Earnest debuts personal loans with interest rates based on 'merit'

Category: Personal Loans Published: Thursday, 09 October 2014 Written by Admin

San Francisco-based Earnest introduced personal loans that charge interest based on several factors beyond traditional credit scores.

The lending marketplace offers unsecured, personal loans from $2,000 to $30,000 with fixed interest rates ranging from 4.25 percent to 9.25 percent. The loans are for one-, two-, or three-year terms.

Earnest sets what it calls merit-based interest rates based on such factors as an applicants income and savings to monthly budget, credit history, education and career trajectory.

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