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Mumbai, The Reserve Bank on Thursday tightened norms for unsecured personal loans for banks and non-banking financial companies. The revised norms wherein risk weights have been increased by 25 percentage points will not be applicable on certain consumer loans, including housing, education, and vehicle loans. Besides, the norms will not be applicable on loans secured by gold and gold jewellery. These loans will continue to attract 100 per cent risk weight. Higher risk weight implies that banks have to keep aside more money as buffer when it comes to unsecured personal loans. In simple words, a higher risk weight restricts banks' lending capacity. Recently, RBI Governor Shaktikanta Das had flagged the high growth in certain components of consumer credit and advised banks and Non-Banking Financial Companies (NBFCs) to strengthen their internal surveillance mechanisms, address the build-up of risks and institute suitable safeguards, in their own interest. The high growth seen in consumer credit and increasing dependency of NBFCs on bank borrowings were also highlighted by the governor during the interactions with MD/CEOs of major banks and large NBFCs in July and August, respectively. "On a review, it has been decided to increase the risk weights in respect of consumer credit exposure of commercial banks (outstanding as well as new), including personal loans, but excluding housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, by 25 percentage points to 125 per cent," the RBI said in a circular. The central bank has also increased the risk weights on credit receivables by 25 percentage points to 150 per cent and 125 per cent for banks and NBFCs, respectively.

