In late March, San Francisco finance tech startup Earnest launched its merit-based loan program in the Boston area.

A trio of elite venture capital firms from both coasts participated in the round: Cambridge’s Atlas Venture and California’s Andreessen Horowitz and First Round Capital.

Earnest’s underwriting technology looks at an individual’s current and future potential not just their credit history.

If qualified, people receive one-year loans of $1,000 to $10,000 at a flat six percent interest rate, with no hidden fees.

Earnest C0-founder and CEO Louis Beryl got the idea for Earnest when he was having difficulties getting a student loan without a co-signer for graduate school at Harvard Business School and the Harvard Kennedy School of Government.

The startup began shelling out its ultra-low interest loans in Massachusetts in March, and they are now also available in Florida, California, New York, Pennsylvania, Texas, Connecticut, New Jersey and Utah.

Earnest employs 11 full-time people in its offices in San Francisco.