Borrowers with bad credit will benefit from Avant’s low credit score requirements

Borrowers with bad credit will benefit from Avant’s low credit score requirements

Best for Bad Credit : Avant

  • APR Range: 9.95% to %
  • Minimum Credit Score: 580
  • Loan Amounts: $2,000 to $35,000

Founded in 2012, Avant is a Chicago-based fintech company offering personal loans, credit cards, and mobile banking. While Avant’s borrowing limits of $2,000-$35,000 are lower than many competitors, and repayment terms are just 24-60 months, it’s a reliable lender that’s accessible to borrowers with bad credit. Still, Avant’s APR range of 9.95% to % combined with origination fees up to 4.75% make it more expensive than some options.

Like many competitors in the online lending space, Avant lets prospective borrowers see what rate they’ll qualify for with just a soft credit check. This is a helpful way for borrowers with less-than-stellar credit to see if they’re likely to qualify for a loan without impacting their credit score. And, while Avant does not allow joint applications, the lender only imposes a minimum credit score of 580-lower than many other online lenders. Loan funds can be used for various purposes, and funds are typically available as soon as the next business day.

Avant borrowers appreciate the lender’s customer support team, as well as the fast and streamlined application process. Some customers report that Avant’s interest rates are high, but that they value the accessibility of financing through the lender.

Best for Debt Consolidation : Upgrade

  • APR Range: 5.94% to %
  • Minimum Credit Score: 550
  • Loan Amounts: $1,000 to $50,000

Upgrade is a neobank that offers eligible borrowers personal loans between $1,000 and $50,000 for a range of purposes.

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