Avant: Personal Loans Review

  17,960 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   17,960 Reviews

trustpilot-stars

JACQUELYN H

10 hours ago

trustpilot-stars

When needing emergency funds

When needing emergency funds, this company will pull through for you. Quick and easy application process. Received funds quickly.


OTIS HILL

11 hours ago

trustpilot-stars

Slow response

Very good experience, slow responding


RONALD S

12 hours ago

trustpilot-stars

Very helpful thank you

Very helpful thank you


FERNANDO

13 hours ago

trustpilot-stars

Profesional

Profesional


LATORIA S

15 hours ago

trustpilot-stars

Fast

It was a simple and quick process


RICHARD B

16 hours ago

trustpilot-stars

This is my second loan with Avant

This is my second loan with Avant. Avant is very easy to work with. Both loans that i have gotten from Avant have been used for home improvements and to pay down credit card debt. Avant is quick at getting you an approval and they get you your funding within one day. Great company to work with.


GARETH D

16 hours ago

trustpilot-stars

Great customer services

Great customer services


TOMMY YELEY

16 hours ago

trustpilot-stars

Awesome card started low and advanced…

Awesome card started low and advanced quickly


LIZETH PACHECO

17 hours ago

trustpilot-stars

it was very easy to apply

it was very easy to apply


KORCHINSKY W

17 hours ago

trustpilot-stars

I had been denied by 4 other companies…

I had been denied by 4 other companies and Avant approved me with no additional information needed. Avant used the same info that I provided to the other companies and I had my funds the next day! Thanks.


ISRAEL

18 hours ago

trustpilot-stars

Very easy to apply and get approved…

Very easy to apply and get approved online , great service


B BURR

19 hours ago

trustpilot-stars

Was very easy people were very nice…

Was very easy people were very nice chat no time at all thank you


LS

19 hours ago

trustpilot-stars

Simple process.

Simple process.


KEITH G

19 hours ago

trustpilot-stars

It's easy fast and real

It's easy fast and real


MARTINS O

19 hours ago

trustpilot-stars

Just give them what they ask for

Just give them what they ask for, and you're good to go. It took just two calls to review my application, and boom, the money was in my account. Note, however, that they hit your credit instantly with hard inquiry the moment you click your "submit" button. If you're not sure of your score, don't dare. I had a very good experience. Good customer service.


TERRELL K

19 hours ago

trustpilot-stars

Avant has great customer service

Avant has great customer service


ASHLEY B

19 hours ago

trustpilot-stars

Unresponsive to help requests

Unresponsive to help requests. Website is not user-friendly. Not easy to change/edit payments.


BEULAH D

19 hours ago

trustpilot-stars

Avant takes very good care of customers…

Avant takes very good care of customers and customer support is great


COLLEEN B

19 hours ago

trustpilot-stars

Amazing company

Amazing company. I had my loan in 2 days deposited into my bank account. I highly recommend.


MICHAEL M

19 hours ago

trustpilot-stars

Fast and effective

Fast and effective


DIANA HANOCCK

20 hours ago

trustpilot-stars

Fast and efficient process.

Fast and efficient process.


KARLLH

22 hours ago

trustpilot-stars

Quick

Quick, easy, efficient.


SAMUEL S

26 October, 2021

trustpilot-stars

I have used them before prior and the…

I have used them before prior and the process is quick. I highly recommend them, nothing hidden just a straight forward process and the approval and funding is quick! Thanks!


BARBARA FLETCHER

26 October, 2021

trustpilot-stars

I had a very good experience with…

I had a very good experience with Avant. The process went smoothly and when I had a question and called their number, my question was answered satisfactorily.


RONALD P

26 October, 2021

trustpilot-stars

Application was quick and easy

Application was quick and easy. Fast decision and payment. Highly recommend


PAUL S

25 October, 2021

trustpilot-stars

Easy

Easy, efficient loan process


TREY

25 October, 2021

trustpilot-stars

The application process was fast and…

The application process was fast and easy.


JOHN L

25 October, 2021

trustpilot-stars

excellent service

Quick and easy application and quick response


ANNIE M

25 October, 2021

trustpilot-stars

Everything went great

Everything went great, the agent that came out knew her job,and was so helpful


RYAN MARTIN A

25 October, 2021

trustpilot-stars

Excellent

Excellent! They’re are so helpful and approachable


PAUL C

25 October, 2021

trustpilot-stars

great company with great service

great company with great service


MARJORIE D

25 October, 2021

trustpilot-stars

It was quick and easy

It was quick and easy


EDWARD J

25 October, 2021

trustpilot-stars

Decent credit card to have

Decent credit card to have . Mobile App is very easy to navigate.


PAUL N

25 October, 2021

trustpilot-stars

Very quick response

Very quick response! Excellent service!


ROBIN HARRELL

25 October, 2021

trustpilot-stars

Simple and easy experience

Simple and easy experience! I appreciate that.


NIKKI W

25 October, 2021

trustpilot-stars

Quick and easy

I was looking for a loan to consolidate all my bills, the whole process was online and didn't take long at all. I was very pleased with the different options you were able to use a sliding scale to see what you would be paying for a larger or smaller amount. The approval process used verification methods for your safety. They even told you when to expect your funds to be deposited in to your bank account. Overall a very good experience with good rates.


THERESA B

24 October, 2021

trustpilot-stars

Easy loan

Easy loan no hassles


JASON M

24 October, 2021

trustpilot-stars

Avant made this experience better then…

Avant made this experience better then any lending service I've worked with in more then 20 years! Thank you Avant!


ERIC D

24 October, 2021

trustpilot-stars

Great customer service!

Great customer service


YANIRA LUA

24 October, 2021

trustpilot-stars

Just got a credit increase 😍❤️🙏

Just got a credit increase 😍❤️🙏


DAWIT T

24 October, 2021

trustpilot-stars

Great service and quick response

Great service and quick response! Recommend Avant when you apply for loan.


KEITH WINNETT

24 October, 2021

trustpilot-stars

Always have been there for a loan

Always have been there for a loan. When I've needed one


YVETTE B

24 October, 2021

trustpilot-stars

Getting a personal loan with Avant was…

Getting a personal loan with Avant was one of the best decisions I have ever made. The process was easy and they gave me the amount I requested without upfront fees. I would recommend Avant for your personal loan professionals


ALAN ROE

24 October, 2021

trustpilot-stars

Very easy to use

Very easy to use


WALTER V

24 October, 2021

trustpilot-stars

Great timing

Great timing. And ease of use.


LAURI B

24 October, 2021

trustpilot-stars

very easy to apply for a loan

very easy to apply for a loan! excellent customer service. easy terms and low interest and they were wonderful with my last loan through them!


CHRISTINE M

24 October, 2021

trustpilot-stars

Thank you for the loan

This loan came at very hard time at the moment and was greatly appreciated… thank you for accepting my application and thank you for being there for me and my family…! It was easy and painless to do…! It was in my bank account at the time I was told and I hope it will also help me with my credit score because I am trying to work on that as well…


DONNA H

24 October, 2021

trustpilot-stars

Fast & reliable

I am very pleased with how fast I was approved for my loan and how quick the funds were deposited into my account. I would definitely recommend to anyone looking for a reliable loan company. The online dashboard is very user friendly when making payments and following your repayment history. Thank you Avant!


RUBY SOLIS

23 October, 2021

trustpilot-stars

Thank you for a fast and smooth…

Thank you for a fast and smooth transaction


SHANNON M

23 October, 2021

trustpilot-stars

There great

Easy and very responsive had the loan the next business with no Hassel highly recommend!!

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