Avant is a Chicago-based online lender that provides personal loans from $2,000 to $35,000. Rates aren’t the lowest we’ve seen, starting at 9.95% and reaching up to 35.99%. There’s also an administration fee of 9.99%.
What may be most appealing is the low credit score requirement of 580 — comparatively, many lenders require scores well into the 600s for personal loans. Plus, it accepts self-employed borrowers.
But if you’d like a better deal or have the credit to qualify for a lower starting rate, we’ve gathered seven other providers similar to Avant. And there are other lenders that also accept fair and poor credit with lower starting rates.
LendingPoint prefers a minimum credit score of 620 but also looks beyond your credit score to evaluate your creditworthiness. It offers unsecured personal loans with starting rates of 7.99% — lower than Avant's starting rate of 9.95%.
LendingPoint's personal loan amounts range from $2,000 to $36,500, slightly higher than Avant. However, LendingPoint does have a higher origination fee of up to 8%.
Not available in: Colorado, Connecticut, Idaho, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, Vermont, West Virginia, Wisconsin, Wyoming
OneMain Financial is an online and in-store provider without fixed credit score requirements, making it available to borrowers of all credit scores. If you don't have the credit score to qualify for Avant, this provider might be worth looking into.
It also offers secured and unsecured loans, and securing a loan with collateral could get you a lower rate. However, OneMain Financial has higher rates than Avant overall, ranging from 18% to 35.99%.
There's also an origination fee of up to 10%. And unlike Avant, you can only borrow loans up to $20,000 instead of $35,000.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
OppLoans offers short-term loans in small amounts, as low as $500 up to $4,000. Terms are very short, from 9 to 18 months. OppLoans doesn't have a minimum credit score requirement, whereas Avant requires at least 580.
Interest rates run at 179% APR. Despite the cost, OppLoans gets mostly positive reviews, many specifically praising its customer service and fast process.
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
Prosper is pretty comparable to Avant, offering personal loans with lower starting rates from 8.99% to 35.99%. The minimum credit score requirement is 640, higher than Avant's 580. Prosper offers bigger loan amounts than Avant, up to $50,000, and comes with a comparable origination fee of 1% to 7.99%.
The biggest difference with Prosper is that it's a peer-to-peer lender, so an individual investor funds the loan.
Not available in: Iowa, North Dakota, West Virginia
Upstart has a unique underwriting process with its own algorithms, specifically catering to borrowers with new credit history or lower credit scores. While your credit score matters to the loan application, Upstart also considers alternative factors like your work history and education.
It offers a higher maximum loan amount than Avant of $50,000 and a lower starting rate of 7.8%. However, you may have to plan for a high origination fee of up to 12% of the loan amount. And there are only two terms to choose from: three or five years.
Not many lenders accept cosigners on personal loans, but Achieve does. Previously FreedomPlus, it has a low credit score requirement of 620 and ARPs starting at 8.99% — a higher credit score requirement than Avant but a lower starting rate.
You can add a cosigner if you'd like to try for a lower rate or increase your chance of approval. And if you're consolidating debt, Achieve offers a rate discount of up to 6% if it sends at least 85% of the funds directly to your creditors. However, Achieve's origination fee is slightly higher than Avant — up to 6.99% — and most customers pay the max fee.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
Pros
Accepts cosigners and coapplicants
Rate discounts for debt consolidation and coapplicants
Monevo is a connection service, not a direct lender, so you'll have the chance to find a wide variety of loans you might qualify for. After completing a few-minute online form, you can quickly compare lender offers that may fit your situation.
There's no set minimum credit score, but borrowers with bad or fair credit are unlikely to qualify for its low advertised rates. And like many other connection services, you may receive marketing content from lenders after completing the free online form.
Available in all states
Pros
Loans starting at only $500
Long loan terms up to 12 years available
Quick online form
Cons
Unlikely to qualify for lowest rates
Not a direct lender
May receive marketing phone calls and emails
Loan amount
$500 to $500,000
APR
5.40% to 35.99%
Interest Rate Type
Fixed
Min. credit score
300
Turnaround Time
Varies by lender
Maximum Loan Term
12 years
Minimum Loan Term
0.5 years
APR
5.40% to 35.99%
Min. credit score
300
Loan amount
$500 to $500,000
Compare more personal loans
Compare more top lenders by their rates, loan amounts and credit score requirements. Select Go to site to learn more about a provider or More info to read an expert review. You can also select the Compare box to compare up to four lenders side by side.
Avant is a lender that primarily focuses on borrowers with less-than-ideal credit. For a provider that accepts credit scores as low as 580, its starting rates are pretty low compared to many other lenders that cater to poor credit. Avant also accepts self-employment income, a rarity among personal loan providers.
However, many other personal loan providers offer much higher loan amounts, often up to $50,000. Avant only allows up to $35,000. And in 2019, the Federal Trade Commission (FTC) sued Avant for false advertising on its payment methods, but it was settled and affected customers received refunds.
For more information, check out our full Avant review.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
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Is Max Personal loans legit? Can’t find an address or phone number.
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johnbasanesMarch 25, 2019Finder
Hi Chester,
Thank you for reaching out to Finder.
Though we could not provide feedback on the legitimacy of a company since we are a comparison and general information website. You may want to check online feedback forums as well as online review pages to learn more about this company. Hope this helps!
Cheers,
Reggie
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Is Max Personal loans legit? Can’t find an address or phone number.
Hi Chester,
Thank you for reaching out to Finder.
Though we could not provide feedback on the legitimacy of a company since we are a comparison and general information website. You may want to check online feedback forums as well as online review pages to learn more about this company. Hope this helps!
Cheers,
Reggie