Overview
OneMain Financial
$1,500
$20,000
24–60 Months
Undisclosed
N/A
N/A
106 Years
Avant
$2,000
$35,000
24–60 Months
Undisclosed
Percentage
N/A
14 Years
Ratings
OneMain Financial
Avant
Reviews
OneMain Financial
Reviews
Avant
Reviews for OneMain Financial
Helpful Favorable Review
Ryan Vett
January 19th, 2022
Phoenix, AZ
Looked at some offers from this company, and decided against using them due to high interest rates. They have been constantly sending me offers in the mail since then and no matter what I’ve done to try and stop them they continue sending me offers I do not want.
Helpful Critical Review
L Lee
June 22nd, 2021
Burlington, NC
DETAILS
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.
Reviews for Avant
Helpful Favorable Review
Ted Johnson
September 30th, 2019
Pleasant Grove, UT
DETAILS
Review Source
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
Juan vega
August 10th, 2021
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
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.
