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merit-based credit

Announcing Merit-Based Rates


How we’re using data science to offer lower rates to more people

At Earnest, we use data science to offer more people better access to credit at a lower cost.

Today, we are thrilled to announce a major step forward in that mission. We are launching merit-based interest rates, shifting from a single interest rate to a range of APRs based on each applicant’s personal profile. Using our software-driven underwriting platform, we can now use our full understanding of each applicant to offer more clients the lowest rate we possibly can.

We believe this is a revolution in personal lending because it is the first time anyone has offered a rate, specific to each customer, based on a comprehensive and data-driven understanding of their application, not just an automated review of their FICO score.

Big data is transforming virtually every aspect of how we experience the world, from how we track our health, to how we manage music, to how we shop online. It’s time for it to transform our access to the money we all need.

Applying for an Earnest loan is a straightforward online process, which allows us to use our cutting-edge software to analyze inputs like income, savings, investments, credit history, education history and career trajectory. Qualified applicants then receive an individualized rate based on their specific profile.

While banks and lenders today are focused on maximizing what you would pay, we are focused on offering what you should pay. At Earnest, that means offering rates people deserve, not the rates that are most profitable for us.

With loans from 4.25 to 9.25% APR and no teaser rates or fees of any kind, we’re offering an alternative to expensive credit cards and the exorbitant fees that come with them.  We believe embarking on big life changes like relocating for a new job, getting married, or fixing up your home are essential in realizing your dreams, and we believe that financing for these moments should be affordable. With this expansion, we are proud to offer that financing to even more Americans.

Louis Beryl Signature

Louis Beryl, Founder & CEO

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Earnest is a technology company using software automation, smart design, and exceptional service to restore trust in the lending industry and help clients take control of their finances.