About Bankrate Score
Bankrate take: Avant's low minimum credit score and short terms are slightly offset by the fact that potential borrowers can't apply with a co-signer.
About Bankrate Score
Bankrate take: Avant's low minimum credit score and short terms are slightly offset by the fact that potential borrowers can't apply with a co-signer.
Bankrate users taking out personal loans from Avant have followed the below trends and stats:
Borrowers with credit scores as low as 550 may qualify for an Avant personal loan that can be paid off in one year. Most bad credit lenders set their minimum score at 600 and many lenders have a minimum payoff term of two years. A shorter term saves you interest and pays your balance down quickly, as long as you can afford the higher monthly payment.
Avant offers an extensive list of ways personal loans can be used aside from the standard emergency, debt consolidation and home improvement scenarios. The site explains how an Avant personal loan can be used to fund adoption or infertility procedures, cover the cost of a wedding or vacation or provide next-day funds for a business expense.
While there are no restrictions listed on its websites, it's common for personal loan lenders to prohibit the use of funds for gambling or any illegal activities. Some also do not allow borrowers to use funds for education expenses or business purposes.
Avant offers customer service support Monday through Friday from 7 a.m. to 10 p.m. CT and Saturday and Sunday from 7 a.m. to 8 p.m. CT.
Avant’s mobile app is available in both iOS and Android formats. Borrowers can manage their loan by viewing upcoming payments, making extra payments and getting a payoff balance quote.
Avant mobile app users give it a 4.8 star rating on the App Store with over 120,000 ratings as of Feb. 29, 2024. One note: The app can only be used for unsecured loan products.
Positive reviews sourced from Trustpilot seem to consistently give high ratings to Avant for an easy approval process and quick funding turnaround. Most negative reviews applied to the credit card products Avant offers, rather than the personal loans.
There were no direct responses to complaints from Avant customer support representatives at the time of writing.
Avant offers shorter payoff terms than Upstart which may be a good fit for borrowers with poor credit looking to pay off debt quickly. Upstart offers lower minimum APRs for qualified borrowers, with lower minimum and higher maximum loan amount options than Avant.
Avant offers a shorter term option of 12 months compared to Upgrade’s 24 month minimum term, as well as a lower credit score minimum of 550 compared to Upgrade’s 600 minimum. Upgrade may be a better fit for borrowers that want terms as long as 84 months versus Avant’s 60 month maximum.
You will need to go through standard steps to qualify for an Avant personal loan that include verifying your:
Avant’s origination team works with borrowers to gather any information needed to complete the loan, but it can help to come prepared. It currently doesn't lend to residents of Hawaii, Iowa, Massachusetts, New York, Vermont or West Virginia.
The application process for Avant is done digitally. However, Avant’s support staff are available seven days a week if you have questions.
Overall Score | 4.7 | Explanation |
---|---|---|
Availability | 5.0 | Same-day approval and next day funding possible for borrowers with scores as low as 550. |
Affordability | 4.2 | Rates range between 9.95% and 35.99% with late fees and dishonored payment fees. |
Customer Experience | 5.0 | Customer support every day of the week and mobile app with an entirely online loan process. |
Transparency | 4.6 | Rates and fees consistent for all unsecured personal loan products. |
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.