Avant: Personal Loans Review

  17,854 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   17,854 Reviews

trustpilot-stars

JEFF K

12 hours ago

trustpilot-stars

Easy to use.

Easy to use and get funded.


STACEY

14 hours ago

trustpilot-stars

Great starter card

Great starter card. Easy to pay your payments anytime online. App is easy to use. Started with $300 limit and increased to $500 in 6 months. Definitely recommend this card. You will thank me later... your credit score will speak loud and proud!!!


KELLI P

15 hours ago

trustpilot-stars

Painless process

Painless process. Literally approved in minutes. Funds deposited to bank account sooner than expected.


JAMES MCDONALD, JR.

19 hours ago

trustpilot-stars

Avant is garbage

Avant is garbage. Their customer service is terrible and they can not think for themselves they only read a prewritten canned response. I've been lied to numerous times regarding my card that will not process any charges either in person at POS or online NOTHIGN will process however every person i spoke with stated there is nothing wrong with the account its working fine and i can use it with no problem. which is a blatant lie as it still will not process any charge what so ever


SAMILIA B

23 hours ago

trustpilot-stars

At Avant you get your loan fast

At Avant you get your loan fast. It’s deposited in your account in a matter of couple days. They’re App is user friendly and you have no headaches whatsoever. This is my second loan with Avant and love doing business with them.


GARY W

18 October, 2021

trustpilot-stars

A pure delight

A pure delight. Easy, customer service is phenomenal.


LORI H

18 October, 2021

trustpilot-stars

Very satisfied

Very satisfied. Would recommend


PAUL R

18 October, 2021

trustpilot-stars

My new go to credit card company

My new go to credit card company. Customer service is the best. Highly recommend!!!!


SAVALUSE HAMILTON

18 October, 2021

trustpilot-stars

New to credit this is a great card to…

New to credit this is a great card to start with and boost your credit thanks


WILL

18 October, 2021

trustpilot-stars

best card ever

best card ever


LANCE J

18 October, 2021

trustpilot-stars

The Process was quick

The Process was quick. I even got a personal call to help me complete the loan. This is rare nowadays


MIKE TOMLIN

18 October, 2021

trustpilot-stars

Poor customer service I will never use…

Poor customer service I will never use them again


TERRAN O

18 October, 2021

trustpilot-stars

thanks

100 percent happy


TOM R

17 October, 2021

trustpilot-stars

I have always had fast and reliable…

I have always had fast and reliable service from everyone at Avant and I want to thank you all for your help. Tom


GODFRED Y

17 October, 2021

trustpilot-stars

Easy process and good company

Easy process and good company


NIKITA

17 October, 2021

trustpilot-stars

Fast approval

Fast approval! No hassle. I was able to consolidate payments at a reduced rate. Thank you Avant!


JOSHUA B

17 October, 2021

trustpilot-stars

Very much helpful very knowledgeable…

Very much helpful very knowledgeable very pleasant person I talk to you on the phone


BERNADINE A

17 October, 2021

trustpilot-stars

Avant- is very efficient no stress

Avant- is very efficient no stress. Extremely satisfied with the service.


ANTONIO MEZA

17 October, 2021

trustpilot-stars

Me es grato tener sus servicios…

Me es grato tener sus servicios eficiente gracias


LASHAWN FREEMAN

17 October, 2021

trustpilot-stars

Great company an very precise

Great company an very precise


DARLENE S

17 October, 2021

trustpilot-stars

Fast and convenient!!

Fast and convenient!!


BARBARA TAYLOR

16 October, 2021

trustpilot-stars

Fast and Quick

Fast and Quick


WILLIAM M

16 October, 2021

trustpilot-stars

You were there when I really needed you…

You were there when I really needed you fast and dependable service


RANDOLPH B

16 October, 2021

trustpilot-stars

None

I feel Avant is a great program.


MYRTLE B

16 October, 2021

trustpilot-stars

Everyone was very efficient and took…

Everyone was very efficient and took care of my request in a timely manner. I would recommend to anyone. Thank you for your assistance


CHRISTIAN J

16 October, 2021

trustpilot-stars

Fine loan

Fine loan. Deposited quick, high interest rate but my credit is fair to low.


LOCAL SELLER

16 October, 2021

trustpilot-stars

Website is very easy to use

Website is very easy to use. Great customer service and interaction. Definitely recommend.


LONNIE G

16 October, 2021

trustpilot-stars

short sweet and to the point gave me…

short sweet and to the point gave me what I asked for


SCOTT D

15 October, 2021

trustpilot-stars

Thankful

Was happy loan was approved quickly and money was sent fast


KIMBERLY K

15 October, 2021

trustpilot-stars

This process was so easy and fast

This process was so easy and fast. The loan was transferred in 2 days. Excellent service and I highly recommend,


CUSTOMER

15 October, 2021

trustpilot-stars

5 stars so far

5 stars so far! The application process was very quick and easy and I loved not having to pay an origination fee!


LASHONDA H

15 October, 2021

trustpilot-stars

Service was great

Service was great


MAY A

15 October, 2021

trustpilot-stars

Amazing love it

Amazing love it


ROBERT

15 October, 2021

trustpilot-stars

Would highly recommend them.

Excellent company to work with. Their staff is friendly, courteous and very helpful. Their decisions are very quick, they do not take days for a decision like other companies do. Would highly recommend them.


MICHAEL YOXALL

15 October, 2021

trustpilot-stars

Applied and approved in a minute

Applied and approved in a minute. Easy process, kept informed along the way.


TERRI

15 October, 2021

trustpilot-stars

Great service

Great service, easy!


ARMANDO D

15 October, 2021

trustpilot-stars

Outstanding !!!!

Called asked got it what’s to explain. Nice an easy. Very professional.


MAVIS HENRY

15 October, 2021

trustpilot-stars

Very easy process

Very easy process, absolutely the best ,could not believe how soon the funds were deposited into my account and yes I have paid off most of my credit card.


HIEU N

14 October, 2021

trustpilot-stars

What very easy process to apply for a…

What very easy process to apply for a loan


BRENDA B

14 October, 2021

trustpilot-stars

I was pleased with the customer service…

I was pleased with the customer service . My loan was taken care of fast & efficient!


HARRY S

14 October, 2021

trustpilot-stars

Great people to work with

Great people to work with


BRIAN L

14 October, 2021

trustpilot-stars

Very easy smooth process.

Very easy smooth process.


HEARHER CHISUM

14 October, 2021

trustpilot-stars

Super easy and super fast great experience

Super easy and super fast! Received my money in a couple days. No fuss or hassle. Would absolutely recommend!!!


ANTHONY G

14 October, 2021

trustpilot-stars

Avant is a great company

Avant is a great company, and the whole process went smoothly, I will recommend them to everyone. Thank you Anthony G


LAURENTIU M

14 October, 2021

trustpilot-stars

Keep up the good work

Keep up the good work


JEREMY B

14 October, 2021

trustpilot-stars

Everything was straight forward and

Everything was straight forward and easy. Had the money in my account the next day! Very smooth process


GARY F

14 October, 2021

trustpilot-stars

Excellent customer service and easy…

Excellent customer service and easy process


SAMANTHA R

14 October, 2021

trustpilot-stars

Great

Great. Fast and easy,


DAVID T

14 October, 2021

trustpilot-stars

The whole process was simple and easy

The whole process was simple and easy! Great customer service! Thank you Avant!!!!


RODNEY PETERSON

14 October, 2021

trustpilot-stars

Very excellent services

Very excellent services

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