Features

Earnest is an online lender that uses new technologies to provide loans to individuals and small business that wouldn't qualify for traditional loans. Instead of focusing exclusively on credit scores and debt-to-income ratios, Earnest uses its own algorithms to analyze a wide range of financially relevant factors to determine whether a customer qualifies for a loan.

How Do Earnest Loans Work?

Earnest offers interest loans as low as 4.25% to borrowers with credit scores that would only qualify them for subprime rates with traditional lenders by filtering for borrowers with a good education, high-income potential, responsible spending patterns and low credit card balances.

What Are Earnest Loan Interest Rates?

Interest rates vary from 4.25% to 9.25% depending on the term of the loan. For example, the lowest rate for a 12-month loan is 4.25%, while the lowest rates for a 24-month and 36-month loan are 4.50% and 5.00%, respectively.

How Much Money Can I Borrow from Earnest?

Available loan amounts range from $2,000 to $30,000 and terms range from 12 to 36 months. To illustrate, a 12-month $10,000 loan at 4.25% APR will cost you $853 a month for a total cost of $10,236. The same loan with a 8.50% rate, would cost you $872 a month and a total cost of $10,464.

Which States Does Earnest Operate In?

Earnest loans are currently available in: California, Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Wisconsin and the District of Columbia.

What Is Earnest's Application Process Like?

The only catch of Earnest's ultra-low interest rates is you have to reveal a lot of information most lenders don't require. For instance, Earnest requires access to your LinkedIn account, your savings account and your retirement accounts to confirm your educations, employment, salary and financial situation. The good news is Earnest uses the information collected from your accounts to automatically populate the application form, so you won't have to waste time filling forms. Borrowers should expect a reply within one week. After you're approved, you have one week to either accept or decline the loan. The money will take 1 to 3 days to reach your account.

How Is Earnest Better Than Other Lenders?

Earnest is a merit-based lender that looks at more than your credit score when assessing your loan application. If you fit Earnest's guidelines, such as a having a a good employment history, working in a sector with high-earning potential, having a good education and solid spending and saving habits, you could qualify for rock-bottom rates even if you have little or no credit history.

There are no initiation or prepayment penalty fees and they guarantee the best rates among no-fee lenders. The only catch is the entire process could take up to 10 business days and only borrowers who fit their stereotype are eligible.

  • Credit bureau reporting
  • Interest APR
    4% - 9%
  • Joint loans available
  • Loan Amount
    $2000 - $50000
  • No late fees
  • Max Loan Term (Months)
    36
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    120
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0 votes

I applied for a loan with very good credit and very healthy savings. They asked me for a picture ID and a copy of my taxes, then declined my request. They blamed it on income variability and income (I am self-employed) but I really dislike the intense scrutiny, as well as the request for access to your bank accounts and picture ID, and then a weak excuse for declining. I contacted them, and got more weak responses, but I feel that I was redlined. Also, i ... notice that most of the positive reviews are from Anonymous sources and all seem to follow certain clear story and reasoning patterns. I think they are probably fake More Less


1 votes

Intrusive and extremely annoying process. Their standards are higher than other lenders and will comb through every link in your bank statement. Ended up going through a different company after Earnest denied a personal loan after several weeks of digging.


1 votes

If less than zero was an option, I would pick it.It was so ridiculous what they asked for,and they were completely unhelpful.Wouldn't recommend!RUN!


0 votes

I applied with Earnest because of hoe they supposably did their loans with a merit-basen loan application. I don't have the greatest of credit and have quite a bit of CC debt, but that is why I am asking for a debt consolidation loan. They state they will give the reason of your denial if you are denied right away instead of waiting for a letter. They only stated 1 reason and I corrected that reason and had them look back over my application and then all ... of a sudden in an e-mail they added 2 additional reason's that were never stated originally and every single reason they denied my app was off my CREDIT REPORT never considering my other information that they say they do because that I had a 100 percent with that information. So for a company that doesn't just look at your credit report it seems like that is all they looked at with my app none of my other factors. Not happy with this comnpany they are like all the other financial companies even know they advertise differantly and say they are differant. More Less


0 votes

I recently was approved for a student loan refinance and my APR is dropping 2-2.5%.

The application process was long, but their interface wasn't too bad. You can use your LinkedIn account to import data as well.

I was just approved so I can't comment on everything yet, but the ease of use of the interface made everything smooth and quick for the amount of information you have to enter.


0 votes

Not good at all and stay away from them and look elsewhere. I seriously doubt their loan approval process. They will make a joke out of your application. Here is what you will hear after their lousy job and making you wait for two to three weeks. "We are concerned that you do not have enough certainty to comfortably afford the monthly payments for this loan. Our goal is to see you achieve your milestones while staying financially secure."


1 votes

They suck you in by saying they are not like other banks. They are jut like the other guys. DONT WASTE YOU TIME!!!!

1 votes

Their main advantage is supposed to be independence from credit scores. But guess the reason why my application for loan was rejected? Right, my low credit score :D I had more than twice amount of assets on my brokerage account (comparing to size of requested loan), I submitted my broker's report as a proof, but got rejected anyway.


