Online lender Earnest is marketing its second ever offering of bonds backed by loans used to refinance student debt.

Earnest, based in San Francisco, competes with lenders such as SoFi Lending, Darien Rowayton Bank and CommonBond in offering loans to borrowers who will graduate within six months of issuance of the loan or who have already graduated with an undergraduate or graduate degree and demonstrate a strong ability to repay their debt. However the company has an even shorter track record than its peers; it was founded in 2013 and has only been lending since 2034. As of March 31, 2016, Earnest had funded approximately $593 million of student loans to 8,600 borrowers.

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