If you have less than perfect credit, Earnest and Avant are worth considering if you’re looking for a personal loan. By comparing personal loans from Avant and Earnest, Earnest allows you to search for lenders you might qualify for, and some borrowers may be able to qualify for larger loans. Avant works primarily with borrowers with fair credit, although the minimum credit score requirement is low. Both are trusted online personal loan companies, so consider the costs and time commitment of each before making your final decision.
Earnest vs. Avant at a glance
Earnest is a service that matches borrowers and lenders, allowing you to quickly compare options. However, it is not forthcoming about the demands of its lenders. Avant may be more expensive, but it offers a similarly quick process for borrowers with bad credit.
| Serious | Avant | |
|---|---|---|
| Bank rate score | 3.7 | 4.7 |
| Better for | Compare multiple lenders | Borrowers with bad credit |
| Loan amounts | $1,000 – $250,000 | $2,000 – $35,000 |
| APRs | Varies per lender | 9.95%-35.99% |
| Length of the loan | 6 months-12 years | 12-60 months |
| Cost | No | Up to 9.99% administration costs |
| Minimum credit score | 680 | 580 |
| Time for financing | Varies per lender | As soon as the next working day |
Serious personal loans
Learn more
in our bank interest overview
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Positives
- The lenders accept joint applications.
- Wide range of loan options.
- Higher loan amounts.
Cons
- No direct lender.
- Good credit required.
- There is no guarantee that you will find a lender.
Avant personal loans
Learn more
in our bank interest overview
-
Positives
- Accepts bad credit.
- Competitive from April.
- Fast approval process.
Cons
- High administration costs.
- Low maximum loan amount.
- No joint applications.
How to choose between Earnest and Avant
Although Earnest is not a direct lender, the lenders in its network may have personal loans similar to those offered by Avant. With fully online processes, it may make sense to apply to both and see which has the better offer. Still, in our overview of Avant vs. Earnest loans, there are some key ways to determine which lender you should choose.
Earnest is better for comparing multiple lenders
Earnest is a good option if you’re new to borrowing a personal loan or if you don’t have the best credit. This allows you to compare lenders to see what you qualify for. And with the ability to apply to the lenders with a co-borrower, you may be able to score a lower rate than with Avant. However, it’s not guaranteed – and some Earnest lenders may charge higher origination fees, making your loan more expensive.
Avant is better for bad credit
Avant is a good choice if you have bad credit, although it offers better rates to borrowers with fair or good credit. Avant may have a faster processing time than Earnest, and Avant’s mid-market loans are good if you don’t need to borrow much.
Compare lenders before applying
Both Earnest and Avant are good options for medium-sized loans. It may also be worth applying through both to see what rates and terms you can get. But while you may not qualify for the lowest rates if you don’t have good credit, you should still compare more lenders to make sure you’re getting the best terms on your personal loan.
