Avant Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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.
  • Terms: 24 to 60 months
  • Fees: Up to 4.75% origination fee; $25 late fee; $15 returned payment fee
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: 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.

LendingClub

  • 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?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.75% – 16.24%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
compare rates on Lendingtree now
Disclaimer: Student Loan Hero is a subsidiary of LendingTree
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 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 credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. 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.
  6. 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)
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. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% 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.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

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