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Avant

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35 User Reviews

4.4

Overall Score

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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.

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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.

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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.

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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. 

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Star Rating

2.1

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35 Reviews

Review Breakdown

5 grade

11%

4 grade

14%

3 grade

3%

2 grade

14%

1 grade

57%

Sentiment Criteria

Value

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Quality

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Service

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Farrah Linden, NJ

I am just applying with AVANT. I was approved. I need it say to now just upload a bank statement to the account i am having it wired into. That is a simplified step. (or bank log-in info) i don't know about that part. But i am still reviewing today with the folks to ensure i should go with AVANT or WELLS FARGO(whose rate is only 8 to 10%)as i also plan on paying it off early. I am happy with a fairly good score 600-631 i can get a loan for my continued survival,legal fee(s)involving a lawsuit i have pending,and we plan to settle by or before new years 2016,so i will pay it off either way quick. THANKS AVANT,for giving my family a chance to continue to live and stay focus to pay off few debts to eat,survive and we will pay you back in full when lawsuit check come in 3 to 5 months,thank you.More people need to be like you avant.

6 years ago

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Juan vega New Haven, CT

I’m grateful that they give me a loan however my customer experience with this company was really bad i ended up paying my loan in full after 3 months because I didn’t want to deal with this customer service anymore

3 months ago

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Mr. Steve Glendale, AZ

I borrowed $8400 and they gave me $7900 after up front fee was taken out. My interest rate is 35%. I applied one day and the money was in my account the next day. I also applied at another company that also put money in my account and the interest rate was 25% (Lending Club). I tried to get them to take the money back and they told me I would still have to pay the up front fee but the other company said if I left the money in the account they would take it back in 2 days and not charge me (lending Club). I have been making payments for 8 months and the principle paid each month ranges 174 to 112? I called to complain and they have no idea what I am talking about so I asked for an amortization schedule and they would not send it. I tried to explain the principal should be higher each month as the balance gets paid down. If you are planning to pay off early the the principal balance will be wrong.

2 years ago

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richard wells Pensacola, FL

Avant gave me a $15,000 loan 6 months ago. I sold my house and paid them off. However I have been trying to get a new loan and they said they called my employer. I have had to restart my loan three times now because someone at avant can't do their dang job and call during normal business hours or just call in general to verify employment even though I have submitted 4 pay stubs from the US Army to them. Never had this problem on my first loan. Would not suggest to anyone to use them.

2 years ago

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Carolina L Santa Ana, CA

I got a loan from Avant in December 2017, I paid the entire loan on Jan 3, 2018. Their payment dashboard is always incorrect. I paid the balance showing on the the dashboard (which was incorrect) and on May 2019 I received an email telling me a had a payment set up for automatic withdrawal on June 7, 2019. This is was the first I heard from since making the payment in 2018. After numerous emails and calls. I was informed I had a balance and it had accrued interest for over 17 months. They never even contacted me prior to this email. Their practices are deceiving and misleading. Be very careful when dealing with them. There dashboard is never accurate, I currently owe them $220.00 and some dollars but their dashboard showed I owe 6 more payments of $584.00. They hardly ever respond to written communication and when calling, they don't give a straight answer, they try to confuse you.

2 years ago

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Justin Roebins Fort Lauderdale, FL

Avant Double Billed me. They promised to take my payment that I payed early and apply it to my loan. I have used this pre-pay process in the past, with success. For some reason, this time they billed me. They used the payment I payed, along with the monthly draft. The second payment overdrew my account. There were 5 NSF fees for other charges that were outstanding. The bank wouldn't refund those moneys. The amounts however were payed since I have an agreement with the bank to pay if I have direct deposit and an overdraft in my savings. I called Avant to get a resolution. They promised me in 8 business days the money would be refunded to my account. Then a few more days went by. I didn't receive any information. I called repeatedly. Still, promised the money would be refunded so my NSF's would be refunded by the bank. After 21 days have passed, I finally called and they said my request was rejected. I couldn't object, or appeal to their refusal process. I was slightly disappointed. Nevertheless, I contacted my bank to alert them of the possibilities that this company may be taking money out of the accounts of the persons they do business with, without their knowledge or consent, or reversing mistakes that may have possibility happened as a result of their procedures, or as a result of electronic malfunction. Unfortunately, others should be made aware that their processes allow for these types of mistakes, which can result in many over draft charges, and other types of fees that a person may normally not expect. With the addition of these new fees as part of the responsibility of taking out a loan with Avant, I thought it pertinent to share my experience with the BBB. Although they have an A+ Review, taking money out of a person's account unexpectedly is the new norm. It's unfortunate, but true.

2 years ago

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Thomas Hullinger Pleasant Grove, UT

I have a loan with Avant, and it was a short application process and I got the money I needed the next day and even though the rate is high, it met my needs at the time and I can pay it back at any time and get a better rate. The loan is easy to keep track of and they want to help you get a better rate.

3 years ago

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Christopher Albin Indianapolis, IN

I’d avoid doing business with them at all costs. My experience you must pay on time or get harassed, if you fall behind even by one business day you will get endless Debt Collector calls. Personally I understand they do want their money, however calls after Midnight up until 1:30AM is excessive and considered abusive practices under The Fair Debt Collection Practices Act (FDCPA) guidelines meaning they can call between 8am and 9pm, your local time. Upside you get fast approval, downside you get high interest rates forced onto automatic ACH monthly payments regardless unless you contact them to opt out. The biggest con about Avant they respond as collections if you happen to run behind even one day past your due date the collection calls begin, with the intent to behave as a collection agency.

3 years ago

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K Price

There are 6 reasons why Avant’s processes may mislead you. 1) (ClearScore) you are told that you have 100% chance of being accepted and been pre-approved for the loan on the understanding that the information given is accurate. This is NOT the case. In fact in my case this a lie as I provided you with evidence supporting things like my income. 2) you will be given a contract to sign, giving you the impression that the loan has been granted. Normally you don’t sign an agreement unless you have been offered something. 3) you will be given a payment schedule, again giving you the impression the loan has been accepted. Why would I be interested in scheduled dates and amounts you are going to collect from my bank account unless I had entered into an agreement? 4), you will receive an email asking you to confirm your bank details for Direct Debit payments again giving you the impression your loan has been accepted. Why would you need to confirm my bank account details unless you were going to make or receive a payment? 5) You receive an email saying your Direct Debit is set up and money will be taken from your bank account as long as the mandate is approved by your bank, again giving you the impression that your application has been accepted. Why would you set up a DD for something that still had a chance of failing? Im in a lucky position where the loan was more helpful than a necessity. But if you were desperate and mislead like I was I can see a rejection being much more painful. When pointing all this out to Avant they concentrate on the rejection rather than the point that they are misleading people in the process as they think this would be the most important thing. Just be very very careful and do not consider you to be successful applicant no matter what they send in writing or say. You really will only know when the money is in your bank!

4 years ago

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Merlin Las Vegas, NV

Hi there, I apply 2 months ago and got approve for what I ask for. I apply on Frinday by 1130pm and got the funding Monday morning. Easy process. Thank you Avant!

4 years ago

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James Garmom

Poor, pathetic excuse!!! Sad!!!! Unbelieveable!!!!! I live in Colorado which at the time of applying online, I didn't realize that it mattered which state a person lived in. I applied for and received into my checking account $4100. I repaid in loan, in full, with 3 months,...3 MONTHS!!! Having never missed or been late, with any payments. I used the loan mainly for my business startup. Well, I checked my Avant account to confirm the loan payoff, and the message along with the confirmation stated the after about a month, I would be able to apply for another loan. BS on Avant. I've tried several times since September, even emailing their customer service, each time I was told that Avant does not do loans for applicants in Colorado, even though they had!!!! My theory is that they prefer to have people with long term loans still open so they can make money from the interest, regular lending practice, right. My advice go with your bank, if possible or a financial institution that does short term loans, just avoid Avant!!!

4 years ago

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chris Denver, CO

This place is Great. They think outside the box. They give chance to most where others would not. customer service is OUTSTANDING !!! Thanks you AVANT CE Denver CO

5 years ago

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Mary Laing Revere, MA

Definitely apply if last resort to getting a loan. Interest rates are usually very high as anyone with good credit can get a much cheaper loan with bank or CU. I would recommend paying on time to improve credit score than try to get a much lower loan with bank or CU to pay off Avant loan. I am hoping to pay off my four year loan within 2 years to avoid paying too much interest.

5 years ago

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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

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Review Source

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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

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Kelly Robinson Montclair, CA

Very deceptive. Application process is not easy. Verification is confusing, repetitive. Website and application is not user-friendly. Customer service is not helpful at all. Email responses tell you they'll give you a decision within 24 hours, and then they send you an email telling you they'll make a decision within 1 to 3 days, then 7 days later they come back and tell you your application has been cancelled, feel free to reapply. I think it's a scam, I think they're phishing for information. I DO NOT RECOMMEND.

2 years ago

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R.W. Richton Park, IL

If you fall behind and then catch for the next 9-12 months and you want to have a good will removal of late payments from your account, they do not accommodate. Also, they seem to have a problem with making additional payments. If you owe them, do your best to pay them off. They do not like to work with you.

2 years ago

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Tracey Bridgeport, CT

Deceptive during the application process I was told I was eligible for a loan submitted all my documents after three days of going back-and-forth with them and being told to look for the confirmation email I was denied even though my credit score is a 692 ...They should've been honest and just said we're not eligible at this time if you're told you qualify you shouldn't have to apply and be denied

4 years ago

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Bill Addsup Sacramento, CA

I applied for a loan over two weeks ago. I have been asked to confirm my personal information twice! I have been stuck in review for two weeks when told I should have an answer within "24 hours". I wish I could get a hold of the person reviewing my loan to simply find out if I am approved or not? I only applied for less then half the amount I was pre approved for not wanting to borrow more then was needed. I cant wait any longer to be stuck in limbo. Some simple correspondence with a definitive answer would have been appreciated. .

5 years ago

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Arian Johnson Maywood, IL

Canceled payment modification agreement and then reported me as not having made payments for 120+ days even though I had made the payments. Spoke today to Daniel who is their director of compliance. He is super rude, disrespectful, and condescending. With leadership like him no wonder Avant's customer service team sucks. Will be pursuing legal action against Avant.

5 years ago

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Shannon taggart

I got a loan and haven't had any problems with this company they seen to be a good outfit hope to pay this off next month Yeah!!! ;-)

5 years ago

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Shell Lebanon, PA

I just learned that when making extra payments, they take part of the extra payment and apply it to interest! So on top of not being able to clearly see when your loan will be paid off, the very high interest rates (double that of Lending Club), 1/3(ish) of your extra payment isn't being applied to the principal balance. Made an extra payment of $300 - $232.16 was applied to principal - $67.84 was applied to principal. I feel taken advantage of and preyed up.

6 years ago

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Bebe

The APR is so ridiculously high. I really regret taking out a loan with avant. I did out of desperation (stupidly) I have now been approved for another loan with a much lower APR and will be paying my balance off at avant with this loan as soon as I get it. I have been paying off the loan for 6 months and it hasn't budged the loan amount at all, it only goes towards the interest first. I would urge people to look elsewhere ever if your desperate.

6 years ago

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lemar Saint Louis, MO

We applied for a loan June 2014, we were approved quickly, and the money transfer went smooth, we paid 176.00for 8 months and then decided to pay off early (22month loan) so February of 2015 we called to get the payoff amount. I was shocked to find out it was 1788!!! After paying faithfully on time every month a total of OVER 1,400 dollars only 212 went to the actual loan! ! How disgusting is that!!! Stay away!!

6 years ago

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JJ Washington, DC

I got a loan in December 2018. I paid-off the loan August 2019. In face, I overpaid. They owe me a refund and are now telling me it takes 22 business days before I receive my refund? Why? Especially in the age of electronic transmittals/ACH!!! JJ

2 years ago

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Earl Solomon Chicago, IL

Avant is the only lender in the world that would send an email confirmation stating you're accepted one day, then send another email to notify you that you're declined the next. But that's not all. They'll then send a 3rd automated email asking for feedback

3 years ago

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Joe Piscataway, NJ

Deceiving advertising even during the application process. AVANT will make you look as if you're preapproved, and then they will even make you believe how much money you qualify for by running a " soft check" on your credit and tell you how much you qualify for. DO NOT USE AVANT or Web Bank. Deceptive.

4 years ago

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Ellen Parker

Previous loan PIF Dec 2016- Pd early. Applied in Jan, Was treated with over kill canned speech. Constantly told they had everything, & kept calling me. I felt harassed. I told them to FORGET it. HORRIBLE HORRIBLE to deal with now!

4 years ago

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Mark N

Although the Process as a whole was very easy, Avant does Not Process all Loans By Next Business Day, Or even 2-4 Days at that. There is a Point to getting a Loan, And Most are based on Emergency Needs, And getting your Date for Your first Re-Payment, Before you get your actual Loan Is Quite a Contradiction.

5 years ago

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Loren Springfield, OH

I was approved and I was told to accept offer. As I was doing that I received an email that stated I will not be offered the loan at this time. Why would you approve me just to deny me. What a dumb company. Glad it didn't work out cause with practices like this no telling what the outcome would be

6 years ago

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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!

6 years ago

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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.

3 years ago

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Joe D Portsmouth, VA

DO NOT USE Avant or Web Bank. Deceptive and ask you to upload documents before they run a credit check. I won't go into details, but DO NOT USE them.

4 years ago

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Carla Ann Arbor, MI

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

6 years ago

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jb Irmo, SC

Horrible nightmare. This company is not willing to help when you fall on gard times

5 years ago