Earnest no longer offers new personal loans and instead partners with Fiona, which searches a network of lenders. Visit the U.S. News Best Personal Loans page if you are seeking a lender for personal loans. Information below applied to Earnest when it was still offering personal loans.
Earnest offers personal loans for debt consolidation, home improvements and other personal expenses.
Common loan uses include:
- Credit card consolidation
- Career development
Borrowers can’t use funds for small businesses.
Earnest offers fixed-rate personal loans of $5,000 to $75,000, and repayment terms range from three to five years.
Once you’re approved for a loan, you’ll can receive the funds within one business day.
Earnest doesn’t charge any fees, which means no origination or late fees, and also no prepayment penalty. The lender does not offer any interest rate discounts.
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 patterns, 401(k) and investments, employment history, and growth potential.
The lender doesn’t have a minimum employment history, but it 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 loan 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 one personal-loan-related complaint about Earnest, and the company provided a timely response.
The four-step application process for an Earnest personal loan can be done entirely online, according to David Green, Earnest chief product officer. “Clients can then easily manage their personal loan and payments online with our dashboard.”
If you have 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.