Avant: Personal Loans Review

  17,493 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   17,493 Reviews

trustpilot-stars

DANIEL R

2 hours ago

trustpilot-stars

I was hoping this would help my credit

I was hoping this would help my credit. I’ve made all my payments on time or ahead of schedule for the last 3-4 months and have not received a credit increase nor do I want one now. I’ll pay it off and close it. I’ve got many other offers that are more appealing and with better rewards. Thanks though. I appreciate it.


TINA L

4 hours ago

trustpilot-stars

I had no issues with card or use of it.

I had no issues with card or use of it.


MISSY G

7 hours ago

trustpilot-stars

Helped when I needed it the most...

They took a chance on me and my god-awful credit score and I will always appreciate their confidence in me !


JENN D

7 hours ago

trustpilot-stars

Excellent card

Excellent card. Started at a high enough limit and if my payments are on time, my limit will be double in 6 months . What else can I ask for in a card.What more can I ask for. APR is great!!!!!!!


JEFFRY S

8 hours ago

trustpilot-stars

Thank you for doing business with me!

Thank you for doing business with me! The only item to have is a app for accessing my account. Many thanks for giving me account with Avant!


CAROL R

8 hours ago

trustpilot-stars

I am grateful for the card

I am grateful for the card, the customer service however is terrible. I requested a charge stopped, the next morning I realized I was aware of the charges. I spoke with several people and emailed. I recieved a voicemail advising me the merchant was providing information to confirm the charge. I called advised of what was going on and asked for a callback never received. Last week I received letter saying due to the merchant information charge is being paid. This has effected my business with the merchant, terrible customer service!


JOSHUA K

8 hours ago

trustpilot-stars

Good card....just dont know why im not…

Good card....just dont know why im not up for a credit limit increase yet.....all my other cards have over 1000 dollars limits


KATHY RENTZ

9 hours ago

trustpilot-stars

It's easy to apply

It's easy to apply. Pretty easy to get approved.


JOHN C

9 hours ago

trustpilot-stars

What fast and easy process to apply and…

What fast and easy process to apply and sign up. Very satisfied with service.


SHANE E

9 hours ago

trustpilot-stars

Very satisfied!

Very satisfied with your card and terms.


ELIZABETH K

9 hours ago

trustpilot-stars

Excellent and super prompt service!!

Excellent and super prompt service!!! Thank you!!!


REEN

9 hours ago

trustpilot-stars

Avant- is a great card.

Avant- is a great card.


HAPPY CUSTOMER

9 hours ago

trustpilot-stars

Great Start

As I work to rebuild my credit, Avant has been phenomenal in that journey. Thank you for helping me get my life back on track!


VICTOR GARCIA

9 hours ago

trustpilot-stars

So far good experience with them

So far good experience with them , 👍🏻


EDDIE G

10 hours ago

trustpilot-stars

So far Avant is great for me

So far Avant is great for me, everything seems to be just find. Once i have been with the card company for one year i expect them to extend my credit limit, right now i have 300.00 i at lease would like to have $1000.00.


VELMA P

10 hours ago

trustpilot-stars

They didnt tell the truth about paying…

They didnt tell the truth about paying on time will increase your creidt.


JULIAN WASHINGTION

10 hours ago

trustpilot-stars

Horrible Service

Horrible Service, I was approved for my card July 5th 2021 and never received it. I Moved and contacted Avant on August 1st to change my address they approved the address change and said wait up to 10 days to receive my card. On Aug 19 i received and email asking why i haven't activated my card, i responded because i never received it. On August 20th i receive another email stating the "This is just a friendly reminder that your AvantCard payment is due on August 25, 2021". I'm confused to how i owe a payment on something i haven't even received. I Contact Avant Via Phone afterwards and they say they are sending it to my new address that they are changing Again which they already said they did. and by September 10th i hadn't received the card still and i decided to cancel the account because i don't want to be charged for something i don't have and seems like i wont ever receive.


CHRISTOPHER TAYLOR

13 hours ago

trustpilot-stars

Applying for a credit card with Avant…

Applying for a credit card with Avant was simple. I applied and approved! I’ve had 2 credit increases since applying for this great company. I recommend if your having credit challenges. Good luck and get on board!!


DARRIN TERRONES

14 hours ago

trustpilot-stars

Excellent service

Excellent service


TERRY H

19 September, 2021

trustpilot-stars

This card sucks...everytime I try to…

This card sucks...everytime I try to use it, it is locked. .try to unlock it via email but always end up having to call customer service to unlock my card..then I try to use it and the something happens again ..going to pay it of and cut it up...im fed up with the hassle


LENSY ORDAZ

19 September, 2021

trustpilot-stars

Tengo duda si es de fiar

Tengo duda si es de fiar ya que me están pidiendo de deposito el 5%....


BELINDA M GILMARTIN

19 September, 2021

trustpilot-stars

I have really enjoyed the phone app…

I have really enjoyed the easy to use app to make and schedule o time and early payments. The interface is very user friendly and always keeps you making payments on time. Thanks for all your positive support !!!


