In a Nutshell
- Offers a number of flexible repayment options
- Precision Pricing model gives borrowers greater flexibility
- No option for borrowers to apply with co-signer
- Lack of informative educational resources
Earnest at a Glance
|APR||Variable Rates: 1.99%-5.64% (with a 0.25% autopay discount)|
Fixed Rates: 2.98%-5.79% (with a 0.25% autopay discount)
|Loan Types||Consolidation for federal and private student loans|
|Repayment terms||5-, 10-, 15-, 20- year loans|
|Minimum credit score||650+|
|Suitable for||Fast applications|
|Direct Lender or Marketplace||Direct lender|
Earnest was founded in 2013 by Louis Beryl and Benjamin Hutchinson as a way to help people achieve their financial goals. Earnest provides a way for customers to alleviate burdensome student debt faster than traditional lenders. Earnest is funded by reputable venture capital firms such as Andreessen Horowitz, First Round Capital, Maveron, and Atlas Venture.
Earnest is a student debt refinancing loan provider that believes there are many financially responsible people who are not receiving the loans they deserve. Earnest uses technology to paint a more complete financial picture of potential borrowers. They review data such as savings patterns and each applicant's unique situation to provide rates and terms tailored to the applicant.
Recommended for people who have a credit score above 650 and want a loan provider that services their loan throughout the entire life of the loan.
- Customers save money on their student debt payments
Earnest provides customers with a consolidated student debt loan and a lower interest rate, offering significant savings on interest payments.
- Many consumer education resources
Customers receive access to several guides and information sections on the student debt refinancing process in addition to a blog with countless personal finance articles written by industry professionals.
- Will not transfer customer’s loan to a third party servicer
Earnest borrowers get the peace of mind of knowing that their loan will be managed by Earnest’s professionals throughout the entire life of the loan.
Information and Support
Earnest customers receive access to their helpful information library. Borrowers are able to review materials discussing the entire refinancing process, including how to close out existing student loans. Additionally, Earnest hosts a blog that features articles focused on a wide variety of personal finance topics that are bound to help anyone’s financial situation. Customer support is available Monday - Friday, 8am to 5pm PT.
Types of Debt Addressed
Earnest enables customers to address both their secured and unsecured debt, allowing borrowers to receive funding to consolidate private and federal student loans. Earnest is now able to refinance Sallie Mae loans as well.
Earnest offers loans in the District of Columbia and all states except for, DE, KY, and NV.
Flexibility of Repayment Plan
Earnest offers customers a choice of a fixed rate repayment plan or a variable rate repayment plan. Fixed rates start as low as 2.98% (with 0.25% autopay discount) APR and variable rates start as low as 1.99% (with 0.25% autopay discount) APR.
Earnest offers 4 different options for customers to settle their student loans. Borrowers can receive 5, 10, 15, or 20 year loans. However, customers can have their debt settled in as little time as their finances allow with Earnest’s no early repayment fee policy.
Ease of Quote Application Process
Receiving a rate quote from Earnest can take as little as 2 minutes. Customers must enter their personal details, educational background, income information, and some pertinent spending data.
Earnest provides borrowers with low interest rate student refinancing even if they do not have stellar credit, but have strong education and income. Earnest cares about its customers and enables borrowers to choose from a number of loan term options that will suit their specific financial situation. Earnest is a great way for recent graduates to pay significantly less on their student debt.