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Personal Loans Review

Avant Personal Loans Review

Avant provides affordable loans to those that other lenders typically leave behind
By Lindsay VanSomeren
Updated February 03, 2023
Fact checked by Ryan Eichler

We only recommend the best products using an independent review process and the advertisers are not a factor in our picks. We may earn a commission if you visit our partners that we recommend. Read our advertiser disclosure for more info.
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The Investopedia Rating 3.7
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Our Take

Avant's selling point isn't its affordable rates, particularly in the event that you already have great credit. If your credit isn't great, Avant is one of the few lenders who will work with you without charging an arm and a leg.
The Best Rated for

The best for quick loan approval 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 Finest IVF Loans
Ideal for people with poor Credit Best Installment Loans

Pros and Cons
Important Takeaways
Company Overview
specifications

Pros

Rapid funding timeframes

Credit requirements lower than many lenders

Lower income requirements than most credit institutions

Cons

High origination costs

Higher interest rates generally for people 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 that are analyzed
112
Primary data sources employed
Investopedia collected important data points from a variety of lenders to pinpoint the most important factors to borrowers. We utilized this information to analyze each lender's charges, accessibility, repayment terms, and other features to give impartial, complete reviews that help our readers make the right borrowing decision to meet their requirements.
Check out our full Methodology
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overall rating 3.7
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Table of Contents

Pros Explained
Pros and Cons of the Book
Types of Loans
Time to Receive Funds
Requirements for Borrowers
The Loan Features
Co-Signers
Refinancing
Customer Service
Customer Satisfaction
How to Apply
Alternatives
Final Verdict
Methodology

Pros Explained

Quick funding timelines There are lenders that offer more speedy service that Avant however, not by much: If you're approved for an loan before the time of 4:30 p.m. Central Time, from Monday to the Fridays, Avant will send you the funds via ACH the following day.1
Lower credit standards than most lender: Avant will approve loans for people with credit scores of as low as 550 subject to other criteria. Most other lenders will just refuse you completely if your credit score is that low.
Lower income thresholds than most lenders: As long as you earn at minimum $1,200 in income per month and you're eligible to receive an loan. Because that's about the median weekly take-home pay for Americans which means that a lot of individuals are likely to get acceptance even when other lenders may pass on them.2

Cons & Cons Explained

A high cost for origination: If you have bad credit One of the trade-offs you can make through Avant is that you pay a higher origination cost than other lenders charge. However If you're a prime borrower Avant could waive the origination fee entirely.
Relatively higher interest rates for those with excellent credit: Avant isn't restricted only to people with lower income and credit. However, if you're a good creditor with excellent credit, it will be a breeze to get a lower-cost loan elsewhere.
Pays creditors in direct installments to consolidate loans In the event that you're using Avant to get an installment loan, you'll need to pay off your previous creditors directly. In contrast, many other lenders offer to send the loan funds directly to the old lenders, saving you some time when you pay off the old loans.
Don't accept joint applicants, co-signers, or collateral: You'll need to meet the requirements for an Avant personal loan completely by yourself, with no assistance from a parent, spouse, or anyone else who is a co-signer on the loan. Avant does not offer secured loans, which let you offer collateral to improve your chances of approval, with lower interest rates.
The service is not available in Hawaii, Iowa, New York, Maine, Vermont, as well as West Virginia: Avant is accessible to those who reside in the majority of U.S. states, but not all states.

If you've got excellent credit You're likely to get better rates elsewhere. Explore our choices for the best personal loans for those with good credit to see what you could get.
The types of personal loans offered by Avant

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

You can actually use Avant's personal loans for almost 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, however remember that they aren't really distinct loans since they all have the identical terms and conditions:

Improvements to your home loans to fix or upgrade your living space inside and out
Consolidation loans to consolidate multiple high-interest obligations into one loan
Emergency loans to pay for surprise expenses like medical treatments or car repairs3

Time to Receive Funds

Once you've been approved Avant can get your money quickly. It's able to offer next-day ACH deposit if you're approved before 4:45 p.m. CT, Monday through Friday. Keep in mind that depending on the policies of your bank, an ACH deposit can still take a couple of days to be available in your account following the time Avant makes it.1
Borrower Requirements

Avant's primary benefit is that it may be more likely to give you an loan in the event that other lenders refuse you right away even though it's not necessarily the cheapest alternative among the mainstream lenders. But that doesn't mean it approves everyone for a loan.

