Serious Review of Personal Loans | ReadyEDU

Earnest no longer offers personal loans. The information on this page may be outdated and contain information that is no longer accurate. For additional options, check out the best personal loans rated by our editorial team.


Key points:

  • Earnest offers a variety of loans, from personal loans to student loans and student loan refinance.
  • Earnest personal loans can be used for debt consolidation, weddings, home renovations, and more.
  • The lender charges no fees and you can spend to receive funds in as little as 5-10 business days if you are accepted.

on Earnest’s secure website

What we like:

Unique subscription process

Rates (APR) 6.99%18.24%
Loan conditions 35 years
Loan amounts $5,000$75,000
Costs Creation costs: Any

Founded in 2013, Earnest joins a growing number of fintech lenders who are putting a mobile spin on finance, a traditionally brick-and-mortar industry.

Today, the company offers a variety of consumer-focused products, including student loans and personal loans.

This Earnest personal loan review will tell you everything you need to know to decide if Earnest is the right lender for you. You’ll also learn where to find alternatives to Earnest if you want to consider other options.

In this review:

Serious personal loans: in brief

Serious personal loans
Loan amounts $5,000$75,000
Terms of office 36 – 60 months
Fixed APRs 5.99%- 17.24%
Assembly costs $0

Borrowers interested in obtaining a personal loan will find that Earnest offers many “loans for living”, including those intended to meet financial needs associated with engagements, weddings, home renovations, debt consolidation and medical expenses.

Regardless of the purpose of your loan or the amount of the loan, people applying for this loan can currently choose from three different loan terms, each with their own rates:

Term Fixed APR
3 years 6.99%- 14.24%
4 years 7.49%- 16.24%
5 years 9.49%- 18.24%

Serious personal loans have no origination fees or late fees, and borrowers can prepay their loan without incurring additional fees or penalties.

Advantages and disadvantages of a serious personal loan

  • Overall, Earnest loan products have been well received by customers, and the company consistently has an excellent rating on consumer review sites like Trustpilot.
  • Additionally, while Earnest does not offer the lowest prime rates available, the maximum fixed APR is still competitive or lower than rates offered by similar lenders, such as Marcus of Goldman Sachs.
  • Plus, with no origination fees, Earnest also beats other lenders, like Prosper.

  • Although Earnest is often competitive in its space, there are certainly lenders that offer lower interest rates to borrowers with good credit.

>> Learn more: Earnest vs. SoFi: Comparing Personal Loans

Although Earnest includes a variety of factors in its final decision – and low rates aren’t exclusively tied to better credit scores – the 680 credit score requirement may leave an Earnest loan just out of reach for consumers. who do not have good or excellent credit.

Qualify and apply for a serious personal loan

Here’s what you’ll need to get a personal loan from Earnest.

Eligibility criteria

If you plan to apply for a personal loan through Earnest, you will need to be a US citizen, have a 10-year permanent resident card, or be a conditional permanent alien.

Additionally, although Earnest provides loans in most states, their loan products are not available to those living in Alabama, Delaware, Kentucky, Nevada, or Rhode Island, which limits some consumers.

In addition to the basic personal requirements, Earnest also offers very transparent financial requirements. To be eligible for a personal loan, you must be able to show that you have a steady income, a FICO credit score of at least 680, and have had no bankruptcy in the past three years.

Additionally, Earnest will only provide personal loans to applicants who do not have a collections account and who can show a history of on-time monthly payments on all revolving or installment accounts.

How to register

The application process takes place online and applicants will have the option of obtaining base interest rates by completing the online form. This request will result in a soft credit inquiry, which will not negatively impact your credit score.

However, Earnest will do a thorough credit report investigation to determine official rates and terms if you decide to go ahead with your loan application.

Where to Find Earnest Personal Loan Alternatives

Earnest may not come in first place when reviewing their personal loans, but they are certainly a contender.

This is especially true when it comes to transparency of requirements, ease of application, and overall customer service. And since Earnest uses a soft credit check to generate a quote, it’s worth checking out their site if you’re looking for a personal loan.

But if you’re not sure if an Earnest loan is right for you, check out our guide to Earnest competitors and alternatives. And as always, we recommend getting quotes from at least three of the best personal lenders before applying, to make sure you get a good rate.

About Judith J. George

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