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.
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 Highlights
LOAN AMOUNT
$2,000 - $35,000
LOAN REPAYMENT TERM
12 to 60 months
MIN CREDIT SCORE
550
APR FIXED RATE
9.95% - 39.95%
FUNDING TIME
one day days
ORIGINATION FEE
None
PREPAYMENT FEE
None
OTHER FEES
Yes
SOFT CREDIT PULL
Yes
LENDER TYPE
Marketplace
Pros & Cons
- Easy, fast application process
- Funds are disbursed quickly
- Builds personal credit
- High fees and interest charges
- No co-signed, joint, or secured loan option
- No rate discount for automatic payments
Personal Loans Types
- Secured Personal Loans
Loan Purpose
- Debt Consolidation
- Home Improvement
- Medical Expenses
- Other
Avant Personal Loans Terms & Requirements
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
Qualification Requirements
- Minimum credit score of 550
- 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
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.
FAQ
Avant does not have any branch offices; all business is conducted online or through the Avant app.
Your interest rate is determined by the amount of your loan, repayment period, personal credit history, employment, income, and other factors.
If approved, loans are typically funded the next business day.
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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.
4.8
LS SCORE
5.0
CREDIBILITY
5.0
SUPPORT
5.0
ACCESSIBILITY
Opening Hours
Mon - Fri
7:00 AM - 10:00 PM
Sat - Sun
7:00 AM - 8:00 PM
Email Support
support@avant.com
Live Chat
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