I recently moved from San Francisco to Boston to start a new job after having spent a month in Thailand hiking the country's tallest mountains and eating everything I could get my hands on. When I arrived in Massachusetts, I quickly learned getting into an apartment is a $6,000+ money drain and I just didn't have those funds on hand. I applied for a loan through Wells Fargo (my actual bank) and they quoted me a $6,500 loan at 18% APR! What?! I heard about Earnest from a friend, ended up on their site, and after filling out the loan applications, I had funds in my account, ready to use, 2 days later. The CEO even called me to go over the process and learn more about who I was. Earnest treated me the way I wish my actual bank would. Really amazing company. Highly recommend them!
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I was thrilled to stumble upon Earnest's website boasting merit-based personal loans for financially responsible folks. As a homeowner and married mother of one with a well-paying, full-time job, I thought this was a great alternative to pricey banks and opening yet another credit card. Sadly, despite the relatively insignificant amount I was looking to take out ($3,000) in order to consolidate my debt, including hospital bills, I was denied a loan. Earnest's reasoning? "I have too much debt." Well...yea. Hence the application for a loan to consolidate my debt. With a 695 credit score, no deragotory remarks and a salary paying close to 6 figures, I thought I was a top contender.
Oh and as far as the process being quick? Uh, no. Site indicates a response within 2-6 business days. Yes I was asked to provide additional documents the day after I applied and did so immediately but it still took 9 business days for them to come back with a denial.
Perhaps Earnest works for some but to me it seems counterproductive if the standards are so high, how can regular people get a loan to pay off their debts?
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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.