Earnest Personal Loans Review

Earnest is an innovative online lender that features revolutionary technologies that provide loans for customers who are not likely to be qualified for a usual loan with other lenders.

The financial company does not focus on the credit history or monthly income rate, but it has created a unique algorithm to check the customer qualification, instead.

This way, Earnest personal loan is appreciated as one of the most accessible and affordable loan types.

About Earnest

People, who have steady incomes and an excellent credit score, are sure to expect low rates from any lender.

However, Earnest strives to attract all the clients, offering competitive APR and flexible services even for those, who have poor credit history.

Earnest is reported to be one of the top flexible financial companies that provide clients with an opportunity to change their payment date, pay off the loan earlier, change the loan amount at any point of the loan, etc.

Earnest Personal Loans

While other lenders view the income and credit score as the primary point to check the repayment potential. Earnest offers the APR rate equal to 4.25% to people with subprime rates, high-income potential, good education and low credit card balances.

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Rates, Conditions and Terms of Personal Loans with Earnest

Personal loans by Earnest are getting increasingly demanded. However, currently the loan is available in numerous US states, including Colorado, New York, Florida, Oregon, Texas, Massachusetts, Pennsylvania, Connecticut, North Carolina, Minnesota, California, Michigan, Utah, New Jersey, District of Columbia, Tennessee, Wisconsin and Georgia.

Citizens of these areas are free to apply for the loan equal to $2,000-$50,000 at rather low interest rates. As usual, the rate will depend on the term of your loan.

The interest rates will vary from 5.25% up to 12%.

Accordingly, if you take the loan for a year (12 month), you will be charged with 5.5% APR, while the 3-year loan (36 months) will cost you 12% interest rate.

Thus, Earnest offers a distinct way to calculate your interest rate. Another great peculiarity of personal loans with this lender is a small time span before you get the money on your account.

This process takes up to a week on average.

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Loan term Fixed APR Monthly Payment
1 year 5.25% – 11.25% $857 – $885
2 years 5.50% – 11.50% $441 – $468
3 years 6.00% – 12.00% $304 – $332

How to Apply for Personal Loan

While the rates offered by Earnest are low, if compared to other lenders, the amount of information you have to provide is rather great.

The whole application process will be done in six steps, during which you will have to give complete information about your education, employment history, loan purpose, financial situation, salary, etc.

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To speed up the process, you may be required to offer LinkedIn profile information.

Additionally, applicants will have to provide the financial company with a permission to scan their bank information and accounts.

The positive news here is an automatic application statement. The company is not likely to store your personal data, though they use it to analyze your repayment power.

It will take up to a week to get a reply from the lender, and then you will get the required sum of money on your account within 1-3 working days.

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Earnest personal loans are approved as top flexible and advantageous options for customers with poor credit history.

  1. Leonard carpenter says

    Is an earnest personal loan available in new Hampshire?

  2. Emma says

    What attracts me the most in Earnest personal loans is accessibility. The company provides loans for clients that will never be eligible in any other financial institution. My credit history was not bad, it was just new, so I was ready for higher interest rates, tougher conditions and other limits. But, fortunately, my interest rate was just somewhere 10% APR, while I managed to receive required $250,000.

  3. David says

    Earnest is appreciated as one of the most accessible and affordable loan types. It is referred by one of friend. You can freely to apply for the loan equal to $2,000-$50,000 at rather low interest rates. This loan is approved as top flexible and advantageous options for customers with poor credit history. Thank you Earnest.

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