Peerform vs. Avant: Which Personal Loan is Right for You?

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If you’re trying to decide between Avant and Peerform for a personal loan, we’ve evaluated specific scenarios in which one lender is better than the other. Generally speaking, we recommend Peerform over Avant if you have good to excellent credit, as the lender has lower starting rates. However, if you need funds quickly, or want a loan term longer or shorter than three years, Avant is a better choice.

Peerform vs. Avant

The main differences between the two lenders are annual percentage rates (APRs), loan terms and funding time. Peerform has a lower range of rates than Avant, but only makes loans with three-year terms. Avant provides more flexibility in regards to loan terms, letting borrowers choose terms between two and five years. Avant is quicker to fund, with most borrowers receiving funds within a few days. Peerform is a peer-to-peer lender, so funding will take longer as investors will need to fund your loan offer before you can receive money.


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Amounts$4,000 - $25,000 ($10,000 - $35,000 for consolidation loans)$2,000 - $35,000
Rates5.99% - 29.99%9.95% - 35.99%
Terms3 years (3 or 5 years for consolidation loans)2 to 5 years
  • Origination fee: 1% - 5%
  • Late payment fee: Greater of 5% of monthly past due or $15
  • NSF/returned payment fee: $15
  • Check processing fee: $15
  • No prepayment penalty
  • Origination fee: 0.95% - 4.75%
  • Late payment fee: $25
  • NSF/returned payment fee: $15
  • No check processing fee
  • No prepayment penalty
Funding Time2-14 days1+ days
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See Offers

on LendingTree's secure website

See Offers

on LendingTree's secure website

How to Qualify

Peerform is very explicit in what it takes to qualify for one of its personal loans. Not only will you need a minimum FICO score of 600, but you must have a debt-to-income ratio under 40% and meet certain requirements regarding your credit history. Avant only lists residency and age among its minimum requirements. However, the lender does state that most of its borrowers have FICO scores between 600 and 700, so we recommend applicants have a credit score of at least 600 to improve their chances of qualifying.

Eligibility Criteria
  • Credit score of 600 or higher
  • Debt-to-income ratio under 40%
  • No current delinquencies
  • No bankruptcies, tax liens, judgments or non-medical related collections in last 12 months
  • One open bank account
  • At least one credit card or revolving account opened
  • U.S. resident with Social Security Number
  • At least 18 years old

How To Choose Between the Two

To help you pick the better loan option, we’ve listed out scenarios where one lender is better than the other:

Better For
  • Borrowers with good to excellent credit
  • Terms other than 3 years
  • Lower loan amounts
  • Quick funding

If you want a loan term longer or shorter than three years, consider Avant. Peerform only offers a three-year term on its personal loans. Avant lets borrowers choose a term between two and five years. However, neither lender charges a prepayment penalty, so you can technically pay off either loan earlier than the stated term.

If you have good to excellent credit, consider Peerform. The starting rates at Peerform are almost five percentage points lower than those at Avant. On a $10,000 three-year loan, you would save over $600 in interest costs if you had a 5.99% APR instead of a 9.95% APR, which is the starting rate at Avant. Because borrowers with great credit are more likely to qualify for a lower rate, Peerform is the better option in this scenario.

If you want to borrow less than $4,000 or more than $25,000, consider Avant. Avant provides a wider range of loan amounts than Peerform, letting applicants borrow anywhere from $1,000 to $35,000. If you need to borrow more than this, we suggest SoFi, both of which offer loans up to $100,000, or your bank or credit union, which may offer personal loans up to $50,000 or more.

If you need money quickly, consider Avant. Peerform is a peer-to-peer lender, meaning investors will need to fund your loan offer before you can receive money. This process may take up to 14 days. Avant, in comparison, can fund loans in one day.

If you have a credit score under 600, you’ll need to consider other options. Peerform won’t lend to individuals with credit scores under 600, and while Avant doesn’t advertise a minimum FICO score requirement, most of its borrowers have scores between 600 and 700. If you don’t meet this cutoff, we recommend considering a secured loan option (either from your bank/credit union or an online lender) or an unsecured loan from an online lender like OneMain Financial or iLoan.

If none of these applies to you, check your rate at both lenders (and other lenders too). Both lenders will let you check your rate online without affecting your credit score. You should also check your rate at other lenders, especially if your credit score is either very high or very low. When it comes to getting a personal loan, it’s in your best interest to shop around in order to get a good deal.

Madison is a former Research Analyst at ValuePenguin who focused on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.