Avant has created a niche in the personal loan market by offering flexible terms and fast financing, especially for borrowers with fair to good credit. However, it’s always worth exploring other options to ensure you get the most appropriate information for your financial situation.
In this article, we’ll examine the top 7 loans like Avant and take a deeper look at their features, benefits, and potential drawbacks. By comparing these options, you can make an informed decision and get the best personal loan for your needs.
1. LendingClub
LendingClub is the leading peer-to-peer lending platform connecting borrowers and individual investors. It offers personal loans for a variety of purposes, including debt consolidation, home improvement, and more. LendingClub is a solid alternative to Avant, especially for those interested in peer-to-peer lending programs.
The main features
- Loan Range: $1,000 – $40,000
- APR: 8.30% – 36.00%
- Loan term: 36 or 60 months
- Fees: Origination fees range from 3% to 6%.
- Credit Score Requirement: 600 or higher
Pros:
- Competitive advantages
- Soft loans and grants
- Option to pay creditors directly for debt consolidation
Cons:
- They charge origination fees
- Higher interest rates for borrowers with lower credit scores
- Only two loan term options (36 or 60 months) are limited.
How does the Avant compare?
Both LendingClub and Avant offer personal loans to borrowers with extremely good credit, but LendingClub’s peer-to-peer lending program offers a unique advantage where LendingClub’s ability to pay borrowers directly for debt consolidation can be especially useful for them seeking to simplify their finances. However, origination fees and potentially higher interest rates are factors to consider when comparing to Avant.
2. Prosper
Prosper is another peer-to-peer lending platform that offers affordable personal loans and an easy online application process. Like LendingClub, Prosper connects borrowers with private investors, making it a viable alternative to Avant.
The main features
- Loan Range: $2,000 – $40,000
- APR: 7.95% – 35.99%
- Loan term: 36 or 60 months
- Fees: Origination fees ranging from 2.41% to 5%.
- Credit Score Requirement: 640 or higher
Pros:
- Competitive advantages
- Direct online application process
- Simple loan information
Cons:
- They charge origination
- Only two loan term options (36 or 60 months) are limited.
- Higher interest rates for those with lower credit scores
How does the Avant compare?
Prosper offers similar loan rates and terms to Avant but uses a peer-to-peer lending program, which may be attractive to those looking for alternative credit options Although Prosper has competitive pricing, its origination cost is limited credit term options can be a disadvantage compared to Avant’s more flexible terms
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs offers free personal loans, competitive pricing and flexible terms. Known for its excellent customer service and straightforward loan processes, Marcus is a strong contender for borrowers looking for an alternative to Avant.
The main features
- Loan Range: $3,500 – $40,000
- APR: 6.99% – 24.99%
- Loan terms: Range from 36 to 72 months
- Fees: There are no origination, prepayment, or late fees
- Credit Score Requirement: 660 or higher
Pros:
- There are no fees including late fees
- Competitive advantages
- 12 Option to stop payment after making consecutive payments on time
Cons:
- Single signatures or joint applications are not permitted
- It is only available in smaller loans compared to Avant
- Not available for business or educational purposes
How does the Avant compare?
Goldman Sachs’ Marcus stands out for its free structure, which offers a clear advantage over Avant’s origination fees. Marcus offers competitive rates and flexible terms, albeit with a lower maximum loan amount. If avoiding cash and getting a loan with the right terms is paramount, Marcus is an exception.
4. LightStream
LightStream, a division of Truist Bank, offers some of the most affordable personal loan rates available. Ideal for borrowers with good credit who need larger or longer term loans, Avant is a strong alternative.
The main features
- Loan Range: $5,000 – $100,000
- APR: 7.99% – 23.99% (with actual fees)
- Loan term: 24 to 144 months
- Fees: There are no origination, prepayment, or late fees
- Credit Score Requirement: 660 or higher
Pros:
- Very competitive advantage
- There are no fees including prepayment or late fees
- Increased credit and extended terms
Cons:
- Good prices require good credit
- There is no way to pre-qualify
- Only borrowers with strong credit histories
How does the Avant compare?
