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‘We Have a Trillion More to Go’

This post was originally published on CEO Louis Beryl’s LinkedIn.

It is time for an enormous thank you.

Earnest recently reached two major milestones this fall—we celebrated our third “Earn-iversary” as a company and crossed the mark for originating $1 billion in loans used for refinancing student loan debt.

This first $1 billion is both an insignificant number and a tremendous one. It is insignificant because it represents only a tiny fraction of the student loan debt out there—we have a trillion more to go on that front. However, it’s tremendous in that we have reached this milestone far quicker than many companies before us.

As a result of refinancing, we are proud to have saved our clients an estimated $300 million over the life of their loans. That is what we set out to do when we opened three years ago—save money for clients. And we are doing it! This milestone represents real cash flowing back into our clients’ lives—from more money in retirement savings to home down payments to vacations with loved ones.

We could not have done this without the incredible trust that all our clients and investors put in us every day and the tireless efforts of our incredible team. Thank for you trusting in us and believing in us; we are proud to be of service to you.

“Thank for you trusting in us and believing in us; we are proud to be of service to you.”

Earnest tackled student loans first because it’s an obvious place where the current financial system is under-serving millions. But the problems in the financial service industry go far beyond student loans—just look at how big banks have increasingly used aggressive fees to pad their profits. The current credit system relies on limited data, like FICO scores, and millions of Americans don’t have access to fairly priced credit as a result. Talk to anyone who works inside the biggest institutions and they will tell you that innovation is non-existent.

We created Earnest to solve all of these problems and many more.

We hired great people from the best technology firms in the world who wanted to work on this problem with us. We also hired great thinkers from the financial industry who wanted to do better. Together, over the last three years, we have built systems to collect data faster and more efficiently than any other consumer financial institution. We have automated many of our processes to reduce our costs and invented better tools, like Precision Pricing. All of this is engineered to save every client more money and add much-needed flexibility.

Yet no matter how quickly we are growing at Earnest, we still want to solve this problem faster and for more people. We will continue to relentlessly strive for ways to create value in our core student loan business as well as look for innovative ways to serve more people in new capacities.

Our mission is to democratize access to high-quality financial services. To succeed in this mission we see Earnest expanding to many other financial services in the future. Thank you to everyone who has been part of our journey to this point—join us as we continue to grow.

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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.