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Avant Personal Loans Review
Editorial Note: We earn a commission from partner links. Commissions do not affect our editors' opinions or evaluations.
Avant offers loans up to $35,000 with a fully online application process.
Avant Personal Loans at a Glance
Avant is a Chicago-based fintech that offers personal loans from $2,000 to $35,000 and an entirely online application process. Annual percent rates (APRs) range from 9.95% to 35.99% and borrowers pay administrative fees up to 9.99% of the total loan amount. Loans are available in every state except Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, and West Virginia.
Highlights
- Loan amounts: $2,000-$35,000
- APRs: 9.95%-35.99%
- Loan terms: 12-60 months
Avant Personal Loan Pros & Cons
Pros
- Totally online application process
- Funds available as soon as the next business day
- Fixed interest rates
Cons
- Loans only available up to $35,000
- Administrative fee up to 9.99%
- $25 late fees
Avant Personal Loan Overview
Avant is an online lending platform that works with a network of lending partners in every state but Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, and West Virginia. Loans are available from $2,000 to $35,000 with terms from 12 to 60 months. Credit score and income requirements are less stringent than those imposed by other personal loan platforms, making Avant a good option for less-qualified applicants.
Qualification Requirements
Avant doesn't publish a minimum credit score requirement on its website, though it reportedly requires consumers to have a score of at least 550 to qualify. However, the company's website states that most of its approved borrowers have a credit score between 600 and 700.
Avant also requires applicants to have at least $1,200 in monthly income to qualify. If you're self-employed, you'll need to provide your two most recent years' tax returns.
Avant Personal Loan Features
Loan Amounts and Repayment Terms
Personal loans range from $2,000 to $35,000, though loan minimums vary in some states. Repayment terms are available from 12 to 60 months. Ultimately, loan amounts and lengths depend on the customer's credit score, state law, and other variables.
Avant Personal Loan Costs
Avant personal loans have a fixed annual percentage rate between 9.95% and 35.99%. Borrowers may also incur an administration fee of up to 9.99%, which is deducted from loan proceeds at funding. Borrowers may also face late fees ($25) and dishonored payment fees ($15).
Avant Customer Support
You can contact Avant customer service by submitting an inquiry through its website. The lender also has a dedicated phone number and email address for personal loan customers. Customer service is available from 7 am to 10 pm Central time (CT) Monday through Friday and from 7 am to 8 pm CT Saturday and Sunday. Application support hours are from 7 am to 8 pm CT Monday through Sunday.
- Email: support@avant.com
- Phone: 800-712-5407
Avant also offers an extensive list of frequently asked questions to guide consumers through the borrowing process.
How to Get an Avant Personal Loan
Follow these steps to apply for an Avant personal loan:
- Complete an application online. Fill out Avant's online application form, including your contact information, housing and income details, Social Security number, and desired loan amount. Checking your interest rate and loan options doesn't require a hard credit inquiry and won't impact your credit score.
- Await a decision. In many cases, Avant will provide a lending decision within minutes. Keep in mind, however, that this may take longer if Avant requests additional documentation. You can check the status of your application and submit additional documentation by logging into your application dashboard.
- Receive loan funds. Personal loans approved by 4:30 pm CT Monday through Friday typically are funded via automated clearing house (ACH) the next business day. However, this process can take longer.
- Repay your loan. Loan payments are due each month and can be made via ACH, credit card, debit card, paper check, cashiers check, money order, and remotely created check.
Ready to get started? Visit Credible to apply for a personal loan through Avant and other top lenders.
Avant Personal Loan Reviews
Avant has an A rating from the Better Business Bureau (BBB) and a 1.09-star rating based on 258 customer reviews. The lender has 4.6 stars on Trustpilot based on 27,985 customer reviews. Unhappy customers report poor customer service experiences and trouble making payments.
How Avant Personal Loans Compare
| Loan Amounts | Interest Rates | Terms | Min. Credit Score | |
|---|---|---|---|---|
| Avant | $2,000-$35,000 | 9.95%-35.99% | 12-60 months | 550 |
| Upgrade | $1,000-$50,000 | 8.49%-35.99% | 24-84 months | 600 |
| LightStream | $5,000-$100,000 | 6.99%-25.49% | 24-240 months | 700 |
| OneMain | $1,500-$20,000 | 18.00%-35.99% | 24-60 months | 540 |
Who Avant Is Best For
Avant personal loans are best for borrowers with fair credit scores. Likewise, consumers who want to rebuild their credit may benefit from Avant's personal loan offerings. Note, however, that less-qualified applicants typically are not eligible for the most competitive APRs. If this seems like a good fit, visit Credible to apply for a personal loan from Avant and other top lenders.
Avant only disburses loan proceeds into personal checking and savings accounts—not accounts used for business purposes. However, you may still be able to use a personal loan for business.
How We Reviewed Avant
We reviewed Avant based on several factors, including available loan amounts and repayment terms. We also considered applicable APRs, origination fees, and other borrowing costs like late fees and dishonored payment fees. To evaluate Avant's borrower experience, we looked at the platform's customer support options, online resources, and reviews.
