We do not charge origination, prepayment, early payment, or extra payment fees. Because we process all application and loan information online, we cut down costs significantly and pass those savings on as lower rates for our clients. The primary way we generate revenue is from the interest received on our loans. However, if any payment made towards your loan is returned, we reserve the right to charge up to $8 to pay the charges assessed by any institution for processing a returned payment.
For all loan documents executed in Florida, a stamp tax of 0.35% (for example $21 on a loan of $6,000) is levied by the state government. Earnest applies the stamp tax up front by debiting the amount from your bank account on the day following the initial loan transfer for personal loans. The transaction will be labeled “FL Documentary Stamp Tax.” All of this tax goes directly to the Florida Department of Revenue. For student loan refinances, Earnest will add the stamp tax to the total loan balance.