FAQ: How Long Does Earnest Loans Take To Make A Decision?

How long does it take to hear back from Earnest?

We aim to provide decisions to clients as soon as possible and we can generally provide a decision within 2-5 business days. You will receive an email from us within 2 business days requesting any additional information we need to move forward. This can extend the time it takes to decide on your loan.

What credit bureau does Earnest use?

By entering your Social Security Number on the “Review” page and clicking “Submit Loan Application” you are providing us with written instructions under the Fair Credit Reporting Act, which authorizes us to obtain information from your personal credit profile and/or other information from Experian.

Is Earnest a credible lender?

Although Earnest is not a Credible partner, you can use Credible to fill out a single form in two minutes and request prequalified rates from other top lenders who offer student loan refinancing. Credible is 100% free!

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Does Earnest honor grace period?

Not only may we be able to honor your existing grace period up to nine months, but, with no origination fee, there is no cost to refinancing with Earnest. If you have loans accruing no interest until after graduation, then you would save money by waiting.

Does Earnest do a hard pull?

If someone other than yourself looks at your credit report, they will only see the hard inquiries. At Earnest, our two -minute Rate Check is always a soft inquiry and never dings your credit. Checking your own credit is always a soft pull, while applying for a loan is often a hard pull.

Are Earnest loans federal or private?

Earnest is a private online lender that offers refinancing to college graduates and private student loans to undergraduate and graduate students. It was founded in 2013 and began offering private student loans in April 2019.

What is a good credit score to refinance student loans?

You — or your co-signer — generally need a credit score at least in the high 600s to qualify for student loan refinancing. Lenders’ minimum credit score requirements range from 650 to 680.

What credit score do you need for SoFi?

Good credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan. Time to receive funds: Once approved, borrowers will receive their funds within a few days, according to SoFi.

Can you have a cosigner on earnest?

At this time, Earnest does not offer the option to apply with a cosigner for either student loan refinancing or personal loans. However, we do offer the ability to invite a cosigner to our private student loan applications.

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Can you trust earnest?

Earnest is accredited and has an A rating with the Better Business Bureau. It also has an excellent rating with Trustpilot, based on more than 3,600 reviews. In 2020, the Consumer Financial Protection Bureau received 15 student loan complaints about Earnest. 4

Is Being Earnest a good thing?

It is equally important for the individual himself. While, with others, this trait will make things easy and transparent for everyone, being earnest with one’s own self will give him confidence and satisfaction. The importance of being earnest is so powerful that it even helps strangers to believe in each other.

Who owns earnest?

In 2017, Earnest was acquired by Navient Corp. Navient maintains Earnest as a separate brand while allowing Earnest to be backed by a larger company. Earnest has grown from distributing $8M loans in its first year of business to distributing nearly $2B in student loans and having a roughly $500M loan portfolio in 2017.

Can I pay off my loan early with Earnest?

Nope! Here at Earnest, we don’t assess penalties or charge any fees if you pay off your loan before the repayment term ends. This would include late fees, origination fees, application fees, etc. The only thing we charge is interest.

Can I extend my student loan grace period?

A grace period can be extended only in situations in which you are called to active military duty before the end of your grace period, or you return to school at least half time before the end of your grace period. Learn more about grace periods.

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How long is student loan grace period?

For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period (sometimes nine months for Perkins Loans) before you must begin making payments. This grace period gives you time to get financially settled and to select your repayment plan.

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