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. 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|
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 Mariner Finance. However, Avant does not offer secured loans or allow you to apply with a co-signer, like the others do.
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:
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
What the stars mean
— 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