Avant: Personal Loans Review

  21,253 Reviews on Trustpilot

Avant Snapshot

Founded in 2012, Avant is one of the biggest online lending platforms on the market based out of Chicago with over $6.5 billion extended to borrowers. The company focuses on regular middle-class Americans with lower credit scores.

The lender only requires a minimum credit score of 580, even though most customers have a score between 600 and 700. According to Avant, nearly half of the borrowers take out loans for debt consolidation. However, the personal loans may be used to fund unexpected expenses or home improvements. Loan terms can be between two and five years.


Avant Spotlight

Best For
Those with lower credit scores who need a loan

Marketplace or Direct Lender
Direct lender

Loan Types
Home improvement, debt consolidation

Loan APR
9.95% to 35.99%

Repayment Terms
24 to 60 months

Summary

Avant was founded with the middle class in mind. If you have a lower credit score, then Avant is probably the right lending institution for you. They only require a minimum credit score of 580.

And although their loans are costly compared to other lenders, the barrier to entry for a loan is a bit lower than competitors. This means that borrowers with higher credit scores may be better off choosing a different lender. The minimum Avant interest rate is quite high, at 9.95% while the maximum interest rate is 35.99%.

Avant also charges an administration fee of 4.75% of the loan amount. This means if you qualify for a $10,000 loan, they will deduct $475 from the loan amount before transferring the funds into your account.

Once you’re qualified for an Avant loan, you’ll get your money quite quickly. Typically speaking, you should get your personal loan within 1-3 business days.


Loan Types

Avant offers unsecured personal loans for customers looking to get a loan without a high credit score. If you’re qualified, you’ll get funding quite quickly, often by the next day.

Even though the minimum credit score required to get Avant funding is 580, most borrowers have scores between 600 and 700. Avant is similar to other low-credit lenders, like OneMain Financial who also reaches out to lower-credit borrowers.


Personal Loan Rates & Terms

Depending on your credit score, you could qualify for a loan with an APR between 9.95% and 35.99%. The maximum rate is higher compared to other lenders and the lowest rate is much higher compared to other lenders.

Many other lenders start out their rates around 6-7% and max out around 25%. However, every Avant loan APR is fixed, which means it won’t get higher as long as the loan remains open.

Avant charges an “administration fee” which can range from 0% to 4.75% of the loan depending on your loan, terms, rate, and credit history.

Overall, Avant offers pretty good terms for those with lower credit. Plus, they offer pretty high loans despite offering loans to lower-credit borrowers. Loans can range from $2,000 to $35,000 for periods of 24 to 60 months.


Avant Pros

  • Loans as high as $35,000
  • Low credit score required: 580
  • Soft credit check with pre-qualification
  • Options to change payment date
  • Approval in 2-3 business days
  • No prepayment fees

Avant Cons

  • High APRs of 9.95% to 35.99%
  • No options to include a co-signer
  • Up to 4.75% administration fee
  • $25 late fee

Avant Application Process

While Avant doesn’t disclose any minimum income requirements, they do require a minimum credit score of 580. You also must be a US citizen or permanent resident of the US with a Social Security Number in order to apply.

After you fill out the quick online application, you can check out your different loan options. You’ll have to fill out a form that includes basic information like your name, address, income, and desired loan amount, etc.

In the application process, you’ll also need to create an account on the Avant website. Once the pre-qualification process is done, you’ll be able to finish your application.


Customer Support

Avant has great customer service. With a Better Business Bureau (BBB) rating of A-, they’ve been accredited since 2015.

Since they launched in 2012, Avant has served over 800,000 customers and built up quite the reputation for customer service.

For informational resources, you can check out their FAQ section on their website, or their blog for in-depth financial information.

If you have any questions, it’s easy to contact them by phone throughout the week, or by email.


Final Thoughts on Avant

So, should you use Avant to access a personal loan?

Well, Avant’s loans may not be the best choice for everyone. It’s important to weigh the advantages and disadvantages of the platform.

In terms of disadvantages, Avant doesn’t allow you to include a co-signer (co-borrower), which means if your credit isn’t good enough, you can’t get in by signing up with someone with higher credit.

Another disadvantage is that the APR caps are high and they include an administration fee, which can both add up quickly.

However, the advantages include a wide range of loan amounts ($2,000 to $35,000), which is impressive considering they will approve someone with a lower credit score of 580. Avant also offers a mobile app to see your payment history and manage your account.

Overall, Avant is a great solution for anyone with lower credit who’s willing to pay a bit more in fees to secure a personal loan.


FAQ

What are Avant’s fees like?