RBI tightens norms on personal loans for banks, NBFCs

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

<a href="https://www.businessinsider.com/cost-of-inequity-roundup-of-systemic-issues-and-government-policies-that-have-led-to-the-student-loan-crisis-2022-5"></a><div type="image" title="roll of bills with graduation cap" height="5168" width="6614" msid="91840710" hostid="261"></div><ul class="summary-list"><li>206 readers wrote letters to President Biden arguing their case for, or against, student loan cancellation.</li><li>45 million Americans hold student debt, totaling $1.7T. </li><li>The student loan moratorium is set to expire in August.</li></ul>In February, we asked readers to <a href="https://www.businessinsider.com/what-you-would-do-if-federal-student-loans-was-forgiven-2022-2">write a letter</a> to President Biden presenting their support of, or against student loan cancellation. 206 of you wrote in. The letters we received detailed your hopes for a debt-free future, the broken promises left in your hands after graduating college, and the overwhelming frustrations garnered as interest rates and inflation hampered your ability to repay. In March 2020, President Biden <a href="https://twitter.com/joebiden/status/1241869418981920769?lang=en">tweeted</a> his support for $10,000 student debt cancellation and championed this platform in speeches and interviews. But since taking office, it is unclear whether he will follow through on his past promises. Biden has now extended the student loan moratorium <a href="https://www.businessinsider.com/biden-extends-student-loan-debt-payment-pause-through-august-2022-3">three times</a> and canceled millions in debt for <a href="https://www.businessinsider.com/student-loan-debt-cancellation-payment-pause-borrowers-disabilities-defrauded-2021-6">defrauded borrowers</a>. He has also called on Congress to send a debt cancellation bill to his desk, and in addition discussed income-based debt relief with groups of lawmakers. The student loan industry put a price tag on the American dream. The marginalized and disenfranchised communities who buy in, seeking the new beginnings promised after an expensive degree, are often left drowning in a debt cycle. Insider selected some of the most compelling letters we received for publication. The words below are a snippet of the trillion-dollar burden 45 million Americans hold. Editor's note: The letters below were edited for clarity and style. <h3>Madison Hughes, 28, Funding specialist </h3>Owes about $90,000 in student debt Has held student debt for 7 years I have federal and private <keyword id="11896050" type="UNKNOWN" weightage="60" keywordseo="student-loans" source="Orion">student loans</keyword> and have been meticulous in ensuring I've never missed a payment. Even when I was struggling the worst, my student loans were the first thing I paid- to the detriment of my own health and safety. I am in a better place now, but the over $100,000 of loans I took out at 18-years-old are a drain on my life in a way I can't easily explain. I am putting my all into paying off my private loans- and a cancellation of my federal loans would give me more flexibility and a great ability to pay off my mountains of debt, as well as save and plan for the future.<h3>Amanda Bailey, 29, Waitress and Environmental Consultant </h3>Owes about $80,000 in student debt Has held student debt for 8 yearsAs a first generation college student from a poor background, pell grants and working a full-time job only covered a fraction of tuition. Debt was necessary to break the cycle of poverty — in other words, get my degree, and I beat the odds to graduate cum laude. Now I have a whole other set of odds to tackle. This debt, I've realized, will hold me back for the rest of my life: my ability to buy a home, save for retirement, all things that are already so hard to do when you come from a family like mine. Debt relief would be life changing in the sense that I could invest in my future without this cloud looming over me. Every cent paid to loans is a cent not saved for my future home, children, or retirement.<h3>Allycia Watanabe, 32, Healthcare Business Analyst </h3>Owes $8,000 in student debtHas held student debt for 10 yearsStudent Loans are hitting my generation the hardest. We were promised that if we went to college and got good grades, our careers were guaranteed to flourish. Then students bought into that idea, not predicting that the economy would be in a recession, and inflation would rob millennials of our piece of the "American Dream". Being shackled to student debt has halted the growth of our country as most with student debt can't even dream about owning a car, buying a house, (and sometimes) having children, because paying off their debt comes before everything. I could actually start planning for my financial future. I currently work for my state government, but was told that my status as an employee doesn't not qualify for the (public) service forgiveness program while I was five years in. But because my current position was a "safe choice" to pay my bills, taking a private sector contract job was too risky to possibly have put my loans in forbearance, and be in debt longer.