Student loans can be a nightmare for new graduates trying to begin their lives after college. Monthly payments are daunting and can stretch on for years, causing anxiety and stress, making people feel resigned to a lifetime of debt. Too many people believe they are stuck with their current payment plans. Some may try to refinance their loans, only to be turned away. Credible is working to change that by offering a fully transparent refinancing marketplace that puts you in the driver’s seat to make changes and ease the burden of student loan debt.
Credible can save you money by helping you identify the best interest rates across multiple lenders. After answering a few quick questions about yourself on their website, you’ll see actual rates and terms from any lenders on their marketplace that you prequalify with — not estimates. Depending on what you’re looking for, you’ll be able to see which loans carry the lowest interest rate or the smallest monthly payment. Credible instantly displays your personalized rates from multiple lenders. This translates to honest rates across the board that are tailored to you. Transparency is key, and your options with lenders are prioritized based on your goals. The savings are possible because lenders evaluate each borrower’s circumstances, and Credible doesn’t favor one lender over another — they just show your options.
The biggest issue with high interest rates is they can make it harder to pay down your loan principal — the amount you originally borrowed. Just a few percentage points can cost tens of thousands of dollars over the life of the loan. That’s why Credible is working to help people refinance their student debt and get a lower interest rate. In fact, Credible clients who refinance into a loan with a lower interest rate and shorter repayment term can expect to save an average of $18,000 over the life of their loan. That’s money which can be used to invest in a new home or put towards retirement rather than simply paying towards interest.
Often, borrowers are rejected when they apply directly to a lender. When this happens, they may assume that refinancing is not an option. But every lender has their own qualifications for refinancing, so getting turned down by one lender doesn’t mean you’re not eligible for others. One of the benefits of the Crediblemarketplace is that you have access to many lenders. When you come to Credible, you increase your chances of finding a lender that will work with you.
Credible is a one-stop-shop that lets you see whether you can qualify for refinancing with a wide variety of lenders, ranging from traditional banks to online lenders and state student loan authorities. Integrations with lenders and credit bureaus make the process quick, easy and reliable, and checking your rates won’t hurt your credit score because there’s no hard inquiry. Your personal information isn’t shared with lenders until you see an option you like and choose to move forward with that lender. All you have to do is enter your information and pick the solution that’s the best fit for your needs.
Student debt is a mounting problem that can affect people for decades. With the help of Credible, you’ll finally have the chance to get your debt under control. Getting free of debt is crucial to building the life you want, and Credibleis making it easier than ever to get the guidance you need to tackle that debt once and for all.
