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 Adam Hughes, Avant’s president.
Avant may be a good fit if you:
- Have a credit score of 580 or higher; borrowers’ average range is 600 to 700
- Earn at least $40,000 a year, though there is no strict minimum
- Want some flexibility with loan payments
Avant at a glance
|Typical APR||9.95% – 35.99%|
|Loan amounts||$2,000 - $35,000|
|Time to funding||Average of two days|
|Soft credit check with application?||Yes|
Clicking the button below will take you to a pre-qualification form on NerdWallet. You’ll find out whether you qualify for an Avant loan and at what rate.
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. All three companies allow you to check your rates with a soft credit check, which does not affect your credit score. 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 a loan through Avant
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, including Avant, click the button below to fill out a pre-qualification form. NerdWallet will check a variety of lenders and display all the loans for which you might qualify, based on your responses. If you choose to pre-qualify, filling out an application 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: Not provided
- Debt-to-income ratio requirement: Not provided
Avant lending terms
- Annual percentage rate: 9.95% to 35.99%
- Loan amount: $2,000 to $35,000
- Loan duration: Two to five years
Avant fees and penalties
- Origination fee: 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 (most states)
- Learn how personal loans work
- 4 ways to consolidate credit card debt
- Read more personal loan reviews
Updated Jan. 2, 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.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution