If you have a short credit score and need a student loan quickly, you are in the right place. That may have been a problem lately, as some of the lower interest options don’t accept people with scores below excellent. The Earnest student loan comes to break this pattern and offer some advantages even for those with fair credit.
That’s why it’s recommended that you work on and get a better credit score in the months leading up to a personal loan, so you can hit the loan ceiling if that’s your goal – since the amount you borrow will have some bearing on your credit history.
Are you ready to understand how to get approved, main advantages and cons of using Earnest student loan ? Read on to find out everything you need before trying to get a loan of your own and achieve your personal goals.
Earnest student loan
Fixed APR 3.99-8.74% Minimum credit score of 650How does Earnest Student Loan work
Earnest was founded in 2013, and is ideal for borrowers who want to refinance college debt and pay it off quickly. Its customizable payment options make it easy to increase monthly minimum payments, make several extra payments at once, and make same-day payments.
In addition, it stands out as a great option for those who want to renegotiate college debt, pay it off quickly, and flexible rates and terms for increasing or decreasing terms and payments. Another point is that it basically evaluates the earning potential of the borrower and the financial accounts he or she connects. – Although their resources are robust, serious student loans can be difficult to qualify for.
Main Advantages for Earnest Student Loan
The Earnest student loan is available in several US states and offers great interest rates and good payment terms for most users. But there is a little more to this line of credit that may convince you to get a loan and fulfill your favorite business dreams.
Some advantages include:
- Fixed APR 3.99-8.74%
- Minimum credit score of 650
- Earnest offers a rate matching feature.
- No origination, application, or late fees.
- Customizable payments and loan terms.
- Option to skip a payment every 12 months.
- You can see if you qualify and what rate you will get without a credit check.
- You can choose your monthly payment and the length of the loan.
The Earnest student loan is an easy-to-use system that allows almost any student to get a student loan. This can be a great way to get rid of the high interest on other debts or give your study projects a boost.
Cons for Earnest Student Loan
The Earnest student loan has some negative points that should be explored and discussed here. The first one is the fact that it is not present in all 50 states in the country, plus some states do not run variable rates like Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
Another point is that to be elected you need to be of legal age, be enrolled full time, this can be a complex situation for some. Finally, it should be mentioned that there is no guarantor release.
Rates and Conditions
Currently, they offer the following rates, see:
- Fixed Rates: 3.49% – 12.78% (includes 0.25% autopay discount)
- Variable Rates: 1.05% – 11.44% (includes 0.25% autopay discount)
How to Qualify for Earnest Student Loan
In general, you need to meet the following criteria to qualify for an Earnest loan:
- Must have a Social Security number.
- Must live in the District of Columbia or in a state where Earnest lends.
- Must be of legal age in the state in which you reside.
- Must be enrolled in school full time.
- Must be pursuing a bachelor’s or graduate degree.
- Your school must be a four-year, Title IV qualified, non-profit institution.
- Must have no balances past due for at least 365 days.
You can apply directly through Earnest’s website. There you will have to fill out a form with basic information before getting an approval.
How to Apply
To get this application, the best way to apply is online via the application form provided on the official Earnest student loan website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. The Earnest student loan will likely perform an affordability assessment before providing access to funds.
Conclusion
In conclusion, Earnest Student Loans offer competitive interest rates, flexible payment options, and no fees, making them a strong option for borrowers looking to refinance or fund their education. While they have some limitations, such as availability in select states and eligibility criteria like full-time enrollment, their focus on borrower potential and financial health sets them apart. Before applying, ensure you meet the requirements and explore their offerings to find the best fit for your financial needs and goals.
Citibank Personal Loans 
Chase Personal Loan