Avant Loans Review Summary
Avant loans are best for people with low credit scores as they require a minimum credit score of 580 to qualify for a loan. Avant loans are costly with an APR range of 9.95% to 35.99%, one of the highest rates on the market. Avant also charges an administration fee that can be as much as 4.75% of the loan amount. This fee will depend on such factors as the loan amount, loan period and your credit.
If you qualify for an Avant personal loan, you can get your money quickly. Avant funds personal loans within 1-3 business days, while several other major lenders may take a week or longer. Read on to learn more about Avant loans and see how WalletHub scores them in our three key categories: Terms, Requirements & Application, and Reviews & Transparency.
Avant Personal Loan Terms
|APRs||9.95% - 35.99%|
|Loan Amount||$2,000 - $35,000|
|Loan Terms||24 - 60 months|
|Origination Fee||Up to 4.75%|
|Minimum Credit Score||Bad*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||2 - 3 business days|
Avant Loan Rates, Fees & Other Terms
Category Rating: 3.5/5
- Overall APR range: Avant offers fixed-rate personal loans with an APR range of 9.95% - 35.99%. The maximum rate is high compared to most major competitors, and the lowest rate is still more expensive than that of many comparable lenders.
- How rates are determined: The exact rate you might get depends on your creditworthiness and applicable state laws, among other factors.
- Administration Fee: Avant personal loans come with an “administration fee” of up to 4.75% of the loan amount that will be deducted from the initial amount you are given. It is the same type of fee that other companies call an “origination fee.”
- Other fees: Avant charges a $25 late fee for payments that are 10-days overdue and a $15 “dishonored payment” fee for returned payments. Avant does not have a fee for paying off a loan early.
- Loan amounts & timelines: Avant offers personal loan amounts between $2,000 and $35,000. Minimum loan amounts vary by state. Their repayment periods range from 24 to 60 months.
Avant Loan Requirements & Application Info
Category Rating: 3.5/5
- Minimum credit score: Not disclosed, though most Avant customers have a credit score of at least 580, according to the company.
- Minimum income: Avant does not disclose minimum income requirements.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: You can check the loan terms you might qualify for online by filling out some personal information such as your address, income, and desired loan amount. Unlike actually applying, this process will not affect your credit score.
- Ways to apply: If you decide to apply for a personal loan from Avant, the only way to do it is online.
Avant Loan Reviews & Transparency
Category Rating: 4/5
- Better Business Bureau: The BBB gives Avant an A- rating. Avant has been accredited since 2015.
- Consumer Financial Protection Bureau: There are around 250 complaints about Avant’s personal installment loans. Some complaints include Avant reporting inaccurate information to credit bureaus or interest rates being excessively high. Avant consistently responds to complaints in a “timely” manner.
- WalletHub: Avant has an average user rating of 4.2/5 stars.
- Transparency: Avant has a high degree of transparency. Their personal loan terms are readily available on their website, and they do disclose minimum credit score requirements.
Overall, Avant scores very well in this category because they have a positive reputation and are clear about what customers can expect.
Summary: Avant Loans Score by Review Category
|Rates, Fees & Other Terms||3.5/5|
|Requirements & Application Info||3.5/5|
|Reviews & Transparency||4/5|
Avant Loans vs. Popular Competitors
|APRs||9.95% - 35.99%||5.99% - 24.49%||6.95% - 35.99%|
|Loan Amounts||$2,000 - $35,000||$3,000 - $100,000||$2,000 - $40,000|
|Loan Terms||24 - 60 months||12 - 60 months||36 or 60 months|
|Minimum Credit Score||Bad*||Fair*||Fair*|
In order to provide the most accurate review of Avant personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Avant’s terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.