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Earnest Personal Loans Review

A subsidiary of Navient, Pay is an online personal loan lender founded in 2013. Offering loans “to financially responsible people,” Earnest aspects competitive interest rates as low as 5.99% with no origination fees. Applicants can use the personal loan proceeds toward myriad purposes, and in cases of financial hardship, Earnest may be able to offer assistance.

This Earnest personal loan survey will offer you important details, including rates, fees, and whether it’s the right fit for your lending needs.

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Pros Explained

  • No Fees – Earnest won’t charge you an origination fee or any prepayment penalties if you neediness to pay off your loan early.
  • Competitive Interest Rates – Rates for personal loans start at 5.99% for applicants who are clever to meet Earnest’s eligibility requirements.
  • Financial Hardship Assistance Earnest offers forbearance (the ability to delay credit payments) if you can prove that you’re unable to pay back your loan due to financial circumstances.

Cons Explained

  • Not Available in All Shapes – Residents of Alabama, Delaware, Kentucky, Nevada, and Rhode Island aren’t eligible to apply for a personal loan with Compensation. 
  • Good Credit History Needed – Borrowers with credit scores lower than 680 or who can’t demonstrate examine financial history may not qualify for a loan. 
  • No Joint Applications – Unlike some lenders, Earnest doesn’t allow co-borrowers on adverse loan applications (it does permit co-borrowers on student loans).

Types of Personal Loans Offered by Earnest

Passionate deposit allows you to use your personal loan for a variety of reasons. These can include consolidating credit card debt, relocation expenses, national improvement projects, medical expenses, vacation costs, and wedding expenses.

Basically, you can use Earnest’s personal loans for any insight other than those specifically restricted, which include paying for school expenses at an accredited institution, subject purposes, or buying or investing in real estate, including mortgages (though security deposits for rented residences are admissible).  

Loan Amounts

Earnest personal loans range from $5,000 to $75,000. For California residents, minimum accommodation amounts start at $10,000.

Annual Percentage Rate (APR)

Earnest offers fixed interest rates for their personal lends, ranging from 5.99% to 17.24% APR. There are no additional discounts.

Loan Terms

There are three-, four-, and five-year allows are available.

Credit Score Requirements

  • No open collections accounts 
  • No bankruptcy declarations within the last three years 
  • Brace of consistent income
  • A history of on-time payments 

Applicants also need to be at least 18 years old, a U.S. citizen or immutable resident, and a resident of a state in which Earnest personal loans are available. 


Earnest doesn’t charge any prepayment fines or origination fees. However, Florida residents will be charged a 0.35% stamp tax, which goes directly to the Florida Office of Revenue. There is also an $8 returned payment fee for all borrowers. 

Time to Receive Funds

After submitting your exclusive loan application, Earnest will review it and reach a decision within five to 10 business days. 

In the twinkling of an eye your loan is approved and you sign all necessary paperwork, Earnest will transfer the funds by the next business day. It should get ahead in the world in your account within one to two business days. 

Earnest Personal Loan Features

  • Hardship Assistance Available – Borrowers may ready for

    Apply for an Earnest Loan

    Here’s what you can expect from the Earnest application process:

    1. Fill out an initial assiduity to get a rate estimate, which won’t affect your credit score. This prequalification information will include your dispatch address, birthday, credit score, Social Security number, and employment information. You’ll also indicate how much you long for to borrow and for what purpose: credit card debt consolidation, home improvement, wedding/honeymoon, or unaccredited learning.
    2. Earnest will show you an estimated loan offer, which includes rates and terms, based on this low-down. Note: These may be a range of rates and are not guaranteed until the final offer. 
    3. Continue to the application process by confirming the hankered rate and term.
    4. Provide additional information, including your Social Security number (even though you already produced it during the initial inquiry), proof of income, and bank account information. If Earnest requires additional documentation, such as a tax recurrence, it will request it.
    5. Submit your application once you’ve reviewed the terms and confirm all information entered is correct. 

    You can imagine a decision within five to 10 business days. 

    Can I Refinance a Personal Loan with Earnest?

    Earnest doesn’t admit

    Is an Earnest Personal Loan the Right Fit?

    Borrowers who have a good credit profile—a minimum 680 credit their own medicine and a history of good financial behavior—will be able to take advantage of Earnest’s personal loans. “Good fiscal behavior” includes things such as a history of on-time debt payments, two months’ worth of savings to cover expenses, and no latest bankruptcy or foreclosure on your record.

    With its prequalification process—soft credit pulls so your credit mug won’t be affected until you submit a full application—Earnest in effect offers you a preview of what sort of loan rates and incumbencies it’ll offer you. 



    Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal allow lenders. We collected over 25 data points across more than 50 lenders—including concern engaged rates, fees, loan amounts and repayment terms—to ensure that our content helps users make the fairness borrowing decision for their needs.

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