Avant versus Lending Club

1
Avant Vs Lending Club
2
Whom to Choose?

• A Borrower is always looking for a lender, who
  can offer him/her the best rate of interest on
  personal loan.
• In the competitive market of the U.S.A, a
  borrower can come across lenders, who can lend
  him/her a financial help with the best offers.
• Here, we would like to make a comparison between
  two renowned lenders
• Avant
• Lending Club

3
Avant Overview

• Headquartered at Chicago.
• Founded in 2012.
• Objective is to cover a large section of the
  population, so as to support them effectively.
• Offers the loan to the borrowers who have a low
  credit score.
• In March 2015, Avant was accredited as BBB and
  also got A for the customer service, especially
  the resolution of complaints in a quick span of
  time.

4
Lending Club Overview

• One of the leading lending companies in the USA.
• Headquartered at San Francisco, California.
• Deals in Peer to Peer process.
• Has served more than 2 million borrowers.
• Offers loans to borrowers who have a high credit
  score.
• In January 2008, Lending Club was accredited as
  BBB and also received A rating by the agencies
  for its performance.
• The major drawback is the billing issue as per
  the complaint registered by the customers.  

5
Differences

• Avant

• Lending Club

• Rates 9.95 - 35.99 of the APR.
• No prepayment fee.
• Originating Fee 1.5 to 4.75 to the loan
  amount.
• Offers the grace period of 10 days for the
  repayment.
• If the borrower fails to pay the amount in the
  scheduled date, then the lender will charge 25
  as late fee.

• Rates 6.95 - 35.89.
• No prepayment fee.
• Originating Fee 1 to 6.
• Offers no grace period for the repayment.
• If the borrower fails to pay the payment on the
  scheduled date, then the company will charge 5
  of the due amount.

6
Differences

• Avant

• Lending Club

• Credit Score Less than 580.
• Mode of the application process Only asks the
  borrower to provide the name, housing number and
  income status.
• It takes a day or two to finish the process.
• Lending Time 24 - 60 months.
• Loan Amount Up to 35,000.

• Credit Score More than 640.
• Mode of the application process The essential
  documents required are income proof, identity
  proof, residential proof, and much more.
• A lengthy process and consumes a week.
• Lending Time 36 - 60 months.
• Loan Amount 40,000 at the max.

7
Conclusion

• As per the differences between Avant and Lending
  Club, Avant stands out.
• Lending Club is better compared to Avant, when
  the borrower needs more fund.
• Both the lenders are best at their place and
  service.
• Its up to the borrowers need to select between
  the two lenders.
• To find out CIBIL score and how to improve your
  low CIBIL to approve the loan application.

8
??? Thank You !!! ???