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Personal Loans

Earnest Personal Loans Review

Updated Jun 26, 2023   |   4-min read

Earnest no longer offers personal loans. The information on this page may be outdated and contain information that is no longer accurate. For additional options, check out the best personal loans rated by our Editorial Team.

Key points:

  • Earnest offers a variety of loans, from personal loans to student loans and student loan refinancing.
  • Earnest’s personal loans can be used for debt consolidation, weddings, home improvement, and more.
  • The lender charges zero fees, and you can expend to receive funds in as little as 5 to 10 business days if you’re accepted.

at Earnest’s secure website
Editorial Rating

Editorial Rating

What we like:

Unique underwriting process

Rates (APR)6.99%18.24%
Loan Terms3 – 5 years
Loan Amounts$5,000$75,000
FeesOrigination fee: None
See how Earnest’s personal loan product stacks up with other options

Founded in 2013, Earnest joins a growing number of fintech lenders that are putting a mobile spin on finance—something that has traditionally been a brick-and-mortar-based industry.

Today, the company offers a variety of consumer-focused products, including Earnest student loans and personal loans.

This Earnest personal loan review will tell you everything you need to know to decide if Earnest is the right lender for you. You’ll also learn where to find Earnest alternatives if you want to consider other options.

In this review:

Earnest personal loans: At a glance

Earnest personal loans
Loan amounts$5,000 – $75,000
Term lengths36 – 60 months
Fixed APRs5.99% – 17.24%
Origination fee$0

Borrowers interested in securing a personal loan will find that Earnest offers numerous “loans for living,” including those meant to meet the financial needs associated with engagements, weddings, home improvements, debt consolidation, and medical expenses.

Regardless of the purpose of your loan or the loan amount, individuals applying for this loan can currently select from three different loan terms, each with their own rates:

TermFixed APR
3 Years
6.99% – 14.24%
4 Years7.49% – 16.24%
5 Years9.49% – 18.24%

Earnest personal loans come with no origination fees, late fees, and borrowers can pay off their loan early without incurring any additional fees or penalties.

Pros & cons of an Earnest personal loan


  • Overall, Earnest loan products have been well received by customers, and the company has a consistently excellent rating on consumer review sites like Trustpilot.

  • Additionally, though Earnest doesn’t offer the lowest prime rates available, the maximum fixed APR is still competitive with or lower than rates offered by similar lenders, like Marcus by Goldman Sachs.

  • Further, without an origination fee, Earnest also beats some other lenders, like Prosper.


  • Though Earnest is often competitive, some lenders offer lower interest rates to borrowers with good credit.

>> Read More: Earnest vs. SoFi: Personal Loans Comparison

While Earnest does include a variety of factors in their ultimate decision—and low rates aren’t exclusively tied to top credit scores—the credit score requirement of 680 may leave an Earnest loan just out of reach for consumers who don’t have good or excellent credit.  

Qualifying and applying for an Earnest personal loan

Here’s what you’ll need to get a personal loan from Earnest.

Eligibility requirements

If you’re considering applying for a personal loan through Earnest, you’ll need to be a U.S. citizen, have a 10-year Permanent Resident Card, or be a conditional permanent alien.

Also, though Earnest will originate loans in most states, their loan products are not available to those living in Alabama, Delaware, Kentucky, Nevada, or Rhode Island, limiting some consumers.

In addition to basic personal requirements, Earnest also offers very transparent financial requirements. To be eligible for a personal loan, you must be able to prove you have a consistent income, a FICO credit score of at least 680, and that you’ve had no bankruptcies in the last three years.

Additionally, Earnest will only grant personal loans to applicants who do not have an account in collections and who can show a history of on-time monthly payments on all revolving or installment accounts.

How to apply

The application process takes place online, and applicants will have the opportunity to obtain basic interest rate quotes by completing the online form. This request will result in a soft credit inquiry, which does not negatively impact your credit score.

However, Earnest will perform a hard credit report inquiry to determine the official rates and terms should you decide to move forward with your loan application.

Where to find Earnest personal loan alternatives

Earnest may not come in first place when considering its personal loans, but it’s definitely a contender.

This is particularly true when it comes to requirement transparency, ease of application, and overall customer service. And since Earnest uses a soft credit check to generate a rate quote, it’s worth hopping over to their site if you’re in the market for a personal loan.

We recommend getting quotes from at least three of the best personal loan lenders before applying, so you can be sure you’re getting a good rate.