Personal loans from Earnest are best suited for those who are looking for a low-cost alternative to their existing high interest rates. The lender makes it very clear in the beginning itself that it is only for those customers who are financially responsible and make it a point to pay off their debts on time.
How to apply for Ernest personal loan?
Ernest is an online lender and therefore its application process is also online. Customers have to fill up an application form and enter basic details. The lender offers a fixed APR of 5.25% to 12.89% for an amount of $2,000 to $50,000.
You can check your monthly payments on their website??by entering the loan amount and the loan tenure. It is mandatory to provide a valid reason behind applying for personal loans. It can be anything from debt consolidation to a dream vacation.
As stated earlier, Earnest has very stringent rules with regard to the financial background of a customer. It is one of the few lenders that would ask you to fill up not only basic details but also other details such as your LinkedIn Account, Savings Account and Retirement Accounts. This is only to ensure that customer???s education, employment, salary and financial situation is good enough to apply for a personal loan.
It seems that simply looking into a customer???s present or past credit score, the lender assesses each and every customer holistically, thus taking a comprehensive view. Ernest uses the above information to generate customer???s APR. Loan officials will revert to customers within a week along with the lowest interest rates possible. It is then up to the customer to accept or reject the offer. Once you accept the offer, funds are wired into your account within three business days.
Credit Score Requirements
Ernest encourages and invites only those borrowers who have a good saving habit and are able to manage their finances well. Having said so, it is very clear that the lender does not entertain customers who have a bad credit or have had a recent bankruptcy in the past.
Borrowers must have had a strong education background and a history of consistent employment in order to be eligible for a loan. Even if you are new to loans and have no credit history, Ernest might offer you a helping hand to establish credit and approve a personal loan depending on your educational background.
Ernest is one of the few lenders that looks beyond customer???s credit score. Therefore, if you fulfil their basic requirements and take care of your spending habits, you could qualify for the lowest interest rates in the market.
The Fine Print
Ernest???s approach to loans seems quite transparent. There is no origination fee, late fee nor a pre-payment penalty. The lender encourages its customers to pay off their loans and thus save on interest rates too.
Ernest customer care officials are well-known for their prompt services. Customers can get in touch with loan officials from 8:00 am to 5:00 pm Monday to Friday. In case of a financial hardship, the customer care officials would be happy to assist you and help you deal with the situation.
The bottom line here is, if you save money on a regular basis, have a low debt-to-income ratio, do not carry a lot of debt, are new to credit, have an excellent credit and have no defaults in the recent past, Ernest personal loans can be the best choice.
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