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Avant Reviews

9

bestfor-icon Over 2M Loans Secured

bobphillips
Written by Bob Phillips

About Avant | Read More

8

LS Score

10

Credibility

8

Support

10

Accessibility

Visit site
Opening Hours Opening Hours drop-down-btn
Mon - Fri 7:00 AM - 10:00 PM
Sat - Sun 7:00 AM - 8:00 PM
Contact Information Contact Information drop-down-btn
  • support@avant.com
  • Headquarters: 222 N. LaSalle St., Suite 1600, Chicago, IL 60601
Social Media Social Media drop-down-btn

Avant Personal Loans Review

Avant personal loans are high-interest rate loans designed for people with fair credit. Loan amounts are relatively small but offer borrowers the chance to improve their credit scores.

Avant Personal Loans Highlight

580

Min Credit Score

9.95-35.99%

APR. Fixed Rate

9.95-35.99%

APR. Variable Rate

$2K-$35K

Loan Amount

12 to 60 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

Undisclosed

Origination Fee

Undisclosed

Prepayment Fee

1 days

Funding Time

Pros & Cons

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  • con-icon Easy, fast application process
  • con-icon Funds are disbursed quickly
  • con-icon Builds personal credit
  • con-icon High fees and interest charges
  • con-icon No co-signed, joint, or secured loan option
  • con-icon No rate discount for automatic payments

Loan Purpose

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  • Debt Consolidation
  • Home Improvement
  • Medical Expenses
  • Other

Loan Type

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  • Secured Personal Loans
View rates

Avant Personal Loans Terms & Requirements

Avant offers unsecured personal loans to people with fair credit. These loans can be used for any purpose the borrower chooses, from debt consolidation to a vacation. Avant’s administration fee of 4.95% is not typical for many lenders. However, their interest rates are in line with other lenders whose target customer has fair-poor credit.

How to Apply

Procuring a personal loan with Avant is a straightforward, one-step process. After providing your personal information, your application is submitted, Avant conducts a soft credit pull, and a decision is made. 

Screen 1

Enter your personal information

Screen 2

Create a user and enter your SSN and phone number

Screen 3

Enter details about the loan you require

Screen 4

Conform and send the application

Qualification Requirements

  • Minimum credit score of 580
  • At least age 18
  • U.S. resident
  • Minimum number of accounts on credit report: one
  • Minimum monthly income of $1,200. Avant allows income from alimony, child support, and other maintenance income
  • Maximum debt-to-income ratio: 70% including mortgage payments
  • Applicant cannot be in active bankruptcy

Required Information

To get started with Avant, an online application needs to be submitted. The personal information required is industry standard and includes:

  • Name
  • Address
  • Date of birth
  • Proof of identity
  • Phone number
  • Monthly income
  • Loan purpose
  • Amount requested

Application Steps & Time Frames

Complete application: 10 minutes

Wait for decision: typically, same day

Funding released: next business day

Avant’s process is simple and quick. Funding is faster than some other personal loan lenders.

State Availability

- Available in all states

bobphillips
Written by Bob Phillips linkedin-icon twitter-icon

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.

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FAQ’s

Does Avant have any branch offices, or is business strictly done online?

Avant does not have any branch offices; all business is conducted online or through the Avant app.

How is my personal loan’s interest rate calculated?

Your interest rate is determined by the amount of your loan, repayment period, personal credit history, employment, income, and other factors.

How fast will my loan be funded?

If approved, loans are typically funded the next business day.

Customer Support

Avant offers customer support via telephone and email. It also provides a live chat service through its app.

We found Avant’s telephone support to be very responsive. There was no wait time to speak with a representative mid-morning during the week. An email inquiry was also quickly responded to.

In Conclusion

Avant is a 10-year-old fin-tech company that has grown rapidly. Their unsecured personal loans are funded by WebBank. Avant has a limited product line, high fees and interest charges on loans, but it does offer excellent customer support.

Brand Disclaimer

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680