Avant

• Lending for Low Credit Borrowers
• Loan Amounts
• Pre-Qualification Soft Credit Check
• Loan Application Process
• Next-Day Funding
• No Prepayment Fees
• Avant Mobile App

Lending for Low Credit Borrowers

Avant's minimum credit score is approximately 580, which is competitively low in the industry, providing borrowers with a lower credit score an opportunity to qualify for a loan when they might not elsewhere. For this purpose, the lowest loan rate offered (9.95 percent) is much higher than other competitors' lowest rates. 

Remember, though your credit history is weighed heavily, loan acceptance with Avant is based on a number of factors and not every applicant will be accepted.

Loan Amounts

For an unsecured loan, Avant's loan amounts range from $2,000 to $35,000. For a secured loan, amounts range from $5,000 to $25,000.

Avant's minimum loan amounts are low in comparison to other lenders, but if you are in need of a larger loan, many lenders offer much more than $35,000 for unsecured personal loans.

Thus, if you are looking for a small loan, Avant may be a good option, but if you are in need of a large loan, it may not be the best choice.

Pre-Qualification Soft Credit Check

You can check your rates and terms by filling out a pre-qualification application with Avant. This process will instigate a soft credit pull, which will have no impact upon your credit score.

A hard credit pull will be performed if you choose to borrow from Avant and complete the application process.

Loan Application Process

Avant offers a quick and easy personal loan application process. Applying for a loan can be completed in as little as five minutes. 

To determine whether a borrower is eligible for a loan, Avant will look at several different factors, primarily credit score and annual income level. Once you've been approved, you can receive your funds as soon as the next business day.

Next-Day Funding

If approved for an Avant personal loan, you can receive your funds as soon as the next business day. This is convenient for applicants who need their funds as soon as possible. This can provide peace of mind to customers, especially if they are facing a financial emergency. 

No Prepayment Fees 

Avant does not charge a prepayment penalty fee. This means you can pay off your loan as early as you'd like, allowing you to save money in interest charges.

Avant Mobile App

Avant has a free mobile app that makes it easy to manage your personal loan payments and attached bank account information. 

The app is available on both iOS and Android devices. App features include viewing past and upcoming payments, making payments, and viewing your payoff quote. You can also opt to receive push notifications to alert you of any pressing loan information, such as an upcoming monthly payment.

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• High Interest Rates
• Maximum Loan Amount​​​​​​​
• Additional Fees
• No Cosigner Option
• Negative Customer Reviews

High Interest Rates

Avant's interest rates range from 9.95 to 35.99 percent APR. These rates are fixed rather variable, meaning rates are not subject to change month to month, so your monthly payments will always remain the same. This is a helpful option, but it also means that Avant's rates are higher than many other lenders offering variable rates. 

It is important to note that if you have a high or excellent credit score, you may want to research and compare other lenders with lower starting rates. You will likely be able to lower your interest rate and save more money by doing so.

Maximum Loan Amount

Avant offers a maximum loan amount of $35,000, which is on the lower end of personal loan offerings. Other lenders offer up to $50,000 or $100,000. This lower maximum amount makes it possible for Avant to lend to borrowers with poor credit.

Additional Fees

Avant has an administration fee of up to 4.75 percent, the details of which are unclear. Many other lenders don't charge this fee.

Avant also charges a loan origination fee, in addition to a late fee for any late payments that are made.

No Cosigner Option

Avant does not accept joint personal loan applications or cosigners. 

For low credit applicants, the ability to apply for a loan with a cosigner can get you lower rates and better terms. Many other lenders allow borrowers to apply with a cosigner.

Negative Customer Reviews

Avant loan reviews are currently limited, but the majority of them have a low star rating. Many of these negative reviews outline high interest rates, and difficulties with the application process, as well as the billing process.