Avant: Personal Loans Review

  17,115 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   17,115 Reviews

trustpilot-stars

RICHARD R

22 hours ago

trustpilot-stars

This was a redo of my first loan and…

This was a redo of my first loan and their procedure was as easy as it was the first time. This is a great business concept and Avant is a great company. Just fulfill your commitment and obligation and Avant is your great uncle, however, their interest charge is less than my uncle.


TOYA

23 hours ago

trustpilot-stars

Don't hesitate...Get what you need!!!

Good company....like how self explanatory and easy the process goes. Would definitely recommend


SANDRA C

03 August, 2021

trustpilot-stars

Always had a great experience with…

Always had a great experience with Avant thank you


GEORGE D

03 August, 2021

trustpilot-stars

Easy application

Easy application, fast review and issue of funds. Pleasant process. Very satisfied.


BRIAN

03 August, 2021

trustpilot-stars

Grateful

Applying was easy! When your down on your luck Avant is there to help you in your time of need. Thanks Avant you are a life saver!!!


RONALD A

03 August, 2021

trustpilot-stars

Right on time,right in time,thank you…

Right on time,right in time,thank you so much....😊😁👌


DEE

03 August, 2021

trustpilot-stars

So far - so great!

So far, so great! The application process was easy and fast and they deposited the money into my account the next day! My first payment is coming up so I'm hoping this part of it is just as smooth. Thanks!


CONSUELLA

03 August, 2021

trustpilot-stars

I really like Avant

I really like Avant. It has helped me to be able to pay off some bills, credit cards, etc. The payments are just right and I can even pay more than the payment amount to get the loan payed off faster. I would recommend Avant to family and or friends. I appreciate Avant.


KENNETH KETCHUM SR

03 August, 2021

trustpilot-stars

A is for Avant!

They worked with me; offered me the best deal/loan I could manage and then promptly funded me. They are very detail oriented, so each step of the process was well understood and the ease and peace of mind to go along with that was/is a blessing for me. When I talked to a rep, it wasn't a bank, etc, it was another human being, being honest and up front with me and even reassuring me where needed. It was a perfect fit, I feel blessed and I look forward to working with Avant in the future as projects arise...


PARKER RUIZ

02 August, 2021

trustpilot-stars

Don't waste your time on the mailings…

Don't waste your time on the mailings inviting you to apply. They have no intention on approving you unless your a millionaire.


RICHARD H

02 August, 2021

trustpilot-stars

The process online was fast and easy to…

The process online was fast and easy to do. The site walked you through the whole thing.


CLANCIE P

02 August, 2021

trustpilot-stars

I really love this card

I really love this card


BRIAN W

02 August, 2021

trustpilot-stars

Great company

Great company. Fast approval and even faster receiving funds.


CLUB MEMBER

02 August, 2021

trustpilot-stars

My card gets denied because of possible…

My card gets denied because of possible fraud. It is embarrassing when that happens. I tried to get gas and it was denied for possible fraud.


AMBER G

02 August, 2021

trustpilot-stars

I was in dire need of some emergency…

I was in dire need of some emergency funds & Avant came to the rescue. They were very simple to apply with got my approval in just a few short mins & the funds in my account the next business day. I will be using again in the future!


CHRISTOPHER S

02 August, 2021

trustpilot-stars

Quick response and patience

Was quick and easy to deal with on the phone when needed more info. As soon as I got all info to then they cane back with the status within the hour. Will use again if needed


NATHALIE W

02 August, 2021

trustpilot-stars

Easy card opening

Opening the card was easy. I got it and activated itwith no problems. Hope to Enjoy my card use


KARMISHA M

01 August, 2021

trustpilot-stars

Because of the type of emergency that…

Because of the type of emergency that had occurred, I was needing assistance quickly and you picked up the ball where my personal bank failed me. Thank you very much.


THOMAS D

01 August, 2021

trustpilot-stars

Thank you.

The website made applying very simple, considering I did it using my android. Avant thank you again.


LUMI WYNN

01 August, 2021

trustpilot-stars

Absolutely amazing easy and transparent…

Absolutely amazing easy and transparent process, i tried other companies, this one the best! Thank you and they didn't pay me to say all of this, just personal experience.


VALENTYNA

01 August, 2021

trustpilot-stars

BE AWARE THEY PUT A HARD INQUIRY

BE AWARE THEY PUT A HARD INQUIRY IN YOUR CREDIT REPORT READ CAREFULLY BECAUSE THE INFORMATION THAT THIS COMPANY HAS IN THE FORM IS DECEIVING. THEY AFFECT MY CREDIT I WILL NOT BE ABLE TO RENT A HOUSE THANKS TO THEM.


