* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state.
What makes Avant unique?
Avant is a large Chicago-based lending platform that works with borrowers of all credit types. With APRs capped at 36%, this could be a good alternative to costly short-term loans for individuals with bad credit.
What is an Avant personal loan?
Avant personal loans range from $2,000 to $35,000 with loan terms that last from two to five years. It offers fixed APRs from 9.95 to 35.99% — including a 4.75% administrative fee. How much you can borrow and your APR will vary depending on where you live, your credit score and personal financial situation.
If you apply and receive approval before 4:30 pm CT on a weekday, you may be able to receive your loan funds within one to two business days. Otherwise, it may take up to a week to fully process your loan application.
What are the benefits of an Avant personal loan?
From its lax credit requirements to its wide state availability, there are a few perks of borrowing from Avant:
- Open to all credit types. Unlike many personal loan providers, Avant works with borrowers of all credit types.
- Can be self-employed. You may still qualify for an Avant personal loan if you’re self-employed and can provide proof of a consistent income.
- Preapproval won’t impact your credit. Filling out Avant’s preapproval application won’t impact your credit, and you’ll be able to see your rates before you commit.
- Large state availability. Avant is available in all states except Colorado, Iowa, Vermont and West Virginia.
- No prepayment penalties. You can save on interest by paying off your loan early without getting hit with a fee.
What to watch out for
Consider these potential drawbacks before taking out a personal loan from Avant:
- Not the most competitive rates. With APRs ranging from 9.95 to 35.99%, you might be able to qualify for more competitive financing with another lender if you have good to excellent credit.
- Administrative fee. You’re on the hook for a 4.75% administrative fee when you borrow from Avant, which is taken out of your loan funds before you receive them.
- Low maximum loan amounts. Unlike some lenders that offer personal loans up to $50,000, you can only borrow up to $35,000 with Avant.
Compare Avant to other personal loan options
Updated September 16th, 2019
What does the Internet say about Avant?
It’s a mixed bag as of July 2019. While Avant is accredited with the Better Business Bureau (BBB, it earned an A- rating due to the high number of customer complaints and recent government action taken against it. It only receives 1.5 out of 5 stars from its 100 reviews, with many borrowers complaining about negative experiences with customer service and high rates.
It does better on Trustpilot, earning a 9.4 out of 10 rating based on nearly 9,000 reviews, with borrowers highlighting its speedy, easy application process. Though some mentioned that verifying information took a few days, this isn’t uncommon for an online lender.
Must read: Avant recently settled a lawsuit with the FTC
In April 2019, Avant was ordered by the FTC to pay $3.85 million, which will be returned to borrowers who were harmed by Avant’s poor business practices. These included:
- Problems with its loan servicing platform
- Unauthorized withdrawals from consumer accounts
- Failure to credit payments made by check
- Failure to accept debit and/or credit card payments
- Inaccurate payoff amounts listed on borrower accounts
- Demanding additional payments after borrowers paid off a loan
- Forcing borrowers to agree to recurring automatic debits
Am I eligible?
To qualify for a loan through Avant, you must meet the following requirements:
- Credit score of at least 580
- Valid bank account
- Live in an eligible state
- US citizen or permanent resident
- At least 18 years old — 19 in Alabama
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.
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.
I got an Avant personal loan. Now what?
Once you have your loan, it’s time to think about repayments. 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.
Bottom line
Avant is ideal for borrowers with less-than-perfect credit who are looking to avoid taking out a short-term loan. But with a high administrative fee and relatively high starting APR, you might be able to find a better deal by comparing lenders like Avant if you have good credit.
Learn more about how it all works by reading our guide to personal loans.
Frequently asked questions
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