It's good to know that Avant doesn't hide away the specifics of the requirements you'll have to satisfy to get a loan in contrast to other lenders. This is what Avant told us:

Minimum credit score Score: Minimum credit score:
Monthly net income minimum 1200 dollars
Maximum debt-to-income ratio: 70%

Avant calculates your debt-to-income ratio slightly differently than other lenders. To determine your ratio, add up your total monthly debt payments as well as your monthly rent payments, including rent. Then, divide that number by your total monthly income. (Monthly home payments aren't usually included in the debt-to-income ratio calculation unless they're for a mortgage, for example.)
Avant Personal Credit Features

Change due date You'll be able modify your monthly payment time to be more convenient.
Highly rated mobile apps: Avant offers Apple and Google Play apps, both of which are highly rated. The app isn't able to request a personal loan, but when you've secured one, you are able to use it to manage almost 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. Comparatively, Avant doesn't offer very many additional benefits.

You will not get a discount on your interest rate by signing up for autopay through your Avant loan like other lenders. But it's still an excellent idea since it stops in the event of late payments and also helps build credit on autopilot.
Co-Signers and Co-Applicants

Avant does not permit co-signers or co-applicants on its loans it's a bit strange given that it's designed for those who might have a hard to get financing. However Avant does have less criteria for credit in the initial place, which makes it much easier for more people to get approval.
Can You Refinance a Personal Loan with Avant?

Yes. If you have a personal loan that you're unable to repay, whether from another lender or even Avant its own, then you can refinance it with Avant. It's possible Avant allows you to refinance at a higher rate also, should you require to borrow more money. You may be able to receive a lower rate at Avant's discretion, according to your situation.

The company will only allow you to use this feature twice, but you must pick wisely.4
Customer Service

Avant offers decent customer service between 7 a.m. and 10:00 p.m. CT, Monday through Friday. It is possible to call during the weekends as well however, the hours are a bit shorter and end at 8:15 p.m. CET. (If you're applying for an loan and need assistance, please note that customer service hours normally end at 8:00 p.m. CT every day, no matter.)

Here's how to contact Avant to help you with you personal loan:

Email: support@avant.com
Phone: 800-712-5407
Private message: Login to your account
Address for mail Address for mailing address: Mailing address: LaSalle Street, Suite 1600, Chicago, IL 606015

Customer Satisfaction

Avant has a mixed track record. On sites like Trustpilot and on online app stores which allow you to install the Avant app, it has a stellar reputation.6

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

Twenty-three people have filed complaints about Avant through the Consumer Financial Protection Bureau since 2017. The firm even agreed to a settlement for $1.6 million, which was negotiated through the Massachusetts Attorney General, citing unfair debt collection practices.910
The application process for an Avant Personal Loan

Avant's personal loan application is fairly similar to that of other lenders. You can get pre-qualified to determine if you're likely to be approved for the loan and, if yes then what the interest rate could be. This is a gentle credit pullthat won't affect your credit score, therefore there's no harm in getting a quote.

The form for pre-qualification is simple to find on Avant's website. You'll have to fill in certain basic information regarding yourself, such as your monthly payment for housing and income figure and social Security number, as well as your contact details. After that, you'll receive a custom quote.

If you decide to move to the next step in the inquiry, Avant will do a hard credit check at that point, which can temporarily drop your credit score for a couple of months. You'll also have to provide some documents. The details may vary based on the circumstances, but you should be prepared to provide copies of these documents. lenders typically will require:

Recent pay stubs
Statements from bank accounts
Transcripts or tax returns of the last two fiscal years (for self-employed borrowers)11

Take note that Avant might need to call your boss up to verify your employment, although Avant will not inform them that you're applying for a loan.
Alternative Personal Loan Lenders
Avant LendingPoint Upstart
APR Band9.95%-35.99 percent7.99%-35.99%6.5%-35.99 APR Range 9.95%-35.99%
The loan amount is $2,000 to $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 is required
Origination Fee Origination Fee0%-4.75 percent0%-8% 0%-10%
When to Receive Loan 1 business day12 1 business day 13 Business day 1 14
Final Verdict

If you have a good credit score and reasonable income, we suggest that you keep looking for a different lender when you need to borrow money. The top personal loan lenders offer much higher rates, features and customer reviews than Avant.

If you don't have great credit and a substantial income and the only alternative is to take on higher interest debt , such as a payday loan, we'd definitely recommend Avant. Although it's not perfect, it's nowhere near as problematic like other lenders who target those with less alternatives. In addition, paying off an Avant personal loan helps you build credit when you pay your loans on time (unlike the case with a payday loan), it could be a great starting point to improve your credit score.
Methodology

Investopedia is committed to providing its users with objective, comprehensive evaluations of private loan lenders. To rate providers we gathered thousands of points across forty lenders. This includes fees, rates of interest, loan amounts, and repayment terms, to ensure that our reviews help customers make informed choices regarding their needs with regard to borrowing.
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