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      July 4, 2020

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Avant vs Even

Best Personal Loans

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

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

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

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2020

Personal Loan Reviews

4 stars
Avant

AVANT

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Loan:

From $2,000 to $35,000

Avant is one of the newest providers in the personal loans market, opening its doors in Chicago in 2012 and receiving its first accreditation with the Better Business Bureau in March 2015. It currently holds a solid A+ rating with the BBB.

Large range of loans

Avant provides access to one of the larger ranges of consumer loans available, from $2,000 to $35,000. Loans 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.

Busy newcomer

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

Fast processing

One feature that we liked with Avant is how quickly they provide access to funds. The Avant platform can often send your money via direct deposit as soon as the next business day‡.

Best Personal Loans

Easy application process

Avant's loan application and approval process is very easy:

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

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.

Solid choice

We're encouraged to see this 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. Combined with the ultra-fast loan application process, Avant easily earns high marks.

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3.5 stars
Even

EVEN

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Loan:

From $1,000 to $100,000

Even is a fintech business that helps connect partner lenders with borrowers to fund their personal loans. Founded in 2015 and based in New York City, this service specializes in prequalified loan offers from multiple sources, helping you shorten the process between your application and receiving your personal loan money.

10 lending partners

At the time of our review, Even was partnered with 10 lenders, many of which you'll find in our in-depth evaluations:

  • Avant
  • Best Egg
  • Freedom Plus
  • Lending Club
  • Lending Point
  • LightStream
  • Payoff
  • Prosper
  • SoFi
  • Upgrade

Wide range of loan amounts

Across their network of lenders, Even can connect you with personal loans ranging from $1,000 to $100,000, with terms from 24-84 months and APRs starting at 4.99%. Of course, your actual loan amount and terms will depend on your credit history, requested loan size, income and more. To get a list of possible offers, enter the loan amount you want, the purpose of your loan (vacation, debt consolidation, large purchase, etc.), your credit score range and your email address, among other details. The service is free and at this stage only a soft pull of your credit is required, so it won't hurt your score.

Too much information?

However, compared with similar services that connect borrowers with personal loans, we felt that Even required too much information from us before providing even basic details about the loans available through their site. Many of their competitors will show you sample terms and rates from specific providers - and some will even give you potential matches without having to enter your Social Security number until after you've selected a loan that sounds like a good fit.

Not much history

Besides that, Even doesn't tell you much about themselves, beyond the lending partners they use for personal loans. Given that they've only been around for 5 years, and that they're not accredited by the Better Business Bureau, the lack of information about them on their main personal loans landing page left us feeling uneasy. We were glad to see their "A" rating from the BBB, but there were no customer reviews made available on the Even site to lend support to that grade.

Middle of the road

All of these factors combine to give Even a middle-of-the-road rating. While we like being able to have one-stop shopping for personal loans, we feel that their competitors do a better job of offering transparency with their lenders and terms while requiring less personal information at the outset. We think you'll probably have a smoother experience when getting a personal loan through one of our higher-ranked services.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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