OneMain Financial vs Avant
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
Overview
OneMain Financial
$1,500
$20,000
24–60 Months
Undisclosed
N/A
N/A
104 Years
Avant
$2,000
$35,000
24–60 Months
Undisclosed
Percentage
N/A
12 Years
Ratings
OneMain Financial
Avant
Reviews
OneMain Financial
Reviews
Avant
Reviews for OneMain Financial
Helpful Favorable Review
MONSTER CANINE FLORIDA
May 9th, 2023
Saint Augustine, FL
Edited May 10th, 2023
Review Source
Got my first car loan from them many years back - nothing but good things happened after that 👍👍 What I like most was the Rate they gave me for my first loan, it was not as bad as I expected - Thanks One Main
Helpful Critical Review
Karen Blanco
January 25th, 2023
Altamonte Springs, FL
Review Source
I initially wanted to use part of my of my loan to payoff my car loan. These crooks made me use my car as collateral, forcing me to take out a larger loan. They were paid as agreed- and I was so happy to just be rid of these crooks. They continue to contact me, but I wouldn’t take out another loan w/them to save the world! I wish I could only give them half a star.
Reviews for Avant
Helpful Favorable Review
Shelton Germaine
February 14th, 2023
Rogers, AR
DETAILS
Review Source
I used this company several years ago for a consolidation loan. The process was painless and the approval and funds were very fast. I ended up paying off the loan early. Fast forward a couple years and when I investigated the company again, their rates were quite a bit high than others I found.
Helpful Critical Review
Randy Stanten
May 9th, 2023
Murrieta, CA
Received a letter that my loan was not approved. I never applied for a loan. I called and ask how did they get my information. They said I have to talk to the fraud dept. emailed the so called fraud dept everything. Got absolutely nothing back. What a fraud they are. There is no fraud dept. nothing but a scam this company is. Freely using my information without my consent. There should be a class action lawsuit against this company for being a fraud and scammer.
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.