<h3>Jeff Galfer, 42, Actor</h3>Owes about $78,000 in student debtHas held student debt for 20 years Dear President Biden, (Student debt relief) would allow us, at middle age, to pretend we now have a chance at owning a home before we die. It would also be an acknowledgement that signing up 17 year olds to pay the government's bills for the rest of their lives was akin to child abuse. Nothing. I'd still owe another 68K.<h3>Mike Carlucci, 39, Senior Data Analyst </h3>Owes about $195,000 in student debt Has held <keyword id="12228885" type="UNKNOWN" weightage="60" keywordseo="student-loan-debt" source="Orion">student loan debt</keyword> for over 10 years.Dear President Biden,The changes in the student loan system over the years, including the 1990 goal to make it a profit center, did not align with facing wages, multiple recessions, sending jobs abroad to sweatshop countries, and the rise in housing cost. Students have been signing up hoping education would put them ahead, but the world pulled up the ladder as we tried. I graduated from law school in the Great Recession and at 9% interest from the government, not private loans, have never been able to afford payments that went to principal. So I fall further and further behind … Forgiving everything for everyone is honestly the least you can do since we spent many times that cost on the wars in Iraq and Afghanistan that my generation was against but Congress was for.<h3>Leah Vitello, 30, High school teacher </h3>Owes about $19,450 in student debt.Has held student loan debt for 7 years.Dear President Biden,I support student debt cancellation because it would make it possible for people like me to buy homes, work only one job (and not two or three…), have/adopt children and or pets, and actually contribute to the economy with the extra take-home money … For example, I am a single high school teacher. Exactly half of my monthly income goes out the window for rent for an 800 square foot apartment. Currently, there are no cheaper apartments in my area available, so I can't move. Because of this (among other factors), I am seriously considering leaving teaching after this school year in order to get a higher paying job just so I can afford rent … The incredibly high predatory interest rates and inflated tuition costs make it impossible to pay off student debt. This would never happen in the case of buying a car or a home. Getting a good education should not prevent people from accomplishing other major life milestones, but instead serve as a stepping stone toward attaining greater success and meaningful contributions to our country.<h3>Anonymous, 30, Audiologist </h3>Owes about $38,800 in student debt.Has held student debt for 4 years.Dear President Biden,I want more than anything to adopt, which is impossible when a third of my income is going towards loans. Having any amount forgiven, or even just the permanent elimination of interest, would make a massive difference in ability to have the children I wanted this career to support in the first place. Politicians keep quibbling between $10,000 and $50,000, but those of us drowning would give anything to be relieved of any amount at all.<h3>Rebecca L., 35, Public Administrator, Local Government</h3>Owes about $34,000 in student debt.Has held student debt for over 10 years. Dear President Biden,I have been paying on student loan debt since I took out my first loan in 2005 … When our student loans come due in May, we will pay more than $700 a month, and will have to each pick up side-jobs to pay them off. As half the payment goes to interest, this feels like an insurmountable task for credentials we needed for public service jobs … These loans should be forgiven as they are requirements for public servant positions that make about half of the average salary. <h3>Amanda Hodges, 23, Registered Nurse</h3>Owes $29,000 in student debt.Has held student debt for 6 years.Dear President Biden,I am a nurse working on the frontlines fighting for patients during this ongoing pandemic crisis. I lose sleep at night because of my job, and the added stress of my crippling student loan debt does not help. If $10,000 of my student loans were wiped out, I would begin to save for a house so that I could someday become a homeowner.

