Best for: borrowers with lower credit scores looking for an easy online application
Accepts lower credit scores
Easy, online application
Loan amounts up to $35,000
Origination, late, and returned payment fee
Higher APR range than mainstream lenders
In-depth Review of Avant Personal Loans
Not all borrowers have a perfect credit history — that doesn’t mean they shouldn’t have legitimate, reputable borrowing options available to them. While Avant’s range of APRs is higher — 9.95% to a maximum of 35.99% — this reflects the credit profile of the borrowers it intends to serve. Avant’s loan terms and pricing are upfront and transparent, and you can check what loan terms you qualify for with a “soft pull” and thus no impact on your credit score.
Avant — like other non-bank lenders — does charge an origination fee (they refer to it as an “administration fee”) of up to 4.75% of your loan amount. This fee is deducted from your loan amount before the proceeds are transferred to you. Be aware that Avant does charge fees if you’re more than 10 days late in making your payment and for failed payment attempts (for example, if they try to debit your account but you have insufficient funds).
Is Avant right for me?
When looking for a personal loan, be sure to shop around and compare the options you qualify for. While Avant’s personal loans are more expensive than other traditional lenders, it is certainly less expensive than payday loans or high cost installment loans. Compare the APRs (basically, the “price”) of loans you qualify as well as the monthly payment amount, any fees, and other product attributes that are important to you.
Avant Personal Loan Details
|Loan amount range||$2,000-$35,000|
|Loan lengths||24-60 months|
|Interest rate type||Fixed interest rate|
|APR range||9.95% - 35.99% (includes administration fee)|
|Fees||Administration fee (Origination fee): Up to 4.75%
Late fee: $25, if more than 10 days late
Prepayment fee: None
Dishonored payment fee: $15 for each returned or refused payment
|Can check rate with no impact to score?||Yes|
|Loan uses||Pretty much any reason: refinance credit cards; consolidate debt; major purchase; home improvement; vacation; moving/relocation; medical expenses; etc.|
|Time to fund||Avant has a streamlined, online application and emphasizes its speed to fund. If approved, you can receive funds as soon as the next business day.|
|Joint application (co-borrower) option||No|
|Minimum qualifications||Minimum credit score: 580
Minimum income: $20,000
|Can send loan proceeds directly to creditors (for debt consolidation loans)||No|
Representative Loan Example
Borrow $5,700 for 36 months
Receive $5,429.25 (less origination fee)
29.95% fixed APR
Pay back $230.33 per month for 36 months
Total repaid $8,291.88
Cost of financing $2,862.63
What People Are Saying
CFPB complaint data: 329 complaints in last 24 months
Trustpilot rating: Excellent (4.7/5) from 10,774 reviews
Better Business Bureau: Accredited, A- Rating
A note on reviews
When looking at reviews or complaints, we urge you to think about them in context and take them with a grain of salt. For instance, companies that have more customers are likely to generate more complaints to the CFPB — so the raw number of complaints on its own doesn’t paint the full picture.
Similarly, it’s possible for companies to attempt to game ratings on services like TrustPilot, by timing when they ask borrowers for a review to encourage positive comments and by challenging negative reviews on the platform.
Most of all, borrowers should be cautious in how they interpret a firm being Better Business Bureau (BBB) “Accredited” or having an A+ rating. BBB “Accreditation” means merely that a business makes a commitment to make a good faith effort to resolve customer complaints and follow the BBB’s Code of Business Practices. It’s not clear how closely adherence to these practices is followed or how non-compliance is enforced.
Also note customer reviews are not included in the BBB rating, and it’s possible to have an “A+” rating despite having a poor customer rating.