At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
About Bankrate Score
Since Earnest is a lender matching platform, it works with customers of all credit brackets. If you are new to credit or have a low credit score, you may still be able to find a lender through Earnest. If you apply with individual lenders, you will have to submit a new application for each lender to see the actual rates you qualify for with each one. This could hurt your credit score, as loan applications cause a temporary ding to your score, and multiple applications at once can have an even bigger impact. With Earnest, you only need to apply once to see all of your offers, and your credit score won’t be impacted.
Low minimum APR
Accessible to all borrowers
Wide range of loan amounts
No mobile app
Doesn’t provide loans directly
No guarantee of qualifying
Earnest is a loan servicer known primarily for its student loans. Earnest has partnered with Fiona, a lender matching platform, to help borrowers find, compare and choose from qualifying lenders. This means that Earnest does not lend directly. Instead, borrowers fill out an application with Earnest to get matched with lenders they qualify for.
The major benefit of applying for a loan through Earnest is that you only have to fill out one application to see multiple offers. This saves you from having to fill out multiple loan applications and potentially damaging your credit score. Earnest offers a wide range of loan amounts with low starting APR options. Exact loan amounts, APRs and fees vary by lender.
Although Earnest works with a network of lenders there are some qualifications to be aware of. In order to apply you must:
Earnest matches borrowers with lenders offering loans from $1,000 to $250,000. Rates vary by lender, and loan repayment terms range from 6 months to 12 years.
If you plan to borrow with the assistance of a cosigner. Consider the following requirements.
Once you have submitted a loan application through Earnest, the platform will match you with lenders that you qualify for and that offer the terms you’re looking for. From there, you can compare your offers before making a decision.
Earnest does not disclose what its loans cannot be used for. The website notes that an Earnest loan can be used to fix your home, debt consolidation, a wedding or other unexpected large expenses.
LendingClub, similar to its counterpart Earnest, encourages its borrowers to sign off with a cosigner. This will present you with more competitive rates along with better terms. This is especially a wise consideration if you are struggling to gain approval from other lenders. Unlike Earnest, LendingClub has disclosed loan amounts, term lengths and APR. This makes it a better option for a borrower who wants a firm grasp on expected rates prior to the loan application.
Earnest does not charge any fees directly, the lender you are matched with might. Always make sure to review the terms of a loan offer before signing on.
| Overall Score | 5.0 | |
|---|---|---|
| Availability | 5.0 | $2,000 minimum loan amount, same-day approval and funding next business day. |
| Affordability | 5.0 | Several competitive options for individuals who qualify. |
| Customer Experience | 5.0 | Customer service has limited hours, but there is online access. |
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.