Personal LoansLender Reviews

Avant Personal Loan Review

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. Avant customers benefit from customer support that is available seven days a week by phone or email. Avant also offers convenient loan management tools. Read on to see if an Avant personal loan is a good fit for you.

Avant personal loan highlights

  • Fast and simple application process: Avant’s application process is completed online and is designed to be user-friendly.
  • No prepayment penalty: Borrowers can pay off their Avant personal loan early and save money on interest.
  • Administrative fee may apply: Avant may charge up to a 4.75% administration fee when loan funds are disbursed. Customers should account for this when determining how much to borrow.
  • Mobile app: Borrowers can download Avant’s mobile app to manage their loan while on the go.

Avant at a glance

  • APR range: 9.95%–35.99%
  • Minimum credit score: 600
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%
By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Terms Fees and penalties
  • Terms: 24 to 60 months
  • APR: 9.95%–35.99%
  • Loan amounts: $2,000–$35,000
  • Time to funding: As soon as the next business day
  • Credit check: Soft Pull to see loan options; hard pull when officially applying.
  • Origination fee: Up to 4.75%
  • Prepayment fee: No
  • Late payment fee: May apply; varies by state.
  • Other fees: Returned payment fee may apply.

*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 $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

Eligibility requirements

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

Avant does not 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 such as credit history. In addition, applicants must have a personal checking or savings account to qualify for the loan.

What borrowers are saying about Avant

Avant reviews on LendingTree reveal that the lender’s personal loan borrowers are pleased with their experience. The loan servicer has received 4.6/5 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., had this to say about her experience with Avant personal loans: “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.”

Due to their convenience, the company is getting repeat business. Marsha from Roanoke, Va., said, “This is my second loan with Avant and this go around was even easier than the first time. I highly recommend Avant.”

Applying for 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 for which you may qualify, if any.

Next, you’ll choose the option that best fits your situation and will formally apply for that specific loan. Avant will run a hard credit check at this time 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.

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: You can find competitors that don’t charge this type of fee.

Who’s the best fit for an Avant personal loan?

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 600-700 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

Discover Bank

  • APR: 6.99%–24.99%
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

A Discover personal loan could be a good alternative to Avant if you need a longer loan term. In addition, since Discover does not charge an origination fee like Avant, you’d be able to utilize 100% of your loan funds. Further, Discover offers a 30-day guarantee; if you return the principal amount of your loan within 30 days, you won’t have to pay interest on it.

The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

Upstart

  • APR: 7.00%–35.99%
  • Minimum credit score: 620
  • Terms: 36 or 60 months
  • Origination fee: Is Up to 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 $30,000. Those with strong credit will also find a lower minimum APR.

LightStream

  • APR: 4.99%–19.99%*
  • 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 does not 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.

LightStream charges zero fees and offers a satisfaction guarantee: the lender will pay borrowers $100 if they are in any way dissatisfied with the loan experience. Terms may apply.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% 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 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.

 

Get personal loan offers from up to 5 lenders in minutes