Avant vs. Best Egg

Avant vs. Best Egg at a glance

Avant and Best Egg both provide online personal loans with quick funding. But the two differ in maximum loan amounts, starting rates and credit score requirements.

Here’s how the key features compare:

While these features tell part of the story, customer experiences reveal how these differences play out in practice.

Many Avant customers appreciated the straightforward application process despite higher rates. K.N. from Alaska awarded the company 5 stars, noting: “I had a quick and easy loan process with no hiccups. Yes, the interest rate is high but on par with most personal loan companies. The website and service (are) customer-friendly and easy to deal with.”

However, some borrowers reported frustrating customer service experiences. Randy from Florida gave Avant 2 stars after the company reported a payment delinquency while he was hospitalized. “I had written a letter explaining I was in the hospital sick and asked for a goodwill removal of the late payment or report it as delinquent. (Avant) said ‘no’ … (there’s) no compassion,” he said.

Best Egg customers often praised the streamlined online experience. Michael from Pennsylvania gave the company 5 stars, noting, “My experience obtaining the loan online was flawless. I recall the simplicity of the process — it took about two hours. Though I needed to provide additional information at one point, it was a breeze.”

Yet some borrowers reported persistent contact from the lender. Corey from Minnesota gave Best Egg 2 stars despite acknowledging good service, saying, “The negative is (it’s) a predatory lender and charges higher than average rates and fees. (It) never leaves you alone, always calling me, and I've never been late on a payment.”

About Avant

Avant launched in 2012 and provides unsecured personal loans through its partner WebBank. Loans range from $2,000 to $35,000, with APRs up to 35.99%.

Here’s a snapshot of Avant’s loan features:

The company offers several borrower-friendly features, including soft credit checks for prequalification, no prepayment penalties and next-day funding for approved applicants. However, the trade-offs become apparent in its fee structure and rate ranges.

While it provides access to credit for borrowers who might otherwise struggle to qualify elsewhere, the higher annual percentage rates (APRs) and upfront fees mean borrowing costs can add up quickly. The company also doesn't allow co-signers, which limits options for borrowers who could use a creditworthy co-applicant to secure better terms.

About Best Egg

Best Egg is a digital lending platform that offers unsecured and secured personal loans. Secured loans use home fixtures or vehicle equity as collateral and can reach $100,000.

The company offers a direct payment option for debt consolidation, sending funds straight to your creditors to pay off existing balances.

Here’s a snapshot of Best Egg’s loan features:

Some Best Egg borrowers report receiving higher rates than expected. The mandatory origination fees on every loan are a notable drawback.

Key differences between Avant and Best Egg

Avant and Best Egg serve different borrower needs. If your credit score falls between 550 and 640, Avant may be your only realistic option.

Here are the key differences between Avant and Best Egg:

• Credit requirements: Avant accepts scores as low as 550, while Best Egg requires at least 640. This credit gap means Avant borrowers may face higher APRs within the 9.95% to 35.99% range, while Best Egg's qualified borrowers can access rates starting near 6.99%.
• Origination fees: Both lenders charge up to 9.99%, though Best Egg’s minimum starts at 0.99%.
• Loan limits: Best Egg offers up to $50,000 for major expenses such as home improvements or debt consolidation above $35,000. Avant caps its loans at $35,000.
• Loan terms: Avant offers greater repayment flexibility with 24- to 60-month options. Best Egg requires 36- to 60-month loans.
• Funding speed: Avant provides next-day funding, which can be helpful during emergencies. Funding from Best Egg typically takes one to three days.
• Account management: Both Avant and Best Egg offer a mobile app for loan management.

» COMPARE: Top personal loan providers

Avant: best for fair credit and smaller loans

If your credit score sits between 550 and 700, you likely face limited options from conventional lenders. Avant integrates machine-learning algorithms and other newer and nontraditional analytics to determine eligibility, which opens the door to borrowers who may not qualify with traditional banks. This lender is particularly good for those with urgent financial needs under $35,000.

For instance, you might use the funds in an emergency. When your HVAC system fails in summer or your car needs unexpected repairs, waiting days or weeks for bank approval isn’t realistic. Avant’s next-day funding means you can address these situations quickly without maxing out credit cards.

Debt consolidation is another strong use case for Avant borrowers. If you’re managing several credit card balances totaling $15,000 to $25,000 at rates above 20%, an Avant loan can simplify payments. While you’ll pay an origination fee upfront, the potential interest savings often justify the cost. The fixed monthly payment structure helps you avoid accumulating new debt.

Avant’s soft credit check prequalification allows you to see your potential rates before applying. This lets you compare offers without hurting your credit score. From there, you can determine if the rates justify moving forward or if it’s better to explore other options.

» MORE: Top-rated bad credit lenders

Best Egg: best for decent credit and bigger loans

Best Egg targets borrowers with strong credit profiles, offering rates that start as low as 6.99%. If you have a solid credit score and make at least $100,000 yearly, you'll likely qualify for the lender's most favorable terms.

Its higher loan limits become essential for expensive home projects. Medium kitchen renovations can cost up to $50,000, while large master bathroom remodels and swimming pool additions may exceed $35,000. Whole-home renovations can easily reach Best Egg’s $50,000 limit, making it suitable for substantial upgrades that Avant can’t finance.

Best Egg offers a direct payment option that can send loan funds straight to creditors. This helps streamline debt consolidation by ensuring balances are paid off directly instead of passing through the borrower.

Best Egg’s value depends on your origination fee (0.99% to 9.99%), since higher fees can offset debt consolidation savings. On a $30,000 loan with a 3% origination fee, for example, you’ll pay $900 upfront. This cost makes sense only if you’re consolidating debt with much higher interest rates than Best Egg’s offering.