Comments on: Earnest Student Loan Refinance Review

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Wed, 24 Aug 2022 18:14:01 +0000

In reply to NRW. That's awful. Have you checked rates with other lenders or was Earnest the best you could find? Based on your numbers, I think you could probably get a better rate by looking elsewhere.

By: NRW

NRW — Wed, 24 Aug 2022 16:00:14 +0000

Bait and switch! Just went through the application process with Earnest. The quick rate I received was 4.21% for a ten year refi. After going through the entire application process and allowing a hard credit pull, the rate jumped to 5.24%. My credit score is over 800, credit usage is less than 8%. I called to inquire about the jump in rate, but the person I spoke to couldn’t explain it to me and couldn’t pass me on to anyone who could. He said I could request a rate review. How can I do that when they can’t tell me what cause the jump in rate?

By: Mark

Mark — Wed, 21 Jun 2017 17:14:00 +0000

Just got off phone with Ernest. Was told that they do NOT ALLOW CO-SIGNERS. Seems strange for a lender who takes such extra effort to lower risk. I would think that is the point of having a strong co-signer.

By: VERMONTMIKE

VERMONTMIKE — Thu, 19 Jan 2017 12:15:00 +0000

this loan company is corrupt. you should never have to give your checking account login info to a loan company to apply for a loan. what are they looking for? How many times you go to Star Bucks?

By: E-Rice

E-Rice — Mon, 21 Nov 2016 21:44:00 +0000

I applied for a loan with very good credit and very healthy savings. They asked me for a picture ID and a copy of my taxes, then declined my request. They blamed it on income variability and income (I am self-employed) but I really dislike the intense scrutiny, as well as the request for access to your bank accounts and picture ID, and then a weak excuse for declining. I contacted them, and got more weak responses, but I feel that I was redlined. Also, i notice that most of the positive reviews are from Anonymous sources and all seem to follow certain clear story and reasoning patterns. I think they are probably fake. My stats are $60,000 loan, $60k in the bank, Income tax shows $50k/ year 730 credit. Denied

By: Michelle

Michelle — Fri, 12 Aug 2016 02:00:00 +0000

You had to give them your bank account log on??? Why on earth would they need that? So that everyone in the company can log onto your bank account and do whatever they want with your money? Unbelievable. 🙁

By: Drewzilla

Drewzilla — Wed, 13 Apr 2016 01:54:00 +0000

In reply to Alan Robert.

Yes, you’re correct. However, the reason people are upset isn’t because a random lender denies them. It’s because Earnest pitches a great story about how the founder had high-rate loans he couldn’t afford, and refinancing was an impossible dream but OMG it’s totally possible now and Earnest can make it happen.

If they came out and said “you need to be a highly, highly-qualified person [such as yourself], because we seriously don’t want any risk here”, I think we’d be fine with it. But to pretend that you’re a company out to help people when you’re really not, to require they sign over their banking credentials and the rest of your financial life, just to turn you down… that leaves a lot of people with a sour taste in their mouths.

By: Burc

Burc — Mon, 21 Mar 2016 17:16:00 +0000

I had a great experience with Earnest. I saved more than $40K by refinancing my student loans with them. They were quick and very responsive throughout the process. It took a few weeks to finalize and sign. I highly recommend it.

By: Alan Robert

Alan Robert — Mon, 14 Mar 2016 01:56:00 +0000

It seems there are a lot of negative reviews on this company around the internet. Most of them are people who are angry that they got denied. I get it, the application is extensive and invasive. However, most of these new loan companies require more than just a credit score to approve a loan. This allows for less defaults and in return they can give their customers a lower rate. I managed to get my crazy grad plus rate of almost 8% down to 4.5%!

Here are my stats for comparison: Income $150,000/year, savings $18,000, $0 retirement(I know, but I am maxing out my 401k now!), $10,000 credit card debt at the time, Loan amount $81,000. I graduated in may and applied with just an offer letter in july(didnt even get a pay check yet), something that SOFI wouldnt even consider. Everything went smooth after approval!