OneMain Financial vs Avant

Kalicia Bateman
Kalicia Bateman | 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 verified_user
#11 OneMain Financial
6.1 Overall Score
4.0
star star star star star_border
(256)
Avant logo
#15 Avant
4.4 Overall Score
2.1
star star star_border star_border star_border
(35)

Overview

OneMain Financial

Loan Amounts

$1,500–$20,000

Loan Terms

24–60 months

Min Credit Score

Varies

Joint Applications

Co-Borrowers Accepted

Time in Business

109 Years

Avant

$2,000–$35,000

24–60 Months

Not Accepted

9 Years

Ratings

OneMain Financial

Overall Score
6.1 of 10
Review Score
4.0
star star star star star_border
Value for Money
2.1
star star star_border star_border star_border
Quality of Product or Service
2.1
star star star_border star_border star_border
Company Trustworthiness
2.0
star star star_border star_border star_border
Likely to Recommend
2.5 of 10

Avant

4.4 of 10
2.1
star star star_border star_border star_border
2.4
star star star_half star_border star_border
2.1
star star star_border star_border star_border
1.9
star star star_border star_border star_border
1.6 of 10

Reviews

OneMain Financial

Number of Reviews
256
Review Breakdown
4.0
star star star star star_border
5 star
63%
4 star
14%
3 star
2%
2 star
2%
1 star
20%

Avant

35
2.1
star star star_border star_border star_border
5 star
11%
4 star
14%
3 star
3%
2 star
14%
1 star
57%

Reviews for OneMain Financial

Helpful Favorable Review

star star star star star_border

Charles Herrington Saraland, AL

In the past I have used this company. My goal at first was to improve my credit score. This company did not report to your credit score. I got a personal loan for repairs on a boat motor. I received many mailers from this company. With that said I feel they will always be there if I need to borrow money.

1 year ago

Helpful Critical Review

star star_border star_border star_border star_border

L Lee Burlington, NC

One Main Financial is useless and don't honor what they sell you which is expensive insurance for job loss and unemployment. I paid faithfully and when the time came to use this insurance during the covid 19 crisis and I was on unemployment having to scrape by barely they took my money and told me tough luck. One Main expects customer to honor their responsibility but when it comes to One Main honor their word don't expect much. My family suffered while One Main made money of my misery. I am will finish my agreement with them because I am better than business who don't honor their word.

3 months ago

Reviews for Avant

Helpful Favorable Review

check_circle

Review Source

star star star star star_border

Ted Johnson Pleasant Grove, UT

I have used Avant and they were easy to do the loan approval with. They were very professional and explained everything to me and had the money in my account in no time at all. They are easy to pay now and keep track of online and I can pay it off any time I would like at no prepayment.

2 years ago

Helpful Critical Review

star star star_border star_border star_border

Juan vega New Haven, CT

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

2 months ago

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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