OneMain vs Avant: Comparing Personal Loan Options
Side-by-Side Comparison
| Feature | OneMain Financial | Avant |
|---|---|---|
| APR Range | 11.99% - 35.99% (fixed) | 9.95% - 35.99% |
| Loan Amounts | $1,500 - $30,000 (state limits apply) | $2,000 - $35,000 (minimums vary by state) |
| Min Credit Score | Not published | Not published (550 reported by NerdWallet) |
| Repayment Terms | 24 - 60 months | 24 - 60 months |
| Origination Fee | Flat $25 - $500 or 1% - 10%, by state | Administration fee up to 9.99% |
| Funding Speed | As soon as 1 hour to a debit card; 1-2 business days by ACH or check | Next business day if approved by 4:30 PM CT |
| Collateral | Unsecured or vehicle-secured | Unsecured |
| Where You Apply | Online, phone, or 1,300+ branches | Online and mobile app |
| Co-Borrower | Joint loans offered | Not offered, per third-party reports |
Branch Lender vs Online Lender
The clearest difference is how you borrow. OneMain operates more than 1,300 branches and typically completes loans by phone or in person, which some borrowers prefer when documentation is complicated. Avant is entirely online and app-based, with a soft-pull rate check and a fast ACH timeline.
Both publish similar term ranges (24 to 60 months) and neither publishes a minimum credit score. OneMain's approval factors, as stated on its site, include credit history, income after monthly expenses and available collateral. Avant says approval depends on credit determination and state law.
Costs and Collateral
Both start well above the APR floors of prime-focused lenders: OneMain at 11.99% and Avant at 9.95%. OneMain's own example is a $6,000 loan at 24.99% APR over 60 months with a $176.07 payment, based on an average customer with good credit. Avant's example is a $5,700 loan with a 9.99% administration fee at a 29.95% APR.
OneMain offers a secured option that pledges a vehicle, which may change the offer but also lets the lender repossess the vehicle if you default; covered military borrowers cannot be asked to pledge one. Avant offers unsecured loans only. Fees on both are deducted from proceeds, so compare APR rather than the interest rate.
Who Each May Fit
OneMain may suit borrowers who want to deal with a person at a local branch, may consider a secured loan, or want to apply jointly. Check that it lends in your state first.
Avant may suit borrowers who prefer a fully online process and a quick ACH timeline for a smaller loan. Neither lender guarantees approval, and both can charge late fees; read the loan agreement for the amounts that apply in your state.
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