Overview
Avant is an online lending platform that provides unsecured personal loans up to $35,000 through WebBank. The lender has a low credit score requirement, which allows bad- and fair-credit borrowers to qualify.
Avant’s personal loan rates and fees are consistent with other bad-credit loans. While its loans have fast funding, they lack other consumer-friendly features, like rate discounts or the ability to add a co-applicant or collateral to the loan.
» MORE: Compare top personal loan lenders and rates
“Avant is a solid option for borrowers looking for fast funding whose credit scores fall between the mid 500s and the mid 600s. It can be a more affordable option than a high-interest, no-credit-check loan from a predatory lender. Avant personal loans can be used to cover a variety of expenses up to $35,000. Pre-qualifying is quick and lets you view your rate and terms, so you can compare them to other loan offers.”
What Avant is best for
Detailed breakdown
We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.Customer experience (20%)
We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.Underwriting and eligibility (20%)
We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.
We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.Application process (15%)
We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.
Read more about our ratings methodologies for personal loans.
Where Avant personal loans stand out
- Accepts borrowers from across the credit spectrum: While Avant says its borrowers typically have credit scores ranging from 600 to 680, it accepts applicants with thin credit profiles and scores as low as 550.
- Low income requirement: Avant only requires applicants to have a monthly net income above $1,200 to qualify for a personal loan.
- Next-day funding: Avant says it usually approves qualified personal loan borrowers within seconds and often deposits the funds the following business day if the loan is approved before 4:30 p.m. Central Standard Time.
- Hardship program for borrowers in need: Borrowers who face financial difficulties while paying off a personal loan from Avant may be able to defer their payments, extend their loan term or temporarily reduce their monthly payment amount.
- Seven-day customer support: Avant’s customer service representatives are available from 7 a.m. to 10 p.m. CST on weekdays and from 7 a.m. to 8 p.m. CST on weekends.
Where Avant personal loans fall short
- Charges an origination fee: Avant may charge an origination fee up to 9.99%. The lender refers to it as an administration fee and deducts it from the loan amount before sending the funds, reducing the loan size.
- No co-signed, joint or secured loan option: Avant doesn’t allow borrowers to add a co-signer or co-borrower to their application, or to secure the loan with collateral. Some lenders allow applicants to add collateral or a co-applicant to improve their chances of qualifying or getting a lower interest rate.
- No rate discount: Avant doesn’t offer any chances to get a discounted annual percentage rate (APR). Many lenders offer a rate discount for setting up automatic payments — typically a fraction of a percentage point.
- Does not offer large loans: The maximum amount you can borrow with an Avant personal loan is $35,000, meaning it may not be an ideal financing option for a major home improvement project or to consolidate a large amount of debt.
- No direct payment to creditors with debt consolidation loans: If you’re using the loan to consolidate debt, Avant does not give the option to send loan funds directly to your creditors. If approved, you will receive the money and must arrange the payments yourself.
How to qualify
Avant says its target audience tends to have credit scores between 600 and 680, though it may accept borrowers with lower scores. Avant personal loans are not available to residents of CO, HI, IA, ME, MA, NY, VT, WA or WV.
Avant’s borrowing requirements
- Minimum credit score: 550.
- Minimum monthly net income: $1,200.
- Must have a Social Security number, valid U.S. bank account and email address.
- Must not be in active bankruptcy.
» MORE: How to get a personal loan
Ready to check rates? See what rate you can get by pre-qualifying.
Profile of an average Avant borrower
Loan purpose
Debt consolidation
Compare Avant to the best lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
