Avant Personal Loans Review

4.6 _/5

LendEDU Rating

Quick, straightforward application process
Flexible repayment terms tailored to your needs
Available to borrowers with less-than-perfect credit

Higher interest rates compared to other lenders
Administration fee is charged

Rates (APR)	9.95% – 35.99%
Loan amounts	$2,000 – $35,000
Repayment	12 – 60 months

When it comes to personal loans, Avant stands out for its accessibility and user-friendly service. Rated a 4.6 out of 5 in our editorial ratings, it’s a great option for those with fair to good credit scores. Avant offers a lifeline to people who can’t get loans from traditional banks and offers funding as soon as the next business day.

Bear in mind that Avant personal loans are designed to be accessible to individuals with lower credit scores, so interest rates can be higher compared to other lenders. As a result, Avant often charges interest rates with APRs ranging from 9.95% to 35.99%. Another potential drawback is Avant’s administration fee, which is subject to change and can add to the total cost of the loan.

The key takeaway? If you need a hassle-free personal loan with easy repayment options and interest rates that match your credit score, Avant could be your go-to. It offers a balanced mix of flexibility and reliability, making it a solid choice for many borrowers.

Table of Contents Skip to Section

Avant personal loan at a glance
How does an Avant personal loan work?
What are the costs and fees of an Avant personal loan?
Pros and cons of Avant

About Avant

Founded in 2012, Avant has helped more than 2 million people in 43 states get the funding they deserve. Avant is best suited for borrowers with fair credit scores ranging from 580 to 669. These people might find securing loans from traditional banks challenging due to their credit history, but they still have better financial standing than those with poor credit.

On the other hand, borrowers with good to excellent credit scores (670 and above) might find better terms with other lenders. Borrowers with a solid credit history can usually shop around. So, while Avant is an option for borrowers with good credit, they would be wise to explore other offers to secure the best deal possible.

Avant personal loan at a glance

Here is a glance at the details of Avant’s personal loans:

Term	Details
Minimum credit score	580
Minimum income	$20,000
Fixed rates (APR)	9.95% – 35.99%
Rate discounts	Not currently offered
Loan amounts	$2,000 – $35,000
Repayment period	12 – 60 months
Unsecured or secured	Unsecured
Joint loans	Not currently offered
Time to funding after approval	1 business day
Fees	Administration fee 9.99%, late fee $25, and dishonored payment fees $15
Unique features	Mobile app for loan management

How does an Avant personal loan work?

Avant makes borrowing easy. You can complete the entire application online in a simple three-step process. Start by entering your basic personal and financial details to check your eligibility.

Personal loan amounts range from $2,000 to $35,000, and loan lengths range from 12 to 60 months. You can review and sign the contract online. If all goes well, you could see the loan deposited into your bank account within one business day.

Interest rates for Avant loans range from 9.95% to 35.99%, with administration fees up to 9.99%. The rate is based on your credit history and other factors. You can manage your loan online or through their app.

Avant’s administration fee is a one-time origination fee that is deducted from the loan amount when funded. Avant’s interest rates are higher than other lenders who typically start at lower rates, around 6% to 7%, for borrowers with better credit.

What can an Avant personal loan be used for?

Avant personal loans are versatile and can be used for a variety of purposes, including, but not limited to:

Avant is flexible with how you use your loan funds. They do not offer business funding so applications outside of personal reasons might not get approved. There aren’t many restrictions, but it’s wise to ask Avant if you have any special funding needs.

Who’s eligible for an Avant personal loan?

Eligibility for an Avant loan is more lenient than many traditional lenders:

Requirement	Details
Citizenship	Must be a U.S. citizen or legal resident
Employment status	Income verification is required
State of residence	43 states and Washington, D.C.*
Minimum age	18 years or older
Minimum credit score	580
Minimum income	Not specified

*Not available in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, and West Virginia

If your credit score has seen better days, Avant could be your financial ally. Avant starts things off with a soft credit check so you can explore your loan possibilities without impacting your credit score. While most lenders have a typical minimum credit score of 560 to 660, Avant stands out for accepting scores in the lower 600s and below.

Avant personal loans keep it simple and secure while verifying who you are. You must be at least 18 years old when applying, a U.S. citizen or legal resident, and have a valid U.S.-based bank account for automatic loan repayments.

What are the costs and fees of an Avant personal loan?

Avant personal loan rates are based on your credit score. Higher scores enjoy lower rates, but generally, fair-to-bad credit can still get approved. You may have to pay an administration fee of 9.99% at loan signing that is deducted from the loan amount when funded.

Let’s add an example to illustrate the costs and fees of an Avant personal loan on a $10,000 loan with a loan term of 36 months and an interest rate of 25%.

Description	Amount/rate
Original loan amount	$10,000
Administration fee (9.99%)	$999
Amount received after fee	$9,001
Loan term	36 months
Annual percentage rate (APR)	25%
Monthly payment	$398
Total repayment over life of the loan	$14,328

There are no prepayment penalties for paying off your loan in advance but, Avant/WebBank will tack on a $25 late fee for any payments that aren’t received on time. Returned payments will be charged a $15 Dishonored payment fee. Avant does not offer any additional perks or discounts at this time.

How do you repay a personal loan from Avant?

Repaying a loan from Avant is easy. You can choose from automatic bank transfers to prevent late fees, paper checks, cashier’s checks, money orders, and even your credit or debit card.

Avant accepts MasterCard and Discover for credit card payments but no longer accepts Visa. It also accepts most major debit card brands, including Visa, MasterCard, and Discover.

If you want to switch to autopay, that’s easy—email [email protected] with your request, and you’ll get set up. Avant doesn’t provide a discount for using autopay but, choosing this payment option can still be a smart financial decision.

Pros and cons of Avant

Pros

Accessible to borrowers with lower credit scores
Quick funding after approval
No penalty for early repayment

Cons

High administration fees may apply
Not the lowest APRs on the market
Joint loans and cosigners not allowed

Avant is a good choice for people with decent or bad credit who want personal loans. There are administration fees, but Avant’s quick and flexible service is worth it for many. Other companies might have lower rates, but Avant is accessible.

One area Avant could improve is its fee structure. Getting rid of or cutting administration fees could make their loans even more attractive. Adding joint loans and co-signers would also make them more appealing. It would offer a lifeline to anyone who is experiencing a medical emergency or financial hardship.

If you are searching for alternatives, a few competitors might fit the bill.

SoFi stands out with its lack of fees and competitive interest rates.
Upstart’s APRs are competitive, and it offers a quick online application process.
LightStream promises to beat any qualifying competitor’s rate.

Our recommendations for the best personal loans