Avant Competitors and Alternatives for Personal Loans
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Personal loans through online lenders has shifted the industry, giving consumers more options for accessing financing for major expenses or high-interest debt consolidation.
Avant, a Chicago-based online lender, is one of these new entrants to the market that provides a variety of personal loan solutions to consumers who meet eligibility requirements.
Avant has several competitors in the personal loan arena which may serve as better solutions to financing needs for consumers with strong credit and steady income. It is important to shop around with various lenders before accepting a new personal loan to ensure the costs, including the interest rate and repayment terms, are most suitable for specific borrower circumstances.
On this page:
Avant Alternatives for Personal Loans
Compare Personal Loans
- Rates as low as 3.49% APR with AutoPay
- Apply in minutes and receive funding as soon as today
- Find a loan that rewards your credit
- You can check rates without hurting your credit score
- Quick funding
- Custom loan recommendations
Many borrowers look to other personal loan lenders outside of Avant to save on the total cost of borrowing, or to secure more favorable repayment terms. Below are three major competitors to Avant personal loans that may be worth evaluating in the search for financing.
LightStream
Rates (APR)
3.49% – 19.99%
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
LightStream is an online-only lender that offers a variety of personal loans. While they don’t charge any fees or prepayment penalties, you will need a good credit score to qualify. If a borrower is approved, they will reap the benefits of LightStream, including competitive rates, securing funds quickly, and a Loan Experience Guarantee.
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months
Upgrade
Rates (APR)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
Upgrade is best-suited for borrowers with fair and bad credit. This online lending platform utilizes technology to help borrowers access loan products quickly. You can check rates without affecting your credit score and eligibility is based more on free cash flow as compared to other lenders.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
LendingClub
Rates (APR)
10.68% – 35.89%
Loan Amounts
$1,000 – $40,000
Credit Score
600+
LendingClub offers loans to those with bad and fair credit. This peer-to-peer lender provides a quick and simple loan application process with a fast turnaround of funding upon loan approval. The minimum loan amount makes this a good option for those who need smaller loans.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as 4 business days
- Origination fee: 1% – 6%
- Late fee: $15 or 5% of payment amount
- Repayment terms: 36 or 60 months
Avant Loan Information
Founded in 2012, Avant has served more than 600,000 borrowers through its online lending platform. Personal loans through Avant are available from $2,000 to $35,000*, with repayment terms from 24 to 60 months. The interest rate for an Avant personal loan is fixed and currently ranges from 9.95% to 35.99%* based on the borrower’s credit history and other underwriting factors.
Avant’s personal loans may be a solution for borrowers with bad credit.
Additional Alternatives to Avant
Although other products may be feasible alternatives to Avant personal loans, consumers have additional options which may be more cost-effective in the long run.
You can check out this article for a deeper comparison of personal loans vs. line of credit.
Credit Cards
A credit card may offer a lower interest rate than an Avant loan product, making it more affordable to repay a large balance over time. For instance, a credit card with a 12 percent interest rate and a $10,000 balance will cost the borrower $1,957 in interest over a three-year period. The same loan with Avant and a 25 percent interest rate would cost $4,313 for the same timeframe, not including the administration fee charged to fund the initial loan.
Home Equity Loans
For some borrowers who also own property, a home equity loan or line of credit may be a more efficient choice for a major purchase or debt consolidation than Avant personal loans. A home equity loan offers a lump sum payment to the borrower, like Avant, but instead of the potential for a double-digit interest rate, well-qualified borrowers may have an interest rate ranging between six and nine percent.
This is available to homeowners because the property is used as collateral to safeguard the loan from default in the future. Taking this approach to financing needs may be a more affordable solution to borrowers who have equity accumulated in their home.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