Avant includes fees for administration, late fees, and dishonored payment fees. Administration fees may or may not be charged and have a maximum cap of 4.75% of your loan amount.

If you make a late payment or make a dishonored payment, you may be charged a fee.

Can you borrow more from Avant or refinance a current loan?

Once your loan is issued, the loan and terms that you agree upon are fixed until the loan is fully paid off. However, you may be able to refinance your unsecured loan. If qualified, you will receive additional funds and a potentially lower APR.

Avant Customer Testimonials

Excellent   21,253 Reviews

trustpilot-stars

JAVIER B

7 hours ago

trustpilot-stars

Great experience

Great experience! Appreciate the opportunity and look forward doing more business in the future


SHAUN LLOYD

7 hours ago

trustpilot-stars

Great

Great! Thank you for everything.


WILSEY T

7 hours ago

trustpilot-stars

Avant rate 110%...you are very…

Avant rate 110%...you are very consistent in responding..Thanks


RICHARD

9 hours ago

trustpilot-stars

Great card and serices

I've found the Avant card to be convenient with an easy-to-use web site, particularly for those not 100% computer savvy like me.


WILLIAM L

10 hours ago

trustpilot-stars

Everything is great thank you

Everything is great thank you


LINDA

10 hours ago

trustpilot-stars

Everything was so easy 100% truth and…

Everything was so easy 100% truth and they deliver when they say they're going to deliver thank you so much


TRACI S

10 hours ago

trustpilot-stars

Very nice

Very nice, very easy to work with and customer service is amazing! So glad to do business with Avant


JOHANNA

11 hours ago

trustpilot-stars

Great company

It's been a pleasure


KIMBERLY MOYERS

11 hours ago

trustpilot-stars

I love this card it has no yearly fees and increase when payments are made on time I always try to pay 2 payments at a time its the best card out of all the other ones I have thanks AVANT

I love this card it has no yearly fees And as long as I pay my payments its good they just increased my limit 200 dollars more this has to be the best card over all the rest I have thank you AVANT


BILL QUILTY

13 hours ago

trustpilot-stars

Scam

I never applied for this card and have no intention of ever using it. My complaint to the company has gone unanswered.


MAGDA RIVERA

14 hours ago

trustpilot-stars

Thank you for your patience with me

Thank you for your patience with me ..


DAMITA WASHINGTON

15 hours ago

trustpilot-stars

Love this credit card ayeee

Love this credit card ayeee


BRIAN R

15 hours ago

trustpilot-stars

Very easy to apply

Very easy to apply. The decision was made in a few minutes and the money was in my account when I woke up the next morning. I highly recommend Avant.


ROSIE PENDLETON

15 hours ago

trustpilot-stars

I really like this card

I really like this card: they gave me an immediate increase when I requested one. There was only a few questions to answer.


SARA DABNEY

16 hours ago

trustpilot-stars

I really enjoy using this card.

I really enjoy using this card.


BLANCA B

16 hours ago

trustpilot-stars

In a little time they increase my credit line

Avant card is a great. Just in couple months increase my credit!!! Awsome. Impressed. I dont wait this yet. Thanks AVANT!!! Continue doing well.


CHRISTINA H

16 hours ago

trustpilot-stars

Very easy process!

Very easy process!


BRENDA MATHIS

16 hours ago

trustpilot-stars

No complaint

No complaint, great credit card to have


JUDY DARLOW

17 hours ago

trustpilot-stars

A good review!

This a wonderful company to do business with!A


MICHELLE

17 hours ago

trustpilot-stars

I love my Avant card.

I love my Avant card.. just got a credit line increase


ANONYMOUS

18 hours ago

trustpilot-stars

Simple process

Simple process. Easy deposit.


KELLY D

18 hours ago

trustpilot-stars

You guys were quick and that is a good…

You guys were quick and that is a good thing. Plus you were there when I needed it most.I was in a bind, and you pretty much pulled me out of the fire and put me back on my feet. Thank you!


ALLEN R

18 hours ago

trustpilot-stars

It was fast

It was fast, easy and well needed. Thank you team Avant


GWENDOLYN CLARK

19 hours ago

trustpilot-stars

Great people

Great people Great experience


CUSTOMER

18 May, 2022

trustpilot-stars

Take care of customer

Take care of customer


JAMES M

18 May, 2022

trustpilot-stars

Always there with a great rate

Always there with a great rate. Fast and efficient.


SABATO A

17 May, 2022

trustpilot-stars

Easy company to deal with

Easy company to deal with


CALVIN G

17 May, 2022

trustpilot-stars

Refinance my loan

Helped me with my loan an very professional loan rep.


