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Credible vs. SoFi: How to Compare Your Refinancing Options

If you want to lower your student loan interest rate and have good credit, refinancing your student loans can be an advantageous option. Once you decide to refinance — whether you choose to refinance your federal or private loans, or both — comparing top lenders is crucial.

Each lender offers different interest rates and loan terms. Researching multiple lenders can help you find the best interest rate and repayment terms available to you. That’s where options such as Credible and SoFi come in — two popular student loan refinancing companies.

Trying to decide between Credible vs. SoFi for a student loan refinance? Here’s how to know what is best for your situation.

Credible vs. SoFi: A basic side-by-side comparison

Comparing Credible vs. SoFi gets a lot easier by breaking down the facts so you can see the most important details from each option.


credible logo
4.5 out of 5

Credible: Best for comparing multiple lenders

  • Positives: Strong application experience
  • Allows cosigners: Yes
  • Deferment or forbearance available: Yes with some lenders
  • Interest rates: Fixed starting at 5.48% APR (with autopay)*; Variable starting at 5.28% APR (with autopay)*
  • Bonus: $1,250 bonus for loans over $100k, and $350 for loans $50k to $100k


4.5 out of 5

SoFi: Best if you're unsure where to apply

  • Positives: Competitive rates, member benefits, and unemployment protection
  • Allows cosigners: Yes, but no cosigner release offered
  • Deferment or forbearance available: Yes, in limited situations
  • Interest rates: Fixed rates 5.24 – 9.99% APR; Variable rates 6.24 – 9.99% APR (rates include optional 0.25% AutoPay discount)
  • Bonus: $500 for refinancing 100k or more.

Comparing Credible vs. SoFi is almost a false dichotomy. That's because of one key difference between a Credible student loan refinance offer and a SoFi student loan refinance offer — Credible doesn’t underwrite its own loan options.

Think of Credible as a student loan marketplace for refinancing where you can compare competitive loan offers from multiple lenders that it partners with. The platform is an easy way to check rates from several places at once.

Conversely, SoFi is one of the standalone loan lenders (similar to Earnest) that underwrites its own loan products and offers its own interest rates and terms, based on your eligibility. In addition to student loan refinancing, SoFi offers personal loans, credit cards and other personal finance products.

Credible vs. SoFi: The fine print

We’ve gone over the basics between Credible student loan refinance options and SoFi. Now, here are some of the finer details you can expect through their refinancing options, like fees and discounts. The details below can help you decide which refinancing option to choose among these online lenders.

Autopay discountNoNo
Prepayment penaltyNoNo
Loan application feeNoNo
Origination feeNoNo
Bonus amountsUp to $1250 with this linkUp to $1000 with this link
Soft credit pull to quote ratesYesYes
Refinance without completed degreeYesNo
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Several features that lenders with Credible offer are similar to what you’ll find with SoFi. However, the two aren’t the same in every area. For example, some Credible lenders allow refinancing without a completed degree while SoFi requires you to at least have an associate’s degree under your belt.

Credible vs. SoFi loan application process

The application process with both lenders is straightforward. Credible allows you to use a Google account to quickly sign up and receive a quote in under two minutes. You’ll need to answer basic questions about your educational background, income and the student loans you currently hold.

It uses this information to curate your prequalified rates among its partner lenders. If you see an offer you like, you can choose to move forward through a formal application. You’ll need to fill out additional information, which can take up to ten minutes, on average, to complete.

SoFi also allows you to find low rates online through a simple form on its website. To complete the process, you’ll need to provide income verification and personal details like your loan statement and 10-day payoff amount.

Should you refinance with Credible or SoFi?

Credible is a marketplace of many student loan refinancing lenders. Because of the many options, you may find a better deal on Credible than SoFi. But that isn’t always the case.

A better question to ask might be whether you refinance your student loans with SoFi now or keep shopping on Credible for a better deal? Here’s how to decide.

Refinance with SoFi now if…

  • You’re satisfied with your interest rate quote: You can see the range of Credible interest rates versus SoFi interest rates. If you were quoted competitive rates with SoFi and they're on the low end of the total Credible range, then it might be wise to accept that rate and begin the process of refinancing your student loans with SoFi.
  • You like the extra perks SoFi offers: SoFi has some programs in place for borrowers such as help getting a raise, planning your career with a career specialist or navigating unemployment through their Unemployment Protection Program. If any of these appeals to you, that could be a sign to stop shopping and commit to SoFi.

Keep comparing on Credible if…

  • You’re not satisfied with your rate quote: If you think you could qualify for a better rate with a different lender, check your rates on Credible before moving forward. It takes just minutes to receive quoted rates from a variety of lenders. Credible uses a soft credit check (as opposed to a hard credit check) to quote you rates so there is minimal risk to your overall credit score.
  • You don’t have a degree: SoFi requires a minimum of an associate’s degree to refinance your student loans. If you took college courses but didn’t complete a degree, Credible may better suit your needs.

Regardless of which option you choose, be sure to check minimum credit score requirements, potential origination fees, prepayment penalties, monthly payment amount, forbearance and repayment options. See if there is an autopay discount or co-signer requirements.

Related: Does Refinancing Student Loans Hurt Your Credit Score?

Managing student loan debt is tough, but through refinancing, you may score a lower interest rate. Those with good credit and strong credit history will get the best rate. Weigh variable rate loans versus fixed rates and review the APR range so you know the minimum and maximum annual percentage rates. Also, look for reviews on customer support, assess eligibility requirements and understand how refinancing impacts federal student loans.

When you refinance, your current loans are paid off and you then have a private student loan. That may not be an issue, but if you want to limit loan payments through income-driven repayment and get student loan forgiveness, that won't be an option anymore.

In short, you want to find the lowest rates and get approved for a loan amount with the lender that works best for you.

Refinance student loans, get a bonus in 2024

Lender Name Lender Offer Learn more
$500 Bonus
*Includes optional 0.25% Auto Pay discount. For 100k or more.
Fixed 5.24 - 9.99% APR*
Variable 6.24 - 9.99% APR*
splash logo
$1,000 Bonus
For 100k or more. $300 for 50k to $99,999
Fixed 5.19 - 10.24% APPR
Variable 5.99 - 10.24% APR
$1,000 Bonus
For 100k or more. $200 for 50k to $99,999
Fixed 5.19 - 9.74% APR
Variable 5.99 - 9.74% APR

Not sure what to do with your student loans?

Take our 11 question quiz to get a personalized recommendation for 2024 on whether you should pursue PSLF, Biden’s New IDR plan, or refinancing (including the one lender we think could give you the best rate).

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