Here’s What Sets Earnest Personal Loans Apart

earnest personal loans

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, they take a comprehensive view.

Earnest evaluates other factors, such as your education, employment history, savings, and retirement fund. By considering these variables, they get a better picture of how responsible you are.

If you’re approved, you can choose terms that work for you. They 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, they offer other services, as well. You can refinance your debt with Earnest and save money over the course of your loans. They 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.

Apply for a Personal Loan From Earnest

earnest personal loans

After you give your consent, they review your bank account and transaction information. At the end, Earnest performs a hard credit inquiry before finalizing the loan.

Earnest bank launched its mobile app in May of 2016. Once you download it to your smartphone, 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 as low as 5.25% for two-year loans.

The smallest possible personal loan is $2,000, but you can borrow up to $50,000. The loan repayment term can be anywhere from one to three years.

Unlike 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.

Because they look at more information than just a credit score, they do not have a set eligibility threshold, but a score over 720 increases your odds of the lender approving your application.

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 personal loans customer service

Earnest bank offers various customer service options and is well-known for their responsiveness.

Users can contact Earnest via chat from 8 am to 5 pm PT Monday through Friday. You can also submit a request via email and get a response within one business day. If you’d prefer to speak with someone over the phone, you can call between 8 am and 5 pm PT.

More about Earnest

Based in San Francisco, Earnest bank began as a way to help people achieve their full potential. They pride themselves on offering low-cost lending to responsible individuals. Earnest focuses on building long-term relationships with clients.

Since 2013, Earnest has processed millions of loans. They have offered people opportunities based on their complete financial picture. To Earnest, lenders are more than just their credit score.

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 hello@earnest.com. Follow them on social media sites like TwitterFacebook, and LinkedIn.

Apply for a Personal Loan From Earnest

Interested in a personal loan?

Here are the top personal loan lenders of 2017!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

1

Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Personal Loans: ​​*Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.17% APR to 11.32% APR (with AutoPay). SoFi rate ranges are current as of July 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.99% APR assumes current 1-month LIBOR rate of 1.22% plus 3.95% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.


Citizens Bank Disclosures

1

Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2017, the one-month LIBOR rate is 1.22%. Variable interest rates range from 6.01% - 15.96% (6.01% - 15.96% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% - 16.24% (5.99% - 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5.67% - 29.99%$1,000 - $50,000Visit Upstart
5.17% - 14.24%1 $5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$5,000 - $50,000Visit LendingClub
5.25% - 12.00%$2,000 - $50,000Visit Earnest
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Debt, Personal Loans, Review