Avant: Top loan features

Avant is one of the largest online personal loan lenders in the United States. Avant made its first personal loan in 2012 and has grown significantly. They primarily serve low-credit borrowers. In addition to debt consolidation loans, Avant loans can be used for emergency expenses, a life event such as a wedding, a car repair, home improvement, moving/relocation, or a vacation.

High Fees: Avant rates and fees are high. The lowest interest (APR) is 9.95%, and the highest rate is 35.99%. An administration fee of up to 4.75% of your loan amount is taken off the top, so you receive your approved loan amount less the fee. This fee will depend on such factors as the loan amount, loan period, and credit. Fees are transparent on the loan documents, so you can see if you are paying the max 4.75% fee or not.

Low Minumum Amount: Avant offers loans with between $2,000-$35,000, though the minimum can vary by state. 

Reports to all three credit bureaus: Avant reports your monthly payment to all three of the main credit bureaus.

No co-signer: If you have trouble qualifying, Avant doesn't allow borrowers to add a co-signer. 

Qualifying for an Avant loan

Avant doesn't publish a minimum credit score, although according to multiple consumer finance websites, accepts borrowers with a FICO score of 580 and above. Bills.com contacted Avant and was told that is not correct, and there is no set minimum credit score. While not supplying further information, Avant says that most of their customers have credit scores between 600 and 700.

Similarly, Avant doesn’t make any definite debt-to-income requirements explicit. They don’t publish a minimum income limit, just that you can show them that you can afford to make the payments on the loan.

 How to apply for an Avant loan

Avant makes it easy to apply for a loan. Their website is easy to navigate. Avant’s application process takes only a few minutes. Avant uses a soft credit pull for prequalification, so you can see a preliminary offer and interest rate or learn that no offer is forthcoming without any effect on your credit score. Your actual rate can vary from your initial rate quote if the application process raises an issue not present in the prequalification.

Avant’s application requires your name, address, contact info, Social Security number, income, size of the loan you want, and how you plan to use the money you borrow.

After you apply, Avant will need to verify your employment by calling your employer. You are required to provide current pay stubs and a recent bank account statement.

You need to be at least 18, have a bank account that can receive electronic transfers, and provide a current, valid ID to apply. Avant requires you to verify your identity online by answering several questions that only you can answer.

Avant - Customer service and customer satisfaction

Avant has a phone-in customer service department that is open seven days a week. They also offer a basic client dashboard and an app for your phone, making it easy to monitor your loan wherever you are.

Avant has an A rating with BBB.

Avant and FTC reached a consent decree in 2019, with Avant agreeing to pay $3.85 million to address several issues, including failing to properly and timely credit payments made by check, providing inaccurate payoff quotes to consumers, and collecting additional amounts even after consumers paid the quoted payoff amount.