Earnest Personal Loans Review

Earnest is an online financial technology company best known for student loan refinancing, though it has recently expanded further into the personal loan market. Earnest personal loans are aimed primarily at financially responsible borrowers with strong credit profiles, offering flexible repayment terms and relatively consumer-friendly fee policies. The platform stands out for features such as optional origination fees, no late fees and the ability for some borrowers to reduce their rate over time. However, approval standards appear fairly strict, and the best advertised rates may only be available if you agree to pay an upfront fee.

Loan Options

• Earnest offers unsecured personal loans between $3,000 and $50,000, though minimum loan sizes vary by state.

• Loan lengths range from 2 to 7 years.

• Earnest does not currently support joint loan applications or cosigners for personal loans.

Interest & Fees

• APR: 7.24% - 25.24%, or 6.74% - 24.99% with the 0.25% Auto Pay discount and the optional origination fee. Earnest state that the lowest rates require the shortest loan term, enrolment in Auto Pay and opting in to the origination fee.

• Origination Fees: Earnest offers an optional origination fee between 1%-8% of the loan amount in exchange for a lower interest rate, deducted at disbursement. Borrowers who decline the fee may receive a higher APR, but it does not affect whether you are approved. More information can be found here.

• Prepayment Penalty: Borrowers do not incur any fees if they wish to pay off their loan early.

• Late Payment: Earnest does not charge late fees on personal loans.

• Unsuccessful payment: No returned payment fees are publicly disclosed.

• Discounts: Earnest offers a 0.25% Autopay discount. Some borrowers may also qualify for additional rate reductions over time based on repayment behavior.

How long to receive funds?

Earnest advertise funds in as little as 24 hours, though their help centre is more specific: once the loan agreement is signed, funds are disbursed as a single lump sum within 1 to 3 business days. Linking your bank account through Plaid during the application is what can bring that down to the same day you sign, because the account is verified automatically. Entering your bank details manually instead means Earnest will ask for additional documentation to verify your identity and account ownership, which adds time.

Geographical Availability

Earnest personal loans are currently unavailable in Illinois and Mississippi.

Loan Eligibility

Earnest doesn't publicize specific credit score requirements, as borrower eligibility is determined by a proprietary model.

Income Requirements

Earnest does not publicly disclose minimum income requirements for personal loans.

Are they legit?

Yes. Earnest was founded in 2013 and was acquired by Navient in a $155 million deal announced in October 2017, which kept Earnest as a distinct brand under its existing management. The company initially focused on student loan refinancing before expanding into additional lending products. According to public reporting, Earnest has served hundreds of thousands of borrowers across its various loan products. Personal loans are issued by Earnest Operations LLC and partner banks including FinWise Bank.

Reviews & News

At the time of writing, Earnest had an average rating of 4.6/5 on Trustpilot with 84% 5-star ratings from just over 8,400 total reviews, though many reviews relate to its student loan products rather than personal loans.

On their A+ accredited BBB profile, Earnest have an average rating of 1.1/5 from just 10 reviews, with 7 complaints closed in the last 12 months and 25 filed over the last three years. The number of customer reviews is unusually low compared to other personal loan providers.

Do They Report to the Credit Bureaus?

Yes. Earnest reports loan and payment activity to the three major credit reporting agencies: Equifax, Experian and TransUnion. Consistent on-time payments may help improve your credit profile, while missed payments could negatively affect your credit score.

Get in touch

Earnest customer support is available Monday-Friday, 6AM-5PM PT. You can contact them through their Help Center or submit a support request online.

What we like?

Flexible loan options: Earnest personal loans offer a strong degree of flexibility, with loan amounts ranging from $3,000 to $50,000 and repayment terms between 2 and 7 years. This broad range should suit most common borrowing needs, from smaller emergencies to larger planned expenses.

Optional origination fee: Unlike many lenders that automatically impose origination fees, Earnest allows borrowers to choose whether they want to pay an upfront fee in exchange for a lower interest rate. This gives applicants more control over how they structure their borrowing costs.

Check your rate: Borrowers can check their rate through a soft-credit inquiry without impacting their credit score. Even if you already have an offer elsewhere, it may still be worth comparing against Earnest.

Skip-a-payment flexibility: On top of not charging late fees, Earnest allows eligible borrowers to skip one monthly payment every 12 months after making 6 consecutive on-time payments. Interest will still accrue, but the feature could provide useful breathing room during temporary financial difficulties.

Rate reduction features: Earnest stands out for offering certain borrowers the opportunity to lower their interest rate over time by up to 0.75% based on repayment performance, alongside a more standard 0.25% Autopay discount.

What we don't like?

No joint/cosigned loans: Earnest does not currently support joint applications or cosigners for personal loans, removing a potentially useful option for borrowers hoping to improve approval odds or secure lower rates.

No mobile app: Despite its technology-focused branding, Earnest does not currently offer a dedicated mobile app for personal loan management—watch out for the similarly named, green-themed Earnnest (note the double 'n') app, which is unrelated.

Lowest rates require fees: Earnest state that their lowest advertised rates require three things at once: the shortest loan term, enrolment in Auto Pay, and opting in to the origination fee. A shorter term means a higher monthly payment, so the headline rate is not simply a matter of having strong credit.

Summary

Earnest personal loans offer flexible borrowing options and a relatively low-fee experience, while perks such as rate discounts, skip-a-payment flexibility and optional origination fees help the platform stand out from the competition. With risk-free prequalification, they are worth consideration for most borrowers—though stricter approval standards and the lack of joint applications may make Earnest less accessible to applicants with average credit profiles.