Earnest personal loans review September 2018 | finder.com

Earnest personal loans review

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Put your financial security to work. Get low rates with an Earnest personal loan.

You’ve worked hard to get to where you are. Tightening the belt and being thrifty while managing an upward trajectory in your career is setting you up for success in a big way. Now you need to borrow a little for personal development, a move across country or even a home improvement.

Your financial wellness might afford you a low rate and personalized term with Earnest.

Product NameEarnest Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$75,000
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term5 years
  • Credit score of at least 660
  • Proof of consistent income.
  • Must be a United States citizen, permanent resident alien or possess Visa types: TN, E, O, or have: H1B or F1 Visa with a 1-7 or 24-month STEM OPT/EAD and your current visa is valid through the life of the loan.
  • Are at least 18 years old
  • Currently reside in one of the 44 states they operate in

What makes Earnest personal loans unique?

Personal loans from Earnest are reserved for those who have a firm grasp on their finances. The good side of rigorous qualifications is that there’s less risk associated with the borrowers. That means if you get in, the rates could be lower than you might see with other lenders.

Earnest streamlines its application process to make the experience easier on you, with a complete in-house team to take care of questions or problems you might face.

What are Earnest personal loans?

Earnest provides unsecured loans for pretty much any legitimate purpose. Whether it’s furthering your career or paying for your big day, you can likely use the funds from an Earnest personal loan to finance it.

The loans are unsecured, so you don’t have to worry about fussy collateral paperwork. You also might be able to take out a loan even if you aren’t a permanent resident of the US.

Amounts you can request range from $5,000 to $75,000 with rates from 6.99% to 12.99% APR. Terms can be 3–5 years. You’ll also likely see the funds hit your account just one to two business days after signing the agreement.

Compare Earnest to other top online lenders

Rates last updated September 26th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16%–35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)

Compare up to 4 providers

What are the benefits of Earnest personal loans?

  • Low rates. Being choosy has its advantages. In this case, it means interest rates that are competitive.
  • Service from application to payoff. Earnest hosts a team that’s completely in house. Reliable service means an easier time getting answers and smoothing out any bumps along the road.
  • Repayment tailored to you. Data-driven underwriting allows Earnest to help fit a loan to your budget. You’re also able to increase your payments and make extra ones anytime from your online dashboard or the mobile app.
  • No fees. This one is exactly what it says on the tin: no origination or early repayment fees, and no fees for your method or means of repayment.

What to watch out for

Offering exclusive rates and no fees comes at a cost. But you’ll want to keep an eye on a few factors when comparing Earnest to other lenders.

  • Exclusivity. A strength and a weakness — with stringent requirements come great rates, but also lower acceptance for those without near-perfect histories. Earnest recommends having enough savings to pay for at least one month of expenses.
  • Not available everywhere. Earnest doesn’t offer loans to those living in Alaska, Delaware, Kentucky, Mississippi, Nevada or Rhode Island.
  • Hard credit pull only. There’s no soft credit check available to get an estimate of your rates ahead of time. When you’re shopping around for the best rates, it can be frustrating to not get the full picture before applying. Especially when multiple hard credit checks can negatively affect your FICO score.
  • Limited term options. For many lenders, the maximum personal loan term is five years. When you’re limited to three years, that cuts 24 months of payments. Losing that many months means potentially pushing up your monthly payment more than it would be otherwise.
  • Processing time. It currently takes 30 days for Earnest to process personal loan requests. If you’re in a hurry to get funding, you may want to strongly consider other options. Other providers may be able to provide financing within a week.

Am I eligible?

Before you apply with Earnest, make sure you meet the minimum requirements.

  • You must be at least 18 years old.
  • You must be an American citizen; permanent resident of the US; have a TN, E, O or H1B Visa; or have an F1 Visa and a 17- or 24–month STEM OPT/EAD.
  • You must not reside in Alabama, Delaware, Kentucky, Nevada or Rhode Island.

The website also specifies guidelines that range from increasing bank account balances to not getting regularly dinged for late, overdraft or nonsufficient funds fees.

What do I need to apply?

Visit Earnest’s website and then click Get Your Loan. From there you’ll complete the details of why you want the loan and how much you’re requesting and your education, employment, financial and personal information.

Remember that when you submit your application, you will undergo a hard credit pull. If you’re approved and accept the offer, you could get funded in as little as one to two business days.

I got the Earnest personal loan. Now what?

You’ve proved your creditworthiness and financial acumen with a funded loan. Now it’s time to keep on that trend of careful money management.

When you agreed to take the loan, you should have been asked if you’d wanted to enroll in autopay. If you didn’t set it up but want to now, you can enroll through your Earnest online account.

Just go look under your Loan Details and select Enroll in Autopay. You can change your autopay schedule for payments every two weeks, rather than monthly.

Bottom line

Get rewarded for your steadfast dedication to fiscal responsibility with low rates on the loans you need through Earnest. Shorter repayment terms and strict requirements may mean that Earnest isn’t right for you. You can always compare other lenders to find a better fit if needed.

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2 Responses

  1. Default Gravatar
    rickyJuly 3, 2018

    I have bad credit but make decent money and need a loan. is this a possibility?

    • finder Customer Care
      joelmarceloJuly 4, 2018Staff

      Hi Ricky,

      Thanks for leaving a question on finder.

      For Earnest Personal loan, you will need credit score of at least 660 to be eligible. If you are looking for a personal loan even with bad credit, you can click HERE.


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