Mostly not recommended
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Where does Earnest do business?
Earnest is a direct lender based in San Francisco, CA. Founded in 2013, Earnest offers access to personal loans in 43 states (and Washington, DC).
What are the APRs offered via Earnest?
Earnest has a variable APR that ranges from 5.49% up to 18.24%.
Does Earnest charge an origination fee?
No, Earnest does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Earnest charge a late fee?
No, Earnest will not charge you a late fee.
Does Earnest charge prepayment fees?
No, Earnest does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via Earnest?
Loan amounts start at $5,000 and go up to $75,000.
What is the maximum loan term you can get with Earnest?
Earnest offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Earnest?
Applicants with a credit score of at least 700 can apply for a loan via Earnest. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via Earnest. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal loan via Earnest?
Earnest will typically approve (or deny) a loan application within 48 hours and fund personal loans within 7 business days of approval.
Does Earnest report loan payments to credit bureaus?
Earnest may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- South Carolina
- West Virginia
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)