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Avant personal loans review
Last updated:
A low-cost alternative to payday loans — but expect a high administrative fee.
finder.com’s rating: 3.4 / 5.0
★★★★★
- Best for borrowers with fair credit who want to avoid taking out a short-term loan.
- Pick something else if you have good credit or want to borrow more than $35,000.
$35,000
Max. Loan Amount
9.95% to 35.99%
APR
580
Min. Credit Score
Details
| Product Name | Avant personal loans |
|---|---|
| Min. Loan Amount | $2,000 |
| Max. Loan Amount | $35,000 |
| APR | 9.95% to 35.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 580 |
| Loan Term | 2 to 5 years |
| Turnaround Time | 1 to 2 business days |
Expert review
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Expert review
Avant is ideal for borrowers with less-than-perfect credit who are looking to avoid taking out a short-term loan. You only need to have a credit score of at least 580 to qualify, and it’s willing to accept applicants who are self-employed — uncommon with many personal loan providers.
But with a high administrative fee and relatively high starting APR, you might find a better deal elsewhere if you have good to excellent credit. And it won’t be much help if you’re looking to borrow more than $35,000.
On the fence? Compare your other personal loan options below.
How much will this loan cost me?
Avant personal loans come with interest rates from 9.95% to 35.99%, which includes an administration fee of up to 4.75%. Avant automatically deducts the administrative fee from your funds before transferring it to your bank account.
You can borrow between $2,000 and $35,000 and repay the loan over 2 to 5 years. Use the calculator below to see how much an Avant loan might cost you each month at different rates, terms and loan amounts.
How it works
While Avant works with fair credit customers, you’ll need to have near-perfect credit and few other debts to qualify for a 9.95% APR and $35,000 loan. If you just meet Avant’s 580 credit score requirement, expect a rate close to 35.99%. And if more than half of your budget is already going toward debt payments, you likely won’t qualify for two-year term or a $35,000 loan.
What do I need to qualify?
To qualify for a loan through Avant, you must meet the following requirements:
- Credit score of at least 580
- Valid bank account
- Proof of steady income
- Live in eligible state
- US citizen or permanent resident
- At least 18 years old — 19 in Alabama
While the credit score requirement might be 580, Avant says the average customer has a credit score of 600 to 700.
What information do I need to apply?
To apply with Avant, you will need to provide some basic information and cocuments:
- Social Security number
- Home address
- Monthly net income
- Date of birth
- Employer contact information
- Proof of income, like a bank statement or pay stub
Pros
- Open to borrowers of all credit types
- Self-employed income accepted
- Preapproval won’t impact your credit
- Available in all states except Colorado, Iowa, Vermont and West Virginia
Cons
- High rates ranging from 9.95% to 35.99%
- Administrative fee of 4.75%
- Low maximum loan amount of $35,000
- Recently settled lawsuit with the FTC
See other personal loan options
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Is Avant legit?
Yes, Avant is generally a legitimate lender. It’s an equal housing lender that issues its loans through WebBank, which is a member of the FDIC. And it protects your information using SSL encryption and a privacy policy that limits how it shares your information — which you can adjust by calling in to customer service.
Avant lawsuit
In April 2019, Avant paid $3.85 million to borrowers as a settlement for a lawsuit over the way it handled loan repayments. The lawsuit alleged that Avant had engaged in the following practices, which are illegal according to federal law.
- Unauthorized withdrawals from consumer accounts
- Failure to credit payments made by check in a timely matter
- Failure to accept debit and/or credit card payments
- Inaccurately listing payoff amounts on borrower accounts
- Demanding additional payments after borrowers paid off a loan
- Forcing borrowers to agree to recurring automatic debits
Avant reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 1.34 out of 5 stars, based on 89 customer reviews |
| J.D. Power ranking | Ranked #13 in JD Power 2020 customer satisfaction |
| Trustpilot score | 4.7 out of 5 stars, based on 12,673 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
Despite settling a lawsuit from customers, Avant has relatively high customer reviews for a fair credit lender. Most borrowers were pleased with how easy it was to apply and how fast they received their funds. The few customers who left bad reviews weren’t pleased with the relatively high interest rates.Avant user reviews
Gary KI applied for the Avant MasterCard and was approved and had my new card within...read full reviewRebecca OllisonThe time-line from application to approval and processing was astonishingly amazing and trouble free. The...read full review
How do I apply?
Avant has a simple one-page preapproval application that makes it easy to see what rates and terms you might qualify for. Follow these steps to get started:
- Click Go to Site to be redirected to Avant’s application page
- Click Check Your Loan Options to start your application.
- Fill out information about yourself, including your date of birth, address and Social Security number. Avant also requires you to create an account and supply information about your income.
- Read over the terms of use and other agreements, then click Agree and Check Your Loan Options.
What happens after I apply?
Avant will then verify your information. If you qualify, you’ll receive more details on how to proceed with the application process. If not, Avant may suggest you fill out an application with one of its partner lenders instead.
How do repayments work with Avant?
Review your loan agreement to see how much you owe each month, when your repayments are due and what late payment fees you may be charged. You might want to consider setting up automatic payments so you don’t have to worry about making a payment each month.
While your APR and loan term are both fixed once you sign your contract, you may be able to refinance down the road for a potentially lower APR or more favorable loan term.
Not sure it’s right for you? Compare other lenders like Avant or learn more about how borrowing works with our guide to personal loans.
Frequently asked questions
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.
