Avant Review

Adam McCann, Financial WriterJul 15, 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

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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

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

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


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.

Avant Review FAQ (5 questions)

What are Avant's interest rates?

Upvotes

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 bureau does Avant use for personal loan approval?

Upvotes

Lisa Cahill

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.

View more answers

Does Avant allow cosigners on personal loans?

Upvotes

Rick Bormin

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.

How long does it take to get money from an Avant personal loan?

Upvotes

Rick Bormin

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.

View more answers

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

Upvotes

Rick Bormin

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.

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