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We recommend LendingPoint for borrowers with fair credit who have trouble qualifying with other lenders due to derogatory marks in their credit history. Borrowers with average credit scores of 600–700 will likely obtain lower rates with Avant.
LendingPoint vs. Avant
Both LendingPoint and Avant are very lenient regarding fees. Based on information we received from the lender, LendingPoint charges neither late payment fees nor non-sufficient balance fees. By contrast, while Avant does charge late payment fees, borrowers are allowed to move their payment dates, at any time, up until the day before it's due. Borrowers who are docked a late-payment fee can have it refunded after three subsequent on-time payments.
Those looking for the lowest possible APR will obtain a better deal with Avant, as the lender's rates start at 9.95%, while LendingPoint starts its rates at 15.49%. Both lenders charge origination fees, but Avant retains the edge in this category as its origination fee is capped at 4.75% relative to LendingPoint's 6%.
At the time of this writing, preliminary applications submitted using a borrower profile with a credit score of 730+ for $25,000 in funding received quotes that started at 8.12% (not including origination fee) with Avant and 26.19% (including an origination fee of 6%) with LendingPoint. While these results are not necessarily representative of every applicant, it seems that Avant's rates are significantly cheaper for borrowers with better credit scores. Nevertheless, we recommend that interested borrowers attempt to prequalify with both, as neither lender requires a hard credit pull to check your rate.
Additionally, LendingPoint is the only borrower to offer bi-weekly repayments to match most payday schedules. Bi-weekly repayments decrease the amount paid per payment and can help borrowers avoid a large cash outflow once a month. However, borrowers who prefer standard monthly payments will still have that option when selecting a loan term.
|LendingPoint (Read Review)||Avant (Read Review)|
|Amounts||$3,500 - $25,000||$2,000 - $35,000|
|Rates||15.49% - 35.99%||9.95% - 35.99%|
|Terms||2 to 4 years||2 to 5 years|
|Funding Time||As fast as next business day||1+ days|
|Apply Now||Apply at LendingPoint||Apply at Avant|
How to Qualify
Both LendingPoint and Avant cater to similar credit profiles, with LendingPoint more likely to approve borrowers on the lower end of the credit spectrum. While Avant lists that the majority of its applicants fall into the 600–700 credit score range, LendingPoint advertises that it focuses on lending to "near prime" borrowers who may sit on the edge of qualifying. LendingPoint's approval method relies less on a borrower's credit score and funds loans based on a holistic review of each credit profile; consequently, it is likely to be more lenient when it comes to approvals and lower credit scores. In fact, the lender goes so far as to accept applications from borrowers who have declared bankruptcy in the past.
However, borrowers with below-average credit who are able to obtain a co-signer with good credit will be better off with Avant, as the lender allows co-signers on its applications, whereas LendingPoint does not. Co-signed applications are likely to obtain a better rate.
How to Choose Between the Two
Avant and LendingPoint both offer fairly similar loan products. Your preferred lender will depend on your unique credit history and personal needs. We've identified the unique strengths of each lender below:
|Better For||Borrowers with fair to average credit scores of 600 to 700||Borrowers who want flexibility in adjusting their repayment dates||Borrowers who want the greatest accessibility to their loan accounts|
If you've previously declared bankruptcy or have black marks on your credit report, consider LendingPoint. LendingPoint explicitly states on its website that it considers loan applicants who have declared bankruptcy in the past. The caveat is that the bankruptcy must have been discharged over one year ago, which means that you’ll need to wait to apply if you've exited bankruptcy within the past year. Additionally, whereas the majority of Avant's borrowers fall within the 600–700 credit score range, LendingPoint does a holistic review of credit profiles to help qualify "near prime" borrowers who sit on the edge of approval.
If you want flexibility in repayment dates, consider Avant. Avant offers almost unparalleled flexibility in the repayment dates of your loan. Borrowers with Avant can change their repayment dates up to the day before their payments are due. By contrast, LendingPoint requires at least five business days’ prior notification and will require a signed loan modification agreement for permanent changes.
If you want greater flexibility in the use of your loan, consider LendingPoint. Many lenders restrict borrowers from using their loans for business or education expenses. Avant, specifically, will not allow its loans to be used for any business-related purpose. By contrast, LendingPoint allows its loans to be used for any legal personal expense or purchase.
If you want greater accessibility to your loan account, consider Avant. In addition to 24/7 access through the company website, Avant boasts a mobile application that allows borrowers to check their loan status through their smartphones. Additionally, Avant customer service representatives are available by phone until 10:00 p.m. Central on weekdays and 8:00 p.m. Central on weekends, seven days a week.
If you want to minimize the amount of each payment by increasing your payment frequency, consider LendingPoint. LendingPoint is one of the only personal loan providers that we've seen provide borrowers with the option of bi-weekly repayment cycles. Compared to a standard monthly repayment cycle, this allows you to reduce the amount of each payment while increasing your payment frequency.
If you want a lender that operates in almost every state, consider Avant. To date, Avant is a licensed lender in 47 states in addition to Washington, D.C. By comparison, LendingPoint is currently only available across 32 states and Washington, D.C.