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Avant Personal Loans: 2019 Review

April 17, 2019
Loans, Personal Loans, Personal Loans Reviews
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4.0 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 emergency 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 (in most states)
  • Unsuccessful payment fee: $15 (in most states)
  • 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 get started with Avant.

» MORE: Debt consolidation loans

Avant personal loans review

To review Avant, NerdWallet collected more than 30 data points from the lender, interviewed company executives 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.

Best of 2019: NerdWallet recognized Avant among our list of Best Personal Loans of 2019 in the category of bad credit.

Refinancing option: Avant says some customers may be eligible to refinance their loans to get a higher loan amount or possibly a reduced rate. Customers need at least six 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. Avant also has a mobile app for iOS and Android where you can manage your loan and receive notifications about your account.

In April 2019, Avant agreed to pay $3.85 million to settle a Federal Trade Commission lawsuit alleging the company overcharged and deceived its customers. Among the charges, the FTC alleged Avant withdrew unauthorized payments from consumers’ bank accounts and collected additional money even after a loan had been paid off.

“Avant and the FTC have been in discussions regarding these issues for months,” said Avant CEO Al Goldstein in an emailed statement. “We are pleased that this matter is resolved. Our focus and commitment have always been on providing our customers with transparent and complete information that helps them make smart financial choices and borrow money responsibly.”

Loan example: For a borrower with bad credit, an $8,000 personal loan with a repayment term of 24 months at 27% annual percentage rate would carry monthly payments of $436, according to NerdWallet’s personal loan calculator.

How Avant compares

Avant’s rates are comparable to those of 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

7.99% - 35.89%





Min credit score

620





Best for

Debt consolidation



Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.

How to apply for a loan through Avant

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

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate 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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