Earnest is known for its efficient application process for student loan refinancing and personal loans. The time it takes to review your application depends on various factors, such as the completeness of the information provided and the complexity of your financial situation. Here’s what to expect during the process:
Typical Timeline for Earnest Loan Application Review
- Prequalification (Minutes)
- When you first apply, Earnest provides a prequalification decision within minutes. This step involves a soft credit check that doesn’t impact your credit score.
- You’ll receive personalized rate estimates based on your financial profile.
- Application Submission (1–2 Days)
- After prequalification, you’ll need to complete the full application by providing detailed financial and personal information, including proof of income and existing loan details.
- Earnest typically reviews submitted applications within 1–2 business days, provided all required documents are accurate and complete.
- Verification Process (Up to 5 Business Days)
- Earnest may take additional time to verify your financial information, employment status, and credit history.
- If additional documentation is needed, processing time may extend slightly depending on how quickly you provide the requested information.
- Final Decision and Disbursement (7–10 Business Days)
- Once approved, Earnest pays off your existing loans and consolidates them into your new refinanced loan.
- The entire process, from application submission to loan disbursement, can take 7–10 business days on average.
Factors That Affect Review Time
- Completeness of Application: Ensure all requested documents, such as proof of income, employment verification, and loan details, are uploaded promptly.
- Creditworthiness: Borrowers with a strong credit profile and steady income may experience faster processing times.
- Additional Information Requests: If Earnest requires clarification or further documentation, processing may take longer.
How to Speed Up the Process
- Prepare Documentation in Advance: Gather pay stubs, tax returns, and loan statements before starting the application.
- Provide Accurate Information: Double-check your application for errors or omissions that could delay processing.
- Respond Promptly to Requests: If Earnest asks for additional information, provide it as soon as possible.
Conclusion
Earnest’s application review process is designed to be straightforward and efficient. Most borrowers receive a decision within 1–2 business days of submitting a complete application, with final disbursement occurring within 7–10 business days. By ensuring your application is accurate and responding quickly to any follow-up requests, you can expedite the process and start enjoying the benefits of your refinanced loan sooner.
