Earnest Reviews

4.2 out of 5 stars
29 Reviews

From Borrowers in the last year


Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

4 5

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Most Helpful Positive Review

May 01, 2014
Wonderfully simple and easy loan process
rachelsophie Borrower

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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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.

May 24, 2017
Piece of cake

I have to wonder about some of the poor reviews, because I was able to get three Dept. of Education loans and one through Northwestern University paid off nearly right away. I went with a variable rate to save money because I don't have that many years left. When my rate started climbing (thanks, Fed!), I was able to refinance to a lower rate now that I'm a better credit risk a year and a half in. Just being able to refinance (every six months, for Earnest) is a miracle for student loans.

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May 01, 2017
Easy and convenient
barjah Borrower

The process to get this loan was very easy for me.  After having my loans with other companies and having many headaches, it was refreshing to have the process be simple and straightforward with Earnest.  Also, I typically run into issues with other consolidation companies that my school isn't "approved" for consolidation with them so I often found myself wasting time going through the process for nothing.  I like that the online system is simple and easy to use.  Sure there is some room for improvement (recently they finally ordered the transatctions from newest to oldest instead of the other way around), but it seems like they are looking for ways to do things better on a regular basis rather that just take advantage of customers.

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Apr 04, 2017
Horrible customer service.
Anonymous Borrower

I picked Earnest to refinance my student loans because it was highly rated. the process was easy/quick and my interest rate was lower than other companies but now I regret it because I have had nothing but horrible customer service. Earnest will say we would like to provide you with excellent customer serivce but my 10 day loan payoff was over 60 days and the communication I receved was poor and misleading. If you are considering Earnest, I would go with another company, lower rates isn't worth the headache of their poor service.

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Mar 29, 2017
Most Caring Lender Ever Encountered
Anonymous Borrower

When looking for refinancing, I consulted multiple lenders and websites conglomerating lenders such as SoFi, Credible, Purefy, etc.  I had heard such great things about SoFi, but the rates they offered me were much higher than I expected to get from them.  My credit score is >750, I have a solid and steady income, and a perfect history of on-time payments.  I realize my debt is rather high, but that's the point of refinancing, right?  Purefy gave me great rates but required two consecutive years of full-time employment.  I had had over two years of full-time employment; just not consecutive so they denied me.  Finally, I was down to Credible and Earnest.  Ultimately, Earnest's option to let me choose my rate and loan terms resulted in me signing with them over Credible's Citizens Bank loan.

I can't say enough about how much Earnest has helped me both with their business model and their customer service.  They clearly respect their customers every step of the way.  If I had trouble with anything, they would email me back as quickly as possible with a complete and non-vague explanation.  They would occasionally call me during the application process to see if I needed any help with anything.  Plus, they will advocate on your behalf in front of your soon-to-be-former loan servicers.  For example, I was afraid that Great Lakes would apply my refinancing funds incorrectly.  I asked the Earnest help team about this, and they told me that if it does happen, they would be sure to straighten it out for me.  Sure enough, Great Lakes applied my refinancing to the wrong loans and kept the "excess" that I didn't want going to them.  Less than 24 hours later, Earnest had had Great Lakes apply the payments correctly and ensure that the excess will be sent back to them as a principal credit.

It is true that the entire process from application to payoff will take a good deal of time (1 - 3 months) which was highly unexpected and unfortunate for me because I was promised a 10-day payoff.  Without me even complaining about it, Earnest informed me that once the payoff is sent, they will also be reimbursing me for the excess interest I had paid for not having their lower-interest-rate loan sooner as promised.

This is indeed a business, but it is a business that realizes that when your customers are treated like people rather than ATMs, the profits will come, and I wish them luck.

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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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