Good for: Bad credit, debt consolidation
Loans through Avant are geared toward borrowers with low credit scores who want to consolidate debt or need money for emergency expenses. Avant may be a good fit if you:
- Have a credit score of 580 or higher; borrowers’ average range is 600 to 700.
- Have a gross annual income of at least $20,000.
- Want some flexibility with loan payments.
Avant loan rates and terms
|Loan amounts||$2,000 - $35,000|
|Typical APR||9.95% - 35.99%|
|Time to funding||As soon as the next business day|
|Repayments||Monthly over 2 to 5 years|
|Soft credit check?||Yes|
|How to qualify||
|Best for||Borrowers with bad credit, debt consolidation|
» MORE: Debt consolidation loans
Avant personal loans review
To review Avant, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same type of customer or offer a similar personal loan product. Loan terms and fees may vary by state.
Avant is one of the largest online lending platforms to focus on consumers with low credit scores. The Chicago-based company focuses on the “typical middle-class American consumer,” says Avant president Adam Hughes.
According to the company, about half of Avant’s borrowers take out loans for debt consolidation.
Best of 2019: NerdWallet recognized Avant among our list of Best Personal Loans of 2019 in the category of bad credit.
Refinancing option: Avant says some customers may be eligible to refinance their loans to get a higher loan amount or possibly a reduced rate. Customers need at least six months of on-time payments on a loan to qualify for refinancing.
Customer service: Avant has a phone number and email address for customer service. The company says it measures response times and tries to improve them. Avant also has a mobile app for iOS and Android where you can manage your loan and receive notifications about your account.
In April 2019, Avant agreed to pay $3.85 million to settle a Federal Trade Commission lawsuit alleging the company overcharged and deceived its customers. Among the charges, the FTC alleged Avant withdrew unauthorized payments from consumers’ bank accounts and collected additional money even after a loan had been paid off.
“Avant and the FTC have been in discussions regarding these issues for months,” said Avant CEO Al Goldstein in an emailed statement. “We are pleased that this matter is resolved. Our focus and commitment have always been on providing our customers with transparent and complete information that helps them make smart financial choices and borrow money responsibly.”
Loan example: For a borrower with bad credit, an $8,000 personal loan with a repayment term of 24 months at 27% annual percentage rate would carry monthly payments of $436, according to NerdWallet’s personal loan calculator.
How Avant compares
How to apply for a loan through Avant
You can apply on Avant’s website by providing information, such as your name, address, monthly income, Social Security number and other details.
NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.
Before you shop for a personal loan:
- Learn how personal loans work
- Boost your chances of getting approved
- 4 steps to pre-qualify for a personal loan
NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.