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Why is the Earnest application process so comprehensive?

We recognize that every person is different when it comes to their finances. Rather than just look at your credit score, we use your educational and employment history, as well as data from your financial accounts, to better understand you as an individual. The better we know you, the better we’re able to deliver personalized rates and savings.

Here are some details about the steps in our application process:

  1. Loan Purpose: You will be asked to enter basic information about the loan you are seeking to take out. This helps us better understand the nature of your needs. For personal loans, your loan purpose provides necessary context for your application.
  2. Education/Employment: Here you can enter all of your educational and professional background. Doing so helps us better understand your academic and career growth, to assess your earning potential as it relates to paying off your Earnest loan.
  3. Financial: When you link your financial accounts to your Earnest profile, you are giving Earnest read-only access to your financial transactions within those accounts. This means we may only view the transaction and balance history, not make charges. Connecting your accounts enables us to verify the information provided in your application as well as perform calculations that are critical to our review process. Securely stored data from LinkedIn and bank accounts are used for the purposes of underwriting your loan, verifying identity, and minimizing fraud. We do not store or have access to your usernames, passwords, or login credentials. We will also never sell your data under any circumstance.
  4. Personal: Finally, entering your personal information allows us to verify your identity, since we do not have any physical branches where we can do so in person. Securely uploading a government-issued photo ID helps us confirm the information we review on your credit report. Entering your Social Security Number is used to perform the hard credit inquiry we must complete when processing your application and further minimizes the potential for fraud by ensuring we are reviewing the correct credit report.
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