0 votes

For the people that say ou have to give too much information please remember they giving you lots of money.

Application process was fairly smooth. They link to every major bank and with moderate typing skills this is quick.

I am refinancing a student loan and will save over a lot. When asking for support they were super fast getting back to me and courteous.

No complaints from me


1 votes

I am very disappointed with Earnest Loans, I KNEW it was too good to be true, I should have listened to the others who were denied.. I am middle aged female, high school grad, some college, make decent money, permanent job, with a credit score of over 600-650 with a few derogatory marks from a few years ago. I explained on my application that I was laid off 7 years ago and I had to let me credit cards go, it got especially bad after my unemployment ran out, as a ... result, my credit suffered. I just wanted a little money to help me with my move to Sacramento and to get some car repairs done. Nowadays, I have a permanent job, base salary is $52,000.00 a year (this amount does not include bonuses and yearly raises which I expect to receive later this year), have 5 credit cards in GOOD STANDING, my monthly take home pay after taxes is almost $3,000.00, my monthly bills are only $1,110.00 which means I have MORE than enough MONEY to pay off the loan. The reason for my denial..old derogatory remarks on my credit profile. I trusted Earnest Loans and gave them access to my checking account, access to my credit card accounts, copies of my drivers license, social security, copies of my new lease agreement, copies of pay stubs and countless emails back and forth to Earnest explaining my situation. To top it off, their website wouldnt allow me to upload any documents, I emailed Anne and she said it was coming from my end, said I wasnt filling out all the sections, I had to screenshot shot her the error message and tell her I was in fact filling out all sections properly. Very frustrating. After reading the positive reviews I noticed most of them are from young students, must be nice to be so young and have money thrown at you from Earnest Loans, seems they only help the college educated with perfect credit scores. In my denial letter they told me they would monitor my progress and let me know when I prequalify in the future. If you are reading this Earnest Loans, do NOT save my personal information, do NOT access my personal information, DELETE my information from your database/records, do NOT monitor y progress, if I catch you running hard credit inquires without my permission, I will get my Sister involved, she is a Corporate Attorney and will advise me the best course of action to take. Again, do NOT monitor my progress and delete my information from your servers. Take my advice, go to a family member for a loan, and dont waste your time with this Company. I should be financially sound within the next 3 weeks and I did it all on my own. I suppose I should thank Earnest Loans for denying me, instead of me paying them for a loan I will take that money and invest even more into my 401k plan. If you are a youngster going to college with perfect credit, this is the place for you, anyone else? Just forget it. Earnest Loans does not help people looking for a second chance. More Less

1 votes

Applying for a loan through Earnest was my least favorite waste of time, of recent. They seriously nitpicked my credit report worse than I've ever experienced in my life of 31 years. I was denied a loan because of "too low balance" in my 401k. Well let me tell you Mr. Earnest, If I wasn't over paying to my current student loan servicing company I'd actually be able to make monthly deposits into my 401k, well gee, that's a concept. When I called their customer service ... line to discuss options for reconsideration, they nitpicked my credit report saying "Well you also had two overdraft charges on your checking account" (which was forgiven by my bank because I am a long standing customer of my bank and merely had a miscommunication between bank and I. Oh and had NEVER had an overdrawn account prior.) which was appalling to me. I haven't had late payments or overdrawn accounts since I was in my late teens. I understand this company is a fairly recent start up but their approval process is a bit extreme if you ask me. I would consider myself middle class, by no means am I in their "Average demographic of 25-35 and $100k annual income" but come on, I have excellent credit and I make my payments early/on-time and simply want a better future for myself, my wife and my unborn child. Thank you for nothing Earnest, I'll be sure not to recommend you to anyone I know. More Less


0 votes

I was a little taken aback by the fact that this company wanted so much of my personal info. Like my LinkedIn account. Seriously? But I guess they have a method to their madness. I have to say that the resulting loan is well set up and the interest rates are incredible. So if it takes giving them my LinkedIn page, I can go for that.


0 votes

I am saving thousands of dollars by refinancing my private student loans with Earnest. I will say that I was a bit skeptical when I was asked to put in all of my Bank Account information. However, this is a credible company and everything went well during the process. My rate was much lower than any other rate I've received from other refinancing companies. I am now considering adding my Government Loans to Earnest since it is helping cut my loan interest and loan term in half.


0 votes

I borrowed to consolidate my debt. It was fast & easy. Payments are reasonable! Getting a title loan for the same amount was 100% harder. Now I can pay off my title loan and higher interest debt! I plan to pay off this loan early which is great because there are no prepayment penalties. Thank you so much. You are truly God-sent!


0 votes

This is a great place for a loan. The customer service is wonderful, the terms are liveable, and overall the experience was very good. I would definitely recommend Earnest to anyone!


0 votes

The process for getting a loan with these guys is totally easy and the rates are unbeatable. I dont know why anybody would use any other company because these guys have it all.


0 votes

It was great and personalized, I felt like I was in great hands the whole way. I appreciated all of the security checks all along the way and clear communication with the staff at Earnest.


0 votes

I recently had to relocate because of my job, but that also meant extra moving costs that I was not prepared for. Thanks to Ernest I was able to move from Seattle to L.a. And have since received a huge promotion.


1 votes

That was the longest most intrusive loan application ever. They made me fill in details about my education and every job I've had. They had me connect to every bank account, my credit cards, and my investment accounts. Not to mention all the other pages of general information. I'm left totally worried about what is gonna happen when their servers get hacked.


0 votes

I needed some extra money to cover moving expenses across the country. Earnest was a pleasure to use and I highly recommend to anyone who needs to take a quick loan. I really can't recommend them enough.


0 votes

My wife and I were looking to remodel our guest bedroom, and needed some extra money for it. The application was really simple. There were no bugs, like we've experienced in the past with lending companies. For some odd reason, I couldn't verify my personal info online before the application was processed. I contacted the customer service center and they fixed everything. They were extremely professional and understanding.


0 votes

For many people, borrowing money is a problem even with good jobs and good incomes because they have limited credit histories. Earnest looks beyond all that to consider your entire financial profile. On the other hand, Earnest requires a lot of information, such as your LinkedIn profile, that may make you uncomfortable. Another drawback is that getting your money can take up to 10 business days, which doesnt help if you need a bill paid today. Also, bad credit is a no-go with this company.


0 votes

This bar none is the BEST loan experience I have ever had. The employees are courteous and super helpful and the interest rates are wonderful! I consolidated some high interest credit card loans, and I am going to save a bundle thanks to Earnest. They obviously care about their customers and not just themselves, and that is so refreshing nowadays.


0 votes

As a web designer, I can appreciate when a company provides it's customers with a usable, flaw-free website (especially when it is a place you need to fill out an application). I didn't find any issues with the site, and couldn't have been happier with it. But I didn't receive the lowest of low interest rate. I've seen slightly lower ones elsewhere, but the difference is very minimal, so I went with Earnest for my personal loan.


0 votes

Some places can't seem to get together a good website that functions well and allows you to see your loan at a glance, including how much you owe and what you've paid. I'm so glad that Earnest is the exception in this area. It is great to be able to log on any time of the day or night and see where I'm at.


0 votes

Good company with a great business model. I am surprised there aren't more companies like it. I didn't think I would use this function, but I actually did do the skip one payment a year this first year so that I could put the money into Christmas. It was really handy. This company does convenience for the customer really well!


0 votes

My only complaint would be that I had a few issues with the application process. It seemed easy, but for some reason, I had to keep contacting customer service. They weren't able to tell me much about why I was having these issues, but they did clear it up quickly. Since that mishap, Earnest and the staff have been great. No more issues to report. I just wish I knew why I was having those application problems.


0 votes

After looking into personal loans with my bank, it was clear that I'd have to go a different route. The 17-18% APR was out of my range, and I really didn't want to struggle with the payments every month. A web search turned up Earnest, and it's been amazing ever since. The reps at Earnest make the application process incredibly easy, and the interest rate is much, much lower than my bank. I haven't had any issues, and I would recommend them.


0 votes

I absolutely love how this company checks more than your credit score. I was happy to discuss things like my education, knowing that that info could help me get a loan or a better interest rate. I was also really excited when they approved me for more than I had asked for at a great rate!


0 votes

I've read people complaining about having to give Earnest SO MUCH information. Really? They are loaning you thousands of dollars! I think they deserve a little info from you. I'm fine with giving up infomration like my LinkedIn info. Who cares! It's not like they're going to do anything with it, but just check and make sure you are a good risk for them.


0 votes

I'm a bit of a stickler when it comes to money (you could call me frugal). As a college student, I only work part time, and needed money for a down payment on a car. I vigorously looked around for the best interest rates with personal lenders, and Earnest is definitely the best that I've found. I'm not overwhelmed by the payments, and they are completely reasonable for me and my current income.


1 votes

When I saw that Earnest considers more than the standard criteria when deciding whether to loan you money, I applied right away. The fact that they use real data to analyze your finances and then give you a loan offer based on those results told me that this is a forward thinking company that would give me the money I need. I liked how my rate was personalized based on my financial profile. They say they have no hidden fees and there werent any. I also like the fact that ... I can skip one payment a year and build it into the other payments. That really helps. More Less


0 votes

I loved how easy applying on Earnest's site was. It was definitely created to be easy to use for people who aren't the most tech savvy. My only complaint is that it took a little longer than I expected to get my loan. My friend recently took out a loan, and got her within 24 hours. Mine took about 3 days. Luckily, I didn't need the money right that second, so it worked out in the end.


0 votes

The way this company has the interest rates set up according to the term of the loan makes so much sense. I absolutely love it! I took the shorter loan time, because I want to get it paid off quickly anyway. They were so accomodating, too. So often you feel like you are strung over a barrel and take whatever you can get when you get a loan, but that's not the case with Earnest! Bravo!!!


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