About Bankrate Score
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.
About Bankrate Score
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.
Earnest’s partner Fiona is a lender matching platform. If you apply with individual lenders, you 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 spread out 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 affected.
Ability to add co-signer
Impressive term range
Wide range of loan amounts
No mobile app
Doesn’t provide loans directly
APR range not specified
Through Fiona, Earnest works with a network of lenders, which have varying creditworthiness guidelines. Its frequently asked questions note that some lenders may require collateral.
An Earnest representative informed Bankrate that the lowest credit score its partners accept is 680, which falls into the good credit range. However, that information isn’t available on Earnest’s website, and they don’t offer specifics around income or state-by-state availability.
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’s website notes that an Earnest loan can be used to fix your home, debt consolidation, a wedding or other unexpected large expenses. It states that personal loans are a bad fit for covering college expenses compared to student loans, but unlike many lenders, it doesn’t forbid this use outright.
LendingClub, similar to its competitor Earnest, encourages its borrowers to apply with a co-signer. A co-signer with better credit than yours may help you qualify for a loan or land you better rates. Unlike Earnest, LendingClub has disclosed term lengths and APR ranges. This makes it a better option for a borrower who wants a firm grasp on expected rates prior to applying. However, its maximum loan amount of $40,000 is far lower than Earnest’s.
If your credit score is too low for Earnest and you don’t have a co-signer, Avant may be another good lender option. Avant carries a minimum credit score of just 550. To offset the risk bad-credit borrowers pose, its maximum APR is on the higher side at 35.99 percent. Unlike Earnest, Avant does not allow joint applications.
Earnest’s partners offer a huge range of loan amounts and repayment terms. But consider drawbacks, such as vague qualification and other loan details, before applying.
Earnest offers customer service via the live chat function on its website. A customer service representative can be reached via live chat Monday through Friday, 5 a.m. to 5 p.m. PT.
Earnest works with Fiona, a fully online personal loan search engine. In order to apply for a loan through this platform, you’ll start by filling out a basic application form, including the following information:
Once you have filled out the application, Earnest will match you with lenders you qualify for that meet your specifications. This only takes about 60 seconds. You can then compare offers and choose a lender. From there, you will be directed to that lender’s website to finalize the loan. Funding times vary by lender.
Before choosing a lender through Earnest, make sure that you are aware of the interest rates and fees that the lender charges, as well as any other terms and conditions.
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 and repayment terms. Exact loan amounts, APRs and fees vary by lender.
Earnest does not charge any fees directly but states the lenders you match with may charge origination fees, late fees and prepayment penalties. Always make sure to review the terms of a loan offer before signing on.
Overall Score | 3.7 | |
---|---|---|
Availability | 3.9 | Earnest offers a wide range of loan amounts and the ability to add a co-signer, but the funding timeline isn’t clear. |
Affordability | 3.5 | You can’t preview how much you’ll pay in interest and fees for Earnest’s partners’ loans without prequalifying. |
Customer Experience | 3.7 | Customer service has limited hours, but there is online access. |
Transparency | 3.8 | Earnest’s website does not list rates, fees or qualification requirements. |
To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four 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.