Avant Loans Review

Avant's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a Avant personal loan.  

Avant Requirements for Borrowers

• Credit Score: 580+
• Income: Not disclosed
• Age: 18+
• Citizenship: U.S. citizen or permanent resident
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

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.

Yes, you can refinance an Avant personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining Avant balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges. 

How to Refinance a Loan from Avant With a New Loan

1. Check your credit score. Checking your credit helps you see if you're able to get approved with the score you have or if you need to spend some time improving it. You can check your credit score for free on WalletHub.
2. Get pre-qualified (if possible). Pre-qualifying shows you which lenders may approve you and what rates may be available to you. You can pre-qualify with multiple lenders for free on WalletHub.
3. Apply for the new loan. You can apply for the loan online, in person or over the phone. You'll need to give the lender some personal information when you apply, like your name, address and date of birth. The lender will also need some financial information, like your employment status and income.
4. Wait for funds. You should get your loan within a few business days of being approved. The lender will either write you a paper check or do a bank transfer.
5. Pay off the old loan. Once you receive the money, you'll need to pay off the old loan.  
6. Repay the new loan. After the old loan is paid off, you'll then need to repay the new loan. This could take a few months or years to do.

Refinancing a Loan from Avant With a Balance Transfer

The biggest difference between using a balance transfer credit card and a personal loan for refinancing is that many cards offer 0% introductory APRs. If you can pay off your loan before the introductory period ends, you won't have to pay interest.

To learn more, check out WalletHub's balance transfer guide.

Final Thoughts

You should refinance a personal loan from Avant if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.

Finally, it's worth noting that Avant does not offer personal loan refinancing services for its own loans. In other words, you can't use a Avant loan to pay off another Avant loan and get a lower interest rate in the process.

Yes, Avant does offer debt consolidation loans. You can take out a personal loan from Avant and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to Avant. Avant is one of the few lenders that specifically has loans called "debt consolidation loans," while many others only offer general-purpose personal loans. 

Quick Facts About Avant Debt Consolidation Loans

• APR: 9.95% - 35.99%
• Origination fee: 1% - 6%
• Loan amount: $1,000 - $40,000
• Payoff period: 36 or 60 months
• Credit score required: 580

Keep in mind that a debt consolidation loan from Avant will be worthwhile if it saves you money compared to the interest rates you are paying on your existing debts. In addition to the loan's APR, you should also consider any potential fees, as well as the available loan amounts and payoff periods.

Before you apply for an Avant debt consolidation loan, it's a good idea to compare it to WalletHub's editors' picks for the best debt consolidation loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.

Yes, Avant is a legit online lender because Avant is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Avant has been in business since 2012 and also has a secure website, so your data stays safe The company also is accredited with the Bureau.

Why Avant Personal Loans Are Legit

• Avant is registered as a business in the states it services.
• Avant has been around since 2012.
• Avant has an average user rating of 4.2/5 on WalletHub.
• Avant personal loans have a rating of 3.6/5 from WalletHub's editors.
• Avant has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While Avant personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Avant personal loans against your other options before submitting an application.

Yes, Avant does home improvement loans. You can take out a personal loan from Avant and use it to pay for home improvement expenses, such as remodeling a kitchen, finishing a basement, putting on siding or many other projects. Avant is one of the few lenders offering personal loans specifically for home improvements, while many others only have general-purpose personal loans.

Quick Facts About Avant Home Improvement Loans

• APR: 9.95% - 35.99%
• Origination fee: Up to 4.75%
• Loan amount: $2,000 - $35,000
• Payoff period: 24 - 60 months
• Credit score required: 580

Before you apply for an Avant home improvement loan, it's a good idea to compare the offer to WalletHub's editors' picks for the best home improvement loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.

Your Avant approval odds are good if you have a low debt-to-income ratio and meet Avant's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having a credit score of 580+. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.  

What You Need for Good Avant Approval Odds

• Credit Score Requirement: 580+
• Age: 18+
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states
• Citizenship: U.S. citizen or permanent resident
• Income: Not disclosed

Before applying for any personal loan, it's a good idea to check to see if you pre-qualify in order to estimate your approval odds. You can use WalletHub's free pre-qualification tool to check with multiple lenders at once.

Avant does offer personal loans for bad credit as its minimum credit score requirement is just 580+. To qualify for a personal loan from Avant with bad credit, you will also need to be at least 18 years old, have a valid bank account and have enough income to make monthly payments.

Key Things to Know About Avant Personal Loans for Bad Credit

• APR range: 9.95% - 35.99%
• Loan amounts: $2,000 - $35,000
• Repayment timeline: 24 - 60 months
• Credit score requirement: 580+
• Funding timeline: 1 - 2 business days
• Origination fee: Up to 4.75%

Avant is not the only lender that accepts people with bad credit, though. To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.

Avant personal loans have a Up to 4.75% origination fee and a $25 late payment fee, but there is no prepayment fee. Avant personal loans also have a minimum APR of 9.95%, which is higher compared to the typical minimum APR for a personal loan. For your convenience, you can see Avant's personal loan fees and other key terms below.

Avant Personal Loan Fees and Other Terms

• Origination Fee: Up to 4.75%
• Late Payment Fee: $25
• Prepayment Fee: $0
• APRs: 9.95% - 35.99%
• Loan Amounts: $2,000 - $35,000
• Repayment Periods: 24 - 60 months
• Credit Score Requirement: 580+
• Funding Timeline: 1 - 2 business days

Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.

It takes 2 to 4 business days to get money from an Avant personal loan, in most cases. The Avant loan timeline includes around 1 to 2 business days to get approved for an Avant loan and another 1 to 2 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

How to Get Money From Avant as Fast as Possible

• Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Avant having to request additional information.
• Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
• Get your credit score above the minimum. Ideally, you should only apply for an Avant personal loan once your credit score exceeds the minimum requirement of 600. That will make it easier for Avant to decide whether you qualify, which could lead to a quicker decision.

Once you get approved for an Avant personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 2 business days.