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LendingTree
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As low as 3.99% APR
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SoFi
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5.99% To 20.01% APR
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Marcus by Goldman Sachs®
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6.99% To 28.99% APR
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LightStream
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4.99% To 16.79%* APR
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Avant Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
What is Avant?
Originally launched under the name AvantCredit, Avant is an online lender that was founded in 2012 in Chicago. The company launched its first loan in February 2013 and has issued nearly $2 billion in loans to 600,000 borrowers.
Avant primarily issues loans that can be used for debt consolidation, emergency expenses or home improvement costs.
Over the past several years, the company has been awarded much industry recognition, including being listed as No. 6 on Forbes’ “America’s Most Promising Companies” list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.
Avant personal loan highlights
- Minimum credit score requirement: The average Avant borrower has a credit score between 600 and 700. Remember, though, that when your credit score is lower, you’re more likely to end up at the higher end of the interest rate range.
- Administrative fee: Avant charges an administrative fee of up to 4.75% to take out your loan. This fee will be subtracted from your total loan amount, so be sure to factor it in when calculating how much you need to borrow.
- Quick funding: You could have money in your bank account as soon as the following business day after you apply.
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More
*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 $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.
Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
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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.
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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.
600
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
1.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates.... 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®
APR
6.99%
To
28.99%
Credit Req.
Not specified
Terms
36 to 72
months
Origination Fee
No origination fee
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.
