OneMain Financial vs Avant

Jenna Vasquez
Jenna Vasquez | Contributor

OneMain Financial and AVANT are both big names in the personal loan lending industry, offering installment loan options to those with less-than-perfect credit. Either company is a great option for subprime borrowers who may not qualify for a personal loan otherwise due to their bad credit, or who are looking for a different option than a payday loan. OneMain Financial offers smaller personal loan amounts from $1,500–$20,000, while AVANT offers personal loans from $2,000–$35,000. Both companies look at more than just your credit score for qualification. These smaller loan amounts also mean that the loan term length is shorter than with other personal loan lenders - both companies have loan term lengths of 24–60 months.

Both OneMain Financial and AVANT provide an unsecured personal loan option and a secured personal loan option with fixed rates and terms, making payments more manageable and predictable because they will not change month to month. Loans can be used for a variety of needs, such as debt consolidation, life events, or home projects. But, it is good to keep in in mind that some needs may require higher loan amounts than are offered by either OneMain Financial or AVANT. Neither company charges a prepayment penalty fee, allowing a borrower to pay back their loan faster and save more money; however, both companies charge an origination fee and late fee, a common practice within the industry.

Overall, both OneMain Financial and AVANT are great options for subprime borrowers who may not qualify for a personal loan with another company. But, there are some differences between the lenders that should be considered:

  • Interest rates
  • Company clout
  • Locations and branches
  • Joint application acceptance
  • Customer reviews
OneMain Financial logo
#13 OneMain Financial
6.5 Overall Score
4.0
star star star star star_border
(276)
Avant logo
#23 Avant
3.9 Overall Score
2.4
star star star_half star_border star_border
(40)

Overview

OneMain Financial

Minimum Loan Amount

$1,500

Maximum Loan Amount

$20,000

Loan Terms

24–60 Months

Minimum Credit Score

Undisclosed

Origination Fee Type

N/A

Co-Signers or Co-Borrowers Accepted

N/A

Time in Business

102 Years

Avant

$2,000

$35,000

24–60 Months

Undisclosed

Percentage

N/A

10 Years

Ratings

OneMain Financial

Overall Score
6.5 of 10
Review Score
4.0
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Value for Money
2.6
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Quality of Product or Service
2.8
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Company Trustworthiness
2.8
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Likely to Recommend
4.3 of 10

Avant

3.9 of 10
2.4
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2.9
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2.7
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2.4
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3.5 of 10

Reviews

OneMain Financial

Number of Reviews
276
Review Breakdown
4.0
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1 star
19%
2 star
2%
3 star
4%
4 star
14%
5 star
61%

Avant

40
2.4
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1 star
50%
2 star
13%
3 star
3%
4 star
18%
5 star
18%

Reviews for OneMain Financial

Helpful Favorable Review

star star star star star_border

Mike D

August 16th, 2022

DETAILS

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Review Source

I have worked with One Main for over 10 years (back when they were called Springleaf). The rates are high, but the employees are always considerate and professional. Good experience overall which is why I keep going back

Helpful Critical Review

star star_border star_border star_border star_border

David Feuerborn

October 12th, 2022

DETAILS

Scammers! They will take your information and sell it, then send piles of junk mail to you. With fake offers. They will approve you for financing, then pull the rug from under your feet, and back out. They are deceivers, and scammers, at the least. Totally stupid people there, who are real jerks. Don't put too much trust into them.

Reviews for Avant

Helpful Favorable Review

star star star star star

Rosie Ewing

November 4th, 2022

DETAILS

check_circle

Review Source

My experience with Avant was them being my loan servicer for student loans. They kept me informed regarding the status of my loans quarterly. I did not have much communication with them otherwise. Overall I would rate them favorably because they kept me informed.

Helpful Critical Review

star star star_border star_border star_border

Juan vega

August 10th, 2021

I’m grateful that they give me a loan however my customer experience with this company was really bad i ended up paying my loan in full after 3 months because I didn’t want to deal with this customer service anymore

The Final Word

Interest Rates

AVANT’s interest rates are significantly lower than those offered by OneMain Financial:

  • OneMain Financial interest rate — 18.00%–35.99% APR
  • AVANT interest rate — 9.95%–35.99% APR

The rates that you receive will vary based on information like credit history, income, debts, expenses, and available collateral. Thus, although a high minimum credit score is not required for either lender, the higher your credit score, the lower the rates you can receive. In this case, AVANT’s low-end interest rate is a better deal than that offered by OneMain Financial.

It is important to note that both OneMain Financial and AVANT’s interest rates are much higher than many other industry lenders. For instance, many companies cap interest rates at 18 percent, which is OneMain Financial’s minimum rate.

Because OneMain Financial and AVANT both focus on providing personal loans to subprime borrowers, neither company may be the best choice for you if you have a good or excellent credit score. If that is the case, you could get lower, more competitive rates with different personal loan providers.

Company Clout

OneMain Financial has been around for over one hundred years, and knows its way around personal loans, whereas AVANT was established in 2012.

For some borrowers, it can provide peace of mind to do business with a company that has been lending for many years, but a younger company is not necessarily a drawback. AVANT offers data-driven customer service, providing insight into product decisions and change — a unique system among personal loan lenders.

Locations and Branches

OneMain Financial has over 1,500 branches, while AVANT is entirely online without any physical branch locations.

If you’re looking for one-on-one, in-person loan assistance, OneMain Financial would be the best choice. However, most lenders provide fully online loan services like AVANT. Online lending makes the loan approval process easier and faster, and borrowers may find lower interest rates than they would with in-person lending institutions.

Joint Application Acceptance

OneMain Financial accepts joint applications, but AVANT does not. The ability to apply with a joint borrower (or cosigner) can increase an applicant’s chances of loan approval, as it could present the lender with better credit or assets. However, since both lenders offer services intended for low-credit borrowers, this may not be a deal breaker.

Customer Reviews

Based on customer reviews alone, it is unreasonable to give a definitive recommendation as OneMain Financial has over 240 reviews, while AVANT only has 34.

However, of the reviews that we have, OneMain Financial has a majority of positive reviews, with customers highlighting great customer service and an effective way to build your credit score. On the other hand, negative reviews do mention difficulties with customer service and the high interest rates.

Of the handful of AVANT reviews, the majority of customers have been dissatisfied with their experience. Some customers complain of a difficult loan application process, in addition to challenges overall with receiving approval on a loan offer. However, other customers speak to AVANT’s quick application and approval process.

When choosing between OneMain Financial loan and an AVANT loan, customer reviews can be helpful and informative, but should not be the deciding factor between the two companies.

Top Choice

OneMain Financial Logo
OneMain Financial

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