Find out if a personal loan through Avant is right for your needs.
finder.com’s rating: 3.4 / 5.0
★★★★★
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 receive a decision.
| Product Name | Avant |
|---|---|
| Min. Loan Amount | $2,000 |
| Max. Loan Amount | $35,000 |
| APR | 9.95 to 35.99% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 years |
| Requirements | 580+ credit score, proof of a steady income and be a US resident who is at least aged 18+ (19+ in Alabama). |
- You must provide proof of a steady income (paystub)
- Provide a bank statement dated no later than 30 days prior to your application.
- Be a legal 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?
To qualify for a loan through Avant, you must:
- Have credit score of at least 580.
- Be a US citizen or permanent resident.
- Bat least 18 years old (19 years old in Alabama).
- Have a valid bank account.
- Live in an eligible state.
Avant’s partners don’t offer financing in Colorado, Iowa, Vermont or West Virginia.
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.
- Automatic payments. You can make payments by setting up an electronic funds transfer via Automated Clearing House (ACH), where your account will be debited on the due date.
- Prepay your loan without additional fees. Avant doesn’t charge prepayment fees, so you can save on interest by paying off your loan early.
What to look out for
- State availability. You won’t be able to get a loan through Avant if you live in Colorado, Iowa, Vermont or West Virginia.
- Not the most competitive rates. With APRS from 9.95 to 35.99%, you might be able to qualify for more competitive financing elsewhere if you have good or excellent credit.
- Administrative fee. You will pay 4.75% in administrative fees when you apply for a personal loan through Avant.
- Low loan amounts. You can only borrow up to $35,000 through 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 for approved borrowers and as high as 35.99%.
You will be charged a loan origination fee 4.75%, only if you’re 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
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 additional information before applying, such as:
- Your name, contact information, Social Security number 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.
What does the Internet say about Avant?
Avant gets a 9.3/10 Trustpilot rating, as of November 2018. Of over 7,000 customer reviews on Trustpilot, 79% rate it Excellent.
Although Avant is BBB-accredited with an A+ rating, its reviews don’t fare as well with the BBB. Customer reviews average less than 2 stars, and it has over 200 complaints filed.
Bottom line
Avant can be a quick way to get a personal loan, but with a high origination fee and potentially high APRs, you might be able to find a better deal by comparing lenders like Avant. But don’t stop there. Take the time to learn more about personal loans before making a final decision.
Frequently asked questions
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.
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?
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
I have a loan with Avant now. Is it possible to get another for debt consolidation?
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
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?
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
will a loan be approved with an open chapter 13 bankruptcy in good standing
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
On an Avant personal loan what is needed to verify annual income?
Thanks,
Jamie
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
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.
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
Trying to find a way to combine credit card and loans debt to one payment please help?
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
I have a loan with you now, can I refinance my loan to pay off some bills.
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