Here's a breakdown of some of the benefits and drawbacks of Avant personal loans.
- 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
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.
|Loan amount||$2,000 to $35,000*|
|APR||9.95% to 35.99%|
|Minimum credit score||580**|
|Time to receive funds||As soon as the next business day|
**Avant’s minimum credit score is 580 FICO and 550 Vantage.
Pros and cons of Avant personal loans
Avant’s personal loans may not be the best choice for everyone. Make sure to weigh the pros and cons before accepting a loan offer.
- Range of loan amounts: Avant makes it easy to fund many types of projects, from home improvements to small emergency expenses. Its loans range from $2,000 to $35,000* — a good range, especially for an online lender that offers loans to people with fair credit scores.
- Mobile app: Avant offers a mobile app that lets you view your payment history and payoff quote, manage upcoming payments, make extra payments to pay off your loan faster and set up mobile alerts. This highly rated app is available on both Google Play and the Apple App Store.
- Fast funding times: Many loans are funded as soon as the next business day.
- No prepayment penalty: Avant does not assess a prepayment penalty if you pay off your loan early.
- No co-borrowers: Avant, like many online lending platforms, does not allow joint borrowers. If your credit or income isn’t good enough to qualify on your own, it’s best to explore other lenders.
- High APR caps: If your credit score is low, you may be quoted double-digit interest rates on your Avant personal loan. For borrowers looking to consolidate credit card debt, those interest rates may not beat what you’re currently paying on your credit cards.
- Steep fees: Many online lenders have gone fee-free, but Avant still charges a $25 late payment fee, a $15 returned payment fee and an administration fee of up to 4.75 percent.
- Not available in all states: Avant’s unsecured loans are currently unavailable in Colorado, Hawaii, Iowa, Nevada, New York, Vermont and West Virginia.
Avant offers unsecured loans of $2,000 to $35,000,* though minimum loan amounts may vary by state. Your credit score and income also determine how much you’re eligible for. The APRs on Avant’s loans range from 9.95 percent to 35.99 percent, with the best APRs going to people with a good credit history.
While the terms you qualify for may depend on your state and creditworthiness, Avant’s loans come with repayment terms of 24 to 60 months. However, you’re free to pay your loan off early without incurring a prepayment fee. Paying off your loan early will decrease the amount you’ll pay in interest over the life of your loan.
If the loan is approved, funds can typically be accessed within the next business day or two.
Fees and penalties
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.
How to apply for a loan with Avant
Avant currently only accepts loan applications online. Here’s what you’ll need to get started:
- Personal information (including address, phone number, email and Social Security number).
- Monthly net income.
- Monthly housing payments.
- Length of time at your current address.
- Desired loan amount and intended use.
- Estimated credit score.
The prequalification form also requires you to create a password so you can access your loan application at any time. If you’re approved, the online calculator displays a chart with individualized options, including the fixed monthly payment for different loan lengths and the interest rates for each.
After you choose a repayment option, you’ll be shown the details, including the total amount of the loan, the amount subtracted as an application fee and how much will be deposited into your account.
The last steps are to electronically sign for your loan and provide your bank information for the deposit. You can opt for automatic monthly debits or remotely created checks.
Checking your loan options will not affect your credit score. However, before finalizing your loan, Avant will do a hard credit check, which can lower your credit score.
How Bankrate rates Avant
|Availability||4.8||Avant has fast funding and a low minimum loan amount, but it loses a few points for not being transparent about eligibility requirements.|
|Affordability||3.8||Compared to similar lenders, Avant has a high minimum APR for its loans and charges more fees.|
|Customer Experience||5.0||Avant stands out for its online experience, mobile app and range of customer support hours.|
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.
*A $5,700 loan with an administration fee of 4.75 percent and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95 percent and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75 percent will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC.