In this Comparison
If you are in the market for a personal loan, there are plenty of great online lenders available for you to use. This guide is going to compare what the offerings at LendingPoint, FreedomPlus, and Avant look like.
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|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 7.99% – 35.99%
| 9.95%-35.99%
| 7.99%-29.99% |
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24 to 48 months
| 24-60 Months | 24 to 60 months
|
Loan Amount | $2,000 – $36,500
| $2,000 – $35,000
| $7,500 -$40,000
|
Min Score | 580 | 580 | 620 |
When LendingPoint Shines?
LendingPoint has the aim of providing borrowers with easy access to funds, dealing with lower credit scores and quick turnaround times.
LendingPoint personal loan can be a better choice than Avant and FreedomPlus if you:
- Have a low credit score
- Need fast access to funds
- Like being able to manage your loan via mobile
When FreedomPlus Shines?
FreedomPlus is a part of the Freedom Financial Network and has been providing personal loans since 2013. It mainly deals with people who have at least average credit and those who want relatively large loans.
FreedomPlus personal loan can be a better choice than Avant and LendingPoint if:
- You are looking for a large loan
- Want an efficient application process
- Need a joint loan
When Avant Shines?
Avant is a lender that is based out of Chicago and deals with people who have lower credit and the lender also has a very good mobile app.
Avant personal loan can be a better choice than LendingPoint and Freedom if:
- Need quick access to funds
- Want supreme ease of use when managing your loan
- Require access to customer support seven days a week
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Requirements
A LendingPoint loan starts at $2,000 and goes as high as $36,500. In contrast to LendingPoint, FreedomPlus has one of the biggest minimum loan sizes around at $7,500. Its max loan size reaches $40,000. Finally, you can get a loan from Avant worth between $2,000 and $35,000.
LendingPoint and Avant will deal with credit scores that are as low as 580. FreedomPlus needs applicants to have a credit score of 620 or greater.
LendingPoint requires its applicants to have a debt-to-income (DTI) ratio of no more than 50%, with FreedomPlus requiring a max DTI of 45%. Finally, you need a net income of at least $1,200 to get an Avant personal loan. Each of these three lenders needs applicants to be adults, as well as being a visa holder, resident, or a citizen of the United States.
LendingPoint - Pros & Cons
- Fast Funding
LendingPoint makes sure that its borrowers get quick access to borrowed funds, usually within 24 hours.
- Various Payment Methods
There are many ways that you can make your LendingPoint repayments.
- Easy Pre-Qualification
You can quickly pre-qualify for a LendingPoint personal loan without needing to have a hard credit check completed.
- Repayment Flexibility
You are able to change the due date of your payments, as well as decide if you want to pay bi-monthly, every 28 years, or monthly.
- Fees
You will need to pay an origination fee a lot of the time with a LendingPoint personal loan.
- Not Available in Each State
There are about ten states in which you will not be able to get a LendingPoint personal loan.
FreedomPlus - Pros & Cons
- Different Discounts
FreedomPlus offers a joint loan discount, as well as offering a discount if you make direct pay deposits or have a certain retirement asset balance.
- Flexible Repayments
You can change the payment due date twice over the course of a year, as well as initially setting your preferred payment date.
- Fast Funding
FreedomPlus aims to approve applications on the same day, as well as having the goal of sending funds within three business days.
- Joint Loans
FreedomPlus is one of a few online lenders that allows you to get a joint loan.
- Fees
There is an origination fee in place that can range from 1.99% to 4.99% on your FreedomPlus personal loans.
- High Minimum Loan Size
The smallest loan that you can get with FreedomPlus is $7,500, which is quite high.
Avant - Pros & Cons
- Top-Tier Mobile App
Avant has one of the best mobile apps in the space, allowing you to carry out all key functions when it comes to loan management.
- Job Loss Protection
You will be able to get direct support with your loan repayments if you lose your job.
- Low Barrier to Entry
You can get a personal loan from Avant if you have a credit score of just 580.
- Quick Funding
Avant makes sure to be speedy when reviewing applications, as well as aiming to provide funds to borrowers the next business day.
- Fees
You will need to pay an origination fee of up to 4.75% at times with Avant personal loans.
