Avant Review

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, 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.

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.

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.

Yes, an Avant personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, an Avant personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.

How an Avant Personal Loan Affects Your Credit Score

Hard pull: When you apply for an Avant personal loan, Avant will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out an Avant personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting an Avant personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how an Avant personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a Avant personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

No, Avant does not offer joint personal loans, unlike some personal loan providers. A joint application allows two people to put their names on the loan and apply together, as well as share responsibility for paying back the loan.

Though Avant does not do joint personal loans, there are quite a few lenders out there that do. You can check out WalletHub's picks for the best personal loans that allow joint applications or cosigners to find some good offers. You can also use WalletHub's free personal loan pre-qualification tool to see which loans you might be able to qualify for individually.

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.  

No, Avant does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.

Although Avant does not accept cosigners on personal loans, there are quite a few lenders out there that do. You can check out WalletHub's picks for the best personal loans that allow cosigners to find some good offers.

You can also use WalletHub's free personal loan pre-qualification tool to see which loans you might be able to qualify for even without a cosigner.

Avant uses all three major credit bureaus for personal loan approval, according to customer service. That includes TransUnion, Equifax and Experian. Therefore, it's important for you to make sure that all your credit reports are free of errors before applying. You're entitled to a free copy of every report once a year through annualcreditreport.com.