Personal Loans Reviews
Avant Personal Loans Review
Avant offers affordable loans to those who lenders typically do not
By Lindsay VanSomeren
Updated February 03, 2023
The factual information was checked by Ryan Eichler
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The Investopedia Rating 3.7
Avant’s main selling point isn’t the low rates, especially when you have excellent credit. But if your credit isn’t perfect, Avant is one of the few lenders willing to help you, without having to pay fees that aren’t worth the cost.
The Best Rated for
The Best Loan Approval for Quick Loans Best emergency loans for bad Credit
A Runner Up Debt Consolidation Loan for those with bad Credit
Best for Refinancing Best Loans for Bad Credit
Best for Bad Credit Best IVF Loans
Best for Bad Credit Most dependable installment loans
Pros and Pros and
Rapid funding timeframes
Lower credit requirements than many lenders
Lower income requirements than most loan providers
High origination charges
Higher interest rates generally for those with excellent credit
Doesn’t directly pay for creditors’ consolidation loans
Doesn’t 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?
Loan features considered
Data points are studied
Primary sources of data used
Investopedia has gathered important data points from a variety of lenders to identify the most important factors to the borrowers. We utilized this information to evaluate each lender’s fees and accessibility, repayment terms and other characteristics to give impartial, complete reviews to help our customers get the best loan for their needs.
Learn more about our Methodology
Overall rating 3.7
Table of Contents
Pros and Cons of the Book
Different types of loans
When you can receive funds
How do I apply?
Fast funding times There are lenders that offer more speedy service that Avant however, not by much. If you’re accepted for an loan before the time of 4:30 p.m. Central Time, Monday through Friday, Avant can send the money through ACH the following day.1
Lower credit standards than many lender: Avant will approve loans for people with credit scores as low as 550, provided you meet the other conditions. Many other lenders will reject you outright if you’re credit score is that low.
Lower income requirements than most lenders: If you bring in at least $1,200 in income per month and you’re eligible to receive a loan. Since that’s the average weekly take-home salary for Americans which means that a lot of people stand a chance of being approved even if other lenders decline them.2
Pros and Cons Explained
The high origination fee: If you have bad credit One of the tradeoffs you have to make by partnering with Avant is paying a higher origination cost than other lenders. On the flip side If you’re a prime borrower Avant could eliminate the origination fee completely.
Relatively higher interest rates for people with good credit: Avant isn’t limited to those with less income and credit. If you’ve got good credit, it’ll be very easy for you to find a more affordable loan elsewhere.
Pays creditors in direct installments to consolidate loans: If you’re using Avant to get a debt consolidation loan, you’ll need to pay off your old creditors directly. Contrary to this, many other lenders offer to send the loan funds directly to your previous lenders, which will save you some time in repaying your previous loans.
Doesn’t allow co-signers, joint applicants or collateral: You’ll need to meet the requirements for the Avant personal loan entirely on your own, without help from a spouse, parent, or anyone else on the loan. Avant also doesn’t offer secured loans that let you make a pledge of some kind to improve your odds at approval with less interest.
It is not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia: Avant is accessible to those who reside in all U.S. states, but not all states.
If you’re a credit scorer, you can likely get lower rates elsewhere. Check out our selections of the best personal loans for excellent credit to find out what you can get.
The types of personal loans offered by Avant
In the case of installment loans are concerned, Avant only offers unsecured personal loans.
Avant offers personal loans for almost anything, with the exception of illicit actions or for the cost of an education at a university. Avant promotes some of the most commonly used personal loan uses on its website, however keep in mind these aren’t really distinct loans because they all come with the identical terms and conditions:
Renovation loans to repair or enhance your living space inside and out
Debt consolidation loans to combine multiple higher-interest debts into one loan
Emergency loans to pay for unexpected expenses such as medical bills or car repairs3
When you can receive funds
Once you’ve been approved Avant can get your money quickly. It’s able to offer next-day ACH deposit if you’re approved before 4:30 p.m. CT, Monday through Friday. Be aware that based on the policies of your bank, the process of making an ACH deposit can still take a couple of days before it’s deposited into your account once Avant transfers it.1
Avant’s biggest benefit is that it might be more inclined to accept you for an loan when other lenders might refuse you right away even though it’s not always the cheapest option among mainstream lenders. But that doesn’t mean it’s a must for everyone to get a loan.
The good news is that Avant isn’t averse to divulging the specifics of the requirements you’ll have to satisfy in order to qualify for a loan, unlike most other lenders. This is what Avant told us:
Minimum credit score: Minimum credit score:
Minimum monthly net income 1200 dollars
Maximum debt-to-income ratio: 70%
Avant determines your debt-to-income ratio somewhat differently from other lenders. To figure out yours simply add your total monthly debt payments as well as your monthly rent payment, which includes rent. Divide that sum by your total monthly income. (Monthly housing expenses aren’t typically included in debt-to-income ratio calculations except for mortgages FYI.)
