Avant Personal Loans 2024 Review

Avant is a popular fintech company that offers personal loans to borrowers with credit scores of 580 or higher. Personal loans are available for a variety of purposes, including debt consolidation, home improvement, and medical bills. Loan amounts range from $2,000 to $35,000, and terms are available from 24 to 60 months.

APRs start at 9.95% but may be higher depending on the borrower’s credit history and other factors. There is an origination fee of up to 4.75% of the loan amount, which is deducted from the loan proceeds at disbursement. Avant personal loans are available in all 50 states, and funds can be deposited into your bank account as soon as the next business day.

Pros

• Accessible credit score requirements
• Offers personal loan refinancing
• Prequalification only requires a soft credit check

Cons

• Origination fees as high as 4.75%
• Loans max out at $35,000
• No direct payment of creditors for debt consolidation

Avant Personal Loan Features

Avant personal loans start at just $2,000 and can be used for a range of purposes, including home improvements, medical bills, emergency expenses, and debt consolidation. As with most lenders, Avant does not allow borrowers to use personal loan funds for business purposes.

Notably, consumers can refinance their existing Avant personal loans—and even refinance a refinanced loan. Prospective borrowers can also contact Avant for details regarding secured loans, but the company does not publish details about this option online.

• Loan amounts: Available loan amounts range from $2,000 to $35,000. However, the amount a borrower qualifies for depends on their credit score and income, and minimums vary by state. Approved borrowers can choose a loan up to their approved borrowing amount or limit imposed by their state.
• Terms: Personal loan repayment terms are available from 12 to 60 months—or one to five years. Loan terms are ultimately based on the borrower’s credit score, income, and other factors.
• Rates: Annual percentage rates (APRs) for Avant personal loans range from 9.95% for the most creditworthy borrowers up to 35.95%. Rates are determined by borrower qualifications, loan terms, and other factors.
• Fees: Avant charges an administrative fee up to 4.75% that is deducted from the loan funds. A borrower who misses a scheduled payment may incur a late fee equal to $25 in most states. Likewise, a borrower may be charged a $15 dishonored payment fee if their scheduled payment is returned. There are no prepayment penalties for paying off an Avant personal loan early.
• Funding speeds: Loans approved before 4:30 pm Central time, Monday through Friday, generally are disbursed via ACH the next business day. Ultimately, though, the amount of time it takes a borrower to receive funds depends on their financial institution.

Qualification Requirements

If you’re considering a personal loan from Avant, make sure you align with the lender’s general qualifications. You can also check your approval odds and the rate you’re likely to qualify for with Avant’s prequalification process—no hard credit check necessary.

• Credit score: Avant does not publish a minimum credit score requirement, but the lender says that the majority of its approved borrowers have FICO scores between 600 and 700. That said, borrowers with a credit score of 580 or higher may still qualify for an Avant personal loan if they meet other requirements.
• Income: Avant generally requires applicants to have a minimum income of $20,000 to qualify for a personal loan. Ultimately, approved borrowers typically have average household incomes between $40,000 and $100,000.
• Co-signers: Avant reportedly does not allow consumers to apply with a co-signer. This means borrowers must be approved based on their own credit score and income.

How To Apply for an Avant Personal Loan

Follow these steps to apply for a personal loan through Avant:

1. Submit an application online. Navigate to Avant’s personal loans homepage and click on the “Check Your Options” button. Then, complete the application form by providing your contact information, Social Security number, and details about your housing situation, income, and borrowing needs. Submitting this application allows you to see your loan options, but relies only on a soft credit check and does not impact your credit score.

2. Choose a loan option. After submitting an initial loan application, you’ll be able to see the rates and loan terms you’ll qualify for through Avant. If you choose to move forward, Avant will perform a hard credit inquiry that will be reflected on your credit report.

3. Complete the verification process. Avant requires all applicants to undergo identity verification. This involves answering a series of questions tailored to your identity. Some applicants must also verify their income and employment using the lender’s online verification tool (OVT). If necessary, this requirement will be visible on your user dashboard or a loan specialist will contact you for additional information.

Customer Support

Avant provides current and prospective lenders with a broad selection of customer support options. Consumers can submit questions via an online form or by phone or email. Current Avant borrowers can also contact customer service through their online dashboards.

Customer service hours are between 7 am and 10 pm CT, Monday through Friday, and 7 am to 8 pm CT on Saturdays and Sundays. Application support is available from 7 am to 8 pm CT Monday through Sunday.

Customer Reviews

Avant is Better Business Bureau (BBB) accredited with an A rating and 1.21 stars based on 149 customer reviews. Trustpilot reviews are more positive, and the lender has a 4.7-star rating based on 23,018 reviews—however, positive reviews are primarily related to the company’s credit card.

Personal loan complaints are generally focused on extensive income verification requirements, a slow application process, and high interest rates. Other reviews suggest that Avant solicits reviews from people who have never applied for financing through Avant.

Avant vs. Upstart

Upstart offers more flexible loan amounts than Avant, with options ranging from $1,000 to $50,000. APRs are also more competitive than those offered by Avant, and start at just 5.6% (compared to Avant’s 9.95%). Maximum rates are similar between lenders: Upstart maxes out at 35.99% while Avant’s rates peak at 35.95%.

That said, Avant borrowers get access to more flexible repayment terms (one to five years), as Upstart only offers three- or five-year terms. Neither lender imposes prepayment penalties, but both charge origination fees (up to 4.75% for Avant and 0% to 8% for Upstart).