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Avant Personal Loans Review
Avant offers affordable loans to those that other lenders usually leave behind
By Lindsay VanSomeren
Updated February 03, 2023.
The factual information was checked by Ryan Eichler
We suggest the top products using the independent process of reviewing and advertising does not influence our recommendations. We may receive compensation for visiting our partners that we recommend. Read our advertiser disclosure for more info.
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Investopedia’s Rating 3.7
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Our Take
Avant’s main selling point isn’t the low rates, especially in the event that you already have great credit. But if your credit isn’t the best, Avant is one of the few lenders willing to help you, without having to pay an arm and a leg.
Top Rated for
The Best Loan Approval for Quick Loans The best emergency loans for those with bad Credit
A Runner Up Debt Consolidation Loan for people with poor Credit
Best for Refinancing Best Credit Loans for Bad Credit
Best for Bad Credit The best IVF loans
Best for Bad Credit The Best Loan Installment
Pros and Cons
The most important takeaways
Company Overview
Specifications
Pros
Quick funding timelines
Lower credit criteria than most lenders
Lower income thresholds than the majority of loan providers
Cons
High origination fees
Interest rates are generally higher for those with good credit
Doesn’t directly pay for creditors’ consolidation loans
It doesn’t permit co-signers, joint applicants, or collateral
Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources employed
Investopedia has gathered crucial data points from various lenders to pinpoint the most important factors to borrowers. We utilized this information to evaluate each lender’s charges access, repayment terms, accessibility as well as other aspects to give impartial, complete reviews to help our customers make the right borrowing decision to meet their requirements.
Check out our full Methodology
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overall rating 3.7
Check Rates
Table of Contents
Pros Explained
Cons Explained
Types of Loans
Time to Receive Funds
Borrower Requirements
Features of a Loan
Co-Signers
Refinancing
Customer Service
Customer Satisfaction
How do I apply?
Alternatives
Final Verdict
Methodology
Pros Explained
Quick funding timelines There are lenders who offer faster service available than Avant however, not by much. If you’re accepted for a loan within the timeframe of the time of 4:30 p.m. Central Time, from Monday to the Fridays, Avant will send you the cash through ACH the following day.1
Lower credit requirements than the majority of lenders: Avant will approve loans to those with credit scores of as low as 550 subject to other criteria. Many other lenders will reject you outright if you’re credit score is that low.
Lower income requirement than many lenders: As long as you earn at minimum $1,200 per month in earnings it is possible to qualify for an loan. Because that’s about the median weekly take-home pay for Americans this means that many individuals are likely to get approval when other lenders might pass on them.2
Cons Explained
The high origination fee In the event that you have bad credit one of the tradeoffs you take with Avant is paying a higher origination fee than most other lenders. However, if you’re a primary borrower, Avant might waive the origination fee entirely.
Relatively higher interest rates for those with good credit: Avant isn’t restricted only to people with lower credit or income. But if you have excellent credit, it will be easy to find a more affordable loan elsewhere.
Doesn’t pay creditors directly to consolidate loans In the event that you’re using Avant to get a debt consolidation loan then you’ll have to pay your old creditors directly. However, some lenders will transfer the loan money directly to your previous lenders, saving you a bit of time in paying off the old loans.
Doesn’t allow co-signers, joint applicants or collateral. You’ll have to be able to get an Avant personal loan entirely on your own, without assistance from your parent, spouse or any other person on the loan. Avant also does not provide secured loans which allow you to offer collateral to improve your chances of approval, with low interest.
Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia: Avant is available to people who live in most U.S. states, but not all.
If you have excellent credit it’s likely that you’ll get lower rates elsewhere. Browse our picks for the best personal loans for excellent credit to see what you may receive.
Different types of Personal Loans offered by Avant
In terms of installment loans go, Avant only offers unsecured personal loans.
You can actually use Avant’s personal loans to pay for anything, with the exception of illicit activities or to pay for the cost of a college education. Avant offers a selection of most common personal loan uses on its site, but remember that they aren’t actually different loans as they all share the same terms and conditions.
Improvements to your home loans to fix or upgrade your living space, inside and out
Consolidation of debt loans to consolidate multiple high-interest debts into one loan
Emergency loans to pay for surprise costs such as medical treatment or repairs to your car
The time to receive funds
If you’re approved, Avant is able to deliver your funds quickly. Avant can offer the next-day ACH deposit in the event that you’re approved by 4:30 p.m. CT, Monday through Friday. Keep in mind that depending on your bank’s policies, an ACH deposit may take a couple of days before it’s available in your account after Avant transfers it.1
Borrower Requirements
Avant’s primary advantage is that it might be more likely to accept you for a loan even though other lenders could refuse you right away although it’s not the most affordable option for traditional lenders. However, that doesn’t mean it approves everyone for an loan.
It’s good to know that Avant doesn’t hide away information about the conditions you’ll have to satisfy in order to qualify for a loan in contrast to other lenders. The company has this to say to us:
Minimum credit score Score: 575
Minimum monthly net income: $1,200
Maximum debt-to-income ratio: 70%
Avant calculates your debt-to-income ratio somewhat differently from other lenders. To determine your ratio simply add the total amount of your monthly debt and your monthly housing installments, including rent. Then, divide that figure by your monthly income. (Monthly home payments aren’t usually included in debt-to income ratio calculations unless it’s for a mortgage, just to be clear.)
