Avant is a trusted online service that offers unsecured personal loans to borrowers with good to fair credit. The company has a 4.6 out of 5 total score on TrustPilot with more than 20,000 5-star reviews. Main Avant personal loan features include fast funding times, reasonable interest rates, lenient credit score requirements, and flexible repayment options. At the same time, the platform doesn’t offer joint and secured loans and may charge administration, late, and dishonored payment fees.
Pros and Cons of Avant Loan Options
Let’s start the Avant personal loan review by determining its advantages and drawbacks.
- Money funding on the next business day of approval;
- Credit cards are available;
- No prepayment penalties;
- Loans can be managed via a mobile app;
- Low minimum income and credit score requirements;
- Flexible loan amounts and repayment terms.
- No joint or secured loans;
- Extra fees may be charged;
- No direct payments to creditors for debt consolidation loans;
- The service is unavailable in some states.
Detailed Avant Loans Review
Avant is a Chicago-based company that provides fast and accessible alternatives to bank and credit union personal loans. Since 2012, the service has lent about $8 billion to its borrowers.
Avant loans are known for their wide range of repayment options, loan amount flexibility, competitive interest rates, and fair credit score tolerance. However, it also has some flaws that should be considered before the loan process starts. Let’s take a closer look at the platform’s ins and outs.
The Ability to Pre-Qualify with a Soft Credit Check
If you want to estimate your potential loan terms and better understand your probable interest rate, Avant provides the ability to pre-qualify for a loan. This procedure doesn’t oblige you to accept any offers and comes with no hard credit history check. Thus, your credit score won’t drop. However, an inquiry via major credit bureaus will be performed if you decide to go further and submit a final application.
Convenient Loan Amounts and Repayment Terms
Avant allows you to borrow between $2,000 and $35,000, making its loans convenient for both small emergencies and some major purchases. If you apply for a credit card, the service can offer you a credit limit of up to $2,000. The repayment schedule is also made with customers in mind. You can choose any convenient option between 12 and 60 months. As the loan will be repaid in affordable monthly payments, it won’t impact your financial situation significantly.
Next-Day Money Transfers
Avant’s personal loans can reach borrowers’ bank accounts in as little as one business day. Applicants who get approved before 4:30 pm Central Time on weekdays typically get their money transfers on the next day.
Reasonable Interest Rates for Good Credit Borrowers
Loans offered by Avant come with competitive, fixed APRs of 9.95% to 35.99%, while Avant’s credit cards come with variable APRs of 27.99% to 29.99%. Although borrowers with fair credit are most likely to get quite high maximums, those with strong credit histories can access loans with industry-average costs.
Relaxed Credit Score Requirements
The service accepts borrowers with a lower credit score compared to most competitors. According to Avant, it can approve borrowers with a credit score as low as 580. However, most applicants have credit scores between 600 and 700.
Avant reports each monthly payment you make to the three major credit bureaus (TransUnion, Experian, Equifax). In most cases, you will see this activity by the middle of the following month. This way, you can improve your credit score by repaying your loan timely.
Extra Fees May Be Applied
Although an Avant personal loan comes with no prepayment penalties, there are other fees that can be charged. The service has administration fees of 4.75% of your loan amount. Additionally, late fees and dishonored payment fees can be applied. They are determined based on your state. If you’re going to get an Avant credit card, get ready for an annual fee of up to $59.
No Co-Applicant and Secured Options
You can only apply for unsecured loans with Avant. Although it can be considered a benefit due to no risk of losing your property, borrowers with less-than-perfect credit may find it a drawback. This is because collateral or co-borrower backing often helps to get lower interest rates or improve the chances of being approved.
Not Available in All States
You won’t be able to get an Avant personal loan in Hawaii, Iowa, New York, Maine, Vermont, and West Virginia. Residents of these states have to search for other options.
Payment Date Can Be Changed
With an Avant, you can’t initially choose the due date to adjust it to your payroll schedule. However, a borrower is allowed to change their payment date up to two times during the loan term.
No Direct Payments to Creditors
Borrowers who want to make debt consolidation may find Avant personal loan options inconvenient due to their limited features. While many competitors offer direct payments to creditors, making the process smooth and automatic, Avant can only transfer your personal loan funds to your bank account. Then, you will have to pay off the loan you want to consolidate on your own.
Who Are Avant Personal Loans Good for?
Avant personal loans might be a good solution for:
- Borrowers with good and fair credit;
- People who are looking for a faster alternative to traditional loan options;
- Those looking for repayment flexibility;
- Borrowers who prefer online loan processes.
Avant Loan Eligibility Requirements
To be eligible for an Avant loan, you need to meet the following criteria:
- Be at least 18 years old;
- Have an active checking or savings account in your name;
- Have a minimum credit score of 580;
- Maintain a debt-to-income ratio of no more than 70%;
- Have a monthly net income of at least $1,200.
Avant may also require you to submit bank documents verifying your account and income details. Additionally, you will be asked to provide your routing number and Social Security number at the time of application.
How to Apply for an Avant Personal Loan?
An Avant personal loan application process consists of the following steps:
- Pre-qualify for a loan. You can do it right here, via BadCredify, or on the Avant website by clicking the “Check Your Loan Options” button. Then, you need to complete a small form by entering your personal and financial details.
- Review offers. The platform will generate offers in a matter of minutes and show you some options you’re eligible for. This process doesn’t involve a hard credit history check. Just compare offers and choose the one that fits you most.
- Fill out a formal application. If you find a suitable option, provide the required documents and submit the form.
- Get the funds. They will be in your bank account as soon as the next business day.
How Do Avant Loans Compare to Other Lenders?
Here’s a look at how Avant loans stack up with other lending services.
|Minimum credit score
|8.99% – 25.81%
|6% (optional for an interest rate discount)
|1.85% to 9.99%
|12 to 60 months
|24 to 84 months
|24 to 84 months
|9, 12, or 18 months
|Same or next day
|Within one business day of approval
|Same or next day
|Avant is a reliable lending service for borrowers with fair and good credit. It offers convenient loan amounts, flexible repayment options, and competitive interest rates. However, extra fees may be charged
|SoFi is a trusted lending company that may work for borrowers with good credit who are looking for an option to finance major purchases. Borrowers must also meet minimum income and maximum debt-to-income ratio requirements
|Upgrade can fit borrowers with fair credit who need money quickly. It can also work for those who want to make debt consolidation. The platform has several interest rate reductions and offers flexible repayment options. Origination fees may be charged
|OppLoans offers financing to borrowers with bad and poor credit. Its cons are loan accessibility, fast funding, and the ability to rebuild credit. However, interest rates are very high. Also, OppLoans has a questionable legal background.
BadCredify’s experts start reviewing companies by analyzing the following parameters:
- Interest rates;
- Extra fees;
- Loans accessibility;
- Eligibility requirements;
- Repayment terms;
- Customer experience and reviews;
- Application process;
- Funding times.
When reviewing Avant, we conducted a thorough website research and contacted the company’s representatives to examine its customer service. Our team of professionals went through a pre-qualification process to get a better understanding of estimated loan terms and APRs. All these helped us independently assess the accuracy of the information provided.
Yes, Avant is a legal company that operates under federal and state laws. You can access all the information about licensing on the Avant website.
According to Avant, you need to have a minimum credit score of 580 to qualify. Secured and joint loans are not provided. Borrowers with a lower credit score won’t qualify for Avant loans.
Avant offers unsecured loans, meaning that collateral is not required.
When you pre-qualify for an Avant personal loan, the service performs only a soft check that doesn’t affect your credit. Once you decide to accept an offer and submit a formal application, the service performs a hard credit check.