The largest drawback of Avant is that, like most personal loan companies focusing on subprime borrowers, the APR is high. The top-end interest rate of % is significantly higher than those of other lenders, making it a poor choice for individuals with a good or excellent credit history.
The company also has an upfront administrative fee of 4.75% of the total loan amount and charges late fees on missed payments. Avant has recently faced a lawsuit alleging that the company charged late fees and interest that customers didn’t owe and withdrew unauthorized amounts of money. However, because there’s a lot of FTCscrutiny on the lender, chances are that it’s mended its ways, as the 4.7 TrustPilot rating may indicate.
If you’re looking for personal loan lenders that offer flexible loans and require a relatively low minimum credit score, Avant is a good option. Its low requirements and fast turnaround times make it appealing to people with fair credit who need their loan funds as soon as possible.
CashUSA is another online loan provider that offers unsecured personal loans for a variety of needs such as home remodeling, debt consolidation, or vacation.
- Be at least 18 years old
- Be a U.S. citizen or permanent resident
- Have at least 90 days of employment
- Have a checking account in your name
- Be able to provide a phone number and valid email address
CashUSA is not a direct lender, but rather a marketplace that connects you with a lender based on your needs. The advantage of using a marketplace such online installment LA as CashUSA is that you have a stronger chance of getting a loan because there are dozens of lenders within the network.
CashUSA has a maximum loan amount of $10,000 and loan durations ranging between 90 days and 72 months
The interest rate you pay on your personal loan will depend on the lender you are connected with as well as your credit score. However, most lenders offer interest rates between 5.99% and %.
It is free for borrowers to use CashUSA to find a personal loan. CashUSA makes its money from lenders that pay a commission for referrals. Once you’re approved for a personal loan, your lender will provide you with the exact fees and interest rate prior to your approval of its offer.
CashUSA offers some of the fastest personal loans in the industry, with funds being deposited into your bank account in as little as one business day.
If you’re looking for an installment loan with an easy application process, high approval rate, and fast funding, CashUSA is a great option to consider.
#8. Marcus by Goldman Sachs: Best for Home Improvement Loans
Goldman Sachs is a well-established bank that has operated in the US since 1869. Marcus by Goldman Sachs is the consumer personal loan subsidiary of the main investment bank. It offers personal loans ranging between $3,500 and $40,000 on three- to six-year loan terms.
Marcus by Goldman Sachs personal loans have an APR range of 6.99% to %, and the bank offers a 0.25% discount for people who opt for the auto-pay option.
Marcus offers its clients many features often found in the best personal loan companies, including a soft credit pull during the pre-approval process, flexible payment dates, and even rewards for on-time payments. The lender doesn’t charge any fees, including administrative, origination, and late fees. Similarly, there are no prepayment penalties for paying off your loan early.
While you can’t use a Marcus by Goldman Sachs personal loan to refinance a student loan, the company does offer dedicated student debt consolidation loans.