KWASI A

01 August, 2021

trustpilot-stars

From application approval to billing…

From application approval to billing and website experience I have experienced smooth sailing.


JENNIFER B

01 August, 2021

trustpilot-stars

I’m happy 😃

I need help with something financially and they were willing to help and I’m very happy and grateful that I choose them 🙏🏾God bless


FRANKLIN M

01 August, 2021

trustpilot-stars

Very easy application

Very easy application. I had my funds inadvertently day


KAREN RIGIROZZI

01 August, 2021

trustpilot-stars

Very quick and easy way to borrow…

Very quick and easy way to borrow money. I am very satisfied with my experience with Avant.


TAD T

01 August, 2021

trustpilot-stars

Easy online application and fast…

Easy online application and fast response.


LUZ A

01 August, 2021

trustpilot-stars

Great process

Great process, fast and professional. No sensitive questions nor several forms To fill.


TRACEY PEARSON

31 July, 2021

trustpilot-stars

They are there when you really need…

They are there when you really need them,especially since this pandemic. Thank you


ROSS G

31 July, 2021

trustpilot-stars

Easy to deal with

Easy to deal with, decent rates, super fast funding!


LEWIS TXXXX

31 July, 2021

trustpilot-stars

This entire online application was very…

This entire online application was very detailed and easy to understand. From start to finish, it was an excellent doing business with Avant


HENRY S

31 July, 2021

trustpilot-stars

The process from start to finish was…

The process from start to finish was quick and thorough. All fees were spelled out and if you changed your mind you could cancel with no fee or charge. My funds arrived in 2 days. Fantastic experience so far.


RODNEY B

31 July, 2021

trustpilot-stars

Very easy to work with their team

Very easy to work with their team. Highly recommended


HEATHER H

31 July, 2021

trustpilot-stars

super fast and easy to apply.

super fast and easy to apply.


JON BAUER

31 July, 2021

trustpilot-stars

Avant- has helped me continue to grow and build my credit.

Avant- has helped me


EDUARDO REYES

31 July, 2021

trustpilot-stars

This is not good card for poor credit…

This is not good card for poor credit they only want 650 and above to get card . Do not recommend be aware .


BARBARA W

31 July, 2021

trustpilot-stars

Taking out a loan with Avant was easy

Taking out a loan with Avant was easy, quick, and painless. The online application took very little time and the funds were in my account the next day


JOHN W

31 July, 2021

trustpilot-stars

Easy application process.just upload…

Easy application process.just upload pics of my bank info.and id. Bam..Money deposited..Thank You.


DESTINY H

30 July, 2021

trustpilot-stars

The process was simple and quick

The process was simple and quick! Would definitely use them again.


TERRANCE M

30 July, 2021

trustpilot-stars

I'm very happy with the service had my…

I'm very happy with the service had my money within 24 hours.


SHARON M

30 July, 2021

trustpilot-stars

Excellent

Could not have asked for a quicker, easier, no fuss loan. And excellent customer service. I emailed them with a question and within 5 minutes had my answer and more. Went through Credit Karma and found them. My experience was awesome and hope yours will be too!


BALJEET B

30 July, 2021

trustpilot-stars

Highly recommend

Approved and funded in less then 10 hours. Money was in the Bank at 3am in the morning. Fast approval with no paperwork. Highly recommend.


DAN L

30 July, 2021

trustpilot-stars

Fast and approved

Fast and approved


DARYL HILL

30 July, 2021

trustpilot-stars

Credit line increase

Credit line increase


JASPA

29 July, 2021

trustpilot-stars

Excellent service and processes.

Excellent service and processes.


DOMINIC NELLO A

29 July, 2021

trustpilot-stars

I was prequalified and when I applied

I was prequalified and when I applied, I got a response right away and in two days I was approved and the deposited in my account. I will be doing business with them in the future!


ALBERT M

29 July, 2021

trustpilot-stars

I’m really satisfied.

The better option to get your loan is Avant. It is very quickly and they’re working well.


JOHN M

29 July, 2021

trustpilot-stars

Very quick approval

Very quick approval


SUSAN

29 July, 2021

trustpilot-stars

Avant was excellent with my Loan…

Avant was excellent with my Loan process,they were fast in response and fast in delivery of the money !Thank you for your help Avant. Would highly recommend them.


JULIA E

29 July, 2021

trustpilot-stars

Very convenient and easy

Very convenient and easy. Also loved the fast service Thank you!!!


PATRICIA L

29 July, 2021

trustpilot-stars

I haven’t worked with me very quickly…

I haven’t worked with me very quickly and very nicely that’s why I gave them five stars

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