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 more than 1.5 million 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.
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.
The best thing about Avant personal loans is that you can use them for nearly any expense. When life happens, know that a personal loan can help you fund home repairs or updates, cover medical expenses, or even 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 offers a single personal loan product that can be used for a variety of expenses. They offer a longer repayment term if you need it but the maximum loan amount is not too high. For example, if you’re trying to remodel your entire kitchen, your expenses may exceed the maximum loan amount of $35,000. In this Avant personal loans review, we break down the loan terms further below.
Loan terms |
9.95% to 35.99% APR |
Repayment period |
24 to 64 months |
Loan amount |
$2,000 to $35,000 |
Loan Use Limitations (i.e. only home improvements or only debt consolidation) |
Most expenses for personal use are included but not small business use |
The major downside of using Avant is its various fees. Most loans come with fees, but 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 return payment fee |
Interest Rates |
9.95% to 35.99% |
Most Avant customers have a credit score ranging from 600 to 700, but they may accept an even 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 if you wish.
Membership Requirement |
Not Disclosed |
Minimum Credit Score |
580 |
Income Requirements |
Not Disclosed |
Co-signer/Joint Application Requirements |
N/A - co-signing is not allowed |
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. This includes your address, income, type of income, purpose of the loan, and amount you need to borrow.
Avant will also require your social security number but at this stage, your credit score won’t be affected. To offer quotes for a loan, they will only do a soft credit pull.
When reporting your income, Avant asks for your net income (not gross). This means the money that you actually take home after taxes and deductions.
After submitting the form, you’ll create an account that you can log into to check your 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 pull to formally check your credit. You’ll also need to send in supporting documents. Full bank statements must be dated within 30 days of your application. Your most recent check stubs from the past 30 days are required as well to verify your income.
Once you are approved for a loan, Avant can provide funding as soon as the following business day.
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 am CT from Monday through Friday and 7:00 am to 8:00 pm CT on Saturday and Sunday.
Another unique feature of using Avant for a personal loan is its mobile app. The mobile app is available with 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.
Avant has a 4.7 rating on Trustpilot out of 5. More than 80% of the reviews say they had an excellent experience with Avant. Here’s what some customers had to say about customer service in their Avant review.
“Most enjoyable experience! Totally trustworthy, simple and has amazing customer service! I would recommend doing business with Avant in a heartbeat!” - Avant Customer
“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 Customer
While Avant does have high ratings on Trustpilot, no loan company is perfect. 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 isolated rude and non helpful calls with customer service once they received their loan funds. Given the honest customer reviews online, this was rare and only appeared in a small number of reviews but is still worth mentioning.
Other customers noted that their interest rate was high compared to other loans or that they didn’t like the fees.
Then summarize the positive reviews and negative reviews in a table:
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 |
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.
Avant is just one of many companies that provide personal loans to people who don’t have the best credit or tons of options. Here’s what you can expect from some of their competitor’s loan offerings:
Avant |
Marcus |
LightStream |
Upgrade |
|
Loan Terms |
24 to 64 months |
36 - 72 months |
36 - 84 months |
36 - 60 months |
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 19.99% |
2.99% - 19.99% |
5.94% - 35.97% |
Min Credit Score |
580 |
660 |
660 |
560 |
Co-signer Requirement |
No cosigners |
No cosigners |
No cosigners |
No cosigners |
This Avant personal loans review reveals that it’s an ideal personal loan option for the right person. If your credit score is less than perfect but you have a stable income, you could qualify for a loan with flexible terms. The interest rates and fees are higher with Avant so it may not be your first option.
However, the company tries to make up for this with its efficient process and quick funding. In addition, the fact that you can pay your loan off with no prepayment penalties can also save you some money long-term.
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.
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