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Avant Personal Loans: 2018 Review

Oct. 8, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from 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.
4.5 NerdWallet rating

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. 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%
Fees
  • Administrative fee: 4.75%.
  • Late fee: $25 after 10 day grace period.
  • Unsuccessful payment fee: $15.
  • Prepayment fee: None.
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

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. 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.

Refinancing option: Avant says some customers may be eligible to refinance their loans to get a higher loan amount and possibly a reduced rate. Customers need at least 9 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.

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’s rates are comparable to those of other lenders that accept low credit scores, such as OneMain Financial and Upgrade.

avant_box_logo-384x129

APR

9.95% - 35.99%





Min credit score

580





Best for

Bad credit



APR

16.05% - 35.99%





Min credit score

None





Best for

Bad credit, secured loans



APR

6.99% - 35.97%





Min credit score

620





Best for

Debt consolidation



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

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.

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:

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.

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