Best Reviews TopConsumerReviews.com Best Installment Loans Best Reviews
Best Reviews
      March 31, 2020

Home  >  Installment Loans  >  SoFi vs Avant

Best

Installment Loans

  1. LendingClub
  2. Upstart
  3. Avant
  4. 100 Lenders
  5. Net Credit
  6. One Main Financial
  7. Personal Loans
  8. LifeLoans
  9. Max Lend

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

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

Latest Reviews

Auto Warranties

Bad Credit Loans

Batteries

Cheesecake Clubs

Creatine

Credit Monitoring

Home Gyms

iPhone Repair

Popcorn Clubs

Rowing Machines

 

Individual Reviews

SoFi

LendingClub

Live Watch

Avant

100 Lenders

Net Credit

One Main Financial

Personal Loans

Life Loans

Max Lend

 

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

SoFi vs Avant

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of SoFi and Avant.

To see ALL of our reviews for the Best Installment Loans, please Click Here

Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isn’t enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Continue reading below reviews

Best Reviews

2020

Installment Loan Reviews

5 stars
SoFi

SOFI

Visit Site

Loan:

From $1,000 to $100,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award Although their name may sound strange, SoFi is making a splash in the personal finance market. You may have already guessed that their name comes from the words "social finance", not just helping connect borrowers with lenders but also using all of the technological tools at their disposal to help their "members" get on solid financial footing.

While most sources of installment loans may feel cold and impersonal, SoFi strives to partner with their borrowers. Check out some of the perks that SoFi offers that their competitors generally do not:

  • Referral bonuses - when a new loan is made based on a current member's referral, both the new member and the person referring them get a cash reward
  • Unemployment protection - if a member loses their job through no fault of their own, payments can be suspended for a combined total of 12 months throughout the repayment term
  • Job-hunting assistance - SoFi's Career Strategy experts even help members to find a new job if they become unemployed during the course of their loan

SoFi is equally borrower-friendly when it comes to transparency. Unlike some lenders that seems to purposely hide their rates and fees, SoFi publishes its installment loan rates very clearly - and, better yet, they're extremely competitive: at the time of our review, variable interest rate products had an APR ranging from 5.05% to 10.85%, and fixed-rate interest products ranged from 6.20% to 12.49%. Available loan terms were 3, 5, and 7 years for both fixed and variable interest rate loans. You won't pay any fees for prepaying your loan payments, and SoFi will also save you cash by not charging any origination fees.

As you begin the application process, expect to provide your name and address, any post-secondary education details, as well as your current wages/salary and employer name. You will only need to provide your SSN if SoFi isn't able to confirm the other information you provided. You'll also need to meet their eligibility criteria; because states aren't eligible for SoFi loans, we encourage you to click on the link "Eligibility Criteria" at the bottom of the page, to make sure your state is included and to read up on any other information specific to where you live.

Across a wide range of products - not just installment loans, but also student loan refinancing, mortgage loans and refinancing, and more - SoFi does not disappoint. We highly recommend SoFi for their lack of fees, extremely low interest rates, and member-friendly perks.

Visit Site
4 stars
Avant

AVANT

Visit Site

Loan:

From $2,000 to $35,000

Avant opened their doors in Chicago in 2012 and received their first accreditation with the Better Business Bureau in March 2015. A relative newcomer to the online lending area, they currently hold a solid A+ rating with the BBB.

Avant provides a wide range of consumer loans, anywhere from $2,000 to $35,000. Typically loans provided through the Avant platform include terms from 2 to 5 years. As an example, a $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

While Avant is relatively new to the online lending business, their platform has already issued more than $1 Billion in loans to over 450,000 customers. Employing almost 500 employees, they work to provide affordable loans to consumers in need, and bring a professionalism and dedication that is welcome to this industry.

Avant's loan application process is very easy:

  • You provide basic information, such as your full name and address, income details, and social security number
  • Once you receive your loan offer, you digitally sign the contract they send
  • If approved, you could receive your money as soon as the very next business day‡

Worth noting, there are no extra charges for prepayment of your loan, although late fees may apply if a payment is missed. Customer service is available 7 days a week.

We're encouraged to see the Avant lending platform enter the marketplace. They've earned a high BBB rating in a very short period of time, and don't charge exorbitant or hidden fees. Along with the fast loan application process, Avant earns high marks for installment loans.

Visit Site

Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms – such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

Banks may soon offer Americans more loan options-here's what experts say you need to know before borrowing

As the number of unemployed Americans soars because of the coronavirus pandemic, federal regulators are looking for ways to get cash into their pockets. One new initiative: get more banks and credit ...

Published:  Fri, 27 Mar 2020 18:01:00 GMT



Banks May Soon Offer More Loan Options - Here's What to Know

The regulators said that banks and financial institutions could structure these new loans in a variety of ways, including open-end lines of credit, installment loans paid back over a set duration or ...

Published:  Fri, 27 Mar 2020 15:17:00 GMT



Over 5mln beneficiaries for loan installments postponement: Central Bank of Egypt

An official Central Bank of Egypt (CBE) source has revealed that there are over 5 million beneficiaries of the CBE initiative to postpone loan installment payments. This includes both individual ...

Published:  Sun, 29 Mar 2020 02:18:00 GMT



Installment Loans: Here's What You Need to Know

An installment loan may not be a household term. But if you look closely at it, you'll realize that it's one of the most common types of loans out there. Most probably, you have already used it under ...

Published:  Wed, 25 Mar 2020 15:08:00 GMT



What Is Amortization and How Do You Use It To Pay Off Loans?

Both companies and individuals can leverage amortization to write off assets over that assets anticipated period of usage, and create faster ways to pay off installment loans - moves that can ...

Published:  Mon, 03 Dec 2018 12:33:00 GMT



Regulators encourage lenders to give loans to responsible consumers and small businesses during COVID-19 outbreak

What types of loans will be available? The group left open the range of loan possibilities to lending institutions, but it suggested open-end lines of credit, closed-end installment loans, or ...

Published:  Fri, 27 Mar 2020 07:56:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure