If you want to pay off your student loan fast and on your own terms then the Earnest Student Loan might be the answer for you. Earnest Loans give you the opportunity to select in what increments you want to pay the loan back. You can easily make extra payments when you have the cash to get rid of that student loan debt faster.
Earnest has quite a good reputation as a leading US company specializing in student loans. They do however have pros and cons depending on the type of borrower you are. For example if you want to apply with a co-signer, you can’t. But if you’ve got great earning potential, Earnest will take that into account when evaluating your application.
Aside from refinancing your student loans, the company also offers personal loans for remodeling homes, unexpected expenses, weddings and honeymoons, and security deposit. But for the moment, if you’ve got student debt to take care of, then that should be first on your list. All lenders are not created equal so you need to evaluate all your options before settling on a single one. We’ve compiled some helpful information to help you determine if the Earnest Student Loan is right for you.
What are the Benefits of the Earnest Student Loan
Earnest Loans don’t just take your credit history into account, since you’re a student you might not have a whole lot. They also evaluate your earning potential when they decide to approve or not. This company offers different flexible repayment options that prevent you from missing a payment. You can also choose from a 5- to a 20-year term.
Another benefit of loaning from Earnest is the extensive use of data to your advantage. With thorough data analysis, the company can determine the best rate and terms for you. What’s more, you can consult with the company’s Client Happiness team by phone, text or email. These professionals are trained to assist you while providing the best customer assistance, especially to customers who are new to loans and other financial transactions.
The company also uses the latest online technologies to speed up processing your loans. Aside from its user-friendly interface, the company’s website also has advanced features that determine if you’re qualified for your requested loan quickly. . Earnest also provides you complete information on how to maximize your loans.
What are the Fees of the Earnest Student Loan
Earnest has no origination or prepayment fees. But you will need to pay $8 if you do not make your payment on time. You do have an option of missing a payment once every 12 months.
Additionally, the interest rate typically falls between 2.57% to 6.97%. The rate will be based on your income, career and credit score. Based upon all the factors, you could receive a loan ranging anywhere from $5000 – $50,000.
How to Apply for an Earnest Student Loan
Since most customers are not familiar with Earnest student loan applications, the company website is equipped with helpful tools that will guide you throughout your application. Earnest’s site is designed to give maximum control to customers. What’s more, since the site is active online, you can use the tools anytime, anywhere.
You can apply for a loan online by filling out the form on the Earnest website. Before you apply, make sure you comply with Earnest’s loan requirements. The company requires proof of identity showing that you are 18 years old and above and a US citizen or permanent resident. Likewise, the company only grants loans if you’re a student whose enrolment status is now less than half-time, or you will get your degree at the end of the current semester.
As for your financial background, your credit score should be at least 650. You must also have a job, have a written job offer, or earn a consistent income in dollars. Once approved, you can get a loan of $5,000 or more.
How to Contact Earnest
To learn more about Earnest student loans and how you can apply, it is best to talk with Earnest directly. You can call and speak with an Earnest representative at (888) 601-2801. You may also visit their main office at 303 2nd St, Suite 401N San Francisco, California.
Overall, applying for an Earnest student loan is ideal if you want customizable payments and loan terms to pay off your student debt. You can also look for other loan options to find your perfect fit!
Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.