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Personal Loans Reviews

Avant Personal Loans Review

Avant provides affordable loans to those who lenders typically do not

By Lindsay VanSomeren

Updated February 03, 2023.

Fact checked by Ryan Eichler

We recommend the best products through the independent process of reviewing, and advertisers do not influence our choices. We could receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

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The Investopedia Rating 3.7

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Our Take

Avant’s biggest selling point isn’t low rates, especially if you already have good credit. However, if your credit score isn’t great, Avant is one of the few lenders who will help you, without having to pay an arm and a leg.

The Best Rated For

The best for quick loan approval The best emergency loans for those with bad Credit

Consolidation Loans for Runner-Up Debt for those with bad Credit

Best for Refinancing Best loans for people with bad Credit

Best for people with Bad Credit The best IVF loans

Ideal for people with poor Credit Most dependable installment loans

Pros and Pros and

Important Takeaways

Company Overview

specifications

Pros

Fast funding timelines

Lower credit criteria than most lenders

Lower income thresholds than the majority of credit institutions

Cons

High origination costs

Relatively higher interest rates for people with good credit

Doesn’t pay creditors directly for consolidation loans

Do not allow co-signers, joint applicants, or collateral

Not available Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia

Why should you trust us?

38

Lenders reviewed

40

Loan features considered

1,520

Data points analyzed

112

Primary data sources used

Investopedia identified key data points from several lenders to determine the most crucial factors for borrowers. We then used the data to evaluate each lender’s fees and accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews that help our readers have the best borrowing option for their needs.

Read our Full Methodology

Avant-logo

Overall rating 3.7

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Table of Contents

Pros Explained

Cons Explained

Types of Loans

When you can receive funds

Requirements for Borrowers

Features of a Loan

Co-Signers

Refinancing

Customer Service

Customer Satisfaction

How to Apply

Alternatives

Final Verdict

Methodology

Pros Explained

Timelines for quick funding There are lenders that offer faster service available than Avant however, not by much. If you’re accepted for the loan within the timeframe of the time of 4:30 p.m. Central Time, between Monday and the Fridays, Avant is able to send your cash through ACH the following day.1

Lower credit standards than the majority of lender: Avant will approve loans for people with credit scores that are as low as 550 provided you meet the other conditions. Most other lenders will just refuse you completely if your credit score is that low.

Lower income requirement than many lenders: As long as you earn at minimum $1,200 per month in earnings, you may be eligible to receive a loan. Given that that’s roughly the average weekly take-home income for Americans, that means many applicants are in a good position to gain acceptance even when other lenders may decline them.2

Pros and Cons Explained

High origination fees If you have poor credit, one of the tradeoffs that you have to have to make with Avant is paying a higher origination cost than other lenders charge. On the other hand If you’re a prime borrower, Avant might waive the origination fee entirely.

Interest rates that are generally higher for those with good credit score: Avant doesn’t apply only to people with lower credit and income. If you’ve got good credit, it’ll be easy to get a lower-cost loan elsewhere.

Pays creditors in direct installments to consolidate loans: If you’re using Avant to obtain the debt consolidation loan, you’ll need to pay off your previous creditors directly. Contrary to this, many other lenders will transfer the loan funds straight to the old lenders, saving your time in repaying your previous loans.

It doesn’t permit co-signers, joint applicants or collateral: You’ll need to meet the requirements for an Avant personal loan completely on your own, without assistance from a spouse, parent, or anyone else who is a co-signer on the loan. Avant does not offer secured loans which allow you to offer collateral in order to get better chances of approval and lower interest rates.

It is not available not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia: Avant is available to people who live in all U.S. states, but not all.

If you’ve got excellent credit, you can likely find better rates elsewhere. Explore our choices for the top personal loans with excellent credit ratings to find out what you can receive.

Different types of Personal Loans offered by Avant

In terms of installment loans go, Avant only offers unsecured personal loans.

You can actually use Avant’s personal loans to pay for anything, except for illegal activities or paying for an education at a university. Avant promotes some of the most popular personal loan uses on its website, however keep in mind these aren’t really different loans because they all come with the same terms and conditions:

Home improvement loans to fix or upgrade your living space inside and out

Consolidation loans to combine several high-interest obligations into one loan

Emergency loans to pay for surprise expenses such as medical bills or repairs to your car

The time to receive funds

When you’re accepted, Avant can get your money quickly. Avant can offer the next-day ACH deposit if you’re approved before the time of 4:30 p.m. CT, Monday through Friday. Remember that, based on the policies of your bank, an ACH deposit can still take a couple of days before it’s available in your account after Avant transfers it.1

Borrower Requirements

Avant’s biggest benefit is that it could be more willing to approve you for an loan in the event that other lenders turn you down right away although it’s not the most affordable alternative among the traditional lenders. However, it doesn’t mean that it’s a must for everyone to get the loan.

