Earnest’s founder and CEO is Louis Beryl, formerly partner at Silicon Valley VC firm more.

Earnest, a San Francisco-based software startup that chose Massachusetts as the first state to launch its low-interest loan program, announced Tuesday it has closed $15 million in financing.

Earnest offers recent college graduates and young professionals loans of between $1,000 and $20,000 at interest rates lower than credit cards to help pay for moving costs, honeymoons, engagement rings, home remodels and otherLife milestones.”

The loans are merit-based as opposed to credit-based, said CEO and founder Louis Beryl.

Instead of deciding whether to give a person a loan purely based on a credit score and credit history, Earnest’s software analyzes data including income, savings, education history and future income potential to assess whether the person qualifies for a loan.

The startup uses software and proprietary algorithms to help determine loan eligibility.

Earnest has 11 employees in San Francisco and doesn’t plan to make any hires in Massachusetts.