Avant: Personal Loans Review

  22,787 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   22,787 Reviews

trustpilot-stars

JOSE POCHOLO E

14 hours ago

trustpilot-stars

Easy and fast approval

Easy and fast approval


HALIMAH J

14 hours ago

trustpilot-stars

Straight to business!…

This experience with Avant was professional, qiuick, and easy!


HAGUEBOY STEVEN

15 hours ago

trustpilot-stars

Great customer support and service

Great customer support and service. This credit card is awesome, my score went up 22 points last month. This card help you build credit. Love it and fees are low.


JOE

21 hours ago

trustpilot-stars

loan

this was the easy loan I have either got


RENARD A

09 August, 2022

trustpilot-stars

I honestly and only can say thank you.

I honestly and only can say thank you.


CUSTOMER

09 August, 2022

trustpilot-stars

Hands down if you have bad or no credit…

Hands down if you have bad or no credit the easiest lender ever just submit info and with in a couple days money is in your acct. very hi interest rates but they are taking risk loaning with bad or no credit I would definitely recommend Avant


YDANIA A

09 August, 2022

trustpilot-stars

Easy to complete

Easy to complete.


TRISH W

09 August, 2022

trustpilot-stars

Great Service

Great Service


ROXANNE S

09 August, 2022

trustpilot-stars

I love how easy it is to apply and make…

I love how easy it is to apply and make payments. The portal is user friendly and helpful. I will definitely continue to use this company in the future.


GERARD R

09 August, 2022

trustpilot-stars

Loan

My loan went thru with no problems and very quickly.


MELANIE N

09 August, 2022

trustpilot-stars

Fairly smooth process blessing

Fairly smooth process blessing


THE DAD

09 August, 2022

trustpilot-stars

Everything has been simple and easy.

Everything has been simple and easy.


BIANCA NEAL

09 August, 2022

trustpilot-stars

I was approved for a $2000 loan and my…

I was approved for a $2000 loan and my credit score is only about 660. So far I'm happy with their service.


FREDA G

09 August, 2022

trustpilot-stars

Thanks for trusting me i will never forget that

Thanks from the bottom of my heart for trusting me.


BRANDY H

09 August, 2022

trustpilot-stars

Would definitely recommend

Very helpful. Quick response and reliable


JOSEPH R

09 August, 2022

trustpilot-stars

Got approved and received funds in less…

Got approved and received funds in less than 10 days! Look forward to adding points to my credit score! Thanks Avant


LISA R

09 August, 2022

trustpilot-stars

this company is amazing!!!

this company is amazing!!!


STRAWMEDUSA STRAWMEDUSA

09 August, 2022

trustpilot-stars

Might be a scam never received my card

I applied for a card on July 9th it is now August 9th and I still have not received the card every time I call they say there's nothing they can do but send a new card and you have to wait another seven to 15 business days I don't know why they can't tell me where's the card is that they already sent. I see all these reviews on this website and it all seem good but when I look on the internet I see a lot of bad reviews witch this is making me believe that this might be a scam


TRACIEN

09 August, 2022

trustpilot-stars

Wonderful

Wonderful, quick, smooth process and user friendly.


TIFFANY C IARK

09 August, 2022

trustpilot-stars

DO NOT APPLY FOR THIS CARD!!!!

DO NOT APPLY FOR THIS CARD!!!!! They will block every purchase and then say that you have made too many attempts so they will send you a new card that also says too many attempts they refuse to allow you to spend the credit limit that they have approved you for . Constantly sending new card only for you too not be able to use any of them This has been a full year of this but I’m afraid if I cancel it will affect my credit


DEONTA C

09 August, 2022

trustpilot-stars

The best there is,very pleased

The best there is,very pleased


SONNY B

09 August, 2022

trustpilot-stars

The loan process was fast and simple

The loan process was fast and simple! It happened so quickly I thought it has to be a scam. It was really to good to be true. I received funding in one day. Very seamless process! I recommend this company 100%


LINDA

09 August, 2022

trustpilot-stars

Application/Process/Approval

I really liked how the application process was so easy, but however, it took over a week to get my approval and I submitted my requested documentation the same day when asked. When calling and speaking to two different customer service representatives, they asked me for more information needed causing further delay. I just feel that it could have all been avoided if I would have received an email, which I didn’t, I had to call each time to get an updated status on my application.


JASON

09 August, 2022

trustpilot-stars

Was able to get a debt consolidation…

Was able to get a debt consolidation loan at a much lower rate than the credit cards I have. Process was quick and easy.


