Earnest Personal Loans: 2024 Review

Earnest is best for comparing loan offers

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.

Do you qualify?

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.

What Earnest doesn't allow loan funds to be used for

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.

How this lender compares

Earnest vs. LendingClub 

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.

Earnest vs. Avant  

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. 

What we like and what we don’t like 

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.

What we like

• Ability to add co-signer. Borrowers without a strong credit history can increase their chance of approval with the help of a co-signer.
• Impressive term range. Earnest’s lending partners offer repayment terms as low as six months and as high as 144 months — a whopping 12 years. The highest max term competitors we’ve reviewed offers is 84 months.
• Wide range of loan amounts. You can borrow anywhere from $1,000 up to $250,000. That maximum far exceeds what most competitors offer — only Credible comes close with a max of $200,000. Note that larger loans may require collateral to secure them.

What we don’t like

• No mobile app. All loan upkeep must be handled through whichever lender services your loan. 
• Doesn’t provide loans directly. Earnest does not directly provide loans to borrowers and instead works with a network. While Earnest is a trusted name, you may or may not recognize the lending partners Fiona matches you with.
• APR range not specified. The vast majority of Earnest’s competitors are transparent about the minimum and maximum interest rate borrowers can see. Earnest states only that Fiona’s lenders offer “competitive rates.”

Features and additional perks

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.

How Bankrate rates Earnest