Fortunately, Avant does not hide the specifics of the requirements you’ll have to meet in order to get a loan unlike other lenders. This is what Avant told us:

Minimum credit score Minimum credit score: 550

Monthly net income minimum of $1200

Maximum debt-to-income ratio: 70%

Avant determines your debt-to-income ratio slightly differently than other lenders. To calculate yours simply add the total amount of your monthly debt and your monthly housing installments, including rent. Divide that sum by your total monthly income. (Monthly housing payments aren’t normally included in the debt-to-income ratio calculation unless they’re for a mortgage just to be clear.)

Avant Personal Credit Features

Change the date of your due date You’ll be able change your monthly payment deadline to help make the process more convenient.

Highly rated mobile app: Avant offers Apple and Google Play apps, both of which are highly rated. The app isn’t able to apply for personal loan, but when you’ve secured one, you are able to use it to manage almost all aspects of your repayment.

Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. Comparatively, Avant doesn’t offer very many extra benefits.

You won’t get a discount on your interest rate by signing to autopay on your Avant loan in contrast to other lenders. However, it’s beneficial because it stops late payments and helps you build credit automatically.

Co-Signers and Co-Applicant

Avant does not permit co-signers or co-applicants for its loans, which is strange since it’s intended for people who may have a difficult getting financing. But, it does have lower criteria for credit in the initial location, which makes it easier for more applicants to be approved.

Can Refinance a Personal Loan With Avant?

Yes. If you have an individual loan that you’re unable to repay, whether from another lender or even Avant its own, then you are able to refinance it using Avant. It’s possible Avant will let you refinance to a larger amount as well, if you want to borrow more money. It is possible to receive a lower rate at Avant’s discretion, according to your situation.

The business only permits you to use this feature two times, so choose wisely.4

Customer Service

Avant provides decent customer support during the hours between 7:15 a.m. and 9:00 p.m. CT, Monday through Friday. You can call on the weekends as well however, the hours are shorter, ending at 8:00 p.m. CT. (If you’re applying for an loan and calling in for assistance, the hours of customer service generally end at 8:00 p.m. CT for you any day of the week, regardless.)

Here’s how to reach Avant to help you with your personal loan:

Email: support@avant.com

Phone: 800-712-5407

Private message: Login to your account

Mailing address Address for mailing address: Mailing address: LaSalle Street, Suite 1600, Chicago, IL 606015

Customer Satisfaction

Avant is a controversial app with a mixed reputation. On websites like Trustpilot and the online stores for apps which allow you to install the Avant app, it has a stellar reputation.6

But, the reviews show a darker picture in other reviews. According to one 2022 J.D. Power lender satisfaction survey, Avant was ranked far below the average of customers.7 Avant maintains a 1.2-star rating of five from the Better Business Bureau, where Avant has received 652 complaints alone over the last year.8

Two hundred and twenty three people have filed complaints against Avant with the Consumer Financial Protection Bureau since 2017 and the firm even agreed to the settlement of $1.6 million brought on from the Massachusetts Attorney General, who cited unjust debt collection practices.910

Applying for an Avant Personal Loan

The Personal loan application is fairly similar to that of other lenders. You can get pre-qualified to see whether you’re likely to be approved for a loan and, if yes, what your rate might be. It’s a simple credit pullthat won’t alter any credit scores, therefore there’s no harm in getting a quote.

The pre-qualification form is easy to locate on Avant’s website. You’ll need to fill out the basic information about yourself, including the amount of your monthly housing bill and income amount, Social Security number, and the contact details. From there, you’ll get an estimate that is customized to your needs.

If you decide to move forward with the application, Avant will do a hard credit test at this point. This can temporarily drop the credit rating for couple of months. It is also necessary to submit some documents. The details may vary based on your situation, but you should be prepared to provide the original copies. lenders commonly request:

Recent pay stubs

Bank account statements

The tax return or the transcript of the last 2 years (for self-employed borrowers)11

Note that Avant might need to call your boss up to verify your employment status, but Avant will not inform them that you’re applying for a loan.

Alternative Personal Loan Lenders

Avant LendingPoint Upstart

APR Variation9.95%-35.99 percent7.99%-35.99 percent6.5%-35.99 percent

Amount of Loan $2,000-35,000$5,000-$35,000 $2,000-$36,000.500$1,000-$50,000

Loan Terms12-60 months 24-72 months36 or 60 months

Recommended Minimum Credit Score550 Not disclosedNo credit history is required

Origination Fee Origination Fee0%-4.75 percent10%-10%

Time to Receive Loan1 business day121 day of business 13 1 business day 14

Final Verdict

If you’re a credit-worthy person and income, we recommend that you keep looking for another lender if you require a loan. A few of the top personal loan lenders offer superior rates, features, and reviews from customers than Avant.

If you don’t have good credit and a substantial income and your only option is taking on higher-interest debt , such as a payday loan, we’d definitely suggest Avant. While it’s not perfect, it’s not as bad like other lenders who take advantage of those with less alternatives. And since paying off the Avant personal loan will help to build credit if you pay on time (unlike the case with a payday loan), it could be a useful way to build your credit score.

Methodology

Investopedia is committed to providing customers with impartial and comprehensive evaluations of private loan lenders. To assess lenders we have gathered thousands of points across forty lenders. This includes interest rates, fees, loan amounts, and the terms of repayment, to ensure that our reviews help consumers make educated choices for their borrowing requirements.

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