Personal Loan General Disclosures
About Prequalified Rates and the Pre-qualification Process
Your profile: The rates and loan products displayed above are based on the information you provided in your profile and a soft credit inquiry (that does not impact your credit) and may be filtered by us to provide you the options that are most applicable to your request. Please ensure that you filled out your request for prequalified rates accurately as the information requested is necessary to providing you personalized results. For example, certain lenders may only provide loans for a specific purpose such as debt consolidation or credit card refinancing. Therefore, your answers to the questions will impact what rates and loan products that may be available to you.
Prequalified rates are potential options, not offers of credit: Credible’s pre-qualification process is intended to provide you with preliminary information regarding potential options for a loan with one of our Lender Partners. Credible is not a lender and does not make credit decisions or employ its own credit criteria. A pre-qualification inquiry is not an application for credit.
No guarantees: Credible makes no representations, warranties or guarantees about your eligibility for credit or for a particular loan. Credible and its Lender Partners do not have prequalified rate information for all circumstances and may be unable to provide a prequalified rate in response to every inquiry. Lender Partners reserve the right to change or withdraw the prequalified rates at any time. Additionally, receiving a prequalified rate does not guarantee that your chosen Lender Partner will extend you an offer of credit. All credit decisions, including loan approval, if any, are determined by our Lender Partners, in their sole discretion.
Displayed prequalified rates include the automatic payment (“autopay”) discount (also known as the ACH discount): If a Lender Partner offers a discount (typically 0.25-.5%) for autopay, then the rates displayed, by default, will include that discount. The rate provided directly to you from the Lender Partner may not include the autopay discount and you may not qualify for the autopay discount. Note that autopay discounts are applied differently by different Lender Partners. Some Lender Partners will apply the discount to lower the principal amount of the loan, instead of applying the discount to the monthly payment. When the Lender Partner does this your monthly payment will appear higher, but your loan balance gets paid off sooner. Other Lender Partners will apply the discount to the monthly payment, making your monthly payment lower. The manner in which these discounts are determined and applied are at the Lender Partner's sole discretion. Please inquire about the autopay discount directly with the Lender Partner. For consistency, Credible displays the discount as though the discount is applied to the monthly payment. Accordingly, the manner in which Credible displays the monthly payment information is for illustrative purposes only; the actual monthly payment information will be provided directly to you by the Lender Partner.
Post-pre-qualification process for obtaining an offer of credit from a Lender Partner: If you are provided with prequalified rates and you choose an option on your Credible Dashboard, you will be prompted to complete your application with the Lender Partner (which process may be either on Credible.com or Lender Partner’s website) and will require reading and consenting to the Lender Partner’s terms of use, privacy policies, relevant disclosures, hard credit pull authorization (which may impact your credit score), and potentially other lender-specific documents. Once you complete an application with a lender they will conduct a hard credit inquiry (which may impact your credit score) and will underwrite your loan request. This underwriting process may result in the lender providing you different rates than those displayed on your dashboard. Additionally, lenders may decide not to extend you an offer of credit if the Lender Partner(s) determine that you do not meet (or no longer meet) their criteria. Lenders reserve the right to approve or decline individual credit applications.
Rates from Lender Partners may differ from Prequalified Rates due to a number of factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information you provide (or are unable to provide) to the Lender Partner during the application process; and/or (iii) changes in APRs (e.g., there may be an increase in the rate index between the time you go through the prequalification process and the time you submit your application for the loan and/or the time that your loan closes. Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lowest advertised rates typically require a credit-worthy co-signer.
Errors in information displayed or provided to you: Neither Credible nor its Lender Partners assume responsibility for typographical or other errors or omissions in the information provided to you.
Additional Information
When making a decision on the options provided to you by our Lender Partners, Credible encourages you to seek professional advice before making a decision to ensure that you are making an informed decision based on your personal financial circumstances. Your decision to move forward with a particular Lender Partner and loan product is solely your decision and your responsibility.
While Credible seeks to provide you with information on a wide choice of potential loan options, remember that there may be additional borrowing, consolidation and/or refinancing options available. Credible may receive fees when a user selects a product and completes a loan with a Lender Partner. These fees do not impact the rate you receive or the cost of your loan. To ensure you are viewing all offers, you may need to refresh your web browser.
Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.99% - 35.99%. APR with terms from 12 to 120 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.