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Avant Personal Loans: 2024 Review

Updated on October 11, 2023
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.2 stars out of 5
4.2
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4.6 stars out of 5
4.6

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.

Moneybag
Loan amount $2,000 - $35,000
Rates
APR from 9.95% to 35.99%
Clock Wait
Term lengths 12 to 60 months
Credit Good
Min Credit Score 550
This lender is best for borrowers with bad credit.

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Bankrate User Stats

Bankrate users taking out personal loans from Avant have followed the below trends and stats:

  • Average funded loan amount: $9,109
  • Funded loan range: $2,000-$30,000
  • Average funding time: 4.3 days
  • Average APR of funded loan: 14.59%
  • Amount of loans funded through Bankrate since 2022: 688
  • Popular loan purpose trends: 45% of Avant borrowers on Bankrate take out personal loans to consolidate debt, more than any other loan purpose.

Avant is best for bad credit

Most Avant borrowers have a credit score between 600 and 700, but according to an Avant representative, the minimum is even lower at 550. 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.

Avant pros and cons

PROS

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    Range of loan amounts

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    Mobile app

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    Fast funding times

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    No prepayment penalty

CONS

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    No co-borrowers

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    High APR caps

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    Steep fees

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    Not available in all states

Do you qualify?

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. 

What Avant doesn't allow loan funds to be used for

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.

How this lender compares

logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
9.95% to 35.99%
Loan Amount
$2,000 - $35,000
Term Length
12 to 60 months
Min Credit Score
550
logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
7.80% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.49%-35.99%
Loan Amount
$1,000-$50,000
Term Length
24-84 months
Min Credit Score
600

Avant vs. Upstart

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. 

Avant vs. Upgrade 

Upgrade offers borrowers a much higher loan amount of $50,000 along with a similarly low credit score requirement at 560. The lender caters specifically to those on the poor credit spectrum and boasts funding in as little as one day following approval. If you are looking to secure a debt consolidation loan Upgrade is a great choice as the lender offers direct payment to other creditors, a perk not offered by Avant. 

Avant: in the details

What we like and what we don’t like

What we like

  • 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.

What we don't like

  • 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 9.99 percent.
  • Not available in all states: Avant’s unsecured loans are currently unavailable in Colorado, Hawaii, Iowa, Nevada, New York, Vermont and West Virginia.

How to contact 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.

How to apply for a personal 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.

Fees and penalties

Avant charges a nonrefundable administration fee of up to 9.99 percent that comes out of your loan amount before the funds are disbursed to you. 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.

Avant frequently asked questions

How Bankrate rates Avant

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.

Methodology

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:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.