206 people sent Insider letters addressed to the President about student loan forgiveness. Here are 9 of our favorite.

<keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.<ul class="summary-list"><li><keyword id="896226" type="PERSON" weightage="60" keywordseo="Avant">Avant</keyword> offers <keyword id="35520" type="PERSON" weightage="60" keywordseo="personal-loans">personal loans</keyword> for emergency expenses, car repairs, vacations, and more.</li><li>Avant loan amounts range from $2,000 to $35,000, but exact limits vary by state.</li><li>You have a good chance of qualifying for an Avant <keyword id="180660" type="PERSON" weightage="60" keywordseo="personal-loan">personal loan</keyword> with a credit score of 600. </li><li><a href="https://www.businessinsider.com/personal-finance/best-personal-loans" target="_blank" rel="noopener">See Insider's picks for the best personal loans »</a></li></ul>Table of Contents: Masthead Sticky<h2>Should you use Avant?</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">You may like Avant if you ... </td><td style="width: 50%;">You may not like Avant if you ... </td></tr><tr><td style="width: 50%;"><ul class="summary-list"><li>Have a credit score as low as 600</li><li>Want to avoid prepayment penalties</li><li>Want a company with long customer service hours</li><li>Need your funds within one business day</li><li>Want to manage your loan from a mobile app</li></ul></td><td style="width: 50%;"><ul class="summary-list"><li>Need to borrow more than $35,000</li><li>Don't have an account with a bank or credit union</li></ul></td></tr></tbody></table>The bottom line: Avant is a good personal loan provider, especially if you have a lower credit score and want your money quickly. Just be prepared to pay a high APR if you do have a low score.<h2>How Avant works</h2>Avant provides personal <keyword id="6362287" type="UNKNOWN" weightage="60" keywordseo="loans">loans</keyword> through <a href="https://www.businessinsider.com/personal-finance/webbank-review" target="_blank" rel="noopener">WebBank</a> (Member FDIC), a state-chartered industrial bank. Avant offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. Unsecured loans are more common with Avant and with competing lenders.An <a href="https://www.businessinsider.com/personal-finance/unsecured-loans-vs-secured-loans-what-is-the-difference" target="_blank" rel="noopener">unsecured personal loan</a> doesn't require any collateral, such as a house or car. These personal loans can be used for a variety of purposes.Avant loan amounts range from $2,000 to $35,000. The minimum amount you're required to borrow varies by state. Avant offers loans to all 50 states and Washington, DC. The minimum loan term is 24 months, and the maximum term is 60 months. You can pay off Avant loans in full at any time without incurring an early payment penalty.Depending on your credit score and annual income, your APR will range from 9.95% to 35.99%, which is higher than some other major competitors' APR ranges. For example, <keyword id="11106586" type="UNKNOWN" weightage="60" keywordseo="best-egg">Best Egg</keyword>'s range is 5.99% to 29.99%, and <keyword id="11106587" type="UNKNOWN" weightage="60" keywordseo="marcus-by-goldman-sachs">Marcus by Goldman Sachs</keyword>' is 6.99% to 19.99%.If Avant offers you a loan with a high interest rate, you may want to look into <a href="https://www.businessinsider.com/personal-finance/best-credit-cards-for-bad-credit" target="_blank" rel="noopener">credit cards for people with bad credit</a> and compare rates between a card and a loan - you might be eligible for a lower APR and better terms with a credit card. <a href="https://www.businessinsider.com/personal-finance/borrow-money-credit-card-or-personal-loan" target="_blank" rel="noopener">Weighing the pros and cons</a> of your decision will help you get the best financial deal possible. If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company's website. You can reach Avant via their customer service email address, support@avant.com. Or call 800-712-5407 Monday through Friday, 7:00 a.m. to 10:00 p.m. CT, or weekends from 7:00 a.m. to 8:00 p.m. CT.Avant also has a mobile app with a smooth, well-designed interface. The app has 4.5 out of 5 stars in the Apple store, and 3.8 out of 5 stars in the Google Play store. Avant has a <a href="https://support.avant.com/" target="_blank" rel="noopener">Support Center</a> with answers to questions, sorted by topic.You can get a variety of personal loans from Avant, including:<ul><li><a href="https://www.businessinsider.com/personal-finance/best-debt-consolidation-loans" target="_blank" rel="noopener">Debt consolidation</a></li><li>Emergency expenses</li><li>Life events</li><li>Car repair</li><li><a href="https://www.businessinsider.com/the-top-5-diy-home-renovations-to-maximize-your-property-value" target="_blank" rel="noopener">Home improvements</a></li><li><a href="https://www.businessinsider.com/hidden-costs-moving-2018-7" target="_blank" rel="noopener">Moving expenses</a></li><li>Vacation</li><li>Other (this is not clearly defined on Avant's website)</li></ul>You'll need to meet the following requirements to apply:<ul><li>You must be over the age of 18 (19 if you live in Alabama)</li><li>You must have a personal bank or credit union account (prepaid card accounts aren't eligible)</li><li>You must be able to provide documents to verify your income, identity, and other information as requested</li></ul><h2>What credit score do you need to qualify for an Avant loan?