MARK L

09 August, 2022

trustpilot-stars

Quick approval Hassle free

Everything was great I will refer to friends..


DEA S

09 August, 2022

trustpilot-stars

Quick

Quick , excellent service way better than other lenders


SAMUEL ALBERT

09 August, 2022

trustpilot-stars

Avant is extremely helpful and…

Avant is extremely helpful and employees are pleasnt to work with! The only drawback I experienced ws being cut off about when issue was to be resolved and then you have to start over with phone conversation!


PIEFACE

09 August, 2022

trustpilot-stars

FASTEST CREDIT INCREASE

Got an email about an credit increase..and within 10minutes of responding,I had an increase 👍


THEEDA MITCHELL

09 August, 2022

trustpilot-stars

I am greatly to you for the advance…

I am greatly to you for the advance credit


STEPHANIE WOO

09 August, 2022

trustpilot-stars

Thank you Avant

Avant has been a great card as well as loan I’m extremely happy with my accounts.


FRED M BALL

09 August, 2022

trustpilot-stars

Great experience

The application process was very easy process, got prompt answer


TERENCE P

08 August, 2022

trustpilot-stars

Avant has been good to me so far.

Avant has been good to me so far.


KATHERINE M

08 August, 2022

trustpilot-stars

This bank is great to work with for…

This bank is great to work with for several reasons. They provide decent credit lines for folks repairing their credit, they increase quickly and they offer you personal loans shortly there after which also build your credit. Great app and post payments quickly! Love it!


RICHARD R

08 August, 2022

trustpilot-stars

My Avant Experience

I first learned of Avant from a mail offer. The process of applying for the loan was expected and everything went smoothly. They worked on my application quickly and I was surprised how quickly the whole process was. There were no fees taken off the top which was very nice! The app was easy to install and works very well I'm happy I applied at Avant and look forward to a great working relationship.


THOMAS D

08 August, 2022

trustpilot-stars

Loan

I had a good easy experience 😃


KENNETH P

08 August, 2022

trustpilot-stars

Applying for the loan was easy and…

Applying for the loan was easy and simple. Website has great option for autopay, for loans. I love how easy it is manage my loan.


DAN C

08 August, 2022

trustpilot-stars

Good service

Loan was easy, fast and decent rate. Website is a bit finicky but useable.


KELLY

08 August, 2022

trustpilot-stars

Loan application

The process to apply for a loan was quick and easy and I really appreciate having this as an option. I did have to call for support when I was unable to take a photo with my phone to upload proof of identity. Turned out that I had to use a different browser to get this done. Support was helpful and easy to understand.


ANGEL F

08 August, 2022

trustpilot-stars

It is a fast and good system in aproval…

It is a fast and good system in aproval and access to the funds.


SUE

08 August, 2022

trustpilot-stars

Fast and easy

Easy process


NANCY M

08 August, 2022

trustpilot-stars

Avant rocks!!

This is by far the easiest company to get a personal loan, i was in shock of how fast and convenient from start to finish. I will definitely recommend Avant 100% to all friends and family looking for a personal loan.


MICHAEL E

08 August, 2022

trustpilot-stars

Loan

My loan was approve in minutes and my cash was in my account the next day


GERMAN C

08 August, 2022

trustpilot-stars

Is good have an opportunity to receive…

Is good have an opportunity to receive a Loan n be accepted it


BASEEMAH SCOTT

08 August, 2022

trustpilot-stars

Quick and professional

Quick and professional


CARLOS S

08 August, 2022

trustpilot-stars

Avant helpfulness!

Great help and knowledge from representatives! Good experience. 😁


MIKE FREEMAN

08 August, 2022

trustpilot-stars

Easy and Professional

They was very professional on the process and they reach out to me just to finish up the process.


ANGELA A

08 August, 2022

trustpilot-stars

It is super easy

It is super easy. Fill out your information, sign the contract and boom in a couple days the money is in your account. It’s amazing!!!!


ALEX

08 August, 2022

trustpilot-stars

Very fast and easy process!!!!!

Very fast and easy process!!!!!


PAUL S.

08 August, 2022

trustpilot-stars

Great customer service support

Very helpful. Great customer service experience during the underwriting process.


DAVID

08 August, 2022

trustpilot-stars

I was trying to get a loan with Avant

I was trying to get a loan with Avant. Credit Karma said I had outstanding odds of it getting approved. Avant- kept dragging their feet and would not approve my application. After some time money appeared in my checking account. However the loan that Avant approved was for about half of what I requested. They never discussed it with me they just did it their way. Thus I did not get enough to payoff the credit cards I was trying to payoff.

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