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Avant personal loans review
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.
Details
| Min. Loan Amount | $2,000 |
|---|---|
| Max. Loan Amount | $35,000 |
| APR | 9.95% to 35.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 600 |
| Loan Term | 2 to 5 years |
| Turnaround Time | As soon as the next business day |
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
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.
Monthly repayments calculator
Calculate how much you could expect to pay each month
| Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
$% |
Fill out the form and click on “Calculate” to see your
estimated monthly payment.
or
Based on your loan terms…
You can expect to pay back
$
per month
This breaks down to…
$
in
principaland
$
in
interest
charged, with a total cost of $Compare personal loans now
How Avant compares to other lenders
Here’s how Avant stacks up to two other lenders that also accept fair credit borrowers.
★★★★★
| Check my rate |
|---|
Starting APR 9.95% to 35.99% |
Loan term 24 to 60 months |
Loan amount $2,000 – $35,000 |
Min. credit score 600 |
★★★★★
| Check my rate |
|---|
Starting APR 5.94% to 35.97% |
Loan term 24 to 84 months |
Loan amount $500 – $50,000 |
Min. credit score 600 |
★★★★★
| Check my rate |
|---|
Starting APR 3.50% to 35.99% |
Loan term 36 to 60 months |
Loan amount $1,000 – $50,000 |
Min. credit score 580 or 600 depending on state of residence |
Compare even more personal loans
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 accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.33 out of 5 stars, based on 98 customer reviews |
| BBB customer complaints | 240 |
| Trustpilot score | 4.7 out of 5 stars, based on 16,826 customer reviews |
| Customer reviews verified as of | 15 July 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.
See other personal loan options
Use this table to compare more options you might qualify for before deciding on Avant.
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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.
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.
