Avant Personal Loan Review

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APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


Avant branded credit products are issued by WebBank, member FDIC. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **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.

Avant personal loan details
 

Fees and penalties

  • Terms: 24 to 60 months
  • APR Range: 9.95%-35.99%
  • Loan amounts: $2,000-$35,000
  • Time to funding: As soon as the next business day.
  • Hard pull/soft pull: A Soft Pull will be done initially to provide you with potential loan options. After you select your rate, a hard pull will be done on your credit as you officially apply.
  • Origination fee: Administrative fee of up to 4.75%.
  • Prepayment fee: None
  • Late payment fee: Fee may apply, but the amount is dependent on your state.
  • Other fees: You may be charged a fee if your payment is returned.

You can qualify for an Avant personal loan if you’re self-employed. Instead of providing your W-2 paperwork as proof of income, you will have to provide two years of full tax returns, so Avant can verify how much money you bring in per year.

Eligibility requirements

  • Minimum credit score:600
  • Minimum credit history: Avant judges each application on a variety of different credit criteria, though the average borrower has a credit score between 600 and 700.

You must have a checking or savings account in order to qualify for a loan with Avant. This account must allow you to do automatic payments. This account must be a personal account; Avant cannot currently lend to you if you’re using a business account.

Applying for a personal loan from Avant

You should definitely take advantage of Avant’s soft pull option, where you can get a sense of your loan options before you officially apply and let them perform a hard credit inquiry.

When you apply for a loan with Avant, you will want to come armed with some basic information like your name, address and Social Security number. If you’re someone’s employee, you’ll want to have your pay stubs from the past 30 days accessible. If you’re self-employed, expect to be asked for your tax returns from the past two years.

Regardless of if you’re a W-2 or 1099 worker, you will have to provide your bank account information, including routing number and account number. Sometimes, Avant can use this information alone to verify your income, saving you the hassle of scanning in your taxes or pay stubs — but you won’t know until you apply, though.

After you apply, you’ll be offered a rate. If you accept, Avant will do a hard pull on your credit, confirming the final details. If you are approved, you could see money in your account as soon as the next day.

Pros and cons of an Avant personal loan

Pros:

Cons:

  • Competitive interest rates for lower credit scores. Among lenders that extend credit to those with lower credit scores, Avant’s interest rates are about average. Keep in mind that if your credit score is low, though, you’re more likely to fall into the higher end of the interest rate range anyway.
  • Fast access to your money. You may be able to get your loan disbursed as soon as the next day.
  • No prepayment penalty. You can pay off your Avant personal loan early — saving you interest — without incurring a fee for prepayment.
  • Not available in every state: Avant personal loans are not available in Colorado, Iowa, Vermont or West Virginia.
  • Better options for higher credit scores. If you do have a higher credit score, Avant’s starting rates of 9.95% pale in comparison with lenders who target borrowers with a better credit history.
  • Origination fee. While Avant’s origination fee is lower than some of their competitors, the fact that they have a fee at all is still a negative. If you have poor credit, however, it can be tricky to find a lender that doesn’t charge such a fee.
  • You have to link up your bank account. Linking your bank account is a pretty standard way to pay your bills, and most marketplace lenders will prefer you do it this way. But if you’re uncomfortable linking your checking or savings to Avant for automatic payments, this could be a negative as it is required to qualify for one of their personal loans.

Who’s the best fit for an Avant personal loan

Among lenders who issue personal loans in this credit score range, Avant’s starting interest rates are near average. If you have a lower credit score, you should make Avant one of the companies you look at first, along with credit unions that allow you to apply online.

However, if you have a good or great credit score, you may find a better interest rate elsewhere. Whichever category you fall into, you should be sure to shop around before you commit.

Avant consumer reviews

Avant has an A- Better Business Review Rating. Its average customer review rating, however, is on the low end at 1.5 stars.

Several consumer reviews on LendingTree, (LendingTree is the parent company of MagnifyMoney) praise the company’s fast service.

“Avant was really great fees during my loan process,” said a May 2019 review by Courtney of Houston, Texas, who gave the company a 5-star rating. “From application to loan funding, my process was less than 72 hours. I’m happy I went with Avant for my loan.”

Avant FAQ

Avant’s personal loans are also referred to as “installment loans,” which involve a set number scheduled payments. Auto loans and mortgages also qualify as installment loans.

If you can’t make an upcoming payment, Avant has payment options to help customers stay on track. Call 312-763-7438 to learn more.

Avant currently provides standard consumer installment loans, also known as personal loans.

To apply for a loan and see available rates, you simply need to provide your full name, address, income information and Social Security number.

Avant personal loans can be used for a variety of purposes, including debt consolidation, home improvement projects, such as a home renovation, and emergency funds, which can be used to cover unexpected expenses.

The loan amount, term and APR that you qualify for depends on credit determination and state law; minimum loan amounts vary by state.

Avant is easily navigable, with an account page and mobile that can help you stay up-to-date with your loan. Additionally, customer support is available seven days a week.

Alternative personal loan options

Lending Club

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is a lon marketplace, whose lenders also extend loans to those with lower credit scores, though they do so at a higher rate. Their maximum interest rates are very close to Avant’s, however — within a tenth of a percentage point of each other.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

If your budget is stretched thin, the fact that Marcus by Goldman Sachs® offers 36 to 72 month terms may be exciting news for you, as it generally means lower monthly payments. Just remember that when you stretch a loan out over a longer period of time, you end up paying more in interest over the life of your loan — even if you’re paying less per month.

Earnest

Earnest is a better option if you have a higher credit score. Their interest rate range is lower, and there is no origination fee or administrative fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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