What is Avant?
Avant, a Chicago-based company, has been providing personal loans since 2013. The company bills itself as specializing in quick, easy loans for people who have less-than-perfect credit scores. While the company doesn’t specify its credit score cutoff, it does disclose that most people who get Avant personal loans have a credit score between 600 and 700. If your credit score falls below 600, there are still options to borrow money.
Avant doesn’t offer the perks that many other personal loan lenders do, such as a free FICO score. These loans can also be on the expensive side. Still, if you can’t qualify for a loan from a lender with better terms, it’s still worth checking your rate with Avant. The company is without a doubt a good alternative to payday lenders. But before you sign on the dotted line, it’s a good idea to know what you’re getting yourself into, which we’ll cover in this review. Avant branded credit products are issued by WebBank, member FDIC.
Avant personal loan highlights
- Fast funding: If approved, Avant could send you the money as soon as the next business day.
- High rates: Avant charges a rather high interest rate — 9.95% to 35.99%.
- Available to people with non-prime credit scores: Most people approved for Avant loans have a credit score ranging from 600 to 700.
- Terms: 24 to 60 months
- Fees: Up to 4.75% origination fee; $25 late fee; $15 returned payment fee
Avant Personal Loan Details
Avant product details
Compared to most other personal loan lenders, Avant doesn’t offer any flashy perks. You can borrow money and borrow it quickly, and that’s about the biggest benefit.
But there are a couple of smaller benefits that may pique your interest. Avant provides a mobile app, so if you rely more on your smartphone than your computer, you may find this useful to manage your loan. The company also runs a financial education blog, although you don’t need to have signed up for a loan to read the articles.
Finally, if something happens and you can’t make your payment, you can contact Avant for payment help. The company doesn’t specify what programs are available, but it does say that it offers some kind of support. Without the details, though, it’s hard to know whether that support would really help you in a bind.
- Minimum credit score: Varies. But Avant does say that most customers “have a credit score of 600 to 700.”
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
Avant is available in most U.S. states and Washington, D.C. But if you’re a resident of Colorado, Iowa, Vermont or West Virginia, you can’t take out a personal loan.
You also must have your own personal checking or savings account that you use for your banking. Avant will verify your employment and income sources, but it doesn’t detail how much you need to earn to qualify for an Avant personal loan.
Applying for a personal loan from Avant
If you’re interested in a loan from Avant, you can easily check your rate with the company online. This will result in a Soft Pull on your credit report, which won’t impact your credit score. You’ll need to verify your identity by providing your Social Security number and answering a few identifying questions. Once that process is done (and it should only take a few minutes), Avant will provide you with a variety of loan options, as well as the rates and fees that you’ll have to pay for them.
If you decide to accept one of the loan offers, you’ll proceed with the application. Avant will perform a hard credit check during this stage, which will show up on your credit report. Avant will also need to document your income and employment. You will need to provide your employer’s contact information in case the company decides to call it up to verify that you work there. If you’re self-employed, you’ll need to provide two years’ worth of tax documents to prove your income.
Avant will then make a decision on whether to approve you for a loan. If you’re approved on a weekday before 4:30 p.m. CST, Avant will deposit the money into your bank account by the next business day.
One important thing to note is that you may see WebBank listed on official documents. That’s because WebBank is a partner of Avant that ponies up the cash for your loan. Avant simply does the vetting and customer service for these loans. So even though WebBank is officially the owner of the loan, you’ll be working with Avant to take out and pay back the loan.
Pros and Cons of an Avant Personal Loan
Who’s the best fit for an Avant personal loan?
Avant doesn’t cater to people with high credit scores. Instead, if you’ve had a few bumps and dings in your history resulting in a credit score that disqualifies you with many other lenders, Avant might be right for you.
Avant is also a good choice for people looking to get their money fast. The company bills itself as being able to get the money to your bank as soon as the next business day in some cases.
But Avant is not a good choice for people looking to avoid high interest rates and fees. That’s because the company charges several different fees besides interest: origination fees (Avant calls these “administrative fees” but they’re just origination fees in disguise), late fees and returned payment fees. There are many other lenders offering much cheaper interest rates than Avant. But if you don’t have stellar credit, you may not be able to qualify for these low rates, so Avant may still be worth checking out.
Alternative personal loan options
It’s always a good idea to check your rate with other lenders when you’re shopping around for a personal loan. We’ve summarized some top contenders below.
- APR: 5.99% to 29.99%
- Credit requirements: Minimum 600 credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 5.00%
Peerform is a different kind of lender. This is a peer-to-peer lending platform, which means that real people back your loan GoFundMe-style. This means Peerform will create a listing for you for a two-week period, during which time it’s possible that your loan won’t be funded. But if it is, the money will be deposited into your bank account within two business days.
- APR: 6.95% – 35.89%
- Credit requirements: 600
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
If you don’t mind waiting a bit longer for your money, LendingClub may be a better choice because it offers slightly lower rates than Avant. LendingClub is another peer-to-peer lending platform, however, which means that it’ll also take some time to list your lending profile and have your loan funded by investors. LendingClub says this process can take as little as seven days, plus a few extra days for the money to be available in your bank account, depending on your bank’s policies.
Marcus by Goldman Sachs®
- APR: 5.99% – 28.99%*
- Credit requirements: Varies
- Terms: 36 to 72 months
- Origination fee: No origination fee
Marcus by Goldman Sachs is a great lender to choose because it has zero fees (including late payment fees and origination fees) and it even offers a reward for paying your bill on time. If you’ve made 12 on-time payments, you get the option of deferring one payment for later penalty-free. This can be really handy if you run into temporary financial problems. This will add length to your loan, though.
*For New York residents, rates range from 5.99% to 24.99% APR.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** 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
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|