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Avant Personal Loans Review
Avant provides affordable loans to those who lenders normally leave behind
By Lindsay VanSomeren
Updated February 03, 2023
The factual information was checked by Ryan Eichler
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The Investopedia Rating 3.7
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Our Take
Avant’s selling point isn’t its low rates, particularly when you have excellent credit. However, if your credit score isn’t the best, Avant is one of the few lenders who will help you, without having to pay the price of a pound.
The Best Rated For
Best for Quick Loan Approval Best Emergency Loans for Bad Credit
A Runner Up Debt Consolidation Loan for Bad Credit
Best for Refinancing Best loans for people with bad Credit
Best for people with Bad Credit Finest IVF Loans
Best for Bad Credit Best Installment Loans
Pros and Pros and
Important Takeaways
Company Overview
Specifications
Pros
Rapid funding timeframes
Credit requirements lower than the majority of lenders
Less income requirement than the majority of lenders
Cons
High origination fees
Interest rates are generally higher for those with good credit
Doesn’t pay creditors directly for 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?
38
Lenders reviewed
40
Loan features considered
1,520
Data points that are analyzed
112
Primary data sources utilized
Investopedia has gathered key data points from several lenders to determine the most important factors to the borrowers. We utilized this information to analyze each lender’s fees, accessibility, repayment terms, and other features to give impartial, complete reviews to ensure our readers get the best loan for their specific needs.
Learn more about our Methodology
Avant-logo
Overall rating 3.7
Check Rates
Table of Contents
Pros Explained
Pros and Cons of the Book
The types of loans
When you can receive funds
Borrower Requirements
Loan Features
Co-Signers
Refinancing
Customer Service
Customer Satisfaction
How to Apply
Alternatives
Final Verdict
Methodology
Pros Explained
Quick funding timelines There are lenders that offer quicker service than Avant, but not by much: If you’re approved for a loan before 4:45 p.m. Central Time, Monday through Friday, Avant will send you the cash via ACH the next day.1
Lower credit standards than most banks: Avant will approve loans for those with credit scores that are as low as 550 provided you meet the other conditions. Many other lenders will refuse you completely if your credit score is that low.
Lower income requirement than many lenders: If you earn at least $1,200 in income per month it is possible to qualify to receive an loan. Because that’s about the average weekly take-home salary for Americans this means that many people stand a chance of approval when other lenders might reject them.2
Cons & Cons Explained
The high origination fee In the event that you have bad credit one of the tradeoffs that you have to make by partnering with Avant is that you pay a higher charge for origination than the majority of lenders. On the other hand, if you’re a prime borrower Avant may be able to completely waive the origination charge.
Higher interest rates for those with excellent credit: Avant isn’t restricted to people with low credit or income. But if you have good credit, it’ll be a breeze to get a lower-cost loan elsewhere.
Pays creditors in direct installments for consolidation loans If you’re using Avant to obtain an installment loan, you’ll need to pay your old creditors directly. Contrary to this, many other lenders allow you to transfer the loan funds directly to the old lenders, which will save your time when you pay off your old loans.
Don’t accept co-signers, joint applicants or collateral: You’ll need to meet the requirements for an Avant personal loan solely by yourself, with no assistance from your parent, spouse, or anyone else on the loan. Avant does not offer secured loans which allow you to offer collateral in order to get better chances of approval, with low interest.
It is not available In Hawaii, Iowa, New York, Maine, Vermont as well as West Virginia: Avant is accessible to those who reside in most U.S. states, but not all.
If you’re a credit scorer You’re likely to find lower rates elsewhere. Explore our choices for the top personal loans for excellent credit to see what you could be able to.
The 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, with the exception of illicit activities or to pay for an education at a university. Avant promotes some of the most popular personal loan applications on its website, but remember that they aren’t in fact different loans as they all share the same terms and conditions:
Home improvement loans to improve or repair your living space, inside and out
Consolidation of debt loans to consolidate multiple high-interest debts into one loan
Emergency loans to cover unexpected costs such as medical treatment or car repairs3
The time to receive funds
When you’re accepted, Avant is able to deliver your money quickly. It’s able to offer next-day ACH deposit if you’re approved before 4:45 p.m. CT, Monday through Friday. Keep in mind that depending on the bank’s policies an ACH deposit may be a few days before it’s available in your account after Avant sends it.1
Borrower Requirements
Avant’s main selling point is that it could be more willing to give you the loan even though other lenders could refuse you right away although it’s not always the cheapest option for conventional lenders. But that doesn’t mean it will approve everyone for the loan.