Avant Personal Loan Features
Change due date You’ll have the option to change your monthly payment deadline to help make the process easier.
Highly rated mobile application: Avant offers Apple and Google Play apps, both that are highly evaluated. The app isn’t able to get personal loan however, once you’ve got one, you are able to use it to manage just about 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. Contrary to this, Avant doesn’t offer very many additional advantages.
You will not get a discount on your interest rates by signing to autopay on your Avant loan in contrast to other lenders. But it’s still an excellent idea since it helps avoid the late payment and can help you build credit on autopilot.
Co-Signers and Co-Applicant
Avant isn’t able to accept co-signers and co-applicants on its loans this is a bit odd since it’s intended for people who may have a tough time getting approved for financing. But it has lower credit requirements in the first place, making it simpler for more people to get approved.
Can Refinance a Personal Loan with Avant?
Yes. If you have a personal loan out, whether it’s from another lender or even Avant its own, then you are able to refinance it through Avant. It’s possible that Avant will let you refinance to a larger amount too, if you need to take out more cash. You may be able to get a lower rate at the discretion of Avant according to your situation.
The business only permits you to use this feature two times, so make your choice wisely.4
Avant offers excellent customer service between the hours of 7:15 a.m. until 9:00 p.m. CT, Monday through Friday. It is possible to call during the weekend as well however, the hours are a bit shorter, and they end at 8:00 p.m. CET. (If you’re applying for the loan and calling in for assistance, the hours of customer service typically end at 8:45 p.m. CT each day, regardless.)
Here’s how you can contact Avant to help you with the personal loan:
Private message: Login to your account
Mailing address Address for mailing address: 222 LaSalle Street, Suite 1600, Chicago, IL 606015
Avant is a controversial app with a mixed reputation. On sites such as Trustpilot and the online stores for apps which allow you to download the Avant app the app has a fantastic reputation.6
But, the reviews show a darker picture in other reviews. According to a 2022 J.D. Power survey of lender satisfaction, Avant was ranked far lower than average by customers.7 Avant maintains a 1.2-star rating out of 5 with the Better Business Bureau, where Avant has received 652 complaints alone within the past year.8
Two hundred and twenty three people have filed complaints about Avant with the Consumer Financial Protection Bureau since 2017. The company even agreed to a settlement for $1.6 million imposed through the Massachusetts Attorney General, who cited unjust debt collection practices.910
Applying to an Avant Personal Loan
Avant’s Personal loan application is fairly like other lenders. It is possible to get pre-qualified to determine if you’re likely to get approved for an loan and, if you are the rate you’ll pay could be. It’s a simple credit pull, which won’t impact your credit score, so there’s no harm getting an estimate.
The pre-qualification form is easy to find on the Avant website. You’ll have to fill in certain basic information about yourself, such as your monthly housing payment and income figure and Social Security number, as well as your contact details. From there, you’ll get an estimate that is customized to your needs.
If you choose to move to the next step in the inquiry, Avant will do a hard credit check at that point, which can temporarily drop your score temporarily for period of time. You’ll also have to provide some documents. The details may vary based on the situation, however you can count on having duplicates of the documents. lenders usually require:
Recent pay stubs
Bank account statements
Tax returns or transcripts from the past two fiscal years (for self-employed borrowers)11
Note that Avant might need to call your boss up to verify your employment, however Avant doesn’t inform them that you’re applying for the loan.
Alternative Personal Loan Lenders
Avant LendingPoint Upstart
APR Variation9.95%-35.99 Percentage7.99%-35.99%6.5%-35.99 APR Range 9.95%-35.99%
The loan amount is $2,000 to $35,000.$5,000-$35,000 $2,000-$36,000.500$1,000-$50,000
The Loan Terms are12-60 months,24 – 72 months,36 or 60 months
Recommended Minimum Credit Score550 Not disclosedNo credit history needed
Origination Fee 0%-4.75%0.0%-8%0%-10%
The time to receive the loan1 business day12 1 day of business 13 1 business day 14
If you have a good credit score as well as a steady income, then we advise that you keep looking for a new lender if you’re looking to take out a loan. Some of the best personal loan lenders have way superior rates, features, and reviews from customers than Avant.
If you don’t have a good credit score and a substantial income and the only alternative 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 target those with less options. Also, since repaying the Avant personal loan can help you build credit if you pay punctually (unlike a payday loan), it can be a good way to build your credit score.
Investopedia is committed to providing consumers with unbiased complete review of the best personal loan lenders. To rate providers we have gathered hundreds of data points from over 40 lending institutions, which includes fees, interest rates, loan amounts, and the terms of repayment, to ensure that our reviews assist customers make informed choices regarding their needs with regard to borrowing.
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