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Earnest Personal Loans Review

What Is the Loan Amount Range of the Earnest Personal Loan?

Are you looking for a personal loan to finance a major purchase or consolidate your debt? You’ve probably heard of Earnest, one of the leading players in the personal loan space. But what exactly do they offer and are they worth your consideration?

In this review, we’ll explore Earnest’s offerings and help you decide if their services are right for you. We’ll cover everything from interest rates to customer service and more. By the end, you’ll have all the information you need to make an informed decision about whether Earnest is suitable for your borrowing needs.

Earnest is a loan servicer that is mostly known for its student loan offers. They are partnered with FIONA, which is a personal loan search engine that helps you find the most suitable lender for your needs.

To qualify for an Earnest loan, you’ll need to have a strong credit history and prove that you have the ability to repay the loan. The interest rate you’ll be offered will depend on your creditworthiness and other factors.

Loan Amount From $1,000 to $250,000
Loan Terms From 6 to 144 months
APRs From 3.74%
Origination Fee No
Prepayment Fee No
Immigration Status Considered U.S citizens and permanent residents
Employment Statuses Considered    Employed full time
Intended Use Debt consolidation, home improvements, wedding costs, unexpected expenses, medical bills.
Joint Loan Applications Accepted No
Verification Documents Required  Social Security number, tax returns, pay stubs
Late Fee $8
Minimum Credit Score 650
Minimum Income Above $35,000 annually 
Loan Purpose Personal use
Supported Income Types All
How Long To Get Funds 1 to 2 business days
Other Prerequisites N/A

Earnest Overview

Earnest is a leading personal loan servicer that offers competitive rates and flexible repayment terms. You can borrow up to $250,000 with an Earnest personal loan, and repayment terms range from 6 to 144 months.

To qualify for an Earnest personal loan, you’ll need good credit (a score of 650 or higher) and a steady income. If you meet these requirements, you could get approved for a loan in as little as 24 hours.

They are a great option for those who need money for debt consolidation, home improvement projects, or other major expenses. If you have good credit and a steady income, you could qualify for a low-interest-rate loan from Earnest’s lenders.

While Earnest doesn’t have the lowest interest rates on the market, they do offer some of the most flexible repayment terms. That means that if you need to make a lower monthly payment, you can do so without penalty.

One of the best things about Earnest is that they offer pre-qualification. That means that you can see if you’re likely to be approved for a loan before you even apply. This can save you time and help you avoid rejection.

Earnest Personal Loan Rates, Terms, and Fees

If you’re considering an Earnest personal loan, it’s important to understand the rates, terms, and fees associated with the loan before you apply. Here’s a breakdown of what you need to know.

Earnest isn’t a direct lender, but instead, they are a loan servicer. Because of that the APR depends on the lender you choose to work with. The good thing is that their leaders offer a low APR that starts at 3.74%. But the actual rate you qualify for will depend on factors like your credit score, income, and debt-to-income ratio.

The terms Earnest lenders offer starts at 6 months and goes to 144 months. This is considered a very good range since it gives people a lot of time to repay the loan back.

There is no origination fee or prepayment penalty with Earnest personal loans. However, there is a late payment fee of up to $8 if you miss a payment.

What Is the Loan Amount Range of the Earnest Personal Loan?

The Earnest personal loan amount range is $1,000 to $250,000. You can use the funds for just about anything, including debt consolidation, home improvement projects, medical expenses, or wedding costs. The loan term length is three to five years.

Although the maximum allowed borrowing amount is $250,000, it doesn’t mean you will be approved for that much. There are many factors that come into play when deciding how much you will be approved for.

Because of that, it’s important to consult with your loan officer before agreeing to your loan terms.

How to Apply for an Earnest Personal Loan

If you’re considering an Earnest personal loan, here’s how to apply for an Earnest personal loan:

  • Fill out an initial application to get a rate estimate, which won’t affect your credit score. This prequalification information will include your mailing address, birthday, credit score, Social Security number, and employment information.
  • Earnest will show you an estimated loan offer, which includes rates and terms, based on this information. 
  • Continue the application process by confirming the desired rate and term.
  • Provide additional information, including your Social Security number, proof of income, and bank account information.
  • Submit your application once you’ve reviewed the terms and confirmed all information entered is correct.

Pros and Cons of Earnest Personal Loans

If you’re considering an Earnest personal loan, it’s important to understand both the pros and cons before you apply. On the plus side, Earnest offers competitive rates, and flexible repayment terms, and doesn’t charge any origination or prepayment fees. You can also check your rate without impacting your credit score.

On the downside, Earnest is not a direct lender, instead, they are a bridge between you and one of their lenders. This can result in misinformation since they are showing you the estimate before you even connect with the lender. And the lender can then give you a totally different amount. 

On top of that, their credit score requirement is very high and they don’t work with people who have bad or poor credit scores. 



Good loan amount range  High minimum credit score requirement
Long and flexible repayment terms  No joint loan applications accepted
Low minimum APR They do not provide loans directly
There are no prepayment or origination fees Late payment fee of $8

What Is the Earnest Personal Loan Approval Process Like?

The Earnest personal loan approval process is pretty straightforward. After you submit your application, Earnest will review your financial history and credit score to determine if you’re eligible for a loan.

If you are, they’ll present you with a lender, loan offers, and terms to choose from.
Once you select your lender, your loan and agree to the terms, Earnest will deposit the money into your bank account within 1 to 2 business days.

However, you should keep in mind that this approval process can take up to 10 days as they need to work with many lenders before finding the best one.

Is Earnest a Reputable Company?

There are a lot of personal loan companies out there, so it can be hard to know which one to choose. Earnest is a popular option, but is it the right choice for you?
Are they a legit company? Are they actually a good company and a good loan servicer?

They are one of the leading personal loan providers, offering competitive rates and flexible repayment terms.

Additionally, they are a highly reputable company, with an A+ rating from the Better Business Bureau (BBB). Earnest also has a strong reputation for customer service, and they offer a wide range of resources to help you make the best decision for your needs.

On top of that, they also have many positive reviews, many people are happy with their services and their customer support as well. Their ratings of 4.6 can prove that. So to answer shortly, yes, Earnest is a reputable company.

Summary of Earnest Personal Loans

  • Earnest is a loan servicer that does not provide loans directly but matches potential borrowers and lenders through a platform called Fiona. 
  • The loan amounts you can borrow range from $1,000 to $250,000.
  • Repayment terms are very flexible and go from half a year to 12 years.
  • They have low APRs and no prepayment or origination fees but do charge a late payment fee of $8.
  • The company is BBB accredited and has an A+ rating.

Earnest Personal Loans FAQs

1. Does an earnest personal loan have an origination fee? 

Earnest personal loans do not charge any loan origination fees for issuing a loan to a borrower.

2. Can I apply for an Earnest personal loan if I have a low credit score?

Earnest has a minimum credit score requirement of 650 so you likely will not be able to work with them if you are below this number.

3. How long does it take to get the loan disbursed after approval? 

Even though the approval process can take a while, after you get approved, the funds should be issued to you within 1 to 2 business days.

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