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
|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|
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.
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.
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
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
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
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.
— 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