TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

LendingClub vs Avant

We recommend

 

Disclosure: We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

 

LENDINGCLUB

LendingClub is a recognized leader in the social lending market. They do an excellent job of bringing together lenders and those wanting a loan between $1,000 to $40,000. The benefit of choosing LendingClub is that without a bank in the mix, borrowers are able to get a lower rate on their personal loans. LendingClub currently holds a strong Better Business Bureau rating of A and helps facilitate thousands of loans for happy customers each month.

The current loan rates at LendingClub range between 6.95% and 35.89% APR. The best APR is available to borrowers with excellent credit. Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Next you'll be asked to input your name, address, income, and date of birth
  • LendingClub will verify your identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

The size of your loan and your credit worthiness impacts the turnaround time of the process. At any point you can speak to a LendingClub customer service representative to assist. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Like any peer-to-peer lending company, a fee is assessed in order to cover costs. At LendingClub you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms. For a $1,000 loan that equates to a fee starting around $11.

If you're looking for a personal loan, LendingClub offers an excellent lending process and affordable rates, from a reputable company that you can feel confident with. LendingClub earns our highest rating.

Visit Site >

AVANT

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.

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.

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.

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.

Another 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*.

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*

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 very high marks.

Visit Site >


Personal Loans

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

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.

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!



Personal Loans In The News

Everything You Need to Know About Personal Business Loans

If you're planning to start a business, you'll obviously have to face a lot of hurdles. One of the biggest hurdles you'll have to clear is to get funding for your business. According to a survey condu...

Published:  Tue, 11 Dec 2018 00:03:00 GMT



Personal loan rates increasing as Christmas approaches, analysis finds

Personal loan rates are on the increase - just as households start to feel the squeeze from Christmas debts. The average rate advertised on a £7,500 loan over five years stands at 4.8% in December - t...

Published:  Tue, 11 Dec 2018 03:31:00 GMT



5 last minute loans to help pay for Christmas

An alternative to putting it on your plastic is to take out a personal loan. While it's a little different than a credit card, personal loans often come with lower interest rates and a set repayment s...

Published:  Tue, 11 Dec 2018 16:15:00 GMT



Best home equity loan lenders for 2019

You'll be eligible for this if you pay down your loan/HELOC using the automatic payment deduction service from a TD Bank personal checking or savings account. For a HELOC, you can apply online ...

Published:  Mon, 10 Dec 2018 04:45:00 GMT



Personal Loans for Travel and Holidays

There was a time when people would save patiently for years before taking going on a holiday. The situation today has changed significantly. People with a conventional approach to personal finance ...

Published:  Tue, 11 Dec 2018 08:22:00 GMT



How to Apply for Best Personal Loan in India

Personal Loans are expensive one which is designed to attract people who needs emergency funds. Personal loans are unsecured which means you don't need to provide any security or collateral to bank. P...

Published:  Tue, 27 Nov 2018 02:56:00 GMT



How to Get Tax Exemptions on Personal Loans

But there are ways you can get tax exemptions on personal loans that depend on the purpose that you avail the loan for. 1) For investing in business If the personal loan taken out is invested into a b...

Published:  Mon, 26 Nov 2018 12:38:00 GMT



Pros And Cons Of Using Personal Loans To Consolidate Debt Shared By National Debt Relief

There is a growing number of consumers who are thinking of using a personal loan to consolidate their debts -- that is why National Debt Relief shares some of its pros and cons. The article titled "Th...

Published:  Thu, 22 Nov 2018 15:08:00 GMT




We recommend

 

- View Full Site -