Avant Personal Loan Review

Avant personal loan rates cover a wide range of credit histories

Man looks at his lending account online.
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Avant is an online loan platform that offers personal loans for a variety of credit situations. These loans can be used for a variety of purposes, from debt consolidation to covering emergency costs. This Avant personal loan review is designed to help you figure out if Avant is the best choice for your circumstances.

Who Is an Avant Personal Loan Best For?

Avant offers loans for a variety of credit situations because of the wide range of credit scores it accepts. If your scores are around 700, you could get Avant’s best rates. Those rates, however, aren’t as good as other personal loan lenders. If your scores are around 600, other lenders may not approve your application. Because of this, Avant could be a better fit. The platform provides loans for scores as low as 600, and the interest rate you get will likely be lower than a payday loan. An Avant personal loan might work if you:

  • Have a credit score of between 600 and 700
  • Want funds as soon as the next business day
  • Want a fixed rate and term

Pros

  • Available to those with lower credit scores

  • Fast funding

  • Refinancing option

Cons

  • No co-signer option

  • No secured loan

  • High APR for those with poor credit

Pros Explained

  • Available to those with lower credit scores: Unlike many online lenders, Avant makes its loans available to those with lower credit scores. Most borrowers have credit scores between 600 and 700, according to Avant’s website.
  • Fast funding: Most borrowers receive their money by ACH transfer within one business day.
  • Refinancing option: Six months after you get your loan with Avant, it’s possible to ask for a lower rate on your loan or refinance the loan. If you choose a refinance, Avant will pay off the old loan and, if any money remains, allow you to cash out the difference. For those who see an improvement in their credit score after getting the loan, this can be a big help.

Cons Explained

  • No co-signer option: If you don’t qualify for an Avant personal loan, you won’t be able to use a co-signer to get approved in the end. 
  • No secured loan: There is no secured loan option that allows you to offer collateral in exchange for qualification or to get a lower interest rate.
  • High APR for those with poor credit: Even though you can get a loan with poor credit, you’ll likely have to pay a higher rate, up to 35.99%. Additionally, the lowest APR is 9.95%, as compared to other lenders that offer lower rates for well-qualified borrowers.

Avant Personal Loan Rates & Terms

Avant charges APRs of between 9.95% and 35.99%, based on your creditworthiness. Loans are available for terms between 24 and 60 months. You have different options for your loans, based on your situation. Avant is transparent when making its loan offers.

All loans you get through Avant come from WebBank, a member of the FDIC that is based in Salt Lake City.

How Much Can You Borrow with Avant?

Avant requires you to borrow at least $2,000 and sets a loan limit of $35,000. How much you can borrow is based on Avant’s standards, which may include items like your credit score and income. Also, some states may set the minimum you can borrow at more than $2,000.

Because Avant offers personal loans, you can use the funds for almost anything, including debt consolidation, home improvement, and major life events. Your money arrives in your account as soon as one business day after your application is approved.

Avant Personal Loan Fees

Avant charges an administration fee amounting to up to 4.75% of the loan amount. However, Avant may charge less than that—or even omit the administration fee altogether.

If you pay late, Avant could charge you a fee of up to $25. Additionally, there’s a returned payment fee of up to $15.

How to Get a Personal Loan from Avant

You can “Check Your Loan Options” on Avant’s website to review your eligibility and potential interest rates. This will not impact your credit, as Avant uses a soft inquiry to see what you might qualify for.

If you are self-employed, you’ll need to provide tax returns from the past two years.

It’s possible to apply for an Avant personal loan online, providing identifying information like your Social Security number, name, address, and birth date. You can get a decision in as quickly as a few seconds, or by the end of the day in which you fill out your application. After you verify information, funds arrive in as little as one business day.

The Bottom Line

For those with excellent credit, other personal loan options that might offer lower interest rates.

However, if you have trouble qualifying for the best rates elsewhere or less-than-perfect credit, Avant can make a good alternative to payday loans or other fast-cash options.

Article Sources

  1. Avant. "What Is the Typical Credit Score of an Avant Customer?" Accessed April 14, 2020.

  2. Avant. "Personal Loans, Unsecured Loans." Accessed April 14, 2020.

  3. Avant. "Debt Consolidation Loans." April 14, 2020.