2021 Avant Loans Review

Adam McCann, Financial WriterMar 9, 2021

EDITOR’S RATING

3.6 / 5

PROS

Loans as high as $35,000
Approval/funding in 2 - 3 business days
No prepayment fees
Low credit score requirement: 580

CONS

High APRs: 9.95% - 35.99%
Up to 4.75% administration fee
$25 late fee

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.

2021's Personal Loan Offers

Compare Loans

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%
Prepayment Fee	$0
Late Fee	$25
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
Other Requirements	18 years old U.S. citizen/permanent resident SSN

*According to multiple third-party sources

Avant Loan Rates, Fees & Other Terms

Category Rating: 3.5/5

Avant loan rates are between 9.95% and 35.99%. The maximum rate is high compared to that of most major competitors, and the lowest possible rate is still fairly high. Many comparable lenders start their interest rates around 6% to 7%. In addition, plenty of other lenders have interest rate maximums of 18% to 25%. Every Avant personal loan APR is fixed, so it won’t change as long as the loan is open.

The one major fee that Avant loans have is an “administration fee.” It’s a fee for processing the loan, so it’s the same type of fee that other companies call an “origination fee.” This fee can range from 0% to 4.75% of the loan amount and will be deducted from the initial amount you’re given. The fee that you personally pay will depend on a variety of factors such as the loan amount, loan length and your credit.

Avant does not have a fee for paying off your loan early. The late-payment fee is $25.

Overall, Avant scores decently in this category because while their rates and fees are relatively high, they are still much lower than the rates offered by lenders that specialize in bad credit. In addition, Avant deserves credit for their relatively high loan amounts, at $2,000 to $35,000, and their long payoff periods, at 24 to 60 months.

If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law and other factors. Minimum loan amounts may vary by state.

Avant Loan Requirements & Application Info

Category Rating: 3.5/5

The Avant loan credit score requirement is 580 or higher. That’s one of the lowest credit requirements among popular personal loan providers, or at least the ones that provide reasonable rates. Avant does not disclose any minimum income requirements, but they do say that you must be at least 18 years old and either a U.S. citizen or a permanent resident with a Social Security number.

You can check your loan options with Avant online after filling out some personal information – your address, income, desired loan amount and more. In the process, you will also create an account on the Avant website. After this pre-qualification process, you will have the opportunity to apply online. This is the only way to apply.

Avant gets some points taken off in this category for not offering multiple ways to apply and for not accepting any alternatives to an SSN, such as an ITIN or a passport.

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

Category	Score
Rates, Fees & Other Terms	3.5/5
Requirements & Application Info	3.5/5
Reviews & Transparency	4/5
OVERALL	11/15

Avant Loans vs. Popular Competitors

	Avant	Wells Fargo	Prosper
Reviews	*****	*****	*****
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^*
Winner	Wells Fargo

*According to multiple third-party sources

Methodology

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.

Questions & Answers (2 questions)

Ask your Question

What are Avant's interest rates?

Upvotes

Adam McCann , Financial Writer

@adam_mccann

Avant's interest rates are 9.95% - 35.99% or less, depending on whether there is an administration fee. The 9.95% - 35.99% range is actually Avant's APR, which includes both the interest rate and a fee of up to 4.75% of the loan amount.

When you qualify for a personal loan with Avant, they will tell you what APR they can offer you. Your actual interest rate will be less than that, but you'll be making payments based on the APR so there's really no point in calculating out the interest rate. Here's what Avant says on their website: “Since additional costs such as the administration fee are factored into the calculation of the APR, the APR will typically be higher than the interest rate. Avant states the APR for every personal loan offer in the loan agreement.”

Avant's interest rates are fairly high. Their minimum APR starts at 9.95%, which is 3% - 4% higher than where most lenders start their ranges. And their maximum APR of 35.99% is one of the highest on the market. The main reason for this is that Avant works with customers who have bad credit. Their credit score requirement is just 600, according to multiple third-party sources.

So if you have bad credit, Avant is a good option. But if you have good or excellent credit, you'll definitely be able to find better minimum rates elsewhere.

What credit score do you need for an Avant personal loan?

Upvotes

Rick Bormin , Personal Loans Moderator

@rhandoo2020

Applicants need a credit score of 600 to get a personal loan from Avant, according to multiple third-party sources. That means the Avant personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.

Keep in mind that just having a 600 credit score is not enough to qualify you for an Avant personal loan. Avant will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Avant with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for an Avant personal loan online to gauge your chances of getting approved with your current credit score.

Was this article helpful?

Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. Our content is intended for informational purposes only, and we encourage everyone to respect our content guidelines. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.