Lightstream offers higher loan rates and longer terms compared to Avant, which can be beneficial for those who need financing for larger projects or expenses The lack of fees and levels of competition make Lightstream a strong choice for borrowers hip. If you need a great loan with the right terms, LightStream is an attractive option.
5. SoFi
SoFi offers affordable, free personal loans, and a variety of other financial benefits, including unemployment protection and access to financial advisors As an alternative to Avant, SoFi offers a go-to plan further extending beyond personal loans alone for.
The main features
- Loan Range: $5,000 – $100,000
- APR: 8.99% – 25.81%
- Loan Terms: Range from 24 to 84 months
- Fees: There are no origination, prepayment, or late fees
- Credit Score Requirement: 680 or higher
Pros:
- There is no charge anywhere
- unemployment protection and employment assistance
- Access to financial advisors
Cons:
- Good value requires good to excellent credit
- No signatures are allowed
- The minimum loan is $5,000
How does the Avant compare?
SoFi offers the same loan terms and rates as Avant but with additional benefits such as unemployment protection and job assistance. While SoFi may have a much higher minimum loan and more stringent credit requirements, its comprehensive financing services offer an added advantage and if you are looking for a lender with great support and no cash flow anyway, SoFi is a strong choice.
6. Discover Personal Loans
Discover is known for affordable personal loans and there are no origination fees. With an easy-to-use online application process and flexible terms, Discover Avant is a fantastic choice, especially for those looking for straightforward, free loans
The main features
- Loan Range: $2,500 – $40,000
- APR: 6.99% – 24.99%
- Loan terms: Range from 36 to 84 months
- Cost: There is no origination fee, but there may be a late charge
- Credit Score Requirement: 660 or higher
Pros:
- There is no origination fee
- Soft loans up to 84 months
- Option to pay creditors directly for debt consolidation
Cons:
- If a payment is missed, it charges a late fee
- Those with lower credit scores may have higher interest rates
- The minimum loan is $2,500
How does the Avant compare?
Discover’s lack of origination fees and flexible credit terms make Avant a competitive choice. Although Discover charges a late fee and a $2,500 minimum loan, it offers an affordable straightforward loan program. If you value a free plan and simple terminology, Discover is a solid choice.
7. Upgrade
The promotion offers personal loans with a focus on flexible terms and quick financing. Known for its user-friendly online platform, Upgrade is a direct competitor to Avant, which offers the same loan products but with some additional credit monitoring and financial management options
The main features
- Loan Range: $1,000 – $50,000
- APR: 8.49% – 35.99%
- Loan terms: Range from 36 to 60 months
- Fees: Origination fees ranging from 2.9% to 8%.
- Credit Score Requirement: 580 or higher
Pros:
- Quick financing, usually available next day work
- Simple loan information
- credit management and financial instruments
Cons:
- They charge origination fees
- Higher APR compared to some competitors
- Only two loan term options (36 or 60 months) are limited.
How does the Avant compare?
Upgrade and Avant offer similar loan rates and terms, but Upgrade offers additional benefits such as credit tracking tools. While both lenders have origination fees and flexible terms, the additional financial tools in an upgrade can be beneficial for those who want to better manage their finances If credit management is respected and fast financing if valued, upgrade could be a good alternative to Avant.
Conclusion
Avant is a strong choice for personal loans, especially for those with fair to good credit. However, exploring options can help you find the best loan for your specific needs. The top 7 platforms highlighted in this article—LendingClub, Prosper, Marcus by Goldman Sachs, LightStream, SoFi, Discover, and Upgrade—each offer unique features and benefits.
Whether you’re interested in peer-to-peer lending, free plans, competitive pricing, or other financial tools, you have what you need Careful comparison of these lenders will help you secure a personal loan the best fit with your financial goals .
Taking the time to research and explore your options will ensure that you make the right decision, and get a loan that offers the best terms and benefits for your situation. Whether you choose Avant or one of these options, you’ll be well on your way to achieving your financial goals.
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