</h2>To qualify for a personal loan, Avant states on its website that most customers have a <a href="https://www.businessinsider.com/personal-finance/what-is-a-bad-credit-score" target="_blank" rel="noopener">credit score</a> between 600 and 700. However, your credit score isn't the entire factor in your loan approval, so you may still consider applying with a lower score. Here's how scores break down, according to FICO: <ul><li>Very poor: 300 to 579</li><li>Fair: 580 to 669</li><li>Good: 670 to 739 </li><li>Very good: 740 to 799 </li><li>Exceptional: 800 to 850</li></ul>Your credit score will not be impacted if you check your loan rates with Avant, because the company only generates a soft credit inquiry.Avant will perform a <a href="https://www.businessinsider.com/personal-finance/what-is-a-hard-inquiry-credit-report" target="_blank" rel="noopener">hard credit inquiry</a> once you continue with the loan application, which will likely affect your credit score. A hard inquiry gives a lender a comprehensive view of your credit history, but may negatively affect your score.Avant may be a good choice for you if you have a lower credit score, because Avant has more lenient credit score requirements than other personal loan companies. Keep in mind that the lower your credit score, the higher your APR could be - and Avant rates go up to 35.99%. Here are some tips you may consider to improve your credit score before applying for a loan: <ul><li><a href="https://www.businessinsider.com/personal-finance/how-to-get-free-credit-report-check-credit" target="_blank" rel="noopener">Ask for and examine a copy of your credit report</a>. Look for any mistakes on your report that could be tanking your score. If so, reach out to the credit bureau to talk about fixing the error.</li><li><a href="https://www.businessinsider.com/personal-finance/how-to-increase-your-credit-score-improve-credit" target="_blank" rel="noopener">Keep credit card balances low</a>. Sustaining a credit utilization rate - the percentage of your total credit you're using - of 30% or less will prove to lenders that you can handle your credit well.</li><li>Design a system for paying bills in a timely fashion. Your payment history makes up a significant percentage of your credit score, and lenders prefer to see stable payments in the past. Set up calendar reminders or automatic payments so you don't find yourself playing catch up.</li></ul><h2>Is Avant trustworthy?</h2>Avant is a Better Business Bureau-accredited company, and the BBB gives Avant an <a href="https://www.bbb.org/us/il/chicago/profile/consumer-finance-companies/avant-llc-0654-88588503" target="_blank" rel="noopener">A in trustworthiness</a>. The BBB assesses trustworthiness by evaluating a business' responses to consumer complaints, truthfulness in advertising, and transparency about business practices. However, good BBB scores don't guarantee you will have a good relationship with companies. They're merely a guideline to help you get started on your hunt for a personal loan provider. Avant does have a recent controversy. In 2019, the company settled a case with the Federal Trade Commission where it was <a href="https://www.ftc.gov/news-events/press-releases/2019/04/online-lending-company-agrees-settle-ftc-charges-it-engaged" target="_blank" rel="noopener">found liable</a> for putting unauthorized charges on customers' credit card, and for illegally requiring customers to agree to automatic payments from their bank accounts when taking out a loan. Due to Avant's recent history, you may decide you're more comfortable using a different personal loan company.<h2>The pros and cons of <keyword id="11106589" type="UNKNOWN" weightage="60" keywordseo="avant-personal-loans">Avant personal loans</keyword> </h2><h3>Pros</h3><ul><li>Quick access to funds. If your loan is approved by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day. The exact time will depend on your bank and its processing time. </li><li>No prepayment penalty. You can make additional payments toward your loan, and you won't be charged an extra fee.</li><li>Mobile app. Avant has a strong mobile app. Not all personal loan companies come with apps.</li></ul><h3>Cons</h3><ul><li>Multiple types of fees. You'll have to pay an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. If you miss a scheduled payment, you may incur a late fee, which will vary by state. If a scheduled payment is returned unpaid, dishonored payment fees may apply. </li><li>High maximum APR. Compared to competitors like Best Egg, Marcus, and Lightstream, Avant's maximum APR of 35.99% is high. Best Egg's max is 29.99% APR, and Marcus' and Lightstream's are 19.99% APR.</li></ul><h2>How to get an Avant personal loan</h2>The application is available online and can be completed in a few minutes. You'll need basic information for the initial application, including:<ul><li>Name</li><li>Contact information including your address, phone number, and email</li><li>Whether you rent or own your home</li><li>How much you pay for housing each month</li><li>Date of birth</li><li>Social security number </li><li>Employment status</li><li>Individual income (monthly net income)</li><li>Reason for applying for a personal loan and how much you want to take out</li><li>Other financial information, such as how you would rate your credit quality</li></ul>You'll be able to see your offers and interest rate range within a few minutes. You'll need to undergo identity verification to complete the application process, and you may need to provide confirmation of certain financial details before your application is approved. After you've verified your information, the funds will be delivered to your bank account as requested, usually by the next business day. <h2>How does Avant compare to other personal loan lenders? </h2>Although rates are specific to borrowers, Avant interest rates are higher than those offered by other big-name lenders. Here's how Avant compares to the competition.