Avant Personal Loan April 2023 Review
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Best for borrowers with poor credit
|Fixed APR||9.95% - 35.99%|
|Loan Amounts||$2,000 - $35,000|
|Repayment||12 to 60 months|
|Fees||Administrative fee up to 4.75%; $25 late payment fee; $15 dishonored payment fee|
|Time to fund||As soon as one business day after approval|
|Min. Credit Score||600|
- Check your rate without affecting your credit
- Fast loan funding
- No prepayment penalty
- Administrative fee up to 4.75%
- No option to add a co-signer or co-borrower
- Not nationwide
Avant offers unsecured personal loans that are designed to help you reach your financial goals. You can use the money for almost any purpose, including to consolidate debt, to cover medical bills, or to put a new roof on your home. This lender could be an ideal fit if you have less-than-perfect credit and you're looking for flexible loan repayment terms. Our Avant personal loan review offers a closer look at how these loans work.
Avant Personal Loan Top Features
Here are some of the key highlights of Avant loans:
Low minimums. You can borrow as little as $2,000 with an Avant loan, which is a plus if you need a small loan for an unexpected expense or bill. The maximum loan amount is $35,000.
Rate check with no hard credit check. If you'd like to check your rates and see what loan terms you might be approved for with Avant, you can do that without affecting your credit. A hard credit check, which can temporarily lower your credit score, will be required if you decide to move forward with a full application.
Fixed rates. Avant personal loan interest rates range from 9.95% to 35.99% and those rates are fixed. That means you don't have to worry about the rate increasing over the life of the loan.
Flexible terms. You can take anywhere from 12 to 60 months to repay an Avant personal loan.
Fast funding. Avant can approve some applications in minutes. Once approved, you can get your loan deposited in your bank account as soon as the next business day.
Multiple uses. You can use Avant personal loans to consolidate high interest debt, pay for home improvements or repairs, handle financial emergencies, or cover a large expense such as a wedding or adoption costs.
Where Avant personal loans could improve
Fees. Avant does charge a few fees, including an administrative fee, late payment fees and dishonored payment fees. Not all borrowers will pay the administrative fee but if you do, the maximum fee is 4.75%. The fee is deducted from the loan proceeds before they're paid out to you.
No co-signers or co-borrowers. Having a co-signer or co-borrower could make it easier to get approved for a personal loan, or could help you borrow more. At this time, Avant does not offer joint or cosigned loan options.
Exclusions. Avant lends in most, but not all, states. You won't be able to apply for a loan if you live in Hawaii, Iowa, Massachusetts, New York, Vermont or West Virginia.
Qualifying for an Avant loan
When you apply for a loan, Avant will attempt to verify your:
- Credit history
- Employment history
Avant looks at a variety of factors to determine whether you're eligible for a loan. Those factors include credit scores and income. According to the Avant website, their typical borrower has a credit score ranging from 600 to 700.
You can check your rates without affecting your credit score. A hard credit pull is required if you decide to apply for a loan.
You might be able to improve your approval odds by:
- Maintaining an on-time payment history for bills
- Paying down credit card balances, if you have credit card debt
- Holding off on applying for new credit
- Finding ways to increase your income
A lower credit score won't necessarily disqualify you for an Avant loan, though you might not be eligible for the lowest loan rates.
How to apply for an Avant loan
You can apply for an Avant personal loan online and it takes just a few minutes. If you'd like to get a feel for the kind of rates you might qualify for, you can check your loan options first.
You'll need to give Avant a little information about yourself, including:
- Your first and last name
- Housing status (rent or own) and monthly housing payment
- Date of birth
- Phone number
- Social Security number
- Income and sources of income
You'll also need to tell Avant how much you'd like to borrow and what you plan to use the loan for.
Once you enter everything in, you can submit it to get a list of loan options you might qualify for. If any of them look good to you, you can take the next step to submit a full application.
Avant might ask you to submit supporting documentation, such as pay stubs, bank statements, or tax returns. If those are needed to process your application, you can upload them through the Avant website.
Once Avant has everything it needs to qualify you, they'll return a loan decision. At this step, you'll be able to review the loan terms and either accept the loan or decline it.
Loan approval and loan funding from Avant
Avant attempts to review and approve borrowers quickly. They offer decisions in minutes whenever possible.
Once approved, loan proceeds can be deposited into your bank account as soon as the next business day.
That's an advantage if you're looking for fast loan funding. One thing to remember is that if you have to pay the administrative fee, that'll come out of your loan proceeds before the money hits your bank account.
Avant charges this fee on a case-by-case basis, so it's possible you might not have to pay it. If you do, it's a good idea to know how much money you'll actually be getting once the loan process is complete.
Avant: Customer service and customer satisfaction
Avant offers customer service by phone or email. There's no live chat option at this time.
So how satisfied are customers with Avant overall?
Avant scores below average in J.D. Power's 2022 U.S. Consumer Lending Satisfaction Study. The study measures how satisfied U.S. consumers are overall when borrowing money.
Reading online reviews can help you gain insight into what people are saying about the company. Avant generally has positive ratings and reviews.
When an Avant personal loan might be the best choice:
An Avant personal loan could be a great option for someone who may be working on building or rebuilding credit and needs to borrow money for an emergency or a large expense. You don't need security for an Avant loan and can take up to five years to pay back what you borrow.
Compare personal loan rates
Good for: Small Loans And Low Credit
- Fixed APR
- 18% - 35.99%
- Loan Term
- 24, 36, 48, or 60 month
- Loan Amount
- $1,500 - $20,000
- Min. Credit Score
Good for: Last-resort Loan
- Fixed APR
- 34% - 155%
- Loan Term
- 6 to 60 months
- Loan Amount
- $1,000 - $10,000
- Min. Credit Score