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Earnest personal loans review

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Competitive low rates for an online lender — but only for those with decent credit.

finder.com’s rating: 4.3 / 5.0

★★★★★

  • Best for borrowers with good credit and a steady job.
  • Pick something else if you're in a hurry to get cash.

$75,000

Max. Loan Amount

5.99% to 17.24%

APR

660

Min. Credit Score

Details

Product NameEarnest Personal Loans
Min. Loan Amount$5,000
Max. Loan Amount$75,000
APR5.99% to 17.24%
Interest Rate TypeFixed
Min. Credit Score660
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround Time1 to 2 business days
Go to Earnest's website

Expert review

Aliyyah Camp

Review by


Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

Earnest personal loans are ideal for borrowers with good to excellent credit and a steady job. It offers loans as high as $75,000 with competitive rates for an online lender. You also won’t be on the hook for an origination fee or any late fees.

But you can’t apply with a cosigner, which means you’ll have trouble qualifying if you have less-than-perfect credit. And it isn’t a good option if you’re looking to get funds fast — it can take five to 10 business days to hear back about a decision.

Not sold on Earnest? Compare your other options below.

First, am I eligible?

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

  • 680+ credit score
  • Proof of consistent income
  • US citizen or 10-year permanent resident
  • 18+ years old
  • Live in any state except Delaware, Kentucky or Nevada
Increasing bank account balances and a minimal history of late, overdraft or nonsufficient funds fees can also help improve your chances of approval.

Pros

  • APR ranges from 5.99% to 17.24%
  • No origination or late payment fees
  • Easy-to-use mobile app
  • Available in every state except Delaware, Kentucky or Nevada

Cons

  • Good to excellent credit required
  • Cosigners aren’t accepted
  • Can’t borrow less than $5,000
  • Can take 5 to 10 business days to get a decision

Compare other personal loan providers

Updated January 22nd, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
670
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How do I apply?

To get started with Earnest’s simple online application, follow these steps:

  1. Click Go to Site to be redirected to Earnest’s personal loan page.
  2. Click Get My Rate to begin your application.
  3. Enter information about yourself, including your Social Security number and annual income.
  4. Read Earnest’s disclosures and click See My Rate! to submit your application.

What information do I need to apply?

Earnest only requires two basic pieces of information when you apply:

  • Social Security number
  • Annual income

What happens after I apply?

You may need to set up an account or submit additional information to complete your application. And remember that when you submit your application, Earnest does a hard credit pull.

It can take five to 10 business days for Earnest to process your application and get back to you with a decision. If you’re approved and accept the offer, you could be funded in as little as one to two business days.

How do repayments work with Earnest?

Earnest allows you to set up autopay to take the hassle out of payments. And to make a bigger dent in your loan balance, you can even change your autopay schedule for payments every two weeks, rather than monthly.

There are no fees, including non-sufficient funds (NSF) fees or late fees, but you should still inform Earnest if you’ll be late on a payment. It may be able to work with you to find an alternate payment option to avoid negative marks on your credit report.

See how Earnest stacks up to the competition with our guide to personal loans.

Frequently asked questions

Personal loan ratings

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Read the full methodology of how we rate personal loan providers.

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4 Comments

  1. Default Gravatar
    Lorein
    October 12, 2018

    Hello ! Can I get a loan of 5,000 dollar and to pay it back in 1 year?

    • Default Gravatar
      joelmarcelo
      October 12, 2018

      Hi Lorein,

      Thanks for leaving a question on finder.

      You may be eligible for a 5000$ loan and pay it back in minimum 3 years loan term up to 5 years with Earnest. Unfortunately, 1 year is not an option but you can still discuss with them if it’s possible. Before you apply with Earnest, make sure you meet the minimum requirements.

      1. You must be at least 18 years old.
      2. 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.
      3. 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 non-sufficient funds fees. To apply for a loan with them, please go to their website.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

  2. Default Gravatar
    ricky
    July 3, 2018

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

    • Default Gravatar
      joelmarcelo
      July 4, 2018

      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.

      Cheers,
      Joel

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