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Avant Personal Loans: 2018 Review

March 20, 2018
Loans, Personal Loans, Personal Loans Reviews
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

4 stars out of 5

NerdWallet rating: 4.0 / 5.0
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 essential expenses. The Chicago-based company focuses on the “typical middle-class American consumer,” says Avant president Adam Hughes.

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

avant_box_logo-384x129
Loan amounts$2,000 - $35,000
Typical APR9.95% - 35.99%
Administration feeUp to 4.75%
Time to fundingAs soon as the next business day
RepaymentsMonthly over 2 to 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score of 580
  • At least $20,000 in gross annual income
Best forBorrowers with bad credit, debt consolidation
Click "Check Rates" to apply on Avant.

» 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 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. Its rates are comparable to those of other lenders that accept low credit scores, such as OneMain Financial and Mariner Finance.

According to the company, about half of Avant’s borrowers take out loans for debt consolidation.

Loan example: For a borrower with average credit, an $8,000 personal loan with a repayment term of 24 months at 21.8% APR would carry monthly payments of $414, according to NerdWallet’s personal loan calculator.

How Avant compares

avant_box_logo-384x129

APR

9.95% - 35.99%





Min credit score

580





Best for

Bad credit



APR

17.59% - 35.99%





Min credit score

None





Best for

Bad credit, secured loans



APR

24.0% - 36.0%





Min credit score

600





Best for

Bad credit



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

How to apply for a loan through Avant

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

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

 

Before you shop for a personal loan:

Updated March 20, 2018.


Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans awards 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. We only review 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.

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

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