Avant Personal Loan Review

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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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.

 

 

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 9.95%
To
35.99%
*
Credit Req.600Minimum Credit Score
Terms24 to 60 **Years
Origination FeeUp to 4.75% **

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Avant Disclosures

*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 $5,700 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.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 – August 1, 2019, 95.11% 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.

Avant Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 24 to 60 months
  • APR range: 9.95% – 35.99%
  • Loan amounts: $2,000 – $35,000
  • Time to funding: As soon as the next business day
  • Credit check: A Soft Pull inquiry will be performed for checking your rate; a hard inquiry will be performed for proceeding with the application
  • Origination fee: Up to 4.75% of loan balance
  • Prepayment fee: None
  • Late payment fee: $25
  • Returned payment fee: $15

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.

Eligibility requirements

  • 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
Pros
Cons
  • Quick funding: You could see the money as soon as the next business day if you’re approved before 4:30 p.m. CST on a weekday.
  • Mobile app: Avant has an app that you can use to manage your personal loan repayment.
  • Available to people with less-than-perfect credit: If you have a credit score between 600 and 700 (or somewhere near that range), Avant may approve you for a loan.
  • Not available in all states: Avant does not provide loans to people living in Colorado, Iowa, Vermont or West Virginia.
  • High interest rates: The least you’ll pay is 9.95% APR. If you don’t have a good credit score, chances are you’ll be on the high end of the range — up to 35.99% APR — which is even higher than many credit cards.
  • High fees: Avant charges an origination fee, late fees and returned payment fees.

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.

Peerform

  • APR range: 5.99% to 29.99%
  • Credit requirements: 600 minimum 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.

LendingClub

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 10.68%
To
35.89%
Credit Req.Not Specified
Terms36 or 60Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure websiteLender Disclosure

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 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 or longer.

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®

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.99%
To
19.99%
Credit Req.Not specified
Terms3 to 6Years
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Marcus by Goldman Sachs Disclosures

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

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.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 18.85%1 $5,000 to $100,000
7.86% – 35.99% $1,000 to $50,000
5.94% – 35.97%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $40,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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