Avant — personal loan review June 2017

From debt consolidation, home improvement to large purchases – find out if a personal loan through Avant is right for your needs.

If you’re looking for an unsecured personal loan, Avant is a lending platform to consider. Avant offers access to loans from $1,000 up to $35,000 that can help you finance a variety of projects. You’re able to check your rate without it 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.

Product NameAvant
Min Loan Amount$1,000
Max. Loan Amount$35,000
Min APR From 9.95%
Minimum Loan Term2 years
Maximum Loan Term5 years
RequirementsExamples: You must have good to excellent credit, provide proof of a steady income and be a US resident who is at least 18 years old (19 years old in Alabama).

Pros

  • Typically fast approval.
  • Prepay your loan without additional fees.

Cons

  • Maximum loan amount varies by state.
  • May not be available in all states.
  • You may pay late fees.

Do you 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 rate by submitting some personal details such as your name, address, social security number and income. If you qualify, you’ll be given a personalized rate 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.

All unsecured installment loans issued through Avant are made by WebBank, member FDIC.

Compare Avant to other personal loan options

A selection of personal loans you can apply for

Use our comparison table to assess interest rates, lending amounts and requirements you’ll need to get a loan with our personal loan partners.

Rates last updated June 23rd, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Table Image Minimum Credit Score Max. Loan Amount APR Requirements
Prosper Personal Loan Prosper Personal Loan 640 $35,000 From 5.99% (fixed) Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score. Go to site More
Lending Club Personal Loan Lending Club Personal Loan 660 $40,000 From 5.99% (fixed) You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income. Go to site More
SoFi Personal Loan Fixed Rate (with Autopay) SoFi Personal Loan Fixed Rate (with Autopay) Good to excellent credit $100,000 From 5.49% (fixed) You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
Laurel Road Personal Loans Laurel Road Personal Loans Good to excellent credit $45,000 From 5.75% (fixed) Must be a US citizen or permanent resident with a valid I-551 card Go to site More
Upstart Personal Loans Upstart Personal Loans 620 $50,000 From 7.16% (fixed) Must be 18+ and a US citizen or permanent resident. Must have good to excellent credit. Go to site More
NetCredit Personal Loan NetCredit Personal Loan 550 $10,000 From 34% to 155% depending on your state of residence% (variable) Varies depending on your state of residence. Go to site More
OneMain Financial Personal Loans OneMain Financial Personal Loans 600 $25,000 From 12.99% (fixed) Eligibility for a loan is determined by your financial history, credit history, income and expenses, and whether or not you have ever filed for bankruptcy. More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

A selection of brokers you can speak to

One way to make sure you’re getting the best rate is to let a broker find a competitive rate for you.

Rates last updated June 23rd, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Maximum Loan Amount Term of Loan Turnaround Time
LendingTree Personal Loan
Receive up to five loan offers in just minutes through LendingTree's simple online application process.
$35,000 Varies based on lender If you apply during working hours on a business day you can get access to approved funds within 24 hours. Go to site More
PersonalLoans.com
Get matched with providers from a large network of banks, peer-to-peer marketplaces and direct lenders.
$35,000 6 to 72 months 1-2 days Go to site More
Zippyloan Personal Loans
Apply with Zippyloan to be considered by over 100 lenders, all offering multiple loan options to suit your needs.
$15,000 Varies by lender Varies by lender More
Trusted Loans — Personal Loan
Borrow up to $10,000 with personalized interest rates based on your credit score.
$10,000 2-60 months Next Business Day More
LoanStart.com Personal Loans
This no-obligation service matches you with lenders offering fast peer-to-peer, personal installment and bank personal loans.
$35,000 24 to 84 months Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

What are the benefits of a personal loan through Avant?

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

  • Check your rate before you apply. You’re able to check your rates 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.

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 0.95% 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.

For example: A $6,500 loan with an administration fee of 3.75% and an amount financed of $6,256.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $265.40.

How to apply for a personal loan through Avant

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 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 annual individual 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 personal loan options to be sure you’re getting the best rate you qualify for.

Frequently asked questions about Avant

Yes. You’re still eligible to apply if you’re self-employed.

In some cases you can refinance your unsecured loan. Be careful doing so, as it can lead to a cycle of taking on more debt to keep up with debt. Remember, you can’t pay off debt with a loan, you can only move it.

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

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6 Responses to Avant — personal loan review June 2017

  1. 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?

    • Staff
      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

  2. Default Gravatar
    Brian | June 15, 2017

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

    • Staff
      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

  3. Default Gravatar
    Jamie | June 5, 2017

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

    Thanks,
    Jamie

    • Staff
      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

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