FRANTIASHA G

17 May, 2022

trustpilot-stars

Great p

Easy & fast to get approved


PHYLLIS M

17 May, 2022

trustpilot-stars

Been with Avant for a few years now

Been with Avant for a few years now. Easy to connect with. Every explain very well. No problems at all.


MARIE PAYEN

17 May, 2022

trustpilot-stars

Keep up the good work.

Keep up the good work.


DONNY HAGEE

17 May, 2022

trustpilot-stars

This is the best card ever

This is the best card ever


K. MOORE

17 May, 2022

trustpilot-stars

It was a simple process

It was fast, easy to apply, and I received the money shortly after.


STAR C

17 May, 2022

trustpilot-stars

Fast

Fast, Easy Process. Very thankful I could get the money so fast.


BOBBY BROWN

17 May, 2022

trustpilot-stars

The process was simple and easy to use

The process was simple and easy to use. The only problem I found with the system is that there was no follow up to allow me to know where I stood in the process until I was approved.


BERNHARD WALTER

17 May, 2022

trustpilot-stars

new card

its new, so far so good helpful on the phone app easy and clear website too


ORLANDO G

17 May, 2022

trustpilot-stars

This is probably one of the best…

This is probably one of the best opportunities I’ve experienced with a loan agency. Avant- is no less than Awesome 👏 Thanks for your great service and follow up during my loan process, affordable monthly payments, fantastic customer service. Friendly staff also, quick response time. I look forward to doing more business with Avant! P.S A Big Thanks Again Orlando G.


BENJAMIN N

17 May, 2022

trustpilot-stars

Fast easy affordable

Great service


JAMES B

17 May, 2022

trustpilot-stars

Awesome service

Awesome service. Start to finish, application to approved, maybe 10 minutes. Thanks. You guys are the best!


JUST ME

17 May, 2022

trustpilot-stars

I wished I never applied for this card!!!

Be ware of this card. I didn't feel comfortable applying for this card and I wished I would have listened to my conscience. The only reason I did apply for it is because I'm trying to rebuild my credit while in the process of cleaning up my credit report. If you are looking to rebuild your credit DO NOT get this card. The reps are not on the same page, each one gives you different information. They say that if you make a payment to your credit balance before 5 pm that it will be posted to your account on the same day. NOT TRUE!!!!! I make my payments in advance every month before 5 pm only to have them held for 10 additional days. I asked why 10 days if the money has been released from my bank and they continued to say to make sure that it clears your bank. I have 2 Capital One credit cards and when I make payments on them they post the next day if not the same day sometimes but never 10 days after you make a payment and has been cleared by your bank. I will be closing my account with AVANT WORST CARD EVER!!!!!! #dontapplyforthiscard


VALERINE TOWNS

17 May, 2022

trustpilot-stars

The process was easy to follow and the…

The process was easy to follow and the information was plain and clear.


HUMBERTO

17 May, 2022

trustpilot-stars

A mitambien me estafaron con que mi…

A mitambien me estafaron con que mi cuenta esta faraudulenta que ydesgraciadamete de posite los 450 mas 1950 para el desembolso y el disque asesor ya ni contesta los mensajes es fraude es plataforma roket y avant


RICHARD W MAYESKY

17 May, 2022

trustpilot-stars

you were there when I needed extra…

you were there when I needed extra money for a broken water heater


SAVHANNAH SOLORZANO

16 May, 2022

trustpilot-stars

This is an awesome credit card

This is an awesome credit card. I highly recommend getting one. I asked for credit card increase after paying my card off and I got one.


TINA WATSON

16 May, 2022

trustpilot-stars

Avant is the Card for 2022

I have a Capital one card and have for over 2 years. They declined my $500 credit line increase this weekend. I went online this morning and was approved for a credit line increase with Avant in less than 1 minute!!!! I wish I would have done it sooner. Service is great and I love this card


PATRICIA WALKER SNEAD

16 May, 2022

trustpilot-stars

Great customer service

Great customer service, quick deposit of funds


CARLTON GILLETTE

16 May, 2022

trustpilot-stars

Great service

Avant works with you and gives you a chance to build your credit. I requested a credit increase and with no problem I got an increase. It literally took 2 minutes. Thank you Avant.


JAMES ODLE

15 May, 2022

trustpilot-stars

Extremely easy process

Extremely easy process. Competitive rates and terms.


DAVID

15 May, 2022

trustpilot-stars

Thank You!!

Thank You!!! Great fast service!!!


S.B. MASON III

15 May, 2022

trustpilot-stars

The Avant card is a very handy card to…

The Avant card is a very handy card to travel with. You travel with confidence. Great customer service as well. S.B. Mason III

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