Avant — personal loan review August 2018 | finder.com

Avant — personal loan review

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Find out if a personal loan through Avant is right for your needs.

If you’re looking for an unsecured personal loan but can’t qualify at your local bank, you might want to consider Avant. Online direct lender can help get access to financing from $2,000 up to $35,000 that can help you finance a variety of projects.

You can check your loan options without affecting your credit score and the whole process is completed online, making it quick and convenient to apply and get funded. Read our guide to find out if a personal loan through Avant is the right lending option for you.

Company NameAvant
Min Loan Amount$2,000
Max. Loan Amount$35,000
Min APR From 9.95%
Minimum Loan Term2 years
Maximum Loan Term5 years
RequirementsYou must have a 600+ credit score, provide proof of a steady income and be a US resident who is at least 18 years old (19 years old in Alabama).

* 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.

Do I qualify?

You should have a credit score of at least 600 when applying for a personal loan through Avant. In addition, you should be a US citizen or permanent resident, be at least 18 years old (19 years old in Alabama) and have a valid bank account.

How does borrowing through Avant work?

First, check your loan options by submitting some personal details such as your name, address, social security number and income. If you qualify, you’ll be given loan options without it affecting your credit score.

If you are approved, you can generally receive your funds in as little as one business day if approved by 4:30pm CT Monday to Friday.

Avant branded credit products are issued by WebBank, member FDIC.

What are the benefits of an Avant personal loan?

When you apply and are approved for a loan through Avant, you’ll enjoy the following features and benefits:

  • Check your loan options before you apply. You’re able to check your loan options before you apply, all without it affecting your credit score.
  • Sign your contract online. No need to walk into a branch to sign your contract, you’re able to e-sign the agreement.
  • Easy application and quick turnaround time. The whole application process is completed online, and you can usually expect funds to be in your account by the following business day if approved.
  • Use funds for a range of purposes. You can consider applying for a personal loan through Avant to help you finance a home renovation, to consolidate debt or to cover a financial shortfall.
  • Choice of payments. You’re able to make payments by setting up an electronic funds transfer via Automated Clearing House (ACH), where your account will be debited on the due date. You can also call Avant to discuss other available payment amounts.
  • Prepay your loan without additional fees. Avant doesn’t charge prepayment penalties, so you can save on interest by paying off your loan early.

What to look out for

  • Not the most competitive rates. With APRS from 9.95%–35.99%, you might be able to qualify for more competitive financing elsewhere if you have good or excellent credit.
  • Administrative fee. You could pay between 1.5% to 4.75% in administrative fees when you apply for an Avant personal loan on top of interest.
  • Low loan amounts. You can only borrow up to $35,000 with Avant.

What will the loan cost?

Avant fully discloses all fees and costs for your loan when you apply. The APR you are offered will depend on the state you reside in, your credit score and your financial circumstances. The APR can be as low as 9.95% for approved borrowers and as high as 35.99%.

You will be charged a loan origination fee of 1.5% to 4.75%, only if you are approved. There is no prepayment fee. Your monthly payments depend on the amount you borrow and your loan terms, which can be between two and five years depending on your state of residence.

Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Compare Avant to other personal loan options

Rates last updated August 16th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.075%–15.365% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
Bad credit accepted
$5,000
99%–199% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

How to apply for a personal loan through Avant

If you’re interested in finding out your loan options 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 or permanent resident.
  • You must be at least 18 years old (19 years old in Alabama).
  • 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 monthly net income.

Once you’ve submitted this information you will be given a preliminary decision. Remember to review the conditions of the loan before submitting your full application or accepting an offer. You can also compare your other loan providers to be sure you’re getting the best offer you qualify for.

Frequently asked questions about Avant

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Aliyyah Camp

Aliyyah Camp is a publisher for finder.com helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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14 Responses

  1. Default Gravatar
    MaryJuly 1, 2017

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

    • Default Gravatar
      LiezlJuly 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

  2. Default Gravatar
    KteetzJune 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?

    • finder Customer Care
      HaroldJune 20, 2017Staff

      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

  3. Default Gravatar
    BrianJune 15, 2017

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

    • finder Customer Care
      AnndyJune 15, 2017Staff

      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

  4. Default Gravatar
    JamieJune 5, 2017

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

    Thanks,
    Jamie

    • finder Customer Care
      AnndyJune 19, 2017Staff

      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

  5. Default Gravatar
    MonikaMay 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.

    • finder Customer Care
      HaroldJune 27, 2017Staff

      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

  6. Default Gravatar
    OfalotoMay 19, 2017

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

    • finder Customer Care
      HaroldJune 27, 2017Staff

      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

  7. Default Gravatar
    JackieMay 8, 2017

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

    • finder Customer Care
      HaroldJuly 2, 2017Staff

      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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