- Limited Loan Options
There is no way for you to obtain a co-signed loan, joint loan, or secured loan with Avant.
Repayment Options
LendingPoint gives you the chance to alter your repayment due date. You can also decide if you want to make payments every two weeks, every 28 days, or once a month. LendingPoint does not allow you to send payments directly to your creditors and there is no autopay discount in place. Finally, there is no penalty if you make early repayments.
With FreedomPlus and Avant, you can set your payment due date initially, as well as change it twice during the course of a 12-month period. You also get the option to send payments directly to creditors with FreedomPlus. Neither FreedomPlus nor Avant offers an autopay discount either, with Avant offering a refinancing option to borrowers.
Customer Experience
LendingPoint | Avant | FreedomPlus | |
|---|---|---|---|
iOS App Score | 4 | 4.5 | N/A |
Android App Score | N/A | 3.6 | N/A |
BBB Rating | A+ | A- | A+ |
WalletHub Rating | 4.3 | 4.2 | 4.5 |
Contact Options | phone/mail | phone/mail | phone/mail |
Availability | N/A | 7 am – 10 pm (CST) | N/A |
One of the limiting factors of using LendingPoint is that it only sends payment reports to two of the three major credit bureaus. The help center is very well managed, giving you access to a great collection of resources regarding personal finance. LendingPoint does allow you to manage all aspects of your loan through the mobile app, which is ideal. The lender also has an A+ rank with the Better Business Bureau.
FreedomPlus does not really focus on providing financial education, its main focus is on the provision of loans. You will only be able to reach the support team five days a week and you are unable to access any sort of FreedomPlus mobile app. There is an A+ rating for FreedomPlus from the Better Business Bureau.
You have access to seven-day customer support at Avant and you have a lot of transparency on the website when it comes to fees and requirements for applicants. You have access to a top-tier mobile app for the management of your loan at Avant. This lender no longer has a Better Business Bureau accreditation as a result of government actions into its marketplace conduct.
Which Personal Loan is The Winner?
FreedomPlus is an online lender that only deals with relatively large loan sizes and also offers the likes of joint loans. Avant is focused on people with lower credit scores and places an emphasis on providing quick access to funds.
Finally, LendingPoint is an option that is similar to Avant in a lot of ways due to its acceptance of lower credit scores and fast application process.
| | | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 7.99% – 35.99%
| 9.95%-35.99%
| 7.99%-29.99% |
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24 to 48 months
| 24-60 Months | 24 to 60 months
|
Loan Amount | $2,000 – $36,500
| $2,000 – $35,000
| $7,500 -$40,000
|
on Credible website |
on Credible website |
on Credible website |
FAQs
Can I get a LendingPoint loan with a 600 credit score?
LendingPoint does offer loan solutions for those who have less than ideal credit, so with a fair credit score of 600, you shouldn’t experience a credit score barrier.
However, you may not be able to access the lowest advertised rates, which are typically reserved for those with good or excellent credit.
Can I negotiate with LendingPoint?
LendingPoint does not advertise a rate matching service, but if you are shopping around for a loan, it may be possible to negotiate with this lender.
If you have prequalified for a better rate with another lender, but would like to go with LendingPoint, it is worth speaking to a member of the team. Just bear in mind that your LendingPoint loan may have an origination fee, which should be considered when you’re making comparisons with other lenders.
Does Avant offer more financial products besides personal loans?
Avant specializes in lending products, so its product line is limited. In addition to personal loans, Avant’s only other product is a credit card. This card is designed for those who are looking to build their credit or keep their finances under control. It does not require a deposit and has no hidden fees.
Do Freedom personal loans require proof of income?
One of the best aspects of Freedom is that they provide quick funding. The majority of customers will receive a lending decision the same day they submit their application, with funding available within three days of approval.
However, in some cases, Freedom may require additional supporting documentation to verify income.
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Compare Alternative Lenders
LendingPoint vs Upstart vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
Freedom vs Upstart vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Freedom Vs Upstart Vs Avant: Choose The Right Personal Loan
Avant vs OneMain vs LendingClub
LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.
Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.
Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?
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OneMain vs Upstart
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