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
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
|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.