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Personal Loans Review

Avant Personal Loans Review

Avant provides affordable loans to people who other lenders usually leave behind

By Lindsay VanSomeren

Updated February 03, 2023

Fact checked by Ryan Eichler

We suggest the top products using the independent process of reviewing and the advertisers are not a factor in our recommendations. We may receive compensation for visiting our partners that we recommend. Read our advertiser disclosure for more info.

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Investopedia’s Rating 3.7

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Our Take

Avant’s main selling point isn’t the affordable rates, particularly if you already have good credit. However, if your credit score isn’t perfect, Avant is one of the few lenders who will assist you without costing an arm and a leg.

The Best Rated For

The Best Loan Approval for Quick Loans The best emergency loans for those with bad Credit

A Runner Up Debt Consolidation Loan for those with bad Credit

Best to Refinance Best Credit Loans for Bad Credit

Best for Bad Credit The best IVF loans

The best option for those with bad Credit Most dependable installment loans

Pros and Pros and

Important Takeaways

Company Overview

specifications

Pros

Rapid funding timeframes

Credit requirements lower than most lenders

Less income requirement than most lenders

Cons

High origination fees

Interest rates are generally higher for those with good credit

Doesn’t pay creditors directly for consolidation loans

Do not allow joint applicants, co-signers, or collateral

Not available Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia

Why Should You Trust Us?

38

Lenders reviewed

40

Loan features considered

1,520

Data points are studied

112

Primary sources of data used

Investopedia identified key data points from several lenders to identify the most important factors to the borrowers. We used this data to evaluate each lender’s fees access, repayment terms, accessibility, and other features to give objective, thorough reviews to ensure our readers make the right borrowing decision for their needs.

Learn more about our Methodology

Avant-logo

Overall rating 3.7

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Table of Contents

Pros Explained

Cons Explained

The types of loans

The time to receive funds

Borrower Requirements

Features of a Loan

Co-Signers

Refinancing

Customer Service

Customer Satisfaction

How do I apply?

Alternatives

Final Verdict

Methodology

Pros Explained

Timelines for quick funding: There are lenders with faster service available than Avant but not as much. If you’re accepted for an loan before 4:45 p.m. Central Time, from Monday to the Fridays, Avant will send you the funds via ACH the next day.1

Lower credit standards than most banks: Avant will approve loans for people with credit scores of as low as 550 subject to other criteria. Most other lenders will just deny you outright if your credit score is this low.

Lower income requirement than most lenders: As long as you bring in at least $1,200 in monthly income and you’re eligible for a loan. Given that that’s roughly the median weekly take-home pay for Americans this means that many people stand a chance of approval when other lenders might reject them.2

Pros and Cons Explained

High origination fees If you have poor credit, one of the tradeoffs that you have to have to make by partnering with Avant is paying a greater charge for origination than the majority of lenders. On the other hand If you’re a prime borrower Avant might completely waive the origination charge.

Higher interest rates for those with excellent credit: Avant isn’t restricted only to people with lower credit and income. But if you have excellent credit, it will be very easy for you to find a more affordable loan elsewhere.

Don’t pay your creditors directly for consolidation loans In the event that you’re using Avant to get an installment loan it is necessary to pay your old creditors directly. However, some lenders will transfer the loan funds directly to your previous lenders, saving you a bit of time in repaying your old loans.

Don’t accept co-signers, joint applicants, or collateral: You’ll need to meet the requirements for an Avant personal loan solely by yourself, with no assistance from your spouse, parent or anyone else who is in the loan. Avant also does not provide secured loans which allow you to pledge some sort of collateral in order to get better chances of approval, with less interest.

It is not available in Hawaii, Iowa, New York, Maine, Vermont as well as West Virginia: Avant is available to people who live in the majority of U.S. states, but not in all of them.

If you’ve got excellent credit You’re likely to get lower rates elsewhere. Check out our selections of the top personal loans with excellent credit ratings to find out what you can receive.

Different types of Personal Loans offered by Avant

In the case of installment loans are concerned, Avant only offers unsecured personal loans.

Avant offers personal loans for just about anything, with the exception of illicit actions or for the cost of an education at a university. Avant advertises some of the most popular personal loan applications on its website, but remember that they aren’t in fact different loans as they all share the same terms and conditions.

Home improvement loans to improve or repair your living space inside and out

Debt consolidation loans to consolidate multiple high-interest obligations into one loan

Emergency loans to cover unexpected expenses such as medical bills or repairs to your car

Time to Receive Funds

Once you’ve been approved Avant will be able to get the funds to you relatively quickly. It can provide next-day ACH deposit when you’re approved prior to the time of 4:30 p.m. CT, Monday through Friday. Remember that, based on the bank’s policies the process of making an ACH deposit could take up to a few days to be available in your account after Avant sends it.1

Borrower Requirements

Avant’s main selling point is that it may be more willing to give you a loan when other lenders might refuse you right away although it’s not always the cheapest option for traditional lenders. However, it doesn’t mean that it’s a must for everyone to get an loan.

