Earnest 2026 Personal Loan Review
Earnest offers fast personal loans with a wide range of amounts and terms to choose from, but you’ll need good credit to qualify.
4.6
- Have good to excellent credit.
- Need fast funding.
- Want maximum repayment flexibility.
- Plan to add another person to your loan application.
- Prefer to secure your loan with collateral.
- Are trying to build your credit score.
What to know about Earnest personal loans
Earnest personal loans are a strong option if you have a 680 credit score or higher. Its loans are some of the most affordable of any lender we reviewed, offering low annual percentage rates, multiple rate discounts and zero mandatory fees. That means no late fees for missed payments and only an optional origination fee (more on that lower down in the FAQs).
Earnest can also fund loans quickly, so if you need the money within a day or so, you’re in luck. Available amounts range from $3,000 to $50,000.
But if you want to apply with someone or secure the loan with a valuable asset, like a car, you’ll need to look elsewhere. Earnest only offers single-applicant unsecured loans, which are common. And if you want to consolidate your debts, it doesn’t pay off your creditors directly. Top lenders for debt consolidation make this move for you.
If you’re not sure whether you qualify for a loan, Earnest lets you check your potential loan offer with no risk to your credit score. Many lenders offer this option, and it’s a big advantage when you’re trying to shop around for the best offer.
» MORE: Compare the best personal loans
What we like most about Earnest
- Multiple rate discounts: Earnest already offers low rates, but it sweetens the deal by giving you three chances for an additional rate discount. These discounts help lower the amount of interest you pay over the life of the loan. If you set up autopay for your monthly loan payment, you’ll automatically receive a 0.25 percentage point discount. Or, if you’re an existing Earnest customer, you can receive a discount of two percentage points. Most unique, though, is its rate drop reward. As you successfully pay down your loan principal with on-time payments, you’ll receive a rate discount up to 0.75 percentage points.
- Fast funding: Earnest told us it can approve or deny most applications instantly. Once you’re approved, it can send the loan funds to your account within 24 hours. That means you could go from application to funding in one day, which is about average for an online lender. Quick funding is ideal if you need the money to cover an unexpected or emergency expense. Learn other ways to get quick cash.
- Flexible repayment options: Earnest offers more repayment options than any lender we reviewed — a whopping 61 in total. These terms range from two to seven years and are divided in monthly increments, meaning you can choose from 24 months, 25 months, 26 months and so on. You can also opt to skip your monthly payment once every 12 months with no penalty. Interest still accrues during the skipped month, though, so your minimum payment will increase.
Why Earnest may not be right for you
- Reports to only two main credit bureaus: Earnest reports to Experian and TransUnion, but not Equifax. Most lenders we reviewed report to all three main credit bureaus. If another lender pulls your credit history with Equifax, any on-time payments you made to Earnest won’t be visible. Earnest does report to Innovis, a smaller credit bureau.
- No direct payment to creditors for debt consolidation loans: If you want to use an Earnest personal loan to pay off high-interest debt, it won’t send the loan funds directly to your creditors. Many lenders offer this perk, and while it’s not a must-have, it removes the temptation to use the loan funds for something else. See our picks for the best debt consolidation loans.
- Limited customer service options: Earnest’s customer service is only available Monday through Friday. Most lenders are available on weekends, and some are available 24 hours a day. If it’s important for you to reach customer service any day of the week, Earnest isn’t the best choice.
How much does an Earnest personal loan cost?
The total cost of your Earnest loan depends on the amount borrowed, annual percentage rate and loan term. Here’s an example of how different rates affect the costs of a $20,000 loan with a four-year term. The lender told NerdWallet its average borrower typically gets an APR from 10% to 14.99%.
APR | 10%. | 15%. |
Monthly payment | $507. | $557. |
Total interest cost | $4,348. | $6,717. |
Total loan cost | $24,348. | $26,717. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for an Earnest personal loan?
If you have at least a 680 credit score and two years of credit history, you may qualify for an Earnest personal loan.
You can check by filling out a short application on Earnest’s website. This requires only a soft credit pull, so there’s no risk to your score. Pre-qualifying is a great way to compare loan offers from multiple lenders.
Earnest personal loans aren’t available in Illinois, Mississippi and Nevada.
Earnest’s borrowing requirements
- Minimum credit score: 680.
- Minimum annual income: None.
- Maximum debt-to-income ratio: 80%, not including housing.
- Minimum credit history: Two years.
- Must provide a Social Security number, valid email address and valid U.S. bank account.
Profile of an average Earnest borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked Earnest about its average borrower. Here’s what the lender told us.
- Average loan amount: $20,000 to $29,999.
- Average APR: 10% to 14.99%.
- Most common loan term: 4 years.
- Most common loan purposes: Debt consolidation.
- Average borrower’s credit score: 720 or higher.
- Average annual income: $100,000 or higher.
- Average borrower’s debt-to-income ratio: 30% or less.
» MORE: How to get a personal loan
Frequently asked questions
Q: How does Earnest’s origination fee work?
A: Earnest offers an optional origination fee, ranging from 1% to 8%. By saying yes to this fee, you’ll receive a lower APR on your loan and a lower monthly payment. However, the fee amount will be deducted from the loan proceeds. That means if you apply for a $20,000 loan with a 5% origination fee, you’ll receive $19,000.
Q: What can you use an Earnest personal loan for?
A: You can use an Earnest personal loan for a wide range of things — debt consolidation, home improvement projects, medical expenses, vacations, weddings or other large purchases or expenses. You can’t use an Earnest personal loan for higher education expenses, business expenses, investments, gambling or illegal activities.
Q: Can you change your payment due date with Earnest?
A: Yes, you can change your payment due date as many times as you want with Earnest. This feature may come in handy if your pay schedule changes.
How does Earnest compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 6.99% to 35.49% | Est. APRFrom 6.53% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $50,000 |
Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Earnest has lower rates than its competitors and offers multiple rate discounts to reduce interest costs even more.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Earnest only reports payments to two of the three main credit bureaus. It has less customer service support compared to other online lenders.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
The lender offers a wide range of loan amounts and repayment terms. It doesn’t offer secured, co-signed or joint loans.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Earnest lends in 47 states and Washington, D.C., making it a viable option for most borrowers. It also lets you pre-qualify, so you can check your rate with a soft credit check.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Earnest has a thorough approval process, and its funding timeline is fast. But its website lacks some of the transparency we like to see with lenders, including displaying the full APR range.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