It’s good to know that Avant does not hide the details about the requirements you’ll have to satisfy in order to qualify for a loan unlike other lenders. Here’s what the company told us:
Minimum credit score: 575
Minimum monthly net income 1200 dollars
Maximum debt-to-income ratio: 70%
Avant calculates your debt-to-income ratio slightly differently than other lenders. To figure out yours, add up the total amount of your monthly debt and your monthly housing payments, including rent. Divide that sum by your total monthly income. (Monthly home payments aren’t usually included in debt-to-income ratio calculations unless it’s for a mortgage, just to be clear.)
Avant Personal Credit Features
Change due date You’ll be able change your monthly payment due date to make it easier.
Highly rated mobile app: Avant offers Apple and Google Play apps, both of which come highly rated. You can’t use the app to apply for personal loan, but when you’ve secured one, you can 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. In comparison, Avant doesn’t offer very many extra advantages.
You won’t get a discount on your interest rate when you sign up for autopay through your Avant loan, unlike most other lenders. However, it’s an excellent idea since it prevents in the event of late payments and also helps build credit automatically.
Co-Signers and Co-Applicants
Avant does not allow for co-signers or co-applicants on its loans, which is strange since it’s intended for people who might have a hard to get financing. But it has lower criteria for credit in the initial place, making it easier for more applicants to get approval.
Can You Refinance a Personal Loan Through Avant?
Yes. If you already have an individual loan that you’re unable to repay, whether from another lender or even Avant its own, then you can refinance it using Avant. It’s possible Avant allows you to refinance at a higher rate too, if you need to borrow more money. It is possible to receive a lower rate, at the discretion of Avant, according to your situation.
The company will only allow you to use this feature twice, but you must make your choice wisely.4
Customer Service
Avant offers excellent customer service between 7:15 a.m. until 9:00 p.m. CT, Monday through Friday. You can call on the weekends as well but the hours are shorter, ending at 8:00 p.m. (CT). (If it’s your first time applying for an loan and calling in for assistance, the hours of customer service normally end at 8:00 p.m. CT for you each day, 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
Address for mail Address for mailing address: 222 LaSalle Street, Suite 1600, Chicago, IL 606015
Customer Satisfaction
Avant is a controversial app with a mixed reputation. On websites like Trustpilot and on online app stores which allow you to download the Avant app the app has a fantastic reputation.6
The reviews, however, provide a grimer picture. According to one 2022 J.D. Power lender satisfaction survey, Avant was ranked far lower than average by customers.7 Avant maintains a 1.2-star rating with the Better Business Bureau, where the company received 652 complaints in the past year.8
Twenty-three people have filed complaints about Avant through the Consumer Financial Protection Bureau since 2017 and the firm even agreed to a settlement for $1.6 million, which was negotiated by the Massachusetts Attorney General, citing unjust debt collection practices.910
Applying to an Avant Personal Loan
Avant’s individual loan application is fairly similar to that of other lenders. It is possible to get pre-qualified to determine if you’re likely to be approved for an loan and, if yes the rate you’ll pay could be. It’s a simple credit pull, which won’t impact any credit scores, and therefore it’s not a bad idea to get a quote.
The pre-qualification form is easy to find on Avant’s website. You’ll need to fill out the basic information regarding yourself, such as the amount of your monthly housing bill and income figure and social Security number, and the contact details. From there, you’ll get an estimate that is customized to your needs.
If you decide to go to the next step in the application, Avant will do a hard credit assessment at this point. This could cause a temporary drop in your score temporarily for period of time. It is also necessary to submit some documents. The details may vary based on the circumstances, but you should be prepared to provide the original copies. lenders commonly request:
Recent pay stubs
Statements of bank accounts
The tax return or the transcript of the last two years (for self-employed borrowers)11
Note that Avant might need to call your boss to confirm your employment status, but Avant won’t let them know that you’re seeking the 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$2,000-$36,500$1,000-$50,000
Loan Terms12-60 months 24-72 months36 or 60 months
Minimum Credit Score Recommended550 Not disclosedNo credit history needed
Origination Fee Origination Fee0%-4.75%10%-10%
When to Receive Loan 1 business day12One business day 13. 1 business day 14
Final Verdict
If you have a good credit score as well as a steady income, then we advise that you keep looking for another lender if you require a loan. The top personal loan lenders offer much better rates, features, and customer reviews than Avant.
If you don’t have good credit and a substantial income and the only alternative is taking on higher-interest loans like one of the payday loan, we’d definitely recommend Avant. While it’s not perfect it’s not nearly as troublesome as other lenders who take advantage of those with less alternatives. Also, since repaying an Avant personal loan can help you build credit if you pay your loans punctually (unlike a payday loan), it could be a useful starting point to improve your credit score.
Methodology
Investopedia is committed to providing consumers with unbiased complete review of the best personal loan lenders. To assess lenders, we collected hundreds of data points across over 40 lending institutions. This includes fees, interest rates, loan amounts, and repayment terms, to ensure that our reviews help customers make informed choices regarding their needs with regard to borrowing.
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