SummaryIf you have thin credit and manage your finances sensibly, but don’t qualify for traditional alternatives like 0% interest credit cards, then Earnest’s flexible, low-interest personal loan may be a good choice for you.
Minimum Credit Score720
Maximum Loan Amount$50,000
Loan Duration36 months
APR4.25% - 9.25%
Origination FeeNo Fee
Days to Close30 days
The product was decent, and underwriting was fair, but I was quite disappointed when they chose to prevent me from getting new consolidation loans, even after I paid mine on time every month, and had perfect payment history on all lines on my credit report. They have pivoted from giving loans based on "other factors" to giving safe loans to customers that don't need them.
For many people, borrowing money is a problem even with good jobs and good incomes because they have limited credit histories. Earnest looks beyond all that to consider your entire financial profile. On the other hand, Earnest requires a lot of information, such as your LinkedIn profile, that may make you uncomfortable. Another drawback is that getting your money can take up to 10 business days, which doesnt help if you need a bill paid today. Also, bad credit is a no-go with this company.
This company refinances student loans in addition to personal loans. They are, frankly, the best lender out there in nearly every aspect I can think of. The process is so easy, the rates are really low, they got back to me in only a couple of days with a decision. Would highly recommend.