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Avant Personal Loan Review

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Avant personal loans at a glance

lenderAPRAmountsTermCTA
APR:
9.95% to 35.99%
Loan Terms:
24 to 60
Loan Amounts:
$2,000 – $35,000
Origination Fee:
Up to 4.75%

  • Time to funding: As soon as the next business day
  • Credit check: Soft pull to see loan options; hard pull when officially applying
  • Prepayment fee: No
  • Late payment fee: $25 fee if not paid off within 10 days after the due date
  • Other fees: $15 returned payment fee may apply

Avant personal loans offer a simple online application, fixed interest rates and fast loan disbursement, making the process much easier than borrowing with some other lenders. However, Avant lacks some features that could provide flexibility for some borrowers. Read on to see if an Avant personal loan is a good fit for you.

Pros Cons
  Fair credit OK: Avant says that most borrowers have a credit score between 600 and 700.

  No prepayment penalty: Borrowers can pay off their loan early without worrying about paying a fee.

  Speedy loan disbursement: Borrowers can get their money as soon as the next business day.

  Eligibility requirements are unclear: Aside from a minimum credit score, it’s unclear what a borrower needs to qualify for a loan.

  Origination fee may be assessed: May charge a Up to 4.75% fee — you can find competitors that don’t charge this type of fee.

  No cosigning option: For borrowers with bad credit, this may make getting approved by Avant difficult.

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 – August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend Avant. Avant branded credit products are issued by WebBank, member FDIC.

Avant personal loan requirements

  • Minimum credit score: 600
  • Minimum credit history: Soft Pull.
  • Maximum debt-to-income ratio: Not specified.

Avant doesn’t offer a lot of eligibility criteria details on their website, potentially making it difficult for prospective borrowers to assess their eligibility for a loan; you can easily find competing lenders who are more upfront about their requirements. However, Avant does stipulate that loan approval and terms are based on factors including credit history. In addition, applicants must have a personal checking or savings account to qualify for the loan.

Avant reviews: What borrowers are saying

Avant reviews on LendingTree reveal that the lender’s personal loan borrowers are pleased with their experience. The loan servicer has received 4.6 out of 5 stars across more than 2,600 reviews. Further, 95% of reviewers would recommend the product to others.

Although a few customers said that they were displeased about their interest rate or encountered a service issue, most Avant personal loan reviews are extremely positive. Many borrowers praised Avant for its quick application process and loan funding, good customer support and overall transparency regarding loan terms:

  • Andrea from Fort Atkinson, Wis.: “Easy, fair, fast, and most important[ly,] very clear in communication of terms and rates. Fee is not insignificant but the disbursement only took two days. Customer service was pleasant and knowledgeable.”
  • Marsha from Roanoke, Va.: “This is my second loan with Avant and this go around was even easier than the first time. I highly recommend Avant.”

How to get a personal loan from Avant

Avant prides itself on having a simple and fast online personal loan application process. To begin, fill out a short form on the Avant website to view your loan options. You’ll need to provide basic information, such as:

  • Self-identifying information, like your Social Security number
  • Information on your personal financial situation
  • How much you need to borrow and why

Avant will perform a soft pull on your credit, which doesn’t impact your credit score. Afterward, it will present you with loan options you may qualify for, if any.

Next, you’ll choose the option that best fits your situation and formally apply for that specific loan. At this time, Avant will run a hard credit check to assess your creditworthiness, and may require you to submit documentation to verify statements made in the application. (For example, self-employed borrowers will need to provide two years of tax records to substantiate income. If traditionally employed, Avant may contact your employer to confirm your employment.)

Though Avant’s goal is to render the fastest decision possible, the speed of the loan application process can vary. If you need to provide additional information to Avant, you can upload the required documents to their online dashboard or send them via email. You can also track the status of your application on the dashboard. If your application is approved, you could receive your funds as soon as the following business day.

Who is an Avant personal loan best fit for?

An Avant personal loan could be a fit for borrowers that:

  • Need to quickly cover the cost of an unplanned expense: An Avant personal loan can help borrowers effectively respond to financial emergencies, with funds hitting their bank account in as little as one business day after application approval.
  • Have less than perfect credit: The majority of Avant customers have credit scores in the 600 to 700 range, so those with a few blemishes on their credit report may still be eligible for a loan.
  • Don’t mind an origination fee: Although you should minimize the fees you pay, Avant’s origination fee may be cheaper than a potentially higher rate you may find at a competitor.

Be sure to compare different lenders and their terms and fee structures to find one that best suits your needs and credit profile. Remember: Many lenders will allow you to see loan offers with a soft credit check, helping you better compare your options.

Alternative personal loan options

Upstart

  • APR: 4.37% to 35.99%
  • Loan amounts: $1,000 – $50,000
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00%

Upstart has a higher minimum credit score requirement compared to Avant. However, Upstart could be appropriate for borrowers with limited credit history: They may approve those who haven’t yet been assigned a credit score. That’s because Upstart factors borrower education and experience into their decision process, so that each applicant’s creditworthiness is viewed more holistically.

Upstart can be a good solution for borrowers who need a little more money, as they will loan up to $50,000. Those with strong credit will also find a lower minimum APR.

*The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

LightStream

  • APR: 5.74% to 19.99%*
  • Loan amounts: $5,000 – $100,000
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

With more flexible repayment terms and lower rates, LightStream may be a great option for borrowers with excellent credit. The lender boasts a whopping $100,000 maximum loan amount and a high maximum loan term. Although LightStream doesn’t disclose specific credit requirements, they do state that a borrower’s creditworthiness and solid financial standing will be rewarded with the lowest interest rates in the industry.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Avant personal loan: FAQ

What credit score do you need for Avant?

At the very least, you’ll need to have a credit score of at least 580 in order to qualify for an Avant personal loan. Most Avant borrowers have credit scores between 600 and 700 — so, while you don’t need to have a good or excellent credit score to qualify, you may need to polish your credit score if it’s below 600 to have a better chance of being approved.

How long does it take for Avant to approve a loan?

While Avant doesn’t specify how long it takes for you to be approved for a loan on its website, once you’re approved for an Avant personal loan, the company will typically deposit the funds into your account as soon as one business day.

Does Avant require proof of income?

Yes — even if you’re not employed full time, you’ll still need to show Avant that you receive an income and are capable of paying off the loan. As well as employment income, additional types that you could show include alimony, child support or Social Security.

Does Avant affect your credit score?

During the loan application process, Avant will perform a Soft Pull-credit inquiry so you can see your rates, terms and amount you’re approved for. If you move forward with the personal loan, the company will do a hard-credit inquiry that may impact your credit score. As you pay off your Avant personal loan, the lender will report your payments to the credit bureaus.

 

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