Personal Loans » Personal Loan Lender Reviews » Avant Personal Loan Review 2024: What Borrowers Should Know?
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Avant Personal Loan Review 2024: What Borrowers Should Know?

If you have trouble getting credit from other places, Avant may be the place for you. How does it work and is it a good option if you have bad credit?
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

avant- logo SVG

On Credible Website

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

On Credible Website

Our Verdict

Avant is an online lending platform catering to individuals with fair to poor credit scores, offering personal loans ranging from $2,000 to $35,000 with repayment terms of 1 to 5 years.

With a focus on fast funding, Avant typically approves borrowers within one business day and disburses funds into their accounts the following day, making it a convenient option for those in need of quick financial assistance.

The platform allows potential borrowers to pre-qualify for loan offers without impacting their credit scores, offering transparency in terms of loan amount, APR, and repayment terms. Avant also provides a mobile app for managing loans, enhancing accessibility and convenience for users.

However, borrowers should be aware of potential origination fees, which can reduce the loan amount received, as well as the relatively higher interest rates for individuals with better credit. Additionally, Avant does not offer options for co-signed, joint, or secured loans, limiting its appeal to certain borrowers.

Getting Approved for a Avant Personal Loan

When applying for a personal loan through Avant, there are several clear requirements to keep in mind to ensure a smooth application process. These requirements include:

  • Credit Score Requirements: A minimum credit score of 580
    is necessary to qualify for an Avant personal loan.
  • Income Requirements: Applicants must have a minimum monthly net income of $1,200, which can include various sources such as employment, alimony, retirement, child support, and Social Security payments.
  • No Co-signers or Co-applicants: Avant does not allow for co-signers or co-applicants on its loans, so applicants must qualify for the loan independently.
  • No Active Bankruptcy: Applicants should not have any active bankruptcy proceedings, as this may affect eligibility for a personal loan.

In addition to these requirements, applicants need to provide certain documentation:

  • Valid Bank Account: Applicants must have a personal bank account in good standing, as Avant typically disburses loan funds via direct deposit.
  • Valid Social Security Number: A valid Social Security number is required for identity verification purposes.
  • Proof of Income: Avant may require documentation such as pay stubs or bank statements to verify income.
  • Personal Identification: Valid identification documents such as a driver's license or passport may be required for identity verification.

Understanding Avant Repayment Options

When it comes to loan repayment options, Avant offers flexibility to borrowers to manage their payments effectively:

  • Payment Options: Borrowers can typically make payments via automatic withdrawals from their bank account, online payments through the Avant website or mobile app, or by mail with a check.
  • Missed Payments: If a borrower misses a payment, Avant may charge a late fee, typically around $25, and report the late payment to credit bureaus, potentially impacting the borrower's credit score.
  • Rescheduling Payments: Avant allows borrowers to change their payment dates up to two times during the repayment term, providing some flexibility to adjust to changing financial circumstances.

Avant Personal Loan Pros & Cons

Like all lenders, Avant has its own set of advantages and drawbacks that potential borrowers should consider:

Pros
Cons
Soft Pull Inquiry
Higher Interest Rates
Quick Turnaround Times
Origination Fees
Poor Credit Is Okay
Not Available in All States
Wide Range of Repayment Terms
No Co-Signers or Secured Loans
Mobile App
No Direct Payment to Creditors
Talk to Someone 7 days a Week
Lack of Rate Discounts
Soft Pull Inquiry

Avant has a quick process and many borrowers are approved with money in their account by the end of the next business day

Avant targets borrowers who do not have perfect credit scores. They are a great alternative to payday loans, which are wildly expensive

Borrowers have flexibility in choosing repayment terms, allowing them to tailor their loan to their financial situation.

Avant offers a user-friendly mobile app for managing loans, enhancing accessibility and convenience for borrowers.

Avant has customer service agents you can speak with 7 days a week.

Avant reports loan payments to major credit bureaus, providing an opportunity for borrowers to improve their credit score with timely payments.

Avant allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify

Avant's interest rates may be relatively higher for borrowers with good credit compared to other lenders.

If your credit score and history are good, you may want to look elsewhere.

Avant may charge origination fees up to 9.99%, reducing the loan amount received by borrowers.

Avant loans are not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia, restricting access for residents of these states.

Avant does not allow co-signers or offer secured loans, limiting options for borrowers who may need additional support or collateral.

Avant does not offer direct payment to creditors for debt consolidation loans, requiring borrowers to manage distribution of funds themselves.

Avant does not offer rate discounts for automatic payments, potentially missing out on opportunities for borrowers to save on interest costs.

Avant Customer Experience

Customer reviews for Avant are mixed, with some users praising its convenience and accessibility for borrowers with lower credit scores, while others express dissatisfaction with fees and customer service.

Trustpilot and app stores show positive reviews, but J.D. Power's lender satisfaction survey ranked Avant below average.

Avant
iOS App Score
4.5
Android App Score
3.6
BBB Rating
A-
Contact Options
phone/mail
Availability
7 am – 10 pm (CST)

Customers can reach Avant's customer service through various channels. They can call the customer service line at 800-712-5407, available Monday through Friday from 7:00 a.m. to 10:00 p.m. CT, and on weekends from 7:00 a.m. to 8:00 p.m. CT.

Additionally, customers can use the live chat feature on Avant's website during the same hours. For non-urgent inquiries, customers can email support@avant.com.

Additional Insights to Keep in Mind

Before applying for a personal loan with Avant, it's important to understand additional factors that could impact your borrowing experience:

Avant typically provides fast funding, aiming to approve borrowers within one business day and disburse funds into their accounts the following day.

This quick funding turnaround can be advantageous for borrowers who need immediate access to funds for various purposes, such as covering unexpected expenses or consolidating debts.

However, the exact funding time may vary depending on factors such as the borrower's bank and the time of application submission.

If a borrower misses a payment with Avant, they may incur a late fee, typically around $25, and the late payment may be reported to credit bureaus, potentially impacting the borrower's credit score.

In case of difficulties in making payments, borrowers are encouraged to contact Avant's customer service for assistance. Avant may offer hardship programs or alternative payment arrangements to help borrowers manage their loans effectively during challenging times.

It's essential for borrowers to communicate with Avant and explore available options to avoid further financial consequences.

Common Uses of Avant Personal Loans

An Avant personal loan can be used for a variety of purposes, including:

  • Debt consolidation: Combining multiple higher-interest debts into a single loan with a potentially lower interest rate.
  • Home improvement: Funding renovations, repairs, or upgrades to enhance the living space.
  • Emergency expenses: Covering unexpected costs such as medical bills, car repairs, or other urgent needs.
  • Major purchases: Financing purchases like appliances, furniture, or electronics.
  • Wedding expenses: Funding wedding-related costs, such as venue, catering, or attire.

However, there are certain purposes for which Avant personal loans cannot be used. These include:

  • Paying for college or educational expenses: Avant does not allow its personal loans to be used for educational purposes, including tuition fees, textbooks, or student loans.
  • Business expenses: Avant personal loans are intended for personal use only and cannot be used for business-related expenses or investments.
  • Investments: Avant does not allow its loans to be used for investment purposes, such as purchasing stocks, bonds, or other financial instruments.

How to Apply For a Personal Loan With Avant?

The Avant application process includes verification of information, such as identity, employment, income, and bank accounts.

Avant Personal Loan

 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.

 

Avant Personal Loan

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.

Avant Personal Loan

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.

Avant Personal Loan

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 Personal Loan

Avant FAQs

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.

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.

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.

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

avant- logo SVG
one main financial logo
lendingpoint_logo svg
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

Review Personal Loan Top Lenders

Compare Alternatives

Achieve 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 Achieve vs Avant: Which Personal Loan Is Better?

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 is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, Achieve 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: Achieve Vs Upstart Vs Avant: Choose The Right Personal Loan

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.