Avant Personal Loans: 2017 Review

Loans, Personal Loans, Personal Loans Reviews
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4 stars out of 5

NerdWallet rating: 4.0 / 5.0
Good for: Bad credit, debt consolidation

Avant logo

Avant personal loans are geared toward borrowers with low credit scores who want to consolidate debt or need money for essential expenses. The Chicago-based company focuses on the “typical middle-class American consumer,” says Adam Hughes, Avant’s president.

Avant may be a good fit if you:

  • Have a credit score of 580 or higher; borrowers’ average is 650
  • Earn at least $40,000 a year, though there is no strict minimum
  • Want some flexibility with loan payments

Avant at a glance

Typical APR9.95% – 35.99%
Loan amounts$1,000 - $35,000
Time to fundingAverage of two days
Origination fee0.95% - 4.75%
Soft credit check with application?Yes

 

» MORE: Personal loans for debt consolidation

Detailed Avant personal loans review

To review Avant, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data and compared the lender with others that seek the same type of customer or offer a similar 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. Its rates are comparable to those of other lenders that accept low credit scores, such as OneMain Financial and Peerform. All three companies allow you to apply and check your rates with a soft credit check, which does not affect your credit score. But if you’re approved, you will receive a hard check before you get the money.

Half of Avant’s borrowers take out loans for debt consolidation, according to the company.

Avant allows some wiggle room with payments. If you miss a payment by more than 10 days, there is a $25 late fee. But Avant’s late-fee forgiveness policy means that if you follow up with three consecutive on-time payments, your late fee will be refunded.

How to apply for an Avant loan

You can apply on Avant’s website by providing your name, address, Social Security number and other details.

If you want to compare rates from multiple lenders and lending platforms, including Avant, click the apply button below. NerdWallet will check a variety of lenders and display all the loans for which you qualify, based on your application. Applying won’t affect your credit score.

Avant loan requirements

  • Minimum credit score: 580
  • Minimum gross income: none, but generally more than $40,000
  • Minimum credit history: none
  • Debt-to-income ratio requirement: none

Avant lending terms

Avant fees and penalties

  • Administration fee: 0.95% to 4.75% of loan amount
  • Prepayment fee: none
  • Late fee: $25 after 10-day grace period
  • Personal-check processing fee: none
  • Unsuccessful payment fee: $15

Before you take a personal loan

Consider other debt consolidation options

Learn how personal loans work

Calculate payment scenarios

Have a plan for getting out of debt

Amrita Jayakumar and Jeanne Lee are staff writers at NerdWallet, a personal finance website. Email: ajayakumar@nerdwallet.com or jlee@nerdwallet.com. Twitter: @ajbombay or @jlee_jeanne.

Updated Feb. 28, 2017.


Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans Team.

5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution