Earnest Money App: Credit Score - Loan Online for Android

Earnest App: Personal Finance Loans Access, Anytime, Anywhere, Credit Score, Offers and Tips.

Unique repayment options, including the ability to skip one payment per year.

Conclusion:

Min-Max Loan Amount: 5,000$- 500,000$

APR: 1.99% - 11.95%

Loan Terms: 5 to 20 years

Does Earnest charge any Fees?

We do not charge origination, prepayment, early payment, or extra payment fees.Because we process all application and loan information online, we cut down costs significantly and pass those savings on as lower rates for our clients. The primary way we generate revenue is from the interest received on our loans. However, if any payment made towards your loan is returned, we reserve the right to charge up to $8 to pay the charges assessed by any institution for processing a returned payment.

*For all loan documents executed in Florida, a stamp tax of 0.35% (for example $21 on a loan of $6,000, or portion thereof) is levied by the state government.

Repayment Options:

Students have four repayment options while in school and throughout their nine-month grace period:

1 Deferred: $0 is due while youre in school and for the first 9 months after graduation. 9 months following graduation, the full minimum monthly payments will be due. The option results in the highest accrued interest and the highest total cost of the loan.

2 Fixed: While in school and for the 9 months following graduation, youll make monthly payments of $25. Nine months following your graduation the full minimum monthly payments will be due.

3 Interest-only: (This option is available for cosigned loans only.) While in school and for the 9 months following graduation, youll make monthly payments to cover the interest that accrued on your loan since the last payment. Nine months following your graduation the full minimum monthly payments will be due.

4 Full payment: (This option is available for cosigned loans only.) While in school and following graduation the full minimum monthly payments will be due. This option will enable you to pay the least amount of interest during the life of the loan.

Is Student Loan Refinancing Available?

Earnest has refinanced more than $8 billion in federal, private, and Parent Plus student loans.

Variable rates start at a 1.99% annual percentage rate (APR) and fixed rates start at 3.19% Both include an 0.25% rate discount for enrolling in Auto Pay. Students can refinance as early as their last semester of college.

For loan terms of more than 10 years to 15 years, the maximum APR is 9.95%. Longer loans have a maximum interest rate of 11.95%.

As with its student loans, Earnest looks at more than your credit profile to determine your eligibility for refinancing. It will evaluate your savings, education, and earning potential to approve you. If youre approved, you can customise your payment and term options using Precision Pricing.

Precision Pricing allows Earnest to offer terms at one-to-three-month intervals from five to 20 years, providing you with up to 180 repayment options. You can also set up biweekly auto payments to pay down the loan faster.

Simple Example:

The most clear-cut, simple rates are just multiplied to the principal at each payment period to find the interest due. For example, if you borrow $2,000 from a family member and they ask for 5% interest when you repay them for the loan in a year, at the end of the repayment term you would owe them $2100.

Compound Example:

Common for credit cards and savings accounts, compound rates charge interest on the principal and on previously earned interest. For example, if you borrow $2,000 at a rate of 5% over a year, you would owe $100 in interest in the first year. In the second year, you would owe $2,205, as you would calculate a 5% interest payment on $2,100 that year.

For more info and examples:

https://www.earnest.com/resources/student-loan-calculator