Earnest Personal Loan Review
Last updated April 4th, 2019
Recommended for: Debt Consolidation, Engagement Ring, Home Improvement, Moving, Vacation, Wedding
Earnest Personal Loans was founded in 2014 and is based in the silicon valley. Earnest uses a custom algorithm that helps identify loan prospects and gives them the ability to consider more than just a credit score. Earnest looks at education, savings history, and future earning potential. This diagram provided by Earnest provides helpful insight into their process.
- Loan Amounts: $5000 to $75,000
- Credit Score: 660+
- 3 year APR: 5.49% to 14.24%
- 4 year APR: 7.49% to 16.24%
- 5 year APR: 9.49% to 18.24%
- Terms: 3 to 5 years
- Fees: No fees for origination, no prepayment fees, and no anything fees
- Earnest Stands Out
- Earnest Offers Lower Rates Through Better Data: The Earnest driven application process gives extra credit for financial responsibility
- Soft Pull only to start
- Faster response times because they use technology to improve and accelerate their decisions
- Lifetime service provided in‐house. Unlike other lenders, Earnest will never pass you off to third-‐party services
Detailed Terms and Conditions
|Loan Amounts||$5,000 - $75,000|
|Required Credit Score||660+|
|Doesn't lend in||Alabama, Delaware, Kentucky, Nevada, Rhode Island|
|Types of Income||Proof of consistent income (USD)|
|Variable Rate Option||No - Not Available|
|APR Range||(3 Year APR 5.49% to 14.24%) - (4 Year APR 7.49% to 16.24%) - 5 Year APR 9.49% to 18.24%)|
|Loan Term||3 - 5 Years|
|Repayment Schedule||Monthly, increase your amount, extra payments|
|Credit Inquiry||Soft Inquiry for a rate check, Hard Inquiry with loan application|
|Fees and Closing Costs||None|
|Loan Purpose||Credit Card Refinancing,Home Improvement, Wedding, Security Deposit, Unaccredited Education|
|Qualifications||U.S. Citizen, Permanent Resident|
|Legal Documents Required||2 or 10 yr. Green Card, Visa Types: TN, E, O, (H1B or F1 with conditions)|
|Number of Offers||Not Available|
|Customer Service||Phone, email, text or chat|
The loan process is very fast and you will know if you are approved within minutes.
The Earnest security information explains that they will not use your information beyond the loan application and your data is very secure with 256 SSL encryption.
If you are looking for a three-year loan term and have very good credit, you will fit very well with Earnest. If you have high income and can pay off your debt very quickly, Earnest is a great option.
If you require a longer loan term to reduce your monthly payments or a higher loan amount, we have provided other personal loan options.