It’s good to know that Avant isn’t averse to divulging information about the conditions you’ll need to meet to get a loan unlike other lenders. This is what Avant told us:

Minimum credit score: 575

Net income for the minimum month of $1200

Maximum debt-to-income ratio: 70%

Avant determines your debt-to-income ratio slightly differently than other lenders. To determine your ratio, add up the total amount of your monthly debt and your monthly mortgage payment, which includes rent. Then, divide that number by your total monthly income. (Monthly housing expenses aren’t typically included in debt-to income ratio calculations except for mortgages, just to be clear.)

Avant Personal Loan Features

Change due date: You’ll be able to alter your monthly time to be easier.

Highly rated mobile application: Avant offers Apple and Google Play apps, both of which are highly rated. It isn’t possible to use the app to apply for personal loan, but once you have one, you can use it to manage just about all aspects of your repayment.

Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. Contrary to this, Avant doesn’t offer very many extra benefits.

There is no discount on your interest rates by signing up for autopay with your Avant loan like other lenders. But it’s still beneficial because it helps avoid the late payment and can help you build credit automatically.

Co-Signers and Co-Applicants

Avant does not allow for co-signers and co-applicants on its loans it’s a bit strange considering it’s meant for people who may have a difficult to get financing. But it has lower criteria for credit in the initial place, making it easier for more people to get approved.

Can Refinance a Personal Loan With Avant?

Yes. If you already have an individual loan out, whether it’s from a different bank or Avant its own, then you may refinance it using Avant. It’s possible Avant can allow you to refinance at a higher rate also, should you require to borrow more money. It is possible to receive a lower rate at the discretion of Avant dependent on the circumstances.

The company only allows you to do this twice, however, so make your choice wisely.4

Customer Service

Avant offers excellent customer service between 7:00 a.m. between 7:00 a.m. and 10:15 p.m. CT, Monday through Friday. Customers can also call on the weekend as well, but the hours are shorter, ending at 8:00 p.m. CT. (If you’re applying for the loan and need assistance, please note that customer service hours normally end at 8:00 p.m. CT for you every day, no matter.)

Here’s how you can contact Avant to help you with the personal loan:

Email: support@avant.com

Phone: 800-712-5407

Private message: Log in to your account

Address for mail Address for mailing address: Address: LaSalle Street, Suite 1600, Chicago, IL 606015

Customer Satisfaction

Avant has a mixed reputation. On sites such as Trustpilot and online app stores where you can get the Avant app the app has a fantastic reputation.6

But, the reviews provide a grimer picture. According to one 2022 J.D. Power lender satisfaction survey, Avant was ranked far lower than average by customers.7 Avant maintains a 1.2-star rating out of 5 with the Better Business Bureau, where Avant has received 652 complaints alone over the last year.8

Two hundred and twenty-three customers have lodged complaints against Avant through the Consumer Financial Protection Bureau since 2017. The company has even reached the settlement of $1.6 million brought on by the Massachusetts Attorney General, citing unfair debt collection practices.910

The application process to an Avant Personal Loan

The Personal loan application is pretty similar to that of other lenders. It is possible to get pre-qualified to see whether you’re likely to be accepted for the loan and, if you are the rate you’ll pay could be. This requires a soft credit check, which doesn’t impact any credit scores, so there’s no harm getting a quote.

The form for pre-qualification is simple to locate on Avant’s website. You’ll have to fill in some basic details about yourself, such as the amount of your monthly housing bill and income figure as well as your social Security number, as well as contact information. Then, you’ll receive a custom quote.

If you decide to go ahead with the request, Avant will do a hard credit check at that point, which can temporarily drop your credit score for a few months. You’ll also need to provide some documents. The details may vary based on your situation, but you can count on having copies of these documents. lenders usually request:

Recent pay stubs

Bank account statements

Tax returns or transcripts of the last two fiscal years (for self-employed borrowers)11

Take note that Avant may need to call your boss to confirm your employment, however Avant will not inform them that you’re seeking the loan.

Other Personal Loan Lenders

Avant LendingPoint Upstart

APR Variation9.95%-35.99 percent7.99%-35.99 percent6.5%-35.99 APR Range 9.95%-35.99%

Loan Amount $2,000-$35,000$2,000-$36,500$1,000-$50,000

The Loan Terms are12-60 months -24 — 72 months,either 36 months or 60.

Recommended Minimum Credit Score550 not disclosedNo credit history needed

Origination Fee 0%-4.75 percent0.0%-8%0%-10%

When to Receive Loan 1 business day121 day of business 13 1 business day 14

Final Verdict

If you have good credit and income, we suggest that you keep looking for a new lender if you require a loan. Some of the best personal loan lenders offer better rates, features, and reviews from customers than Avant.

However, if you don’t have great credit and a high income, and your only option is to take on higher-interest debt , such as the payday loan, we’d definitely recommend Avant. While it’s not perfect it’s nowhere near as problematic as other lenders that take advantage of those with less alternatives. In addition, paying off the Avant personal loan can help you build credit when you pay your loans punctually (unlike a payday loan), it could be a useful starting point to improve your credit score.

Methodology

Investopedia is dedicated to providing customers with impartial, comprehensive reviews of personal loan lenders. To rate providers we gathered thousands of points from more than 40 lenders. This includes interest rates, fees, loan amounts, and the terms of repayment, to make sure that our reviews aid customers make informed choices regarding their borrowing needs.

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