Earnest Review

Is this the loan company for you?

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  • Personal loans do not have fees
  • Interest rate discount for auto payment


  • Approval requires savings account amount
  • Loans not available in all 50 states

What You Need to Know

Personal loans with Earnest do not have fees. They do not have an origination fee or for making extra payments. You can also make payments earlier than the required date without a fee. They also do not charge a fee for paying your loan off early. There is an $8 fee for returned payments.

Earnest offers an interest rate discount for signing up for automatic withdrawals. The discount is 0.25 percent off the interest rate you receive for your loan. This discount applies to each payment made through automatic withdrawals.

Personal loan approval for Earnest loans includes your savings account balance. The balance must be enough to cover two full months of regular expenses. This includes the cost of your housing and the Earnest loan repayment amount. You also cannot have large amounts of credit card or personal debts.

Earnest does not offer lending options in all the states across the United States. They are currently in 45 of the 50 states, and in the District of Columbia. They do not provide loans in Alabama, Delaware, Kentucky, Nevada, or Rhode Island. If you live in one of these states, you cannot apply for a loan.

Qualifications to Apply for Earnest Loans

Useful Information About Earnest Loans

Additional Relevant Information

Interest rates for Earnest loans are low. Even the highest rates are lower than other online lending rates. Their interest rates are competitive with other online lending companies. The interest rate you receive depends on your qualifications.

History and Achievements

Louis Beryl and Benjamin Hutchinson started Earnest in 2013. They believed that financially responsible people deserved better credit options. Earnest uses technology, data, and design to provide customers with the best option.

Earnest works to help students pay off their student loans faster, with lower interest rates. They serve over 75,000 clients across the United States. Their online lending options include personal loans and student loans. Customers can refinance their student loans through Earnest as well.

Since 2013, Earnest has funded over $6 billion in refinanced student loans. The company operates out of San Francisco, California.

Frequently Asked Questions

Can I apply for a loan entirely online?

Yes. Earnest does not accept applications over the phone.

What is the lowest my credit score can be?

Your credit score must be higher than 680.

What is the smallest loan amount available?

The minimum loan amount is $5,000.

What is the largest loan amount available?

The maximum loan amount is $75,000, depending on your qualifications.

What are the loan term lengths?

Earnest offers loan terms of three, four, and five-years for personal loans.

Are the interest rates competitive?

Yes. The interest rates for Earnest loans are competitive. The highest interest rate is lower than other lending company's interest rates. You must qualify to receive the best rates.

Are the interest rates fixed?

Yes. Earnest offers fixed interest rates for the life of their loans.

What types of loans are available?

Earnest offers private student loans and personal loans. They also offer options to refinance your student loans. You can use personal loans for debt consolidation, home improvements, and weddings. Unaccredited education programs, honeymoons, and security deposits on your rental are also allowed.

What information do I need to apply for a loan?

Earnest requires a valid SSN, email, and bank account information. You must verify your income and not have any open collection accounts. You must have a history of making payments on time and not have large amounts of credit card or personal debt.

How long does approval take?

Earnest approval can take five to ten business days. The approval time may vary depending on if other information is necessary.

How long will it take the money to enter my account after approval?

You must sign the final papers and provide Earnest with your bank account information. After that, the money can transfer into your account the next business day.

If I have been denied a loan before, how long do I have to wait to apply again?

After denial, you are welcome to reapply when your financial situation changes. There is an eligibility list on their website to see where you stand.

What are the payment options to repay my loan?

Repay your Earnest loan through automatic withdrawals from a savings or checking account. If you sign up for automatic withdrawals, you receive an interest rate discount. That discount is 0.25 percent. They also accept personal checks, checks sent from your bank, and wire transfers. You cannot make payments with your credit card.

Can I pay my loan off early?

Yes. There are no fees for paying your Earnest loan off early.

Is my information secure?

Earnest servers have SSL technology. Their buildings are secure. Your account will log out after a period of inactivity. Earnest stores personal information in secure data centers.

Does this loan company offer a mobile app?

Earnest does not list a mobile app on their website. Everything for your loan is online through their website.

How do I contact customer service?

Contact customer service through phone or email. Customer service hours are Monday through Friday from 8 a.m. to 5 p.m. PST. They are not open on Saturday or Sunday. You can follow Earnest on Facebook, Instagram, LinkedIn, Pinterest, and Twitter.

Bank Contact Information

303 2nd St, Suite 401N
San Francisco, CA 94107
888- 601-2801