In this Comparison
There are all sorts of online lenders providing personal loans to people today in a fast and efficient manner. This review is going to consider the offering from leading lenders – OneMain, Avant, and LendingClub.
LendingClub is a peer-to-peer online lending marketplace that likes to focus on people who might have lower credit scores. The California-based company has served over three million customers in the US.
Avant is a Chicago-based lender that offers personal loans to people who have poor credit scores. It also provides you with quick access to funds and flexible repayment options. While OneMain is an online lender, it also has more than 1,500 physical branches all across the United States. This lender provides you with fast access to funds and also has a wide range of loan options.
 |  |  | |
|---|---|---|---|
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.
| 18.00% – 35.99%
| 9.95% – 35.99%
| 8.30% – 36.00%
|
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.
| 24-60 months
| 24-60 Months
| 36 – 60 months
|
Loan Amount | $1,500 -$20,000
| $2,000 – $35,000
| $1,000 – $40,000
|
Minimum Score | No Minimum | 580 | 600 |
When to Consider OneMain Personal Loan?
OneMain has plenty of different types of loans on offer, including joint loan and secured loan options. You are also able to get access to relatively small loan sizes and you can get your hands on the borrowed funds usually the day after your application has been approved. Finally, there is a seven-day cancellation policy in place in case you change your mind about your personal loan.
OneMain does charge an origination fee that changes from state to state. This can be as low as 1% and up to 10%, which is quite high if you are paying this max amount. You also will not get any type of autopay discount and OneMain is not available in every state.
When to Consider Avant Personal Loan?
Avant stands out as it allows people with a credit score of just 580 to apply if they meet the minimum income requirements. It also only conducts a soft credit check initially, allowing you to pre-qualify for a loan. There is also next-day funding available, meaning that you can get quick access to funds. Finally, you can easily change the repayment due date with Avant.
There is an origination fee charged by Avant that can rise to 4.75%. Other lenders will not charge any sort of origination fee. There are also no joint, secured, or co-signed loans available from Avant. Finally, if you get a debt consolidation, there is no option for you to direct payments to your creditors.
Avant is a good fit if you have a low credit score and struggle to get a personal loan elsewhere. It is also an ideal fit if you are looking to get very quick access to funds.
When to Consider LendingClub Personal Loan?
One of the main advantages of using LendingClub for your personal loan needs is that it offers a loan of as little as $1,000. This is lower than what you will find with most other online lenders. It also accepts people who have a credit score of as low as 600, which is a lower minimum than a lot of other lenders. It also has flexible repayment options, including the ability to change your repayment date and send payments directly to creditors if you have a debt consolidation loan.
There is an origination fee charged by LendingClub, while. A lot of its competitors forgoes such a fee. There are also only two term lengths available, while you are not able to use a LendingClub loan for refinancing purposes.
LendingClub personal loan is ideal for people who are looking for a smaller-sized loan or for those who have a relatively low credit score.
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Requirements
LendingClub has one of the lowest minimum loan sizes in the space today, allowing you to borrow just $1,000 and up to $40,000. Like LendingClub, Avant also has a relatively small minimum loan size of $2,000 and a max loan of $35,000. Finally, OneMain has a tighter range of loan sizes, ranging between $1,500 and $20,000.
For LendingClub applicants, you need to have a debt-to-income (DTI) rating that is no more than 40%. As Avant is more all-encompassing when it comes to the types of applicants it accepts, it will take someone who has a DTI of up to 70%. Finally, OneMain does not provide any DTI requirements.
Avant will require a monthly net income of $1,200 and a monthly cash flow of $500 for someone to get a loan. Each of these lenders will require applicants to be of age, as well as either being a citizen of the US, a permanent resident or hold a particular type of visa.
Repayment Options
You are only able to get a term length of either three years or five years with LendingClub. There are late fees charged, as well as there being a lack of an autopay discount. You are given the ability to alter the due date of your payments as you please.
Avant allows you to change the due date of your payments as you please, but you cannot direct payments straight to creditors if you are consolidating debt. There is also no rate discount if you set up automatic repayments and you will need to pay a late fee if you miss a payment.
