Earnest Personal Loan Review

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Bills.com's Review

Earnest personal loans are geared to borrowers with strong credit and who are not carrying a lot of debt.

All loans with Earnest are applied for online. They have not storefront locations

Your loan application with Earnest requires you to provide some information and access to existing accounts with your bank that other lenders do not require. The reason customers provide this information is that Earnest uses it as part of their underwriting process to determine the risk of making the loan, and then approves borrowers for loans that other lenders will not approve. 

Earnest requires a minimum credit score of 680, but places a greater emphasis on their assessment of your future earning potential, based on your education, job history, and  Earnest's projection of your future income.

Earnest's loan process takes longer to complete than most lenders, because of the way they qualify borrowers. Still, it is not a very lengthy process. If approved, you should have funds in your account in less than two weeks.

Earnest's interest rates are competitive.

 

Earnest is an excellent place to look If your:

  • Credit score is at least 680.
  • Credit report doesn't reflect as lengthy a credit history as other lenders require.
  • Education and job history so far are strong indicators that your solid income will continue to rise.
  • Consumer debt, such as credit car and existing personal loan debts are not causing you to struggle with your payments.
  • You are a resident of any state or the Washington D.C., other than these fives states in which Earnest doesn't offer loans: Alabama.

Earnest makes loans to US Citizens or to either long-term permanent resident aliens or a conditional permanent resident aliens. Both must meet a minimum length of time.

Earnest Personal Loans Logo

About Earnest Personal Loans

Earnest is a San Francisco-based, online personal loan lender. Earnest was founded in 2013.

Starting with an initial focus on student loans, Earnest expanded to offer unsecured personal loans, too. Loans to consolidate debt are the number one reason borrowers take out an Earnest personal loans.

As Earnest's website explains, they also give out personal loans for the following reasons:

  • Engagement Ring Loans
  • Home Improvement Loans
  • Medical Loans
  • Moving Loans
  • Vacation Loans
  • Wedding Loans

Earnest personal loans have an interest rate that ranges from 6.99% APR to  18.24% APR, as of December 2018. 

Repayment terms range form 3 to 5 years. The longer the repayment term you choose, the higher the interest rate you will pay.

Earnest personal loans also require you to:

  1. Have documented savings sufficient to pay two months of your normal living expenses including your housing costs.
  2. Demonstrate that your earnings are greater than your expenses and your bank accounts are growing.
  3. Not be burdened by consumer debts such as credit cards and personal loans.
  4. Have a credit report shows that you pay your debts on time.
  5. Your financial records do not contain regular late fees, overdrafts or charges for insufficient funds.

Headquarters
San Francisco, CA
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