Why Is Earnest Offering Personal Loans?
At Earnest, we are here to support you at every step of your financial journey. Our personal loans are another way we do that. Whether you are consolidating debt or pursuing big goals, we offer the tools, transparency, and trusted service to help you move forward with confidence.
What Can a Personal Loan Be Used For?
Almost anything! Personal loans are a flexible tool to help you reach your goals, whether you're consolidating high-interest credit cards, tackling home improvements, or handling a major life purchase. The only major exception is that Earnest personal loans cannot be used to cover educational expenses.
What if I Have Multiple Reasons for Needing a Loan?
You can use your Earnest loan for multiple purposes, as long as none of the funds are used for educational expenses. When submitting your application, you will need to select the loan purpose that best reflects where you plan to use most of the funds.
What is the Origination Fee?
The Origination fee is optional and provides flexibility in your repayment plan. Paying it can reduce your interest rate, leading to lower monthly payments and a smaller overall finance charge. Please note that, depending on your state, you may not have the option to opt into the Origination fee. If the Origination fee is available to you, we will show you both options (with and without the fee) so you can decide what’s right for you.
How Long Does the Application Process Take?
Checking your rate is fast, and most applicants complete the entire application process in minutes if no extra documents are required. If we do need additional documentation, we’ll notify you immediately. Once we receive all the information needed, we typically finalize your application within 2-5 business days.
What Documentation Will I Need To Apply?
Many of our applicants complete their applications without needing to upload any documentation. If additional information is needed, such as proof of income, identity verification, or bank details, we will contact you right away to guide you through the next steps.
How Fast Can I Get My Funds If I’m Approved?
The exact timing depends on when you accept your loan offer and how quickly your financial institution can process the transfer. While bank deposits typically take one to three business days to process, you could receive your funds as early as the same day you are approved and sign your loan agreement.
What Is a Micro-Deposit and Why Did I Receive One?
To ensure your loan funds reach the right place, we first need to securely verify your bank account. For the fastest, most seamless verification, we recommend logging in to your bank account through our secure partner, Plaid. However, if you prefer, you can enter your routing and account numbers manually. We’ll send a tiny deposit with a three-letter code to your account to verify ownership, which you should receive within 1-3 business days. Once it appears, just enter that code on your Earnest dashboard, and you're good to go!
Why Wasn’t I Approved for the Full Amount I Requested?
We always try to match your requested amount. However, when reviewing your financial profile, we look for a strong cash flow that can comfortably accommodate rising expenses or emergencies. Because we evaluate your financial profile as it stands today, we've offered the absolute maximum amount we can safely approve to help you move forward.
What’s the Difference Between Interest Rate and APR?
Your interest rate is the basic cost of borrowing and is the percentage of interest charged only on the loan amount itself. Your Annual Percentage Rate (APR) is the total yearly cost of the loan, including both the interest rate and any applicable fees, such as an optional origination fee. Since the APR reflects the bigger picture of what you will actually pay over time, it is the best way to compare offers from different lenders. When you check your rate or set up your payment account, we will show you both the interest rate and the APR so you can make an informed decision.
Why Do I Have To Wait 30 Days To Reapply After Being Denied?
To give you the best possible chance at a different outcome next time, we ask for 30 days before a reapplication. This buffer gives your financial profile and credit history time to refresh, allowing any recent positive updates to work in your favor.