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.
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Avant Alternatives for Personal Loans
Compare Personal Loans
- Rates as low as 3.49%* APR with AutoPay and excellent credit
- Apply in minutes and receive funding as soon as the same day
- Find a loan that rewards your credit
- You can check rates without hurting your credit score
- Quick funding
- Custom loan recommendations
- Rates are typically between 8.41% and 35.99% APR1
- Funds can be received in as fast as one business day
- A minimum credit score of 600 in most states
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): 7.99% – 25.49%
- 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): 8.49% – 35.99%
- Loan Amounts: $1,000 – $50,000
- Credit Score: 580+
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
Upstart
- Rates (APR): 6.12% – 35.99%
- Loan Amounts: $1,000 – $50,000
- Credit Score: 580+
Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.3 This model leads to 27% more approvals and 16% lower rates than traditional models.4
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As fast as one business day
- Origination fee: 0% – 8%
- Late fee: $15 or 5% of payment
- 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.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
3Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.