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Avant personal loans review

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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 NameAvant
Min. Loan Amount$2,000
Max. Loan Amount$35,000
APR9.95% to 35.99%
Interest Rate TypeFixed
Min. Credit Score580
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround Time1 to 2 business days
Go to Avant's website

Expert review

Aliyyah Camp

Review by


Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs 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.

* 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.

First, 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
  • Proof of steady income
  • Live in eligible state
  • US citizen or permanent resident
  • At least 18 years old — 19 in Alabama

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

Compare Avant to other personal loan options

Updated November 16th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

What do customers say about Avant?

BBB accreditedYes
BBB ratingA-
BBB customer reviews1.5 out of 5 stars, based on 102 customer reviews
Trustpilot score4.7 out of 5, based on 9,349 customer reviews
Customer reviews verified as of04 November 2019

Avant has an A- rating due to the high number of customer complaints and recent government action taken against it. But it does better on Trustpilot — borrowers compliment its easy application process.

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

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:
  1. Click Go to Site to be redirected to Avant’s application page
  2. Click Check Your Loan Options to start your application.
  3. 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.
  4. Read over the terms of use and other agreements, then click Agree and Check Your Loan Options.

What information do I need to apply?

To apply with Avant, you will need to provide some basic information:

  • Social Security number
  • Home address
  • Monthly net income
  • Date of birth

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

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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.

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16 Comments

  1. Default Gravatar
    Daisy
    January 26, 2019

    I use my PayPal account for everything. Even my work paycheck is direct deposited there. Meaning I have Acct number & routing number. I see that a “valid bank account” is a requirement. Does my PayPal info qualify?

    • AvatarStaff
      Joshua
      January 27, 2019

      Hi Daisy,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      I understand that you want to know if PayPal can be considered as a valid bank account. Upon checking, PayPal is not a bank account, but rather it is more like a money transfer service provider. For this reason, Avant might not consider PayPal as a bank account. You may also directly get in touch with Avanta to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    Mary
    July 1, 2017

    I have a loan with Avant now. Is it possible to get another for debt consolidation?

    • Default Gravatar
      Liezl
      July 2, 2017

      Hi Mary Ann,

      Thanks for your question.

      Yes, it’s possible to get another loan subject to the lender’s assessment of your eligibility for refinancing.

      Warm regards,
      Liezl

  3. Default Gravatar
    Kteetz
    June 20, 2017

    Is it possible to take out a loan without an income if your husband can pay it off but can not have it in his name because we want to get a house and need the loan to cover closing costs?

    • AvatarStaff
      Harold
      June 20, 2017

      Hi Kteetz,

      Thank you for your inquiry.

      Unfortunately no, if you’re interested in finding out your rate through Avant or submitting your application, click the “Go to Site” button. You will need to meet some initial eligibility criteria, which include:

      – You must be a US citizen, a permanent resident or in the US on a valid long-term visa.
      – You must be at least 18 years old.
      – You must have a valid bank account.

      You’ll also need to gather the following information before applying:
      – Your name, contact information and date of birth.
      – How much you want to borrow and the purpose of the loan.
      – Your annual individual income.

      I hope this information has helped.

      Cheers,
      Harold

  4. Default Gravatar
    Brian
    June 15, 2017

    will a loan be approved with an open chapter 13 bankruptcy in good standing

    • AvatarStaff
      Anndy
      June 15, 2017

      Hi Brian,

      Thanks for your question.

      If you are currently bankrupt, some lenders may still consider you for a loan. Kindly note also that the fees and rates may be considerably higher on bankrupt loans.

      You may check this page to compare your loan options.

      Cheers,
      Anndy

  5. Default Gravatar
    Jamie
    June 5, 2017

    On an Avant personal loan what is needed to verify annual income?

    Thanks,
    Jamie

    • AvatarStaff
      Anndy
      June 19, 2017

      Hi Jamie,

      Thanks for your question.

      For self-employed borrowers, Avant requires two most recent years’ complete, official tax documentation.

      For those employed by traditional means or are receiving benefits, Avant uses their online verification tool (OVT) to check your income. Moreover, if further verification is needed, they will directly contact you and inform you of other requirements.

      Cheers,
      Anndy

  6. Default Gravatar
    Monika
    May 22, 2017

    I own a small business in Miami, FL, but I do not reside in the USA. My main residence is in Brazil. I do have a tax ID, but the one related to the business. My question is: do I qualify for a loan?
    Awaiting your soonest reply, thank you.

    • AvatarStaff
      Harold
      June 27, 2017

      Hi Monika,

      Thank you for your inquiry.

      Typically, you need to meet the following requirements to be eligible for the loan.
      – You must be a US citizen or permanent resident.
      – You must be at least 18 years old (19 years old in Alabama).
      – You must have a valid bank account.

      Alternatively, you may want to consider the loan options here for non US resident.

      I hope this information has helped.

      Cheers,
      Harold

  7. Default Gravatar
    Ofaloto
    May 19, 2017

    Trying to find a way to combine credit card and loans debt to one payment please help?

    • AvatarStaff
      Harold
      June 27, 2017

      Hi Ofaloto,

      Thank you for your inquiry.

      Based on your question you might be interested with debt consolidation. You can check the available options here.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    Jackie
    May 8, 2017

    I have a loan with you now, can I refinance my loan to pay off some bills.

    • AvatarStaff
      Harold
      July 2, 2017

      Hi Jackie,

      Thank you for your inquiry.

      While we do not represent any company that we feature on our pages, we can offer you a general advice. It may always vary depending on the lender. And please remember you have to undergo with the lender’s assessment regaring your eligibility for refinancing.

      I hope this information has helped.

      Cheers,
      Harold

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