<table style="height: 207px; width: 100%; border-collapse: collapse; margin-left: auto; margin-right: auto;" border="1" cellpadding="10px"><tbody><tr style="height: 72px;"><td style="width: 24.2887%; height: 72px; text-align: center;"><a href="https://www.avant.com/" target="_blank" rel="noopener"></a><a href="https://www.avant.com/" target="_blank" rel="nofollow noopener sponsored"><div type="image" title="Avant logo" height="319" width="426" msid="82093598" hostid="261"></div></a></td><td style="width: 27.6215%; height: 72px; text-align: center;"><a href="https://www.marcus.com/us/en/personal-loans" target="_blank" rel="noopener"><div type="image" title="Marcus by Goldman Sachs High yield online savings account" height="377" width="600" msid="82093599" hostid="261"></div></a></td><td style="width: 26.5817%; height: 72px; text-align: center;"><a href="https://www.bestegg.com/personal-loans/" target="_blank" rel="noopener"><div type="image" title="best egg logo" height="319" width="426" msid="82093600" hostid="261"></div></a></td></tr><tr style="height: 42px;"><td style="width: 24.2887%; height: 44px; text-align: center;">Min. credit score600</td><td style="width: 27.6215%; height: 44px; text-align: center;">Min. credit scoreUnspecified</td><td style="width: 26.5817%; height: 44px; text-align: center;">Min. credit score640</td></tr><tr style="height: 20px;"><td style="width: 24.2887%; height: 20px; text-align: center;">APR9.95% to 35.99%</td><td style="width: 27.6215%; height: 20px; text-align: center;">APR6.99% to 19.99%</td><td style="width: 26.5817%; height: 20px; text-align: center;">APR5.99% to 29.99%</td></tr><tr style="height: 20px;"><td style="width: 24.2887%; height: 20px; text-align: center;">Origination fee?No*</td><td style="width: 27.6215%; height: 20px; text-align: center;">Origination fee?No</td><td style="width: 26.5817%; height: 20px; text-align: center;">Origination fee?Yes</td></tr><tr style="height: 51px;"><td style="width: 24.2887%; text-align: center; height: 51px;">Avant Personal Loans</td><td style="width: 27.6215%; text-align: center; height: 51px;"><a href="https://www.marcus.com/us/en/personal-loans" target="_blank" rel="noopener">Apply for a loan</a></td><td style="width: 26.5817%; text-align: center; height: 51px;">Best Egg</td></tr></tbody></table>*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.<h3>Avant review vs. Marcus by Goldman Sachs review</h3>Avant charges an administration fee of up to 4.75%, which will be subtracted from your loan proceeds when it's funded. You'll also pay a fee if you miss a scheduled payment or if a scheduled payment is returned unpaid.You won't pay any fees with <a href="https://www.businessinsider.com/personal-finance/marcus-bank-review" target="_blank" rel="noopener">Marcus</a>, including late fees. Rather, you'll rack up more interest if you don't pay on time, and your final payment will be bigger.With Marcus, you'll receive a 0.25% discount on your loan by signing up for AutoPay; Avant does not offer this perk. While Marcus has no official minimum credit score requirement, the company recommends a minimum credit score of 660 in an <a href="https://www.marcus.com/us/en/resources/credit-score/credit-score-for-a-personal-loan" target="_blank" rel="noopener">informational post</a> on its website. This suggestion is higher than Avant's loose guidelines by a significant margin. If your credit score is below 660, Avant is likely the better option. That said, the lower your credit score, the higher an APR you will probably pay. <h3>Avant vs. Best Egg personal loans</h3>You'll pay a late fee with both loan providers - Avant's late fee depends on which state you live in, while <a href="https://www.businessinsider.com/personal-finance/best-egg-personal-loans-review" target="_blank" rel="noopener">Best Egg's</a> late fee is $15. Both have additional fees baked into the cost of the loan. Avant charges an administration fee of up to 4.75% of your loan amount, while Best Egg's has an origination fee ranging from 0.99% to 5.99%.Avant also has a lower minimum credit score guideline than Best Egg - though both companies have relatively low minimums. As a result, Avant might be the better choice if your credit is toward the lower side of "fair."You'll receive your funds roughly in the same amount of time with both companies. Avant claims most customers will receive their funds the next business day, and Best Egg says the majority of customers will get their money within one to three business days.Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.Related Content Module: More Personal Finance Coverage

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RBI tightens norms on personal loans for banks, NBFCs

PTI

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

PTI

206 people sent Insider letters addressed to the President about student loan forgiveness. Here are 9 of our favorite.

Kristie-Valerie Hoang,Lauren …

Avant review: Personal loans for people with low credit scores, but you'll pay a high interest rate

Ryan Wangman

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