Avant Review
9
Visit site

Avant Reviews

9
Bob Phillips

WRITTEN BY

Bob Phillips

Simple Personal Loans
Simple Personal Loans
About Avant

Headquartered in Chicago, Avant was founded in 2012. Avant is a financial technology company, not a bank. Loans are funded by WebBank. Avant lends strictly to individuals, not businesses. There are no physical branches for customer service.

Avant’s main selling point is that it helps people move forward financially by providing simple solutions like personal loans. The company advertises that it has helped more than two million customers.

4.8

LS SCORE

5.0

CREDIBILITY

5.0

SUPPORT

5.0

ACCESSIBILITY

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

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

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

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.
Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

WRITTEN BY

Bob Phillips

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.