Review Time
I have been trying to get a debt consolidation loan for about 6 months. I got a letter from credible in the mail and they were the only company that was able to find me a loan that didn't have worse interests rates than my credit cards. I'm very grateful for the opportunity you guys gave me. Highly recommend giving them a chance, what would you have to lose?
Thank you for the funds but the process to get the funds was a little unclear. Did not know the restrictions for getting the loan. Did not realize the loan amount was going to be reduced to the point it was. The way things were presented to me during the approval process made it appear I would be able to qualify for the original loan amount which was around $17K. I ended up with close to an $8K loan. If all three credit agencies were reviewed would have seen in my credit reports I have a history of paying my bills on time. When I requested a review for my loan amount (this is after my original request was dropped from $17K to around $12K then to around $8K), I was not given updated information on their decision until I communicated with them for an update. Did not find out until then there was no change back to at least a $12K loan amount. Even though I was not pleased with the loan amount, I guess this is the best I can expect considering my current financial situation. Thank you...
Credible was very helpful for me to tackle my 6 figures of private student loans (about $170,000 at its highest). Initially in school and with my parents poor credit I was stuck with College Ave Variable Interest loans between 9%-14%. With Sallie Mae I had 13.25%. Credible showed me options that lowered my interest rate significantly, sometimes by more than half, to 5.99% with a cosigner and 7.29% without a cosigner. I reduced my payments from ~$2400 a month to ~$1600 a month. I saved on lifetime interest, and could shorten the term if I wanted to be more aggressive or lengthen the term if I was struggling to stay financially solvent. Being able to compare prequal offers is great!
Some things they could work on:
Most refinancers I've had a very positive experience with... except citizens bank. I feel they should be removed from Credible's list because they rugpull and materially change the offer they'll give you after you prequalify and upload your documents and do a hard credit inquiry. I'd expect a small change in the interest rate but not a different term length and whole point higher interest rate?
Also I'd like more options for not having a cosigner or splitting up a loan into smaller parts. One problem I have is I consolidated 4 of my college Ave loans into 1 big loan of ~$150,000 which understandably I can't find someone willing to cosign for. I wish there were more options for that or that I could more easily break that loan up into multiple smaller parts that I could find individual cosigners for.
Lastly for their debt tracking graph, when I refinance it briefly shows the balance of both the old and new loans which wildly skews the graph and makes it hard to read and less useful as a motivation tool. If there was a way to remove the temporary refinance debt bump that would be appreciated.
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