- Avant’s personal loans are best suited for bad credit borrowers.
- If you have good credit, you can find better options elsewhere (see resources below).
- You need to earn at least avant-perl-47-minannualincome per year to qualify for an Avant loan.
What we like:
No minimum credit score
|Rates (APR)||9.95% – 35.99%|
|Loan Terms||2 – 5 years|
|Loan Amounts||$2,000 – $35,000|
|Fees||Prepayment penalty: None|
Founded in 2012, Avant is a technology-based finance company based out of Chicago serving individual consumers with a variety of lending products. Though the company also offers credit cards, Avant’s main product is personal loans, which can be used for any variety of financing needs.
Borrowers may utilize a personal loan from Avant for covering unexpected expenses, paying off credit card debt, home improvements, debt consolidation, and more. The process for getting an Avant personal loan is simple, requiring only a few steps—all completed online.
This Avant personal loan review will tell you what you need to know to decide if this lender is right for you.
In this review:
- Avant personal loans: At a glance
- Pros & cons of Avant personal loans
- Application process & eligibility requirements
- How does Avant compare to other lenders?
Avant personal loans: At a glance
|Avant personal loans|
|Loan amounts||avant-perl-47-amountlow – avant-perl-47-amounthigh|
|APRs||avant-perl-47-fixlow% – avant-perl-47-fixhigh%|
|Minimum annual income||avant-perl-47-minannualincome|
|LendEDU rating||3.86 / 5.00|
Avant stands out in the personal lending space because of its ease of use and its high approval rates for borrowers. The company has lent to over 600,000 consumers, funding more than $4 billion in loans.
While Avant has clear benefits for some borrowers, it is important to understand how Avant personal loans work, their cost, and how they compare to other options.
Who should consider an Avant loan?
Avant offers simple installment loans to its customers with various rates and repayment terms based on their specific needs. However, Avant works better for certain types of borrowers.
Avant loans may be a smart choice for those in need of personal loans for bad credit. Because there is no minimum credit score requirement and a wide range of loan amounts and interest rates, individuals who may not qualify for a traditional personal loan could receive approval from Avant.
However, borrowers with good or even fair credit could probably find better rates and loan terms with another lender. If that’s you, check out our list of the best personal loans to find other options.
Pros & cons of Avant personal loans
- Bad credit borrowers may qualify.
- Avant has a transparent platform that makes it easy for borrowers to know what’s available to them including their repayment terms and interest rate options.
- The application process is straightforward and online, and approval may only take a few minutes. Some borrowers get funding as soon as the next business day.
- The interest rate charged on Avant loans for borrowers with bad credit is high. These borrowers will pay much more over the life of the loan.
- Avant charges an administration fee of avant-perl-47-adminfee for all new borrowers, which adds considerably to your upfront costs.
- Avant has a rating of less than two stars from customers on the Better Business Bureau, although the company is accredited and has an A+ rating from the organization.
Application process & eligibility requirements
One of the biggest draws to Avant personal loans is the ease of the application process. To apply, just provide the following information through the company’s online lending platform:
- Full name
- Home address
- Social Security number
- Salary information
The loan application is then run through a proprietary technology system to determine what loan options are available based on the borrower’s data. This information is populated in a matter of moments.
If you like the loan options you’re offered, the contract for it can be signed electronically. Funds for an Avant personal loan can be directly deposited into the borrower’s bank account in as little as one business day after approval.
Although the process for applying for a new personal loan with Avant is relatively easy, there are still lending requirements borrowers must meet in order to qualify.
There is no minimum credit score required, but borrowers must have a verifiable income, either proven from a paystub or tax returns for self-employed borrowers.
Additionally, Avant requires borrowers to be at least 18 years old, a United States citizen or permanent resident, and be able to prove identity through its online verification system. Avant borrowers must also have a valid U.S.-based bank account that will be used for automatic repayment on the loan.
How does Avant compare to other lenders?
There are a handful of online loan companies offering similar personal loans to Avant, but they each offer different benefits and value to their customers.
OneMain Financial is a well-known personal loan lender that compares to Avant, as it offers easy access to financing for bad credit borrowers. OneMain Financial has a similar loan amount range as Avant, from $1,500 up to $30,000, but its lowest possible interest rate is much higher than Avant’s, at 16.05%.
The maximum interest rate from OneMain Financial and Avant is the same, making the lenders competitive among borrowers who have less than ideal credit.
Avant may offer more value to borrowers because the entire process is managed online; OneMain Financial requires individuals to visit a branch location after completing an application online.
Prosper is another fully digital lender that competes with Avant. Prosper personal loans are also available to individuals with less than ideal credit, but those with stronger credit reports may also find a better option with Prosper rather than Avant.
This is because the starting interest rates are lower with Prosper. Prosper does charge an origination fee that is comparable to Avant’s administration fee, and its loans have either a three- or five-year loan term, while Avant offers more flexibility in this area.
Bottom Line: Is an Avant personal loan right for you?
Avant may be a good choice as an online lender for certain borrowers, including those who want a simple, transparent process and fast approval.
However, borrowers need to be aware of the drawbacks of Avant’s personal loans. Avant accepts some borrowers with poor credit, but the resulting interest rates can be high, and the administration fee charged can eat away at the loan proceeds quickly.
For borrowers who do not have good credit, Avant may be the best choice. However, individuals who have a steady income, a solid credit score, and no credit mishaps in the past should look elsewhere for more affordable, lower-interest personal loans.
If Avant personal loans don’t meet your needs, you can check out some Avant competitors and alternatives here.
How we rated Avant personal loans
Avant earned a LendEDU rating of 3.86 / 5.00 as a bad credit lender. We rate personal loans based on the weighted average of multiple data points, which vary by credit category. You can learn more about our methodology here.
*if approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC
**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 $220.127.116.11 Avant Personal Loans
Author: Melissa Horton
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