At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
About Bankrate Score
Avant offers unsecured personal loans for borrowers with less-than-perfect credit scores. If you qualify, you’ll receive quick funding, often by the next business day.
Most Avant borrowers have a credit score between 600 and 700, but according to an Avant representative, the minimum is even lower at 580. Avant is competitive with other low-credit lenders, like OneMain Financial. But if you have damaged credit, you’re unlikely to qualify for the lowest rates.
Range of loan amounts
Mobile app
Fast funding times
No prepayment penalty
No co-borrowers
High APR caps
Steep fees
Not available in all states
Most borrowers have a credit score between 600 and 700, although the minimum credit score requirement is 580. You’ll also need a personal checking or savings account in your name.
Avant does not impose spending restrictions, so borrowers are free to use the loan proceeds however they see fit. This is, of course, limited to legal uses.
While Avant is a strong option for those with poor credit, Upstart goes one step further by allowing borrowers with a score as low as 300 to successfully secure a personal loan. Upstart considers factors beyond just credit, such as education and employment when determining acceptance. If you have a low score or a weak credit background, Upstart may be able to help you secure a loan more easily than Avant.
You can reach a customer service representative by submitting an online inquiry via the website or by calling 800-712-5407. Support for applicants is available Monday through Sunday from 7 a.m. to 8 p.m. CT.
Avant currently only accepts loan applications online. Here’s what you’ll need to get started:
Avant charges a nonrefundable administration fee of up to 4.75 percent that comes out of your loan amount before the funds are disbursed to you. For example, if you are approved to borrow $10,000 and you’re charged a 4.75 percent administration fee, you’ll receive only $9,525. You’ll still make payments on the total loan amount, though, so factor in the origination charge when calculating the total amount you’re looking to borrow.
Avant also charges a $25 late fee if your payment is late by 10 days or more, plus $15 if you don’t have enough money in your bank account to cover your monthly installment.
| Overall Score | 4.7 | Explanation |
|---|---|---|
| Availability | 5.0 | $2,000 minimum loan amount, same-day approval and funding next business day. |
| Affordability | 4.2 | A high maximum APR is balanced by a 10-day grace period. |
| Customer Experience | 5.0 | Online application and account access, phone and email support seven days a week. |
| Transparency | 4.6 | Only some credit requirements are listed, but Avant does offer prequalification. |
To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which 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.
