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Meet Bruce – The First Client to Pay Off His Earnest Loan

Last week we had the pleasure of speaking with Bruce, who received his Earnest loan in May. Bruce is a radio equipment operator who served in the Air Force and is now about to start a Bachelor’s program in computer engineering.

In his loan application, Bruce wrote that he would pay off his entire Earnest loan in 30 days, even though he had a one-year loan term. True to his word, Bruce paid off the entire loan, and in less time – 20 days.

Like every Earnest client, Bruce did not pay a prepayment fee, origination fee, or any other fee. All Bruce paid on his loan was the 20 days of interest. For his $3000 loan, that came to $9.04.

And Bruce made Earnest history: He was the first client to pay off his entire loan.

Bruce outside

Bruce’s story is all too common: He had been searching for loans online to pay off some bills and had only found very high APRs. Then he came across Earnest. “I think I had been offered a 17% interest rate on a loan just before finding you guys, so I was really happy to find you!” he told the Earnest Client Happiness Team.

We were able to offer Bruce a much more reasonable loan offer at our standard rate of 5.5% APR. But that was just part of the reason Bruce chose Earnest. He also saw that, unlike other lenders, Earnest completes a thorough analysis of our clients’ financial situations and profiles.

“I valued the humanity in the process.”

“I valued the humanity in the process,” he told us, “and the honest-to-goodness customer service that was about more than making a buck. I felt like the people I spoke with cared. I felt like the company cared. I really appreciate the way you guys are doing business. I value the way you view people, not just as numbers on a screen, but as people with a story to tell.”

At Earnest, getting to know our clients’ stories matters. We believe that people are more than just a credit score. As clients learn about what makes Earnest unique, we get to know what makes a client unique and build trust along the way. This trust lets us help a client achieve their dreams, whether they are getting ready for college, moving for a career, or paying for a wedding. This kind of mutual trust makes the world a better place.

If Bruce had received a 17% APR loan instead of Earnest’s 5.5% APR loan, his interest for just those twenty days would have been more than triple what he paid. If he had paid over the whole year, the total cost of his Earnest loan would have been just under $100, whereas a loan with 17% APR would have cost almost $300.

We are excited to meet more great people like Bruce. Whether it takes two weeks or two years to repay your loan, we’re happy to get to know you. We’d love to hear more of your stories, so say “Hi” and let us know what we can do for you.


Team Earnest

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.