GORDON EDELSTEIN

19 September, 2021

trustpilot-stars

Avant extended credit to me at a time…

Avant extended credit to me at a time when not many others would. The mobile app is great, convenient to use for 99.9% of all transactions. Highly recommend.


ANN JONES

18 September, 2021

trustpilot-stars

Love this card- easy limit increase…

Love this card- easy limit increase within a few months


KIMBERLY LEWIS

18 September, 2021

trustpilot-stars

Great card

Great card. In less than a year I was given a credit increase. Out of the blue. Started with an good credit limit and now a great credit limit. Thanks Avant Card


OUTLANDER

18 September, 2021

trustpilot-stars

The service has been very good.

The service has been very good.


WILLIE JOHNSON

18 September, 2021

trustpilot-stars

This is a great card in all aspects…

This is a great card in all aspects especially customer service. If you make payments on time, they will reward you.


JULIAN BLAND

18 September, 2021

trustpilot-stars

It has been positive

It has been positive. Great card to have.


ELRODNEY W

18 September, 2021

trustpilot-stars

Its a great card to have

Its a great card to have. By far best card I ever applied for hands down! Really excited I have a card with Avant!!


ANDREA G. RAZO HERNANDEZ

17 September, 2021

trustpilot-stars

Falso.. Robo de dinero

Pésimo servicio.... La app te pide hacer un deposito de cierta cantidad para validar tu cuenta antes de según depositarte el préstamo. Haces el deposito y jamas aparece nada... Te comunicas con soporte y solo te dan vueltas que no se ha hecho y pides un reembolso y te siguen dando vueltas.... Solo te roban tu dinero.. No caigan en ese engaño!


STACIE PERRY

17 September, 2021

trustpilot-stars

I was truly pleased

I was truly pleased with the easy ability to apply for this card. I feel it is an excellent fit for my growth and development!!!❤❤ Thank you!


JESSE C COLONE

17 September, 2021

trustpilot-stars

great service

great service


ANON TERRA

17 September, 2021

trustpilot-stars

Do Not Recommend

Made a payment to my account. Account was updated that it had been paid but now Avant is saying my account is past due. Will not be recommending this card to anyone.


MARILYN CABANA SYPIT

17 September, 2021

trustpilot-stars

How come every time I try to use my…

How come every time I try to use my card it gets declined?


ANTHONY M

16 September, 2021

trustpilot-stars

I'm rebuilding my credit with Avant's help

I'm rebuilding my credit but Avant still gave me a credit card. Thank you!


JUDI ADAMS

16 September, 2021

trustpilot-stars

Great credit card to build up your…

Great credit card to build up your credit. The application process was easy and fast!


GLORIA S

15 September, 2021

trustpilot-stars

very happy with Avant.

very happy with Avant.


ERIC COLE

15 September, 2021

trustpilot-stars

Very straightforward company

Very straightforward company, happy to do business. Thank you for trusting and giving me my 2nd credit line increase!!


HARRY C

15 September, 2021

trustpilot-stars

Was easy to apply

Was easy to apply. Was approved very quickly.


WALTER MARTIN

15 September, 2021

trustpilot-stars

Avant is a very good charge card

Avant is a very good charge card. They watch the activities on your card and notify you if something doesn't look right. This prevents fraud on my card. Would recommend Avant to friends and family.


ISATAH D

15 September, 2021

trustpilot-stars

I just became a member an Avant card…

I just became a member an Avant card holder very recently. So far, all the representatives have been very cautious.


DESHAWN DUNBAR

15 September, 2021

trustpilot-stars

I had a great experience.

I had a great experience. Looking forward to receive my Avant card. Then I’ll send another update as well. It was very easy to apply and I was very happy to get approve and start building my credit.


TERRY M

15 September, 2021

trustpilot-stars

Awesome card

Awesome card


MARIA

15 September, 2021

trustpilot-stars

maintain good payment record

I use this card for paying monthly bills for just 2 companies. Consistent of paying on or before the due date and my credit limit was increased that fast. I will keep good record in paying.


EDGAR GC

15 September, 2021

trustpilot-stars

Fraude total te piden depositar y…

Fraude total te piden depositar y despues te acusan de haberte equivocado en datos y te congelan tu deposito es robo totalmente


ANNE ANDERSON BENEVENTO

14 September, 2021

trustpilot-stars

Excellent Credit Card

This is a good card to keep in your RFID wallet for any purchases you might want to pay for while shopping.


CHRIS R

14 September, 2021

trustpilot-stars

Great service and easy to control ur…

Great service and easy to control ur own account.


ANTHONY B

14 September, 2021

trustpilot-stars

Good love peace

Good love peace


CHRISTIAN G

14 September, 2021

trustpilot-stars

I'm generally pleased with this card

I'm generally pleased with this card. The website seems a little thin on options that we can take care of ourselves though.


PAULA C

14 September, 2021

trustpilot-stars

I had a good experience with my…

I had a good experience with my customer service rep. Very professional.

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