Avant and OneMain Financial cater to borrowers with less-than-perfect credit. They have higher rates than some other lenders on the market, but they are good options if you are unable to qualify with banks or more competitive online lenders.

Avant vs. OneMain Financial at a glance

Avant and OneMain Financial have similar offers, though Avant may cost slightly less for some borrowers.

Avant OneMain Financial
Bankrate score 4.7 4.4
Better for Lower potential APR Smaller loans
Loan amounts $2,000-$35,000 $1,500-$20,000*
APRs 9.95%-35.99% 18.00%-35.99%
Loan term lengths 12-60 months 24-60 months
  • Administrative fee up to 4.75%
  • $25 late payment fee
  • $15 returned payment fee
  • Origination fee up to 10%
  • $5 to $30 late payment fee
  • $10 to $50 returned payment fee
Minimum credit score 550 No set minimum credit score
Time to funding As soon as the next business day As soon as the same day

*Loan amounts vary by state of residence

Avant personal loans

Avant personal loans

Rating: 4.7 stars out of 5
  • Green circle with a checkmark inside


    • Reasonable starting APR.
    • Late payment grace period.
    • Low minimum credit score requirement.
    Red circle with an X inside


    • High starting loan amount.
    • Steep administrative fees.
    • No joint applications.

OneMain Financial personal loans

OneMain Financial personal loans

Rating: 4.4 stars out of 5
  • Green circle with a checkmark inside


    • No minimum credit score.
    • Potential same-day funding.
    • In-person and online applications.
    Red circle with an X inside


    • High starting APR.
    • Origination fee.
    • Not available in every state.

How to choose between Avant and OneMain Financial

Ultimately, Avant and OneMain Financial are similar enough that it doesn’t hurt to apply with both lenders. Since they allow you to prequalify for a loan, you can see your potential rates without impacting your credit score. This means you can make an informed decision and choose the lender that offers you the better deal.

Avant has a lower potential APR

Avant is a good choice if you meet its credit requirement because of the lower APR. While you could receive an APR similar to the range offered by OneMain Financial, the chance of a lower monthly payment makes applying worthwhile. Its lower fees and late payment grace period are also benefits.

OneMain Financial has smaller loans

OneMain Financial is a good choice if you need to borrow a smaller loan or don’t meet Avant’s credit requirements. Its minimum loan amount is $1,500, and you could get funded the same day you apply. Provided that the monthly payments fit comfortably into your budget,  OneMain Financial is a better choice for borrowing less — which could mean spending less overall.

Compare lenders before applying

Avant and OneMain Financial are solid options but aren’t the only available choices. There are a wide range of bad credit loans available, so keep searching until you find a lender that works for you. As with any loan, calculate the cost — with fees — before you borrow to ensure you are getting a loan that fits your budget.