Avant Logo

Avant

star star star_border star_border star_border
35 User Reviews

3.6

Overall Score

error This company may not service all states.
See states serviced
LAST UPDATED: August 10th, 2021

Avant personal installment loans are a great option for consumers with low credit scores looking to consolidate debt or pay off emergency and/or essential expenses. With competitive rates, terms, and loan amounts, consumers can find flexibility and peace of mind in the financing process.

Interest rates range from 9.95 to 35.99 percent APR, and borrowers will receive a loan term from 24 to 60 months.

Keep reading for pros and cons, or check out Avant reviews below to see what customers have to say about this lender.

thumb_up

The Good

  • 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.

Visit Site

thumb_down

The Bad

  • 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.

gavel

The Bottom Line

With fast approval and funding times, Avant provides quality personal loan options, especially for subprime (low credit) borrowers looking for a debt consolidation loan or funding for essential expenses. With a minimum credit score requirement of approximately 580, borrowers with bad credit have a greater chance of approval. Thus, Avant's interest rates are higher than many other lenders in the industry, ranging from 9.95 to 35.99 percent APR. Therefore, Avant may not be a great choice for borrowers with high or excellent credit, as they could find lower starting rates elsewhere. 

The application process is quick and easy, providing a great option for borrowers who are in need of money quickly. 

However, Avant loans have a maximum amount of only $35,000, so if you are a consumer looking to borrow a larger personal loan, we suggest looking into other lenders that offer larger loan amounts.

Based on limited customer reviews, the majority of which are low-star, we would suggest researching other personal loan providers before making a borrowing decision.

Read Avant personal loan reviews below to see what consumers are saying about this online lender. Have you borrowed a loan from Avant to consolidate student loans or credit card debt, remodel your home, or pay for another major expense? Let us know about your lending experience with a quick Avant loan review below. 

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating

2.1

star star star_border star_border star_border

35 Reviews

Review Breakdown

5 grade

11%

4 grade

14%

3 grade

3%

2 grade

14%

1 grade

57%

Sentiment Criteria

Value

star star star_half star_border star_border

Quality

star star star_border star_border star_border

Service

star star star_border star_border star_border

Trustworthiness

star star star_border star_border star_border
cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down
info
star star star star star_border

Jennifer Warren, MI

I just got approved, and happy about it. Unsecured unlike Spring leaf wanting my car as collateral.. on a 5000.00 loan really? I'm ok with the interest amount as I plan to pay loan off in less than 2 months. Thanks Avant!!

6 years ago

check_circle

Review Source

star star star star star_border

Ted Johnson Pleasant Grove, UT

I have used Avant and they were easy to do the loan approval with. They were very professional and explained everything to me and had the money in my account in no time at all. They are easy to pay now and keep track of online and I can pay it off any time I would like at no prepayment.

2 years ago

star star star star star_border

Carmen Saint Clair, MI

Their interest maybe high, but when you are in a bad place and someone is willing to help, am thankful...Thank you Advant!

7 years ago

star star star star star_border

Tom Pleasant Grove, UT

I have used Avant for debt consolidation and it doesn't give great rates, but they are much better than pay day loans.

4 years ago

star star star star star_border

Carla Ann Arbor, MI

Was quick and easy. Asked the relevant question only unlike an other company. Helpful.

6 years ago