Earnest

4.2 out of 5 stars
36 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

4 5

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Most Helpful Positive Review

Nov 08, 2016
Easy automated process
Anonymous Borrower

I needed a short-term personal loan to cover transaction costs during a home sale—the application process was straight-forward and it was very easy to apply and have my loan funded within a few days of applying. An excellent option for anyone needing a short-term liquidity solution!

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Most Helpful Negative Review

Jul 21, 2016
Ok APR but read fine prints
erhk Borrower

I got $15k loan with 9.71% APR, not bad. Their Application process is unusual as it requires to link all bank account and credit card account for them to look at all transactions, not a big deal for me. They access bank information same way as Mint.com and I am using mint for a long time, I have no issue sharing login credentials. Application process took around a week. Here is the thing to consider if you are not desparate to get loan by any means and also looking to improve you credit score as well. Earnest pulls hard query from Experian, not a big deal but Earnest ONLY reports loan details/activity to Experian but DOES NOT report to TransUnion and Equifax, red flag for someone trying to improve their credit score at the end of the day as Earnest loan will not improve TransUnion and Equifax credit score.

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These reviews were written by current and former borrowers in the last year.

Mar 15, 2017
Both good and bad
Anonymous Borrower

Like others have said, when it's good, it's good, when it's bad, it's terrible. It takes awhile for the loan payoff to occur. After that things work pretty smoothly and you will be happy enough with the service, but if they have a "technical issue" and your payment doesn't go through they won't provide information as to what went wrong and the customer service reps are not there to help you. For some reason, they were surprised that I cared about my money... If the executives ever read this, I recommend increasing transparency and sending your "Happiness Engineers" go to Zappos to learn about real customer service.

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Feb 06, 2017
Nice idea... poorly executed.
Anonymous Borrower

It's a nice idea - in the sense that less risky folks get better rates. Of course, it goes against the whole point of student loans, and giving good rates to anyone so they can get a great education. But arguing the morality of the service is pointless - it's in a growing class of private lenders like Sofi that give reduced rates to people with good credit and a solid income stream. It's a business after all.

My problems with the service stem from the tech being less than perfect. With a program like Earnest, that's rooted in technology and it's ability to simplify things, and even make things more flexible, you'd expect those things to work out. They do have more flexible service, their website is clean and easy to use - 95% of the time. But when it isn't - 5% of the time, you start to question every single facet of it.

I simply wanted to re-finance my loan to a fixed rate and it was a huge ordeal. They ended up having to create two accounts and used the wrong 10-day payoff amount. This resulted in having two seperate accounts. Meaning I'd be being paying twice my normal rate a month. Customer service was quick and friendly, but every option they gave me was overridden by yet another tech problem. At this point, I don't trust their ability to keep track of the amount of money I owe. And this is the most basic thing a Student Loan Provider can do - track my money and charge the right amount.

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Feb 01, 2017
With Earnest, but they need improvement
Anonymous Borrower

Earnest gave me a good rate and I've had no issues wiht the loan itself, but they need to get their act together on some things. First, their website is glitchy. You go to sign in (on different devices), and it refreshes the page in the middle of you typing in info (says that it has logged you out for time reasosn when you weren't even logged in). They are slow to get you required tax forms too. Last year my tax form for interest paid was late, and it's late again this year. They are required to get it to you by Jan 31st, I was promised it would be available online by then, but here I am on Feb. 1st without my form. AGAIN. Earnest really needs to hire more staff to take care of this stuff. If I wasn't plannon on paying off my loan in the next year, I'd switch providers. I really love the concept and I think they are doing a good thing, but they need to get the basics down. 

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Jan 24, 2017
The best company to get a personal loan
adonis1989 Borrower

Earnest has the best process out there. It would be a bit lengthy but the more details we provide, the better our interest rate

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Jan 09, 2017
Pure awesomness
Anonymous Borrower

Super easy application, great product experience and the best client support I ever saw.

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Jan 08, 2017
25k Student Loan Refinance
swong3415 Borrower

The application process is easy. Although mine took a bit longer than expected so make sure to call them to check on your application status if you suspect it is taking longer than usual (a couple days to a week to respond with approval/denial/requesting more information. Also, definitely use someone's referral code to get an easy $200 off when your loan is approved.

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Dec 28, 2016
Terrible communication and service

Was happy with approval process and rates received. HOWEVER, my loan has been in payoff pending for 30 days, which is significantly longer than the promised 10 day period. Payoff Pending means that the student loan provider is supposed to be paid off so I can start paying Earnest on my new refinanced rate. Every day that goes by with my student loans on my old interest rates costs me more money!

And since I already signed the loan documents, I have no choice but to wait until the process goes through. I cannot go to a different provider. The application process was easy, but I guess once they lock you in to your loan the customer communication completely stops, and they no longer feel the need to efficiently expedite your loan.

The communication from customer service has been non-existent. I have had to call both times for updates, they never updated me or changed my expectations. Defintely makes me question if I made the right decision on loan providers.

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Dec 23, 2016
Smooth experience. Lowest rate by far.
laticus Borrower

They asked much more than the typical credit score and income questions, including my employment and education history, to be able to assess my earning potential and trustworthiness.
This let them provide me with a loan at 1/2 the APR of others.

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Dec 11, 2016
Credit Refi
Anonymous Borrower

The process was quick and very easy! Excellent customer service!

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Dec 09, 2016
Excellent Experience
Anonymous Borrower

Grateful to have discovered Earnest. The entire process from applying, making payments, and managingi my loan is intuitive, simple, yet thorough. I was able to consolidate my federal student loans at a much lower rate! I love the flexiblity that Earnest offers. I am able to adjust my payment date and/or schedule, skip a payment (if need be), make extra payments all within Earnest's online web experience. I also appreciate the fact Earnest provides the remaining loan term, and is updated as payments are made (great to see chip away).

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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.