Since 2012, Avant has lent $4 billion to 600,000 individuals across the U.S. and the U.K. Loans are geared specifically towards those with low credit scores who are looking for fixed interest rates and 2 to 5 year terms. With a 4.5 customer rating, 9/10 recommendation rating, 7 day customer support availability, mobile app, and next-day funds - Avant provides top-notch service for busy customers.
Wish to have their loan funded as soon as the next business day
Would like customer support available 7 days a week
Most customers that receive loans have a credit score of 600 to 700
Must reside in any U.S. state except CO, IA, NY, WV, or VT
*If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. 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. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
Upstart is for individuals with high credit scores who want to consolidate debt. This service offers customers a wide array of flexible options, which range from small to large loan amounts, competitive interest rates, and 3 to 5 year terms. With Upstart, consumers face zero prepayment penalties and can apply within minutes.
Best For People Who
Want to lower their rate
Wish to resolve their debt obligations as an alternative to bankruptcy, debt settlement, or credit counseling
Minimum credit score of 620
No bankruptcies or public records on credit report
Reside in any U.S. state except IA or WV
*The average 3-year loan on Upstart will have an APR of 19% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. **The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR and loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Prosper is ideal for individuals with high credit scores who want fixed rate personal loans. This lending platform offers customers low origination fees, zero prepayment penalties, and competitive interest rates. With Prosper, customers can borrow, consolidate, and save.
Wish to pay off their debt with fixed 3 or 5 year terms
Need a budget-friendly, single monthly payment
Minimum credit score of 640
Reside in any U.S state except IA, WV
For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.9. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.