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Avant Personal Loans: 2024 Review

Updated on March 1, 2024

At a glance

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Check rate with Bankrate
4.7
Rating: 4.7 stars out of 5
Bankrate Score
Caret Down
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

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.

Lender Details

Moneybag

Loan amount

$2,000 - $35,000

Rates

APR from

9.95% to 35.99%

Clock Wait

Term lengths

24 to 60 months

Credit Good

Min Credit Score

580

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Bankrate User Stats for Avant

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 short-term bad credit personal loans

Borrowers with credit scores as low as 580 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 personal loan purposes

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.

Where Avant stands out

  • Offers loans for lower credit score borrowers: While most personal loan lenders set a minimum credit score of at least 600 for personal loans, Avant will consider lending to borrowers with a score as low as 580. 
  • Shorter minimum terms than bad credit loan competitors: If you prefer to pay off your debt as quickly as possible, Avant offers a one-year term option. 
  • Customer service seven days a week: You can get assistance on the weekends with customer support available Monday through Sunday.

Where Avant falls short

  • High fees: Avant charges an administration fee of up to 9.99% of the loan amount. A late fee of $25 is charged if your payment is more than 10 days late, and a $15 fee for any payment that doesn’t go through your connected bank account. 
  • Lower maximum loan amounts: You won’t be able to borrow more than $35,000 with an Avant personal loan. That’s lower than the $50,000 offered by other bad credit lenders like Upgrade and Best Egg. 
  • No co-signers are allowed: Avant borrowers must qualify on their own — co-signers aren’t permitted. 

Avant customer experience

Customer support

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.  

Digital experience

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. 

What people are saying about Avant

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.  

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
24 to 60 months
Min Credit Score
580
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 or 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.49% to 35.99%*with autopay
Loan Amount
$1,000-$50,000
Term Length
24 to 84 months
Min Credit Score
600

Avant vs. Upstart

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 vs. Upgrade

Avant offers a lower credit score minimum of 580 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. 

Do you qualify for an Avant personal loan? 

You will need to go through standard steps to qualify for an Avant personal loan that include verifying your:

  • Credit score, which must be at least 580.
  • Identity, which can be done electronically.
  • Residence, which must be in one of the 43 states serviced.
  • Employment.
  • Income, usually in the form of pay stubs.
  • Banking information for the account that will be tied to your loan.

Avant’s origination team works with borrowers to gather any information needed to complete the loan, but it can help to come prepared

How to apply for a personal loan with Avant

The application process for Avant is done digitally. However, Avant’s support staff are available seven days a week if you have questions.

  1. Get a quote: You can prequalify online without affecting your credit score. The application typically takes a few minutes to complete. 
  2. Add information and finalize your application: Avant’s automated system generates an initial approval. According to its website, the decision may be provided within minutes. 
  3. Review the loan details: Once you’re approved, you can track the progress of your application through the mobile app. Funds can be deposited into your bank account within one business day. 

How Bankrate rates Avant

Overall Score 4.7 Explanation
Availability 5.0 Same-day approval and next-day funding are possible for borrowers with scores as low as 580.
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.

Methodology

Bankrate's trusted personal loans industry expertise

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:

  • 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 considered 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.