When you need cash to pay for an upcoming expense, personal loans can be a smart alternative to credit cards. Whether you have an upcoming wedding or a dental procedure, personal loans can help.
In the past, applying for a loan was time-consuming and took forever to process. But online lenders like Earnest have changed the industry. Now, borrowers can apply online and get the money they need.
Earnest personal loans are a low-cost option and have no fees. With low interest rates, the company offers loans that can meet your needs. Personal loans provide you with flexibility to handle what comes up in your life.
Earnest personal loans review
If you have a steady income and pay your bills on time, you may think that getting a loan is easy. But when it comes to personal loans, it can be more complicated than you’d think.
Most companies demand an extensive credit history. Lenders often disqualify young borrowers, no matter how responsible they are.
Earnest positions themselves as different than the competition through their unique borrower analysis. Rather than looking at just your credit score or history, it takes a comprehensive view.
Earnest evaluates other factors, such as your education, employment history, savings, and retirement fund. By considering these variables, it gets a better picture of how responsible you are.
If you’re approved, you can choose terms that work for you. The lender offer options for fixed or variable interest rates, and you can manage your account and payments through their online platform.
Earnest personal loan products
Customers use Earnest personal loans to fund many different things. Whether you need to pay for a home renovation or a move across the country, the loan is yours to do with as you choose.
Besides personal loans, Earnest offer other services, as well. You can refinance your debt with Earnest and save money over the course of your loans. It also provide refinancing for Parent PLUS loans. Parents who took out debt can get a smaller payment or a lower interest rate.
Potential borrowers can get an estimated rate and projected savings in two minutes. Estimates are available without undergoing a hard credit inquiry.
Using the Earnest personal loans online platform
The online platform for Earnest personal loans is simple and intuitive. In six steps, you can complete and submit the application. You can use LinkedIn to populate parts of the application to speed up the process even more.
After you give your consent, the lender reviews your bank account and transaction information. At the end, Earnest performs a hard credit inquiry before finalizing the loan.
Earnest offers a mobile app for iPhone users, where you can manage your loan and make payments anywhere. You can also refer friends to refinancing offers and earn a $200 referral bonus.
Earnest personal loans interest rates and fees
The company offers some of the most competitive personal loan rates available. You can get a personal loan with interest rates from6.99% to 18.24%.
The smallest possible personal loan is $5,000, but you can borrow up to $75,000. The loan repayment term can be anywhere from three to five years.
Unlike many other lenders, Earnest personal loans have no origination or prepayment fees.
Earnest eligibility requirements
Earnest’s criteria for borrowers is more flexible than other lenders. Applicants must be at least 18 years old, employed, and have a regular income.
While the lender does look at more information than just a credit score, it has a minimum credit score requirement of 680. Also, you can’t have any open collection accounts or have declared bankruptcy in the past three years.
You do not need a predetermined income to apply, but the steadier your income, the better the terms will be. Earnest processes most applications and makes a decision within two business days.
Earnest contact information
Visit Earnest’s website to begin an application for a personal loan or to view your refinancing options. You can also call 888-601-2801 or email them at email@example.com. Follow them on social media sites like Twitter, Facebook, and LinkedIn.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|