Earnest no longer offers new personal loans and instead partners with Fiona, who is looking for a network of lenders. Visit the Best Personal Loans USA Page if you are looking for a lender for personal loans. The information below applied to Earnest when it was still offering personal loans.
Earnest offers personal loans for debt consolidation, home improvement and other personal expenses.
Common uses of loans include:
- Credit card consolidation
- career development
Borrowers cannot use the funds for small businesses.
Earnest offers fixed rate personal loans from $5,000 to $75,000, and repayment terms range from three to five years.
Once you are approved for a loan, you can receive the funds within one business day.
Earnest does not charge any fees, which means no origination or late fees, and no prepayment penalties. The lender does not offer any interest rate reduction.
To qualify for an Earnest personal loan, you must live in one of the 45 states it operates in or the District of Columbia. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada or Rhode Island.
Earnest has a minimum FICO credit score of 680. However, the lender also looks at other aspects of your financial profile, including your savings habits, 401(k) and investments, work history, and growth potential. .
The lender does not have a minimum employment history, but does require that you have an annual income of at least $30,000.
Earnest does not accept co-signers. However, you can check your rate and eligibility online.
Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
Earnest has an A+ rating with the Better Business Bureau. In 2018, the Consumer Financial Protection Bureau received a personal loan complaint about Earnest, and the company provided a quick response.
The four-step application process for an Earnest personal loan can be done entirely online, according to Earnest product manager David Green. “Clients can then easily manage their personal loan and payments online through our dashboard.”
If you have any questions, the lender’s customer service team is available by phone, email or live chat.
- People with good to excellent credit.
- People who want to avoid loan fees.
- People who have an overall solid financial profile.