Get a $750 Welcome Deposit for eligible new customers who open an 
- Editor Rating
- Rated 4 stars
- Excellent
- Earnest
- Reviewed by:
- Published on:
- Last modified:
- Fees
- Funding Time
- Loan Amount
Contents
Earnest offers low-cost personal loans for debt consolidation and important life expenses to financially responsible applicants with promising professional futures. The online lender collects and analyzes thousands of data points, not just credit score and history, to assess risk and offer low rates, even to those with short credit histories.
Launched in 2014, Earnest offers loans with fixed rates as low as 5.49% for loan amounts ranging from $5,000 to $75,000.
Not just a lender, Earnest prides itself in building long-term relationships with their borrowers by ensuring customer satisfaction with their specialized Client Happiness team.
Like what you’re reading so far? Find out the good, the bad, and my breakdown of Earnest personal loans below.
Borrower Averages
| Credit Score | Above 720 |
| Credit History | Short |
| Annual Income | $114,000 |
Borrowers are evaluated beyond credit scores and include saving habits, education and earning potential. Earnest likes to see that you have enough savings to cover at least 2 months of normal expenses, you spend less than you earn, you have increasing bank account balances, you do not carry large amounts of credit card and personal loan debt, you have a history of making payments on-time and you are not regularly charged late, overdraft or NSF (Non-Sufficient Funds) fees.
The Good
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to Earnest’s website and apply online.
- No origination fee. There’s no “middleman” fee, so you’ll receive the full amount of your loan.
- Flexible fund use. A personal loan through Earnest can be used for refinancing high-interest credit card debt, buying an engagement ring, renovations, weddings, and more.
- Competitive fixed rate. With excellent credit, your APR could be as low as 5.49%, and that won’t budge for the entire duration of your loan term.
- Low fees. There are no prepayment, late or check processing fees. There is an NSF fee of $8, but that’s lower than the industry standard of $15.
- Client Happiness team. Personal customer care that will handle any service questions or issues for the life of your loan.
- Earnest app. Manage your loan and make payments directly from your smartphone. You have full access to your dashboard and can even adjust your payments or make additional payments.
The Bad
- High standards. Earnest likes creditworthy borrowers, so you must have a decent credit score, high income and projected credit potential in order to get your loan approved.
- Not available in all states. You can’t apply for an Earnest personal loan if you live in Alabama, Delaware, Kentucky, Nevada or Rhode Island.
- Hard credit check. This can affect your credit score. It pulls information from major credit bureaus and receives timely payment reports.
- Funding time. Earnest has unique underwriting standards, which takes time. It will be at least a few business days before you receive your funds.
- Online only. Earnest does not have any brick-and-mortar branches to make payments or ask questions in person.
Eligibility Requirements
All applicants must have a minimum credit score of 680 and must not have declared bankruptcy in the last 3 years nor have any open collections accounts. There is no minimum annual income requirement and no debt-to-income ratio requirement.
Earnest Rates, Terms & Fees
| Loan Amounts | $5,000 – $75,000 |
| Loan Terms | 3 to 5 years |
| Repayment Options | Monthly |
| Origination Fee | None |
| Time To Funding | Within a week |
| Repayments | Monthly payments over 3 to 5 year terms |
| APR | 5.49% – 18.24% |
| Prepayment | None |
| Late Payment | None |
| NSF Payment | $8 |
| Check Processing | None |
The Breakdown
Applying to Earnest for a personal loan is quick and easy, with no collateral required. There are no origination, prepayment, check processing or late fees, and the insufficient funds fee is almost half of what their competition charges. If you’re creditworthy, Earnest rates can be as low as 5.49%. After you receive your loan, things should be smooth sailing with the high-tech Earnest app and the help of their Client Happiness team.
Sample Loan
| Loan Size | $30,000 |
| Loan Term | 48 months |
| APR | 10.0% |
| Total Interest | $6,522.12 |
| Monthly Payments | $760.88 |
To qualify for Earnest’s low end of rates, you must have a decent credit score, high income and projected credit worth. Otherwise, you could pay as high as 18.24% APR. The application requires a hard credit check, which will knock off points on your credit score. Funding takes about a few business days. Unfortunately, personal loans at Earnest are not available in Alabama, Delaware, Kentucky, Nevada or Rhode Island, and there are no brick and mortar branches.
MoneysMyLife Top Offer Picks  With 16,000 ATMs and 5,100 branches throughout the United States, Chase Bank is second only to Wells Fargo with regards to the total number of branches. This makes the bonus offers from Chase extremely popular, and they always have several promotions to choose from. Full Review.
 Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities. Member FDIC. Apply online for a new TD Bank Checking account to earn either a $300 bonus for the TD Premier Checking account ( $2,500 in direct deposits required), or a $150 bonus for the TD Convenience Checking account ($500 in direct deposits required). This is a limited time offer. Full Review  Barclays has two great card offers that should interest many who are looking for a solid travel rewards credit card.The Barclaycard Arrival® Plus World Elite Mastercard® has a 60,000 miles sign-up bonus worth $630 in travel. You'll be able to earn unlimited 2X miles on every purchase and there are no foreign transaction fees to worry about. See Terms. Full ReviewThe Barclays Arrival® Premier World Elite Mastercard® will earn you 75,000 miles each year (worth $750) if you spend $25,000 on purchases during the year. This credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases. See Terms. Full Review |
CIT Bank is offering a 1.85% APY rate with their Money Market Account for all balances. This account is available online nationwide and consistently offers one of the best rates in the nation. The minimum opening deposit is $100 and there are no fees for opening or maintaining the account. 
Ally Invest is one of the nation's top choices for a low-cost stock broker, and they now have a promotion where you can earn a cash bonus of $50 to $3500, as well as $500 in commission-free trades. Your cash bonus value will depend on your deposit amount made within 60 days of account opening. 
Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. - LoanDepot Personal Loans Review 2018: $5,000 To $35,000 Loan Amounts
- LendingClub Review 2018: Personal Loans Up To $40,000
- Payoff Review 2018: Personal Loans For High-Interest Credit Card Debt
- Upstart Review 2018: Personal Loans By Ex-Googlers
- OneMain Review 2018: Personal Loans For Bad Credit Borrowers
- Best Egg Review 2018: Personal Loans With Option To Borrow Twice
- PenFed Credit Union Personal Loans Review 2018
- Avant Review 2018: Personal Loans For The Typical Middle-Class American
- LightStream Review 2018: Personal Loans $5,000 To $100,000
- Peerform Review: Personal Loans With Debt Consolidation Perks
- PersonalLoans.com Review 2018: Personal Loans For Less Creditworthy Borrowers
- LendingTree Review 2018: Sit Back and Let Lenders Come to You
- Earnest Review 2018: Personal Loans With Standout Customer Experience
- Prosper Personal Loans Review 2018: Low Rate Loans Up To $40,000
- SoFi Review: Personal Loans $5,000 To $100,000 With Unemployment Protection
*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.