Earnest Lending: can your LinkedIn profile get you a lower interest rate?

You know those All State insurance commercials where they offer a good driving discount? Those usually frustrate me, because I feel like we should be getting rewarded more often for our good behavior. If they’re passing out discounts for good driving, why can’t we also get a reward for other things, like fiscal responsibility?

Some might argue… well, you do get discounts for fiscal responsibility.  It’s called your credit score! Unfortunately, though, it isn’t that simple for many young people today.  Investments in education are pricey, and while student loans are designed to be paid off with higher incomes in the long term, they often leave 20-somethings in heavy debt. Another detriment to young borrowers today is the fact that credit scores improve along with your credit history, and younger people inherently have a shorter record. Add in the fact that they have fewer years of post-graduate income, and you have the recipe for a deceptively low credit score … even for the most fiscally responsible of millennials.

After all, tomorrow’s wealthy doctor is today’s broke med student.

Enter: Earnest.

Earnest 1

You see, back in 2009, Earnest founder Louis Beryl was one of those college students with a less than impressive credit score. Despite his Harvard education and habit of saving, he was getting denied for affordable loans. Beryl’s answer was to start his own company, Earnest, and try first-hand to change the way lenders evaluate your credit.  Earnest’s goal is to lend to financially responsible people, no matter the credit score. They lend based on earning potential, not on earning past.

For many young adults this is a critical distinction.

The good news for borrowers, in addition to the fact that they are eligible to get a loan at all, is the fact that Earnest’s interest rates are below traditional banks and well below most credit cards.

Earnest uses sophisticated data software to evaluate each potential clients credit application, taking a number of factors into account before offering a loan. Because this data analysis so accurately prevents defaults, they are able to offer loans at rates as low as 4.25%, depending on the amount and length. (Loan amounts range from $2,000 – $30,000 and last for 1-3 years.)

Not a bad deal, right? So, is Earnest for you? Here’s what they evaluate….

  • Your Educational History
  • Your Professional History and Trajectory
  • Your Overall Financial Responsibility

Earnest 2

Merit Based Lending

To assess if you are eligible for a loan, Earnest asks for access to your LinkedIn profile, credit card debt, and saving/checking account balances. Why LinkedIn? Earnest uses it as a fast way to get all of your pertinent education and work history. Presumably, they can also use the data there to get a view of your career outlook as well. So if the networking and job searching benefits weren’t already enough incentive for you to keep that profile updated, maybe Earnest’s low interest rates can convince you to start Linking up.

*Added bonus: Earnest’s credit inquiry will add to your LinkedIn Profile Views! 

Yes, that sounds like a lot of personal data to provide, but it is through the compilation of all these data points that Earnest evaluates how credit worthy you are. You can find a complete list of their guidelines for potential clients here.

Per the Wall Street Journal, Earnest is now lending in 19 states after raising $15 Million in capital earlier this year. And as of earlier this September, Earnest had lent $3 Million.  Are you in line to borrow next? Did you wish this existed when you were starting out? Let us know what you think in the comments!

Courses marketplace

*** SPECIAL ALERT — July 25, 2020 — TWO of this Year’s Motley Fool Stock Picks Have Already Tripled and Two have Doubled! ****

We have been tracking ALL of the Motley Fool stock picks since January 2016. That’s 4+ years, 54 months and 108 stock picks. As of Friday, July 24th 2 of their 12 2020 stocks picks have already tripled (TSLA, SHOP). In addition, 4 of their 2019, 8 of their 2018, 7 of their 2016 and 10 of their 2016 picks have also doubled. Best of all, over these 54 months, the average stock pick is up 111%. That beats the SP500 by an average of 87%. And that’s even accounting for all of this COVID mess that has wreaked havoc on some stocks but presented opportunity for other stocks. THAT is how the Fool does so well!

  • Shopify (SHOP) – April 2, 2020 pick and it is already up 163%
  • Zoom Video (ZM) – March 19, 2020 pick and it is already up 107%
  • DexCom (DXCM) picked Feb 20, 2020 right before the market crashed and it is still up 26%
  • Tesla (TSLA) picked January 2, 2020 before the crash and it is up 123% compared to the SP500 -7% so it is ahead of the market by 130%
  • HubSpot (HUBS) picked December 5, 2019 and it is up 46%
  • Netflix (NFLX) picked November 21, 2019 and it is up 42%
  • Trade Desk (TTD) picked November 11, 2019 and up 111%
  • Zoom Video originally picked Oct 3 and it is up 234%
  • SolarEdge (SEDG) picked September 19, 2019 and it is up 44%

Now, no one can guarantee that their next picks will be as strong, but our 4.5 years of experience has been super-profitable. They also claim that since inception, their average pick is up 424% and now we believe them. You sure don’t want to risk missing out. Many analysts are saying that we have passed the bottom of this COVID crisis and stocks will recover quickly. So make sure you have the best stocks in your portfolio.

Normally the Fool service is priced at $199 per year but they are currently offering it for just $99/year if you click this link

CLICK HERE to get The Motley Fool’s Stock Picks for just $99 per Year! 



Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW

(before it’s too late)

Leave a Reply

Your email address will not be published. Required fields are marked *