You are able to choose and alter your payment due date with OneMain. While there are no auto payment discounts available with OneMain, you will also not have to pay any late fees if you miss a payment.
Customer Service
LendingClub | OneMain Financial | Avant | |
|---|---|---|---|
iOS App Score | 4.5 | 2.8 | 4.5 |
Android App Score | 3.3 | 2.8 | 3.6 |
BBB Rating | N/A | A+ | A- |
WalletHub Rating | 4.5 | 3.8 | 4.2 |
Contact Options | phone | phone | phone/mail |
Availability | 5 am – 5 pm (PT) | 7 am – 7 pm (CST) | 7 am – 10 pm (CST) |
LendingClub makes sure that its users have access to a lot of different useful resources. The phone line will be open every day except for Sunday and there is also the option to send the team an email. Currently, you cannot manage your loan through a LendingClub mobile app.
Avant has plenty of useful blog articles available that cover a wide range of personal finance topics. For personal loan-related questions, the phone lines are open seven days a week during particular hours. There is also an email form on the Avant website that can be filled in with your query.
The Avant mobile app is ideal for when you are looking to easily manage your loan, while the Better Business Bureau has granted Avant a rating of A-. Avant has faced significant government action over its conduct in the marketplace in recent years.
OneMain allows you to quickly complete an online application in no time at all. OneMain has plenty of financial education resources available on its website. The phone lines are only open from Monday to Friday between certain hours, while there is also a mobile app that can be utilized for managing your loan. Finally, OneMain has received an A+ rating from the Better Business Bureau.
Which Personal Loan Lender Wins?
OneMain and Avant both provide you with very fast access to funds and they both also accept people who might not have the best credit. LendingClub is similar and it offers loan sizes of as little as $1,000. All of these options charge origination fees and do not have any autopay discounts.
| | | |
|---|---|---|---|
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.
| 18.00% – 35.99%
| 9.95% – 35.99%
| 8.30% – 36.00%
|
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.
| 24-60 months
| 24-60 Months
| 36 – 60 months
|
Loan Amount | $1,500 -$20,000
| $2,000 – $35,000
| $1,000 – $40,000
|
on Credible website |
on Credible website |
on Credible website |
FAQ
OneMain is a decent option if you have a fair or bad credit rating. With a 600 score, you are firmly in the fair credit bracket, so you should have no major obstacles with OneMain. However, you may be encouraged to take out the optional credit insurance that adds to the cost of your loan.
OneMain does offer pre qualification with a soft credit check for potential customers. You can submit an inquiry to check your status and determine your rate. This is a simple process and if you then decide to proceed, upon final approval, you can expect your funds the same day.
LendingClub does allow potential customers to check if they qualify and look at their rate. This involves submitting a basic online form, so LendingClub can check if you meet the basic eligibility requirements.
At this stage, LendingClub will perform a soft credit check that will not impact your credit score. If you decide to complete the application process and submit any required documentation, this will trigger a hard credit search.
In comparison to many other lenders, Avant has more lenient lending criteria. This means that having only a 500 credit score may work. You are unlikely to be able to obtain the lowest advertised rates with this score, but you may still be approved if you meet the other lending criteria.
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OneMain vs Mariner Finance vs Netcredit
All three of these lenders have a lot of similarities. They each cater to people with poor credit scores and can have quite high rates of interest.
NetCredit and OneMain are very good for providing fast access to funds, while these all offer small loans. Out of all of these offerings, OneMain stands out the most when it comes to its range of options.
Read Full Comparison: OneMain vs Mariner Finance vs Netcredit: Which Personal Loan Is Better?
OneMain vs Upstart
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
OneMain vs Payoff vs SoFi
Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers
LendingClub vs LendingPoint vs Upstart
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?
LendingClub vs Payoff vs Upgrade
Payoff is a lender that focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Payoff Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
LendingClub vs Prosper
In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.
Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?
LendingClub vs SoFi
Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.
Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?
Avant vs LendingPoint vs Freedom
FreedomPlus is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.
Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.
Read Full Comparison: LendingPoint vs Freedom vs Avant: Which Personal Loan Is Better?
Avant vs Freedom vs Upstart
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
