Editorial Review

Avant Personal Loans: 2019 Review

Avant loans are geared toward borrowers with low credit scores who want to consolidate debt or need money for essential expenses.

Amrita JayakumarOctober 31, 2018

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Our Take

4.0

NerdWallet rating 

The Bottom Line: Avant accepts low credit scores and offers some flexibility, but not options like co-sign loans.

Avant

on Avant's website

on Avant's website

Min. Credit Score

580

Est. APR

9.95-35.99%

Loan Amount

$2,000-$35,000

Pros & Cons

Pros
  • Low minimum credit score.

  • Refinancing option.

  • Flexible payment options.

Cons
  • No co-sign or secured loan option.

  • Does not offer direct payment to creditors for debt consolidation loans.

Compare to Other Lenders

Avant
OneMain
Upgrade
Est. APR

9.95-35.99%

Est. APR

18.00-35.99%

Est. APR

7.99-35.89%

Loan Term

2 to 5 years

Loan Term

2 to 5 years

Loan Term

3 to 5 years

Loan Amount

$2,000-$35,000

Loan Amount

$1,500-$20,000

Loan Amount

$1,000-$50,000

Min. Credit Score

580

Min. Credit Score

None

Min. Credit Score

620

Compare estimated rates from multiple lenders

Compare Rates

Full 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 caters to 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. Among the consumer-friendly features Avant offers are soft credit checks to pre-qualify, transparency of rates and fees, and flexible payment options, including the ability to add or change a payment.

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 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.

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

"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," said Avant CEO Al Goldstein in an emailed statement.

Fees:

  • Administrative fee: 4.75%.

  • Late fee: $25 after 10 day grace period.

  • Unsuccessful payment fee: $15.

How to qualify:

  • Minimum credit score of 580.

  • At least $20,000 in gross annual income.

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.

Before you shop for a personal loan

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us, including Avant. Pre-qualifying will not impact your credit.

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.

on Avant's website

Personal Loans Rating Methodology

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.