Avant Personal Loan Features
Change due date You’ll be able modify your monthly payment due date to make it more convenient.
Highly rated mobile application: Avant offers Apple and Google Play apps, both of which are highly evaluated. You can’t use the app to request an individual loan, but once you’ve got one, you are able to use it to manage just about every aspect of your repayment.
Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. In comparison, Avant doesn’t offer very many additional advantages.
You will not get a discount on your interest rate when you sign to autopay on your Avant loan, unlike most other lenders. Even so, it’s beneficial because it prevents late payments and helps you build credit on autopilot.
Co-Signers and Co-Applicants
Avant isn’t able to accept co-signers and co-applicants on its loans this is a bit odd since it’s intended for people who may have a difficult time getting approved for financing. But it has lower criteria for credit in the initial location, which makes it easier for more people to be approved.
Can Refinance a Personal Loan with Avant?
Yes. If you already have a personal loan in the past, whether from a different bank or Avant itself, you may refinance it using Avant. It’s possible Avant can allow you to refinance at a higher rate too, if you need to take out more cash. It is possible to receive a lower rate, at the discretion of Avant, depending on your circumstances.
The company only allows you to do this two times, so pick wisely.4
Customer Service
Avant provides decent customer support between 7 a.m. until 10:00 p.m. CT, Monday through Friday. Customers can also call on the weekend as well, but the hours are a bit shorter, and they end at 8:00 p.m. CET. (If it’s your first time applying for a loan and calling in for help, customer service hours typically end at 8:45 p.m. CT any day of the week, regardless.)
Here’s how to reach Avant to help you in obtaining you personal loan:
Email: support@avant.com
Phone: 800-712-5407
Private message: Login to your account
Address for mail: Address: LaSalle Street, Suite 1600, Chicago, IL 606015
Customer Satisfaction
Avant has a mixed reputation. On sites such as Trustpilot and the online stores for apps that allow users to get the Avant app, it has a stellar reputation.6
However, the reviews provide a grimer picture. According to a 2022 J.D. Power survey of lender satisfaction, Avant was ranked far lower than average by customers.7 Avant maintains a 1.2-star rating out of 5 with the Better Business Bureau, where the company has received 652 complaints alone in the past year.8
Two hundred and twenty-three customers have lodged complaints against Avant through the Consumer Financial Protection Bureau since 2017, and the firm even agreed to a settlement for $1.6 million brought on from the Massachusetts Attorney General, citing unfair debt collection practices.910
The application process to an Avant Personal Loan
The individual loan application is pretty similar to other lenders. It is possible to get pre-qualified to determine whether you’re likely to get approved for an loan and, if yes the rate you’ll pay could be. This is a gentle credit check, which doesn’t affect your credit score, so there’s no harm in getting a quote.
The pre-qualification form is easy to find on Avant’s website. You’ll need to fill out some basic details about yourself, including your monthly payment for housing and income amount and social Security number, as well as the contact details. From there, you’ll get an individual quote.
If you decide to go forward with the request, Avant will do a hard credit assessment at that point, which may cause temporary decline in your score temporarily for couple of months. You’ll also have to provide certain documents. The requirements may differ based on the circumstances, but you should be prepared to provide copies of these documents that lenders usually require:
Recent pay stubs
Statements from bank accounts
The tax return or the transcript from the last two years (for self-employed borrowers)11
Note that Avant may need to call your boss to confirm your employment, although Avant won’t let them know that you’re applying for a loan.
Alternative Personal Loan Lenders
Avant LendingPoint Upstart
APR Band9.95%-35.99 percent7.99%-35.99%6.5%-35.99%
The loan amount is $2,000 to $35,000.$5,000-$35,000 $2,000-$36,000.500$1,000-$50,000
The Loan Terms are12-60 months,24 – 72 months,36 or 60 months
Recommended Minimum Credit Score550 Not disclosedNo credit history required
Origination Fee Origination Fee0%-4.75%10%-10%
When to Receive Loan1 business day12 1 day of business 13 1 business day 14
Final Verdict
If you have a good credit score and reasonable income, we suggest to keep searching for another lender if you require a loan. The top personal loan lenders offer superior rates, features, and customer reviews than Avant.
If you don’t have good credit and a substantial income and your only option is to take on higher-interest loans like the payday loan, we’d definitely suggest Avant. While it’s not perfect, it’s not nearly as troublesome as other lenders who target those with less choices. Also, since repaying the Avant personal loan will help you build credit when you pay your loans punctually (unlike a payday loan), it could be a great way to build your credit score.
Methodology
Investopedia is dedicated to providing consumers with unbiased complete reviews of personal loan lenders. To rate providers we gathered hundreds of data points from forty lenders, which includes interest rates, fees, loan amounts, and repayment terms to make sure that our reviews aid consumers make educated choices for their borrowing needs.
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