Any student loan refinancing company is worth checking into, borrowers should research a company’s competitors before settling. You may find better Earnest alternatives when it comes to loan programs and rates. If borrowers just accept the first student loan refinance deal or personal loan they find, they may not be getting the best deal.
On this page:
- Compare Earnest Competitors for Personal Loans
- Reviews of Earnest Alternatives for Personal Loans
- Compare Earnest Competitors for Student Loan Refinancing
- Reviews of Earnest Alternatives for Student Loan Refinancing
What Earnest Offers
With Earnest student loan refinancing, variable rates begin at 2.46% APR. Fixed rates begin at 3.89% APR with autopay. Borrowers can make bigger payments at any time so they can pay off their loans faster.
Earnest doesn’t charge fees for extra or early payments. In addition, borrowers who run into financial turbulence can skip a payment and pay it later. The term of the student loan ranges from five to 20 years.
Earnest can refinance loans of many sizes, ranging from a minimum of $5,000 student loans up to the full amount of your student loans. The company has personal loans that extend for three, four, and five years, and range between $5,000 and $75,000. The fixed rates begin at 6.99%. Earnest personal loans can be used for things like honeymoons, home improvement projects, and consolidating credit card debt.
There are many Earnest competitors in the personal loan and student loan refinancing space. Here’s how they compare.
Earnest Competitors: Personal Loan Comparison
Alternatives to Earnest Personal Loans
Loans from $5,000 to $100,000 – Rate Beat Program
- Fixed rate loans from 4.99% APR
- Funds available as soon as the same day
Borrow what you need – as little as $5,000 or as much as $100,000
- Rates starting at 5.74% APR
- No origination fees or pre-payment penalties
Loans between $1,000 and $50,000 – Get a decision in seconds
- Rates starting at 7.99% APR
- Checking your rate won’t affect your credit score
Earnest Alternatives for Personal Loans
SoFi personal loan rates aren’t as competitive as Earnest’s rates are for personal loans. The fixed rate, if the borrower uses Autopay, is 6.99%, while the variable rate is 6.26%. But if borrowers are in need of more cash, SoFi allows them borrow more, from $5,000 up to $100,000.
SoFi’s application process is easy – borrowers get pre-qualified online, they select the loan they’re interested in, sign electronically, and, if approved, the funds are deposited into their account.
Although, compared to Earnest, the loan length can be longer with SoFi, from three to seven years, those longer-term loans carry higher interest rates. SoFi’s seven-year loan, for instance, carries a possible APR of 8.999% to 15.615%.
LendingClub is likely not the right choice for borrowers who need large amounts of money. Personal loans cap out at a maximum of $40,000. With LendingClub, borrowers get their money fast – sometimes as soon as seven days. And when they begin to pay it back, there are no prepayment penalties.
Borrowers with great credit scores may want to check out LendingClub because they offer low rates to the most desirable clients, with a 6.95% interest rate being the best price. But as the credit scores lower, the rates get progressively higher – sometimes as high as 35.89%, which is obviously a terrible rate and should be avoided.
Upgrade allows borrowers to obtain personal loans from $1,000 up to $50,000, and they don’t have prepayment penalties. The loans’ time frames range from three to five years.
The APRs usually run from a 6.99% to 35.97%. Borrowers need to have a huge cash flow to land nice rates through this site. To qualify, Upgrade likes borrowers to have $1,000 in extra cash each month after they meet their expenses.
Earnest Competitors: Student Loan Refinancing Comparison
Alternatives to Earnest Student Loan Refinancing
- Rates as low as 2.50% APR
- Get pre-approved in 2 minutes
- Career Coaches and Wealth Advisors for SoFi members
- Rates staring at 2.80% APR
- Low-interest rates and a variety of repayment options
- Repayment terms of 5, 7, 10, 15, and 20 years
- Rates as low as 2.81% APR
- Refinance both federal and private student loans
- 0.25% interest rate reduction for setting up automatic payments
Earnest Alternatives for Student Loan Refinancing
Citizens Bank’s student loan interest rates are comparable to the lowest rates offered by Earnest. Citizens Bank has variable rates as low as 3.01% and fixed rates as low as 3.90%. They offer loans that extend from five years to 20 years.
This bank also offers a loyalty discount, which can save borrowers 0.25% off their interest rate if the borrower or their co-signer has an existing account with Citizens Bank. There aren’t any origination fees with this loan either.
The minimum a borrower can get is $10,000, but depending upon their degree, the maximum loan amount varies, but can be up to $500,000.
With CommonBond, student loan refinance variable rates begin at 2.72% APR for those who use autopay. Fixed rates range from 3.20% to 7.25%. The life of the loan can be range from five to 20 years. Applicants must borrow a minimum of $5,000, but there are no pre-payment penalties.
CommonBond also offers a hybrid rate in which the rates are fixed for five years, but then turn into variable rates for the following five years. The rates for the hybrid option range from 4.35% to 6.30%.
Education Loan Finance
With Education Loan Finance (ELFI), variable rates are as low as 2.80% and fixed rates begin at 3.39%. Like many of its competitors, ELFI offers loans that range from five to 20 years. The minimum amount of the loan is higher with ELFI than with some other student loan refinance companies though. It offers a minimum loan of $15,000 minimum. But there aren’t any application or origination fees, or pre-payment penalties if borrowers want to knock their debt out early.
Author: Shannon Serpette
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