Earnest is a personal loan service with customized payment schedules. They also offer student loan refinancing and parent loan refinancing. We compiled Earnest reviews from around the web and found that it has a mix of positive and negative ratings. We also shared the loan fees and interest rates.
Summary of Earnest User Reviews
What Earnest does well:
According to the positive reviews online, Earnest is quick to approve loans when other companies would not. Others are pleased that they can use the service for student loans. Some users say they like the merit-based system, i.e. employment history, spending habits, etc.
What Earnest does not do well:
According to the negative reviews online, Earnest’s payment system can sometimes be confusing. Others wished there were more payment options. Some users complained about the customer service team’s poor communication.
Most Helpful Positive User Review:
According to a user who gave Earnest positive feedback on Credit Karma, she was able to get three Department of Education loans right away. She says she liked how she could choose a variable rate to save money. She is also pleased that the refinancing option allowed her to pay her loans immediately when the federal rates started increasing.
Most Helpful Negative User Review:
According to a user who gave Earnest negative feedback on the BBB, he switched from a fixed rate loan to a variable rate loan, but ended up having two loans in the process. He says that the company poorly handled the situation and that at the time of writing the review, Earnest still hasn’t been able to help him transfer the money from the previous account to his new variable rate payment plan.
Earnest offer personal loans with rates depending on the borrower’s preferred amount, payment plan, and payment terms. Their personal loans have an interest rate of 3.25% to 6.32%. Their fixed rate plans start at 5.25%. Loans begin at $5,000 and max out at $50,000.
|Loan Amounts||$5,000 to $50,000|
|Variable Rate||3.25% to 6.32%|
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Earnest Overview Video
This video shows the CEO of Earnest explaining how the service works and how clients can benefit from their personal loans.