Earnest Personal Loan Review

Earnest no longer directly funds personal loans. Instead, the company partners with Fiona — a loan search engine — to offer a marketplace that matches consumers with lenders that best fit their needs. However, if you already have an Earnest loan, the company still provides support through a servicer known as System & Services Technologies.

Here’s what you need to know about finding a loan through Fiona’s marketplace:

• Flexible loan amounts: Fiona offers loans that range from $1,000 – $100,000.
• Long term loans: Consumers can apply for loans with repayment terms from 24 to 84 months.
• Fixed and variable rates: Most personal loans come with fixed rates. However, Fiona customers can access lenders that offer both fixed and variable rates.
• Soft-credit pulls: Searching for a lender on Fiona’s platform won’t have an impact on your credit score, as the company only does an initial soft credit pull to assess your financial background. However, if you choose to move forward with a lender, you’ll eventually have to go through a hard credit inquiry, which can cause your score to dip by a few points.
• Best for consumers who are shopping around: If you’re unsure about the kind of lender, terms, amounts and rates you’re looking for, a personal loan marketplace like Fiona might help you narrow down your search.

Fiona pros and cons

Fiona’s approach to personal loans may provide consumers with more options to choose from, but some borrowers may find downsides as well.

Fiona offers consumers the opportunity to shop around and choose from flexible loan amounts between $1,000 – $100,000 and terms from 24 to 84 months. Consumers also have access to lenders that offer fixed or variable rates.

You can no longer get a personal loan directly funded by Earnest and, if you are still repaying an Earnest personal loan, your account is now managed by a third-party partner of Earnest, System & Services Technologies. Personal loan eligibility requirements are initially unclear, as they will vary from lender to lender.

Be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a loan with Fiona

When you shop on the Fiona marketplace, the requirements to get approved for a personal loan will vary by lender. However, there is an initial application process with Fiona you’ll have to complete in order to access the marketplace.

Keep in mind that after you prequalify and view your potential lenders, you may receive phone calls, text messages and emails from various lenders following up with you.

Get prequalified

To check rates on Fiona’s personal loan marketplace, you’ll start by getting prequalified. Here, you’ll answer some basic questions about yourself, why you need the loan and you will provide your Social Security number so that Fiona can run a soft credit pull.

Compare lenders

After you’ve filled out the initial application, you may be matched with multiple offers from personal loan lenders. You’ll be able to see the loan amounts, terms and annual percentage rates (APR) you’re eligible for, as well as an estimated monthly payment. This prequalification process will have no impact on your credit score.

Apply with the lender

Next, you’ll choose a lender and complete the official application for a personal loan. Lenders typically ask for your basic information, employment status, income and whether you rent or own a home. You’ll need to verify your information with the lender by providing documents like tax returns, pay stubs and a government-issued identification.

You’ll need to go through a hard credit inquiry — which may cause your credit score to go down by a few points — and, if you’re approved, you’ll receive an official loan agreement from the lender. After you’ve signed, the lender will deposit the money into your account.

If you have a low credit score or don’t have much of a credit history, you may find it difficult to get approved for a personal loan. You can boost your chances of getting approved by doing things like improving your credit score, checking your credit report for errors and practicing healthy financial habits.

Alternative personal loan lenders

Since Earnest no longer originates its own personal loans, you may want to consider other lenders that offer large loan amounts such as BHG Financial, LightStream and Best Egg.

How we rate our lenders

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.