Avant Review: This Online Lender Offers Fast, Fixed-Rate Personal Loans

Personal loans can be a smart financing option for a wide range of purchases.

From consolidating debt to paying for a move or even a wedding, a personal loan can be more accessible and affordable than other credit options.

So if you’re considering a personal loan, take a moment to check out our Avant review. Avant is an online lending platform providing personal loans with competitive terms for a range of borrowers and needs.

Avant personal loan review: Pros and cons

Since its founding in 2012, Avant has served more than 600,000 customers and funded $4 billion in loans. One of the biggest benefits of borrowing through this online lender is its flexible approval process.

Avant tailors its rates and terms to each customer on a case-by-case basis. When you apply for a loan, the lender won’t automatically reject you even if you have a lower-than-average credit score. Instead, the company will look at your complete financial history when considering your application.

A second benefit is Avant’s clear and user-friendly website. Not only is it easy to apply and get funds in as little as one day, but you can also manage your account through Avant’s mobile app. It’s easy to sign in online or through your phone to view your current balance, review payments, or set up a new payment.

A third interesting feature Avant offers is the Avant Referral Rewards program. Existing borrowers can get both themselves and a friend a $50 Amazon gift card when the friend opens a new loan.

Along with these pros, however, come a couple of cons. The biggest downside is that Avant might not offer the lowest interest rates on the marketplace. Furthermore, its origination fees can be relatively high — as much as 4.75 percent in some states.

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Overall, Avant reviews are positive, underlining good customer service and fast approval. But you might want to shop around before choosing an Avant loan to ensure you’re getting the lowest possible rate.

Avant personal loan products

Personal loans are the sole product this online lender offers, and funds from these personal loans can be used for just about any expense.

What’s more, Avant advertises various personal loans that can pay for major purchases such as home improvements, emergency expenses, or debt consolidation.

With a wide range of terms, funding, and interest rates offered on Avant’s personal loans, this lender can meet many borrowers’ needs.

Typical personal loan sizes range from $2,000 to $35,000. And Avant offers repayment periods between 24 and 60 months, although terms can vary by state.

Avant’s loans are “standard consumer installment loans.” Unlike credit cards, borrowers get all the money upfront instead of borrowing as they spend. Avant personal loans are funded through its partner WebBank, an FDIC financial institution.

Avant personal loans are unsecured, so borrowers don’t need to put up collateral. They also have flexible borrower requirements, so even those with lower credit scores can qualify.

However, every borrower must undergo a verification process, where Avant verifies your identity and ensures the loan is authorized. Avant may ask applicants for additional information during this process, including employment and bank account details.

Start Your Avant Loan Application Here

Using the Avant online platform

Avant is an online-only lender, so borrowers must visit its site to apply. Applicants will also be able to find important information regarding all of Avant’s loan products.

Potential customers can apply for an Avant loan by clicking on the green button that says “Check your rate.” This button will take you to an application page, which includes creating an account with login information.

You’ll then be required to provide personal information, including your Social Security number, income information, email and mailing address.

Keep in mind you’ll also be asked to authorize Avant to pull your credit report to process the application. However, Avant says this will not affect your FICO score.

Avant personal loans

Image credit: Avant

Using the information you submit, Avant may pre-approve you for a personal loan. This will generate a screen with loan options that you can modify to the terms you wish.

Additionally, Avant will outline one or more loan offers you’ve been approved for. The term offers will have different lengths, interest rates, and monthly payments.

After selecting a loan, you can continue to the loan agreement. Here, you can review the final terms of your personal loan, sign it, and provide your bank account details so the loan can be funded to you.

Avant personal loan interest rates and fees

Avant personal loan rates are fixed; once you sign your loan agreement, they can’t be changed.

In contrast, credit cards and some personal loans carry variable rates that lenders might adjust upwards. With a fixed rate, you know exactly how much interest you’ll pay on your loan.

Interest rates on Avant’s loans, which can be seen in our Personal Loan Marketplace, fall within a wide range and can vary by state.

The rates offered by Avant also depend on the borrower’s creditworthiness — their credit history and ability to repay the loan. This is calculated on the information you provide, including your income. If you have a high income and strong credit score, you could qualify for lower rates.

Your interest rate might also be tied to the length of the loan and other terms. Shorter loans typically have higher monthly payments but lower interest rates. Longer loans often cost less each month but carry higher rates.

Lastly, as unsecured loans, Avant personal loan interest rates are typically higher than rates for secured loans like mortgages or car loans. Yet, Avant’s personal loan rates are competitive with other lenders and often lower than those offered on credit cards.

Additional Avant fees

Avant’s personal loans also come with one-time fees. The biggest one is an origination fee, which Avant calls an administration fee. This is a one-time charge for taking out a loan.

Avant’s origination fee varies by state. In Massachusetts, for example, the fee ranges between 1.50 percