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Avant Personal Loans Review

Avant welcomes personal loan applicants with lower credit scores and moderate incomes. Their lenient requirements for borrowers with a less-than-perfect profile and quick loan processing sets them apart as a competitive personal loan choice. This Avant personal loans review explains how this online lender can help you cover expenses with reasonable terms.

Avant review hero image
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3.7
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Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $2K-$35K
Est. APR
Loan Repayment 24 to 64 months
Chonce Maddox
Certified Financial Education Instructor (CFEI)

Reviewed by: Carrie Pallardy, Freelance Writer and Editor

Fact Checked by: Somer G. Anderson, Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

Avant offers personal loans ranging from $2,000 to $35,000 to help you cover various expenses. The company offers flexible repayment terms, fast funding, and fixed payments. 

Avant has helped millions of customers and stands on its reputation as a leading lending platform for people with lower credit scores and a moderate income. This Avant personal loans review will explain how the loan process works and cover pros and cons.

Summarized Rating

This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Avant gets a subpar 3.0 for Loan Features. This reflects the lender’s average term lengths and fairly restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.

Avant Personal Loans Pros and Cons

Avant Pros
Low credit score requirements
Flexible terms
Personal loans refinancing
Auto-pay options
No prepayment penalties
Avant Cons
Higher APR
Upfront administration fee for loan processing
No co-signers allowed

Types of Personal Loans Offered by Avant 

The best thing about Avant personal loans is that you can use them for nearly any expense. When life happens, know that an Avant personal loan can help you fund home repairs or cover medical expenses. You can also simplify your outstanding accounts with an Avant debt consolidation personal loan. 

Common loan uses

Prohibited uses

Consolidate debt

Business purposes

Unexpected auto and home repairs


Medical emergencies


Home improvement


Avant Personal Loans Review: Key Features

Avant offers a single personal loan product that can be used for a variety of expenses. The lender offers a longer repayment term if you need it. In this Avant personal loans review, we break down the loan terms further below. 

Loan terms

12 to 60 months

Repayment period

Monthly 

Loan amount

$2,000 to $35,000

Loan use limitations (i.e. only home improvements or only debt consolidation)

No small business use

Avant Interest Rates and Fees

The major downside of using Avant is its various fees. Avant makes it clear that an administration or borrowing fee is charged upfront for some borrowers. On the bright side, there are no prepayment fees if you wish to pay your Avant personal loan off early to save money on interest.  

Borrowing/origination fees

Up to 4.75%

Prepayment fees

None

Late payment fees

$25

Other fees

$15 returned payment fee

Interest rates

9.95% to 35.99%

Avant Loan Requirements

Most Avant customers have a credit score ranging from 600 to 700, but the lender may accept a lower score if you meet other qualifications. Alimony, child support, and other forms of income, such as social security, can be included in your application.  

Membership requirement

Not disclosed

Minimum credit score

550

Income requirements

Not disclosed

Co-signer/joint application requirements

Co-signers are not allowed

Avant Application Process

Getting a personal loan through Avant starts with an online application. Click on ‘Check Your Loan Options’ in the upper righthand corner to access the digital form and add your personal information. Avant will ask for your address, income, type of income, purpose of the loan, and amount you need to borrow.

Avant will also require your social security number. At this stage of the application, your credit score won’t be affected. The lender will do a soft credit pull and then offer you quotes for your loan.

Next, Avant will ask for your net income (not gross). This means the money that you take home after taxes and other deductions. 

After submitting the form, you’ll create an account that you can log into to check your application status and update any information. 

Avant will provide loan options including interest rates and repayment terms. From there, you can select which option you’d prefer and complete an application.At this stage, Avant will do a hard credit pull. You’ll also need to send in supporting documents. Full bank statements must be dated within 30 days of your application. Check stubs from the past 30 days are also required to verify your income. 

Once you are approved for a loan, Avant can provide funding as soon as the following business day. 

Avant Customer Support 

Being able to talk to a real person when you need help completing your loan application or checking your application status is important. Luckily, Avant offers a range of customer service options including:

Customer service phone hours are from 7:00 am to 10:00 pm CT Monday through Friday and 7:00 am to 8:00 pm CT on Saturday and Sunday.

Avant also offers a mobile app. The mobile app is available on both iOS and Android devices. You can use the app to manage your loan, view upcoming payments as well as payment history, and view your payoff quote. 

Here’s what some customers had to say about customer service in their Avant reviews on Trustpilot.

“Most enjoyable experience! Totally trustworthy, simple and has amazing customer service! I would recommend doing business with Avant in a heartbeat!”

“Great customer service! I had no problems my loan was done in a timely matter. Worked with me with a low credit score. Always make my payments on time was happy they set up draft. I will recommend you to friends and family.” 

