Avant Personal Loans: 2021 Review

Avant personal loans can be funded quickly, but the company lacks some flexible features other online lenders offer.

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Our Take

3.5

NerdWallet rating 

The bottom line: Avant loans are an option for fair- and bad-credit borrowers looking for fast funding.

Avant

Avant

Min. Credit Score

550

Est. APR

9.95 - 35.95%

Loan Amount

$2,000 - $35,000

Pros & Cons

Pros

  • Able to fund loans the next business day.
  • Option to change your payment date.
  • Soft credit check with pre-qualification.

Cons

  • Charges origination fee.
  • Doesn't offer direct payment to creditors with debt consolidation loans.
  • No joint, co-signed or secured loan option.

Compare to Other Lenders

OneMain
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NerdWallet rating 
NerdWallet rating 
Est. APR

18.00 - 35.99%

Est. APR

5.94 - 35.47%

Loan Term

2 to 5 years

Loan Term

2 to 7 years

Loan Amount

$1,500 - $20,000

Loan Amount

$1,000 - $50,000

Min. Credit Score

None

Min. Credit Score

560

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

Avant is an online lending platform that offers to borrowers with fair and bad credit (689 or lower FICO score); the company says most of its customers have a credit score from 600 to 700. It charges origination and late fees, but its loans have annual percentage rates consistent with other bad-credit loans.

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Soft credit check to pre-qualify: You can see the potential loan amount and rate on an Avant loan if you pre-qualify. Pre-qualifying doesn’t affect your credit and doing so can help you understand how loan payments fit into your monthly budget. If you move forward with a loan application, the lender will do a hard credit pull, which can temporarily knock a few points off your score.

Next-day funding: Avant says it can deposit the funds from a personal loan into your account the day after your application is approved.

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Option to change your payment date: Avant customers can’t choose their payment date initially, but they can change it up to two times during their repayment term. Other lenders may let you choose your initial payment date or change it more often due to unexpected changes in your cash flow, like a new job with a different payday.

Mobile app: Avant has a mobile app where borrowers can make payments, adjust payment dates and see their payment history.

Origination fee: Avant may charge an origination fee up to 4.75%, though it says the majority of borrowers receive an offer without the fee. Not all lenders charge an origination fee, but you may find even higher fees with other bad-credit lenders.

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 someone or apply for a secured loan to improve their chances of qualifying.

No direct payments to creditors: If you’re consolidating credit cards and other high-interest debts, Avant will deposit the funds directly into your account rather than pay the debts for you. Some of Avant’s competitors offer a direct pay feature, which simplifies the consolidation process.

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In August 2020, Avant with the Colorado attorney general’s office after the state alleged that Avant partnered with out-of-state banks to offer rates above the state-mandated maximum. Avant CEO James Paris said in an emailed statement that the settlement will help protect Colorado borrowers from abusive, high-cost lenders.

In April 2019, Avant settled a Federal Trade Commission  alleging the company withdrew unauthorized payments from consumers’ bank accounts and collected additional money even after a loan had been paid off.

Avant’s minimum borrower requirements include:

The average qualified Avant borrower has:

Loan example: A three-year, $10,000 loan with a 23.4% APR would have monthly payments of $389. You would pay $4,004 in total interest on that loan.

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us, including Avant. Pre-qualifying won't impact your credit.

You can fill out an application online. You'll be asked to provide some personal information, including your address, Social Security number and monthly income.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.