Best Reviews TopConsumerReviews.com Bad Credit Loans Best Reviews
Best Reviews
      July 5, 2020

Home  >  Bad Credit Loans  >  OneMain Financial vs Avant

Best Bad

Credit Loans

  1. OneMain Financial
  2. LendingClub
  3. LendingTree
  4. Avant
  5. Personal Loans
  6. Bad Credit Loans

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Credit Counseling

Feather Pillows

GMAT Test Prep

GRE Test Prep

Homeschool Supplies

Investment Newsletters

LSAT Test Prep

MCAT Test Prep

Senior Care

Thyroid Health

 

Individual Reviews

Upstart

OneMain Financial

Lending Club

Lending Tree

Avant

Personal Loans

Bad Credit Loans

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

OneMain Financial vs Avant

Best Personal Loans

To help you find the Bad Credit Loans, TopConsumerReviews.com provides you with an in-depth comparison of OneMain Financial and Avant.

To see ALL of our reviews for the Bad Credit Loans, please Click Here

If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

Continue reading below reviews

Best Reviews

2020

Bad Credit Loan Reviews

4.5 stars
OneMain Financial

ONEMAIN FINANCIAL

Visit Site

Loan:

From $1,500 to $20,000

If you prefer to get a bad credit loan from a company with a long history in the industry, OneMain Financial fits the bill. Since 1912, this business has been connecting borrowers with funding with personal and auto loans, and their service includes nearly 2,000 in-person branches throughout the United States.

One of the things we appreciate about OneMain Financial is their transparency. If you click on the "Loan Amounts & Fees" link at the bottom of the site, you'll find a fairly detailed list of specifics that are important to consider if you're looking for a bad credit loan. Here are some of the most critical:

  • Loans range from $1,500 to $20,000. For the higher loan amounts, you will be required to place a lien on your car that is no more than 10 years old and titled in your name (in other words, collateral).
  • Depending on your state of residence, you may be subjected to minimum or maximum loan sizes.
  • You should expect to pay origination fees that also depend on where you live. Flat fee amounts range from $25 to $300, while percentage-based fees go from 1% to 10%. Your specific fees will be disclosed on your Loan Agreement and Disclosure Statement. You should also expect late payment fees and non-sufficient funds fees.

Another plus with using OneMain Financial for a bad credit loan is that you can check for offers without affecting your credit score. On their main page, enter your desired loan amount and click the button. On the next page, you'll enter your basic contact information, the last four digits of your SSN, your monthly net income and source, and then you'll be connected with any prequalified loan offers.

Naturally, your specific terms will depend on your unique situation. But, you can expect that OneMain will probably be able to offer you a loan - they're one of the few services available that doesn't have a minimum credit score to qualify as a borrower. Based on what we found in customer comments, your APR will probably range from 18% to 35.99%, which is as high as (or even higher than) most credit cards. Be sure you understand the terms of your loan before you make a commitment.

While the BBB gives OneMain a flawless "A+" rating, we noticed that the company had received hundreds of complaints in the 12 months prior to our most recent evaluation. Of course, most large businesses with multiple brick-and-mortar locations encounter their fair share of complaints, and the solid rating indicates that the BBB is confident that OneMain is handling those issues professionally and in a timely fashion.

But, another issue worth noting is that there was an alert in place at the time of our review, listed on the BBB site. It indicated that the OneMain name was being used by scammers to solicit fraudulent "advance fees" for loans after telling people they had been approved for funding. So, if your interest in OneMain began with any kind of unsolicited contact (phone call, fax, or email), we strongly recommend you go directly to OneMain's site or toll-free number instead.

We think that OneMain Financial checks all of the most important boxes when it comes to bad credit loans: no minimum score required, transparency with respect to fees, and a fantastic reputation across more than a century in business. While their loans won't come cheap, they're definitely a possibility for most people with credit history issues.

Visit Site
3 stars
Avant

AVANT

Visit Site

Loan:

From $2,000 to $35,000

Even though Avant has only been around since 2012, they've already funded more than $6.5 billion in loans. With headquarters in Chicago, this company seeks to provide access to funding, including bad credit loans, to "middle-income borrowers". So far, that represents more than 800,000 people who have been helped by loans through Avant.

Avant doesn't specify a minimum credit score necessary to qualify for one of their loans, but they state that the majority of their clients have scores between 600-700, and we found several third-party sites that said you'll need a minimum score of 580 to be eligible. (For reference, Avant considers anything less than 580 as "poor".) To find out what loan options you have, you'll have to allow them to do a soft pull by entering your information, including your full Social Security number, monthly net income, and your current credit score. Expect to need at least $20,000 in gross annual income to qualify for a bad credit loan with Avant.

What does Avant charge in fees? Most customers pay an administrative fee of up to 4.75%. APRs range from 9.95% to 35.99%, with loan terms from 24 to 60 months. You can borrow anywhere from $2,000 to $35,000, depending on your overall situation (e.g. income, whether you own or rent, etc.).

At first, we found only positive things to say about Avant. Over 10,000 independently-verified customer reviews, the company received nearly 9,500 4- or 5-star reviews. Borrowers said that they got their money very quickly, the process was simple, and that even with bad credit they were still able to get a loan. And, although we didn't find it referenced on the Avant site, we found customers referring to a "postpone payment rule" that's allowed once a year (which we encourage you to ask about if you decide to use this lender).

But, since the time of our last review, the company's rating with the BBB dropped from an "A+" to an "A-" (while still maintaining accreditation). Unfortunately, in April 2019 Avant agreed to settle on charges made by the Federal Trade Commission regarding "deceptive and unfair loan servicing practices". Those charges included failing to credit loan repayments in a timely way, giving consumers incorrect information with respect to payoff amounts, and charging borrower's accounts multiple times in a month. (One customer had his monthly amount debited more than 10 times in one day!)

For all of those reasons, Avant winds up in the middle of our rankings. We're glad to see so many customers who have had great experiences with this lender, especially those who might not qualify for a bad credit loan elsewhere. However, having charges brought by the FTC is no laughing matter, and we hope that Avant continues to shore up their reputation moving forward.

Visit Site

Continued from above

Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

How To Get A Mortgage With Bad Credit

Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Can you get a mortgage if you have bad credit?

Published:  Tue, 30 Jun 2020 17:10:00 GMT



Loan servicing company doValue to handle Bain Capital Credit's Greek NPL portfolio

Loan servicing company doValue said on Thursday it will handle a $1.8 billion bad loan portfolio that Bain Capital Credit bought from National Bank of Greece last month. ATHENS, July 2 (Reuters) - ...

Published:  Thu, 02 Jul 2020 03:37:00 GMT



So that you have actually Bad Credit but want to get a auto loan?

So that you have actually Bad Credit but want to get a auto loan? You will find boat loan companies as well as other establishments that provide bad credit auto loans to customers with damaged credit, ...

Published:  Wed, 24 Jun 2020 12:55:00 GMT



Monte Paschi Approves Plan to Offload Over 8 Billion Euros of Bad Loans

Italy's Banca Monte dei Paschi di Siena approved a plan on Monday to offload more than 8 billion euros ($9 billion)in gross bad loans in a move that could pave the way for a possible re-privatisation ...

Published:  Mon, 29 Jun 2020 15:05:00 GMT



Economy's next big problem: Managing bad loans

Those adjustments made by consumers are about to hit the U.S. economy in a big way, one that eventually will determine the winners and losers across all industries as employers adjust how they sell ...

Published:  Thu, 25 Jun 2020 11:00:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure