Learn about online lenders that offer quick personal loans like Avant.
This Chicago-based online lender that provides personal loans from $2,000 to $35,000 for almost any legitimate use. Rates range from 9.95% to 35.99% APR and borrowers have between 2 and 5 years to pay back the loan.
Who qualifies? 580+ credit score, proof of a steady income and be a US resident who is at least aged 18+ (19+ in Alabama).
* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state.
Pros
- Quick approval and funding.
- Pay no fee for early repayment.
- Helps build your credit by reporting to credit bureaus.
- 9.2/10 Trustpilot score.
Cons
- Maximum loan amount varies by state.
- May not be available in all states.
- Potentially high origination fees if approved.
Looking for lenders that offer loans with lower APR’s?
1. Prosper
A peer-to-peer lender, Prosper offers slightly larger loans than Avant — up to $40,000. You can use it to consolidate your debt, start a business, improve your home and more.
Pros
- Offers loans for a variety of purposes.
- Low starting APRs.
- Simple terms of 3 year(s) or 5 year(s).
Cons
- Longer turnaround time.
- Offers only two fixed term lengths.
- Requires minimum credit score of 640.
2. LendingClub
Apply for an unsecured personal loan of up to $40,000 with LendingClub.
Pros
- No prepayment penalties.
- Fixed rates.
- Fast and simple application.
Cons
- Higher rates for poor credit borrowers.
- Unavailable to Iowa and West Virginia residents.
- Can take as long as a week to get your funds.
3. Upstart
This newer online lender considers things like your education and career path when considering you for its unsecured, fixed-rate loans.
Pros
- Good for younger borrowers with limited credit history.
- Offers a variety of loans with one simple application.
- Pay no fees for early repayment.
Cons
- High origination fees of up to 8% rolled into loan.
- Not the lowest starting APR in the market.
- Additional fees for things like paper copy requests and late payments.
4. SoFi
If you have a good to excellent credit score, SoFi can get you fast funding with low interest rates and no fees.
Pros
- High maximum loan amount of $100,000.
- Free credit counseling and unemployment protection.
- No fees.
Cons
- Strict eligibility requirements.
- Lower approval rate than other lenders.
5. NetCredit
NetCredit offers unsecured personal loans up $10,000 that could help you rebuild your credit, even if you have a low credit score.
Pros
- Quick turnaround time with flexible repayments.
- Fair credit OK.
- No early repayment fees.
Cons
- Low maximum loan amount.
- Loans available in 14 states only.
- Stiff late fees could apply.
7. OneMain Financial
In business for over a century, OneMain Financial provides secured and unsecured loans for a variety of purposes.
Pros
- Offers both secured and unsecured loans.
- Allows joint applications.
Cons
- Higher APRs than competing lenders.
- Origination fees vary by state.
- Low maximum loan amount.