Avant Online Reviews

Avant has 4.7 stars out of 5 on Trustpilot. More than 80% of the reviews say they had an excellent experience with Avant. Some customers have praised certain features and aspects of the process while others have called out areas where Avant fell short. 

Where this company seems to shine is with its quick and efficient loan process. Many people who left an Avant personal loans review claim they were able to get their applications processed from start to finish within just a day or two. Others praised the more lenient approval thresholds as they felt they had fewer hoops to jump through. 

On the other hand, some customers have noted rude and non helpful calls with customer service once they received their loan funds. This was rare and only appeared in a small number of reviews.

Other customers noted that their interest rate was high compared to other loans or that they didn’t like the fees. Here’s what some customers are saying about the loan process in their Avant review. 

“The process was easy and the loan was done in about a day and a half. Very satisfied with the service Avant provided.” 

“I applied for a personal loan thru Avant. I have good credit but not the best and Avant offered me a loan that was easy to pay back. The loan process was quick and easy. I needed money fast and Avant came thru!!!” 

The positive reviews are related to

The negative reviews are related to 

Quick and easy loan approval process

High cost of the loan

Lenient and fewer loan qualifications

No co-signer or secured loan options

Clear loan terms and no surprises

More fees even though they are made clear upfront

Avant Perks and Bonuses

Getting a personal loan doesn’t have to be a tedious and overwhelming process. Avant has set itself apart from competitors by offering more flexibility and transparency to better serve those who need a loan fast. Here are some perks and bonuses you could gain by using Avant for your next loan.

Flexibility:

  • Avant loan funds are often available the next day after your application is approved.
  • You can’t choose your payment date initially, but you can change it up to two times during your repayment term.
  • Avant has a 10-day grace period to make payments without a late fee. 
  • Avant allows you to refinance your loan to save on interest.
  • The lender does not have prepayment or early payoff penalty fees.
  • Avant loans are available in most U.S. states, except Colorado, Hawaii, Iowa, Nevada, New York, Vermont, and West Virginia.

Transparency:

  • The website clearly displays loan terms including APR ranges, fees, and loan terms.
  • The lender reports payments to the three major credit bureaus.
  • There is no history of customer complaints regarding poor sales practices. 
  • The website has a FAQ section to further explain how its personal loans, other financial solutions, and application process. 

Technology:

  • Avant has a mobile app that allows you to manage your account, make payments, and view your remaining balance. 
  • Borrowers have the ability to make loan payments online through the website and mobile app. 
  • Avant offers auto-pay options.
  • Avant has a virtual chat feature on its website.

Avant Compared to Other Lenders

Avant is just one of many companies that provides personal loans to people who don’t have the best credit or tons of options. What can you expect from some of Avant’s competitors? 

  • Marcus by Goldman Sachs. When you take out a personal loan through Marcus, there are no fees. You can also save on your interest rate when you enroll in auto-pay. Borrowers can skip a monthly payment when they make on-time loan payments for at least 12 months.
  • LightStream. LightStream lowers your APR by 0.5% when you enroll in auto-pay. They also have no fees and higher loan limits than Avant. 
  • Upgrade. Upgrade offers personal loans for amounts up to $50,000 and has no prepayment fees. You can also check loan rates online with no obligation or impact to your credit score.

Avant

Marcus

LightStream

Upgrade

Loan terms

12to 60 months

36 - 72 months

24- 144 months

24- 84months

Loan amount

$2,000 to $35,000

$3,500 - $40,000

$5,000 - $100,000

$1,000 - $50,000

Interest rates

9.95% to 35.99% APR

6.99% to 24.99%

4.99% - 20.49%

7.46% - 35.97%

Min. credit score

550

660

660

560

Co-signer Requirement

No co-signers

No co-signers

No co-signers

No co-signers

Final Thoughts 

If your credit score is less than perfect but you have a stable income, you could qualify for an Avant personal loan with flexible terms. The interest rates and fees are higher with Avant when compared to other lenders so it may not be your first option. 

However, the company tries to make up for this with its efficient application process and quick funding. Avant also offers strong customer support. In addition, you can pay your loan off with no prepayment penalties, which can also save you some money long-term. 

About the Author

Choncé Maddox

Written by: Choncé Maddox

Certified Financial Education Instructor (CFEI)

Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer. For the past 5 years, Choncé has assisted with marketing campaigns, contributed fresh intriguing copy, newsletters, features, press releases, flyers, etc. for a variety of clients.

More about me
Carrie Pallardy

Reviewed by: Carrie Pallardy

Freelance Writer and Editor

Carrie Pallardy has six years of experienceas as a dedicated freelance writer and editor. She covers a wide variety of topics, including personal finance, insurance, and cybersecurity. Carrie has written for Investopedia, Policygenius, and more.

More about me

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

More about me