply with Credible’s Terms of Use and Privacy Policy;

ii. Receive your prequalified rate options on the Credible Website prior to commencing your application for a private student loan with a lender that is the subject of your Claim (defined below);

iii. Produce evidence of a Better Rate (defined below) for a Similar Loan Offer (defined below) in accordance with the “Claims Process” (defined below) specified in these Terms;

iv. Receive, and submit to Credible, proof of the Better Rate for a Similar Loan Offer no more than 10 days after you received your prequalified private student loan rates on the Credible Website (“10 Day Period”);

v. Submit the same information to Credible to receive the prequalified private student loan options as you did the lender that is the subject of the Claim (defined below). Examples of the information that must be the same are as follows (this is not an all-inclusive list): loan amount, personal details, income, use of a co-signer (and that co-signer being the same co-signer and using the same information as provided on Credible), repayment term, and repayment type. You will be required to submit evidence that the information for the requests were the same upon request by Credible.

vii. Be the primary borrower. Meaning, in cases of co-signed loan requests, only the primary borrower is eligible for the Best Rate Reward.

3. Similar Loan Offer

In order to qualify for a Best Rate Reward, you must provide evidence that you received a “Better Rate” on a “Similar Loan Offer.”
 

A “Similar Loan Offer” is (i) a private student loan offer from a lender not participating on the Credible Website at the time you requested prequalified rates for a private student loan on the Credible Website (“Other Lender”); (ii) for which you have received an offer of credit (i.e. your hard credit has been pulled) during the Eligibility Period (“Offer”); and (iii) and the Offer consisted of a better APR (“Better Rate”) with :

a. the Same Loan Amount as the comparable loan product that you were pre-qualified for on the Credible Website. And this must be exactly the same loan amount. If you prequalified for a $10,001 loan on Credible, a $10,000 loan from a different lender does not qualify. 

b. the Same Repayment Term (i.e., number of years) as the comparable loan product that you were prequalified for on the Credible Website (“Same Term”)

c. Same Rate Type (fixed, variable, other), as the pre-qualified option you received on the Credible Website (“Rate Type”);

d. Same Customer, as on your prequalification request on the Credible Website, and using the same material information as you provided on the Credible prequalification request. If you were the primary borrower on your prequalification request on Credible, you need to be the primary borrower on the Similar Loan Offer, and provide the same information (e.g. income, assets, liabilities, school, degree, and any other information that may impact your qualification for loans);

e. Same Cosigner, if you had a cosigner on your Credible pre-qualification request, your final loan from a different lender must include that same cosigner and all the same material information about that cosigner that he or she provided on the Credible prequalification request. and 

f. Same Repayment Type (full repayment, deferred repayment, interest only repayment, gradual repayment, etc.) as the comparable loan product that you were pre-qualified for on the Credible Website. The way you repay your loan affects the rates lenders will offer you. So, if you request rates for a loan with a four year deferment or interest only period on Credible, then obtain a better rate from a different lender with no deferment, that doesn’t qualify for a Best Rate Reward.

A “Better Rate” is a lower APR. The measure of comparison for a Better Rate shall be a loan’s APR compared to the lowest prequalified private student loan option’s APR as presented to you on the Credible Website. ACH/autopay discounts will be considered as part of the comparison. Loyalty discounts will not be considered in the comparison.

4. Excluded Offers

i. One-time or special promotional Offers; and
ii. Offers that are not available to the general public

5. Claims Process

To Claim your Best Rate Reward you must:

• Submit the Claim Form providing proof that you have received an offer of a Better Rate from a lender not on the Credible marketplace within ten (10) days of receiving your prequalified options for a private student loan from one or more lenders on the Credible Website (setting forth that you meet the eligibility requirements herein); and

• Email [email protected] proof of the funding of your student loan within seven (7) days of the date the loan funding. Note that this may happen a long time after you initially submit your claim form.

Upon review of the Claim and the determination that you have met all eligibility requirements, Credible will contact you to arrange payment of your Best Rate Reward.

6. Communications about the Promotion

All communications relating to the guarantee claim must be made in writing to: [email protected]
 

7. All Decisions are Final

Credible reserves the right to request additional information to confirm your eligibility and the veracity of all Claims and you agree to provide such information as a condition of participation in the Promotion. All decisions regarding eligibility and any other determination of issues relating to the Promotion are at the sole and absolute determination of Credible, which are final and binding.

8. Relationship

Your participation in the Promotion is solely as an independent contractor. Neither you nor Credible intend to establish an employment relationship and you are not entitled to any benefits.

9. Severability

If any provision in these Terms is held to be invalid, void, or unenforceable, such provision (or the part of it that is making it invalid, void or unenforceable) will be struck and shall not affect the validity of and enforceability of the remaining provisions.

10. Termination

Credible reserves the right to modify, suspend, or terminate the Promotion or a Participant’s ability to participate in the Promotion at any time and for any reason, without prior notice.