With an Earnest Personal Loan, you can earn up to a 0.75% interest rate discount over time just by making your scheduled payments on time. The discount is applied automatically each year you remain in good standing. For every 12 consecutive months of on-time payments, your interest rate is reduced by 0.25%, up to a maximum total discount of 0.75% after three years(1). No enrollment or additional action is required.
Your updated interest rate will be reflected on your account and show on your statement as soon as the annual discount is applied. If you believe you have met the repayment requirements but do not see the discount reflected on your loan, please click the Get in Touch button at the bottom of this article for assistance.
1 You may be eligible to receive a 0.25% interest rate reduction when you meet each of the following milestones:
- When you have repaid 25% of your loan principal and made 12 consecutive on-time monthly principal and interest payments in full, as scheduled under your loan agreement.
- When you have repaid 50% of your loan principal and maintained your on-time payment history.
- When you have repaid 75% of your loan principal and maintained your on-time payment history.
Discounts are applied automatically once the criteria are met.