Earnest Personal Loans Review

Our take on Earnest

Earnest personal loans, rated 4.5 out of 5 stars, are built for borrowers with very good credit — you’ll need a 740 FICO score or higher to qualify. It offers relatively long repayment terms (up to 7 years), high available loan amounts (up to $50,000), and a rate discount for autopay (0.25%). Plus, you could lower your rate by 0.75% as you pay off the loan. These features make it worth comparing to competitors LightStream, LendingClub, SoFi, and Upgrade.

However, Earnest’s starting APR for personal loans is on the high side — more than half of Credible partner lenders have a lower starting APR. That’s surprising since Earnest makes loans only to borrowers with very good or excellent credit scores (and these borrowers tend to qualify for the best rates). And despite its “no fees philosophy,” Earnest charges an optional origination fee of up to 8%. 

Who (or what) is Earnest best for?

• Rate discounts and payment flexibility: In addition to a 0.25% autopay discount, Earnest lets eligible borrowers lower their interest rate by up to 0.75% as the loan is paid off. Plus, you may be able to skip one payment during a 12-month period without penalty. However, doing so will increase your remaining minimum payment and extend your loan’s term.
• Low income: Despite Earnest’s relatively high credit score requirement, it doesn’t set a minimum income threshold (other than that you’ll need to earn something). However, you’ll still need to demonstrate that you can afford loan payments.

Who (or what) is Earnest not best for?

• A truly no-fee experience: You must agree to pay an origination fee to be eligible for Earnest’s lowest available rate. That rubs the wrong way — especially for a lender that claims to have a no-fees philosophy. Plus, other lenders offer lower starting rates without an obligatory fee, including LightStream, Citi, and Discover.
• Borrowers with average credit: If you don’t have very good credit (a 740 FICO score or higher), you’re not eligible for a personal loan from Earnest. This is in stark contrast to its student loans, which are available to borrowers with good and fair credit scores.

Pros and cons

Details on the pros

• Long loan terms: Repayment terms are available up to 7 years (many lenders cap terms at 5 years). This can help keep monthly payments low, especially on large loans.
• Wide availability: Personal loans are available in all but two states (Illinois and Mississippi).
• Rate discounts: In addition to a 0.25% discount for autopay, eligible borrowers could reduce their interest rate by 0.75% as they pay off their loans.
• Low minimum income requirement: Earnest doesn’t have a set minimum income requirement — as long as you do earn an income and can show you’re able to make loan payments. 
• Live chat: Not all lenders have a live chat option. You can access Earnest’s by engaging with its virtual chat agent first. 
• As soon as next-day funding: Loans can be funded as soon as the next business day once a loan offer is accepted. 
• Skip a payment: Earnest gives eligible borrowers the option to skip a payment without penalty once during a 12-month period.

Details on the cons

• High minimum credit score: Earnest has the highest credit score requirement of all Credible partner lenders. Anyone with credit that isn’t very good or excellent won’t qualify for an Earnest personal loan.
• No mobile app capability: The Earnest mobile app is currently designed for student loans only, and it's available only for iPhone. Until the app is updated, personal loan clients (and those who are also Android users) can't manage their loans via mobile. 
• Origination fee required for lowest rate: Earnest isn’t the only lender to make origination fees optional (SoFi also does). But you must pay an origination fee to be eligible for its lowest rate. If you have the credit score to qualify with Earnest, prequalify with true no-fee lenders like LightStream and Citi to compare rates.

How to qualify for an Earnest personal loan

• Credit score: Earnest’s minimum credit score requirement is steep — you’ll need a 740 FICO score or higher to qualify. 
• Minimum income: As long as you earn income, you could potentially qualify for an Earnest personal loan.

Earnest personal loan purposes

Earnest loans made through Credible can only be used for debt consolidation. But borrowers applying through the Earnest website can use personal loans for purposes including:

Earnest fees and penalties

• Origination fees: 1% to 8% (optional). Earnest gives you the option to pay an origination fee of up to 8% of the loan amount in exchange for a lower interest rate. In fact, its lowest advertised rate is only available if you choose to pay an origination fee. For a lender that promotes a “no-fee philosophy,” we aren’t convinced. 
• Late fees: None
• Prepayment penalties: None

Earnest vs. other lenders

Earnest company details and history

Earnest is a U.S.-based fintech lender that offers personal loans and student loan refinancing. Founded in 2013, it’s since been acquired by Navient (2017) and has made loans to over 420,000 borrowers. It recently expanded to offering personal loans in 2026. Earnest Loans are made by Earnest Operations LLC or FinWise Bank, Member FDIC.

Contact information

Customer service agents can be reached by email, phone, chat, or standard U.S. mail.

• Email: [email protected] 
• Phone: (888) 744-0767, Monday through Friday, 6 a.m. to 4 p.m. PT, excluding holidays 
• Mail: Earnest, P.O. Box 8005, Fishers, IN 46038
• Chat: You can chat with a virtual assistant 24 hours a day to get general information or request a follow-up with a customer-service agent.

Methodology

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over 12 months — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.