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 Name | Avant |
|---|---|
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $35,000 |
| Min APR | From 9.95% |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 years |
| Requirements | Examples: 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.
- 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.
- 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
Can I qualify for a loan through Avant if I'm self-employed?
Yes. You’re still eligible to apply if you’re self-employed.
Can I get another loan if I already have one?
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.
Can I cancel my application?
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.
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