Avant personal loans review March 2021 | finder.com
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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

★★★★★

Bottom line: Avant offers a more-affordable alternative to short-term loans to fair-credit borrowers. But if you can probably find a better deal — and higher loan amounts — if your credit score is 670 or higher.

$35,000

Max. Loan Amount

9.95% to 35.99%

APR

600

Min. Credit Score

Details

Product NameAvant personal loans
Min. Loan Amount$2,000
Max. Loan Amount$35,000
APR9.95% to 35.99%
Interest Rate TypeFixed
Min. Credit Score600
Loan Term2 to 5 years
Turnaround TimeAs soon as the next business day
Go to site

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

Expert review

Aliyyah Camp

Review by


Aliyyah 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.

Avant rates, fees and terms

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 two to five years. Use the calculator below to see how much an Avant loan might cost you each month at different rates, terms and loan amounts.

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How Avant compares to other lenders

Here’s how Avant stacks up to two other lenders that also accept fair credit borrowers.

How to qualify

To qualify for a loan through Avant, you must meet the following requirements:

  • Credit score of at least 600
  • 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 dcocuments:

  • Social Security number
  • Home address
  • Monthly net income
  • Date of birth
  • Employer contact information
  • Proof of income, like a bank statement or pay stub

Avant reviews and complaints

BBB accreditedYes
BBB ratingA
BBB customer reviews1.25 out of 5 stars, based on 92 customer reviews
J.D. Power rankingRanked #13 in JD Power 2020 customer satisfaction
Trustpilot score4.7 out of 5 stars, based on 15,146 customer reviews
Customer reviews verified as of05 March 2021

Despite settling a lawsuit from customers, Avant has relatively high customer reviews for a fair credit lender. Most borrowers report being pleased with how easy it is to apply and how fast they received their funds. The few customers who left bad reviews state they received relatively high interest rates.

How the application works

Avant has a one-page preapproval application that makes it simple to see what rates and terms you might qualify for. After you submit the form Avant will 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.

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.

What sets it apart

Avant’s quick application and low credit requirements make it a more competitive choice compared to high-cost installment loans. Most lenders require a credit score of around 670 to qualify for a personal loan, making Avant's lenient eligibility standards more favorable.

But you still might be able to find a better deal with other personal loan providers that work with fair credit if your credit score is above 600.

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 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

Not sure it’s right for you? You can compare lenders like Avant or learn more about how borrowing works with our guide to personal loans.

Frequently asked questions

More information about Avant’s personal loans.

Can I cancel my application?

Yes, you can cancel your application by email or phone. If you already received your loan, you can pay off your loan early, but you’ll have to pay any interest that’s accrued.

Can I take out a second loan before I pay off my current loan?

You can’t take out a second loan before your first loan is paid off. But you can refinance it with a larger loan, which can increase your loan amount.

But watch out — refinancing can extend your loan term, which means you’ll pay more in interest. With maximum rates as high as Avant’s, it can get expensive.

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See other personal loan options

Use this table to compare more options you might qualify for before deciding on Avant.

Data updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Best Egg personal loans
5.99% to 29.99%
600
$50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 18.85%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
PenFed Credit Union personal loans
6.49% to 17.99%
650
$35,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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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

    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?

      Avatarfinder Customer Care
      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

    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

    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?

      Avatarfinder Customer Care
      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

    Default Gravatar
    Brian
    June 15, 2017

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

      Avatarfinder Customer Care
      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.

      If you are interested in exploring your possible options, please check out this page about bankrupt loans.

      Cheers,
      Anndy

    Default Gravatar
    Jamie
    June 5, 2017

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

    Thanks,
    Jamie

      Avatarfinder Customer Care
      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

    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.

      Avatarfinder Customer Care
      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 getting a loan for non-residents in the United States.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    Ofaloto
    May 19, 2017

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

      Avatarfinder Customer Care
      Harold
      June 27, 2017

      Hi Ofaloto,

      Thank you for your inquiry.

      Debt consolidation can be done with a personal loan or balance transfer credit card. See our guide on debt consolidation loan vs. balance transfer credit card to know the difference. If you prefer to consolidate your credit card and loan debt into a personal loan, you may visit our page on debt consolidation Finder to compare your options. On the page is a comparison table you can use to find the right lender for you.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    Jackie
    May 8, 2017

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

      Avatarfinder Customer Care
      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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