Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you.
APR
9.95% - 35.99%
Loan Amount
$2,000 - $35,000
Term
24-60 Months
Min score
580
Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you.
APR
9.95% - 35.99%
Loan Amount
$2,000 - $35,000
Term
24-60 Months
Min score
580
Based in Chicago, Avant is a personal loan servicer that is a good option for those with bad credit. The minimum credit score needed to be approved at Avant is just 580 and you can choose any amount between $2,000-$35,000.
Perhaps the most beneficial thing Avant offers is its easy-to-navigate mobile app. Having an app allows borrowers to pay no matter where they are and check their information in real-time. They also give borrowers the option to set up autopay, which adds to the convenience factor here. Along with that, Avant has no prepayment penalties, or late fee forgiveness, and they only do soft pull inquiries for their applicants too.
While we love the convenience Avant offers, there are a few caveats here. First of all, they aren’t available in all 50 states and you have to wait 30 days from the time your funds are issued before they will appear in your bank account.
This can be frustrating specifically for anyone who needs their loan right away. Avant also has higher interest rates compared to the best personal loan lenders, charges administration, and origination fees. They also aren’t available for business use.
- Quick turnaround times
- Prime Credit Only
- Late Fee Forgiveness
- Easy to Use
- Talk to Someone 7 days a Week
- Job-Loss Support
- No Prepayment Penalty
- Soft Pull Inquiry
- Higher Interest Rates
- Administration Fee
- Not Available in All States
- One Loan at a Time
- Unable to Use For Business Use
- Can I negotiate with Avant?
Avant does not promote a willingness to negotiate whether you are shopping around for a loan or negotiating a settlement figure on your existing loan.
However, the lending market is highly competitive, so it may be worth comparison shopping and attempting to negotiate with Avant before you commit to a loan.
- Can I get an Avant loan with a 600 credit score?
Avant does have more relaxed lending criteria compared to many other lenders. This means that you shouldn’t have any particular difficulty due to having only a fair or 600 credit score.
With this score, you are likely to struggle to access the lowest advertised rates, but you should still obtain approval if you meet the other lending criteria.
- Is Avant good for debt consolidation?
Avant does offer personal loans for up to $35,000, but it is not particularly good for debt consolidation.
Firstly, this lender does not offer direct creditor payments, so you will need to wait for the funds to arrive and then make individual payments to each lender. Secondly, the lender does charge an origination fee, which will be deducted from your loan amount.
- Can I add a cosigner to an Avant personal loan?
Unfortunately, Avant only offers sole personal loans. This means that you cannot create a joint application or use a co-signer to increase your chances of approval. This means that you will need to rely on your own credit profile.
However, Avant does have quite flexible lending criteria, so even if you only have fair credit, you should still qualify.
Table of Contents
Requirements & Repayment Options
If you're worried bout getting a personal loan with bad credit, Avant may be a good place to consider. You must have a net income of at least $1,200 to qualify for an Avant personal loan. Applicants must also be adults and be visa holders, residents, or citizens of the United States. Avant will make you a personal loan even if your credit score is as low as 580.
Compared to other bad-fair credit lenders, the required score is reasonable. For example, Lending Point required score is 580 while Mariner Finance's minimum score is 500.
With Avant, you can set your payment due date upfront and change it twice during the course of a year. While Avant does not provide an autopay discount, they do provide borrowers with the option of refinancing.
- Banking information for the verification process
Avant requires borrowers to have a personal or checking account on file. Avant uses banking information for the verification process. You may need to submit your bank account information to verify account information and income deposits. The bank account on file with Avant needs to receive the majority of your income.
- Income is a must
Avant requires all applicants to provide information regarding their sources of income. They have an online verification tool you can use to verify your employment. Sometimes additional documentation is required.
For example, those who are self-employed or receive some type of supplemental income may be required to provide additional documentation. Avant can also use banking information to verify income. Avant may call your employer just to verify employment.
- Loan Dashboard
Avant dashboard can be used to see what information is required and submit that information. If documentation is sufficient, Avant will send out confirmation information through the dashboard. If there is additional information needed, Avant will reach out within 24 hours.
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Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Quick turnaround times
Avant has a quick process and many borrowers are approved with money in their account by the end of the next business day
- Prime Credit Only
Avant targets borrowers who do not have perfect credit scores. They are a great alternative to payday loans, which are wildly expensive
- Late Fee Forgiveness
Avant will refund your late fee if you make 3 on-time payments in a row
- Easy to Use
Avant site is easy to use and the application process is quick
- Talk to Someone 7 days a Week
Avant has customer service agents you can speak with 7 days a week
- No Prepayment Penalty
The borrower can pay off their loan early without any fees
- Soft Pull Inquiry
Avant allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify
- Higher Interest Rates
Avant services those with less-than-perfect credit, therefore the interest rates tend to be on the higher end. If your credit score and history are good, you may want to look elsewhere
- Administration Fee
Avant administration fee is very high and should be considered in the pricing of your loan when you apply
- Not Available in All States
Avant does not operate in Iowa, Colorado and West Virginia
- One Loan at a Time
Avant does not allow borrowers to have multiple loans with them at a time
- Unable to Use For Business Use
Business purpose loans cannot be funded through Avant
Customer Satisfaction
The Avant mobile app is also one of the best available, with a plethora of useful features. Avant makes every effort to review applications quickly and to provide funds to borrowers the following business day. In addition, if you lose your job, you will be able to receive direct assistance with your loan repayments.
Finally, Avant received a B rating from the Better Business Bureau, but it is no longer accredited due to compliance issues. Finally, Avant got 822 out of 1000 possible points in the 2020 research, lower than industry average.
Avant | |
|---|---|
iOS App Score | 4.5 |
Android App Score | 3.6 |
BBB Rating | A- |
WalletHub Rating | 4.2 |
Contact Options | phone/mail |
Availability | 7 am – 10 pm (CST) |
What Can a Personal Loan Be Used For?
Avant loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Avant loans are personal installment loans and cannot be used for business purposes.
- Debt Consolidation – Avant debt consolidation is to take one or more prior unsecured loans and pay them off with the new Avant loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender. Avant is considered one of the best debt consolidation lenders.
- Home Improvement – Avant home improvement is for home repairs or projects. The advantage of using an Avant home improvement loan is the promptness of receiving the funds.
- Emergencies – Avant emergency loans get you needed cash quickly for unexpected expenses. This can include car repairs, medical bills, or any urgent home repairs.
How to Apply For a Personal Loan With Avant?
- 1.
The Avant application process includes verification of information, such as identity, employment, income, and bank accounts.
- 2.
The application process takes about 15 minutes. Around 50% of loans issued from Avant do not require any human interaction. You fill out a short form with some basic questions about yourself.
- 3.
Then Avant does a soft pull inquiry to see what options they have for you. You can get an idea of how much you’ll be paying before they do a hard pull inquiry on your credit. If you decide to move forward you will need to answer more verification questions, and allow a hard credit pull.
- 4.
Depending on the information you submit, you may need to speak with an Avant representative. You will need to sign loan documents. It is often possible for the loan to be closed and money sent to your account before the end of the next day.
- 5.
Avant uses a knowledge-based authentication process to verify your identity. This is a series of questions that a borrower must answer to prove the loan is not being sought under fraudulent pretenses, or that you are not trying to use someone else’s identity.
Avant FAQs
Is Avant a good place to get a loan?
If you have trouble qualifying for a loan, Avant may be a good option for you. Avant tends to have more lenient credit requirements, but they do prefer borrowers with a credit score above 580.
Unfortunately, this does result in higher APRs. While you can borrow up to $35,000 and receive your funds within a couple of days, if you have a decent credit rating, you are likely to obtain a better rate with more traditional lenders.
Does Avant ask for proof of income?
Avant does require all applicants to provide information about their income and its sources. This will provide the basic details to obtain quotes and deals you can compare.
However, if you want to proceed with a loan, you will need to verify your income details. Avant has an online verification tool to make it easier to verify your employment and income.
If Avant requires further income verification, you’ll receive a message on your Avant dashboard or a member of the team will contact you directly.
Is Avant better than Lending Club?
LendingClub is a decent option for debt consolidation and joint applications. You can borrow any amount between $1,000 – $40,000 , and Lending Club rates which are lower than what is on offer with Avant.
However, the downside of this is that you need a credit score of 600 or more to qualify. Lending Club dies to allow you to pay your creditors directly with the funds from your loan, but it can take one week or more to receive the funding. So, if you need access to money quickly, you’re likely to find that Avant is a better option.
Is OneMain better than Avant?
Although OneMain and Avant offer similar loan products, there are some crucial differences. Generally speaking, applicants with a decent score are likely to enjoy a more favorable rate with Avant, but if your score isn’t great, OneMain’s flexibility could offer you a great deal. Avant also offers a higher lending potential. Which is better will depend on your circumstances.
If you have a credit score below 620 or you can put up some collateral for your loan, OneMain is likely to be the better option. But, if your score is above 620 and you want an unsecured loan, opt for Avant.
Alternative Lenders For Bad Credit
 |  |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 9.95% – 35.99%
| 18.00% – 35.99%
| 7.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-60 Months
| 24-60 months
| 24 to 48 months
|
Loan Amount | $2,000 – $35,000
| $1,500 -$20,000
| $2,000 – $36,500
|
Minimum Score | 580
| No Minimum
| 580
|
Funding Time | N/A
| As soon as same day
| Typically 1 day
|
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Compare Alternatives
Avant vs Freedom vs LendingPoint
FreedomPlus is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.
Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.
Read Full Comparison: LendingPoint vs Freedom vs Avant: Which Personal Loan Is Better?
Avant vs OneMain vs LendingClub
LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.
Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.
Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?
Avant vs Freedom vs Upstart
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Freedom Vs Upstart Vs Avant: Choose The Right Personal Loan
