Avant personal loans review September 2019 | finder.com

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Avant personal loans review

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A low-cost alternative to payday loans for borrowers with less-than-perfect credit.

finder.com’s rating: 3.4 / 5.0

★★★★★

Avant is an online lending platform that’s open to individuals of all credit types. While it could be a good alternative to high-cost payday loans for some, borrowers with good to excellent credit might find better rates elsewhere. And its newly settled lawsuit with the FTC due to poor lending practices might make you want to think twice.

$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
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround Time1 to 2 business days
Go to site

* 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
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get debt advice.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
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)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

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:

  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.

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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★★★★★ — Average

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★★★★★ — Poor

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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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