1. OneMain Financial vs Avant

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
#9 OneMain Financial
5.1 Overall Score
4
starstarstarstarstar_border
(249)
Avant logo
#13 Avant
3.4 Overall Score
2.1
starstarstar_halfstar_borderstar_border
(34)

Overview

OneMain Financial

Avant

Loan Amounts
Loan Amounts
$1,500–$20,000
$2,000–$35,000
Loan Terms
Loan Terms
24–60 months
24–60 Months
Min Credit Score
Min Credit Score
Varies
Joint Applications
Joint Applications
Co-Borrowers Accepted
Not Accepted
Time In Business
Time In Business
108 Years
8 Years

Ratings

OneMain Financial

Avant

Overall Score
Overall Score
5.1 of 10
3.4 of 10
Review Score
Review Score
4.0
starstarstarstarstar_border
2.1
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Value for Money
Value for Money
2.0
starstarstar_halfstar_borderstar_border
2.4
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Quality of Product or Service
Quality of Product or Service
2.0
starstar_halfstar_borderstar_borderstar_border
2.1
starstarstar_halfstar_borderstar_border
Customer Service
Customer Service
2.0
starstarstar_halfstar_borderstar_border
1.9
starstar_halfstar_borderstar_borderstar_border
Company Trustworthiness
Company Trustworthiness
2.0
starstarstar_halfstar_borderstar_borderstar_border
1.9
starstar_halfstar_borderstar_borderstar_border
Likely to Recommend
Likely to Recommend
2.3 of 10
1.6 of 10

Reviews

OneMain Financial

Avant

Number of Reviews
Number of Reviews
249
34
Review Breakdown
Review Breakdown
4.0
starstarstarstarstar_border
5 star
64%
4 star
14%
3 star
2%
2 star
1%
1 star
19%
2.1
starstarstar_halfstar_borderstar_border
5 star
12%
4 star
15%
3 star
3%
2 star
12%
1 star
59%

Reviews for OneMain Financial

Helpful Favorable Review

starstarstarstarstar_border

Charles Herrington

October 30th, 2020 Saraland, AL DETAILS arrow_drop_down
Value for your money
starstarstarstarstar_border
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstar_borderstar_border
Company trustworthiness
starstarstarstarstar

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.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Craig

October 30th, 2020 Oklahoma City, OK

They do a hard hit on your credit report. They are very slow to respond, it took them four days to make a determination. They had all the documents on the second day. Not very responsive. They were the most unorganized and unprofessional company I have ever had the misfortune of working with.


Reviews for Avant

Helpful Favorable Review

starstarstarstarstar_border

Ted Johnson

October 30th, 2020 Pleasant Grove, UT DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

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.


Helpful Critical Review

starstarstar_borderstar_borderstar_border

richard wells

October 30th, 2020 Pensacola, FL DETAILS arrow_drop_down
Value for your money
starstarstar_borderstar_borderstar_border
Quality of product or service
starstarstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstarstar_borderstar_borderstar_border

Avant gave me a $15,000 loan 6 months ago. I sold my house and paid them off. However I have been trying to get a new loan and they said they called my employer. I have had to restart my loan three times now because someone at avant can't do their dang job and call during normal business hours or just call in general to verify employment even though I have submitted 4 pay stubs from the US Army to them. Never had this problem on my first loan. Would not suggest to anyone to use them.


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.

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