SUB: Please describe Earnest and your primary innovation.

Beryl: Earnest provides merit-based loans to recent graduates and young  professionals at extremely low interest rates of either 6.5 percent for a two-year loan, or 5.5 percent for a one-year loan.

The U.S. credit system is broken, and many financially-responsible young professionals are being overcharged today for credit and some are being denied sufficient access altogether.

Today, one of the primary groups that are incorrectly assessed by the broken U.S. credit system is young professionals-i.e., early in their career and/or just graduating from school with jobs-because they have not had time to build the significant credit history that the antiquated credit scoring system requires.

Beryl: Earnest competes with banks, credit unions, credit cards and other online lenders.

For now, we’re utilizing the funds we have to build the fantastic team of talented people at Earnest and offer our product to as wide an audience as possible.

Earnestis also a name which gives it a very personal feeling, and we are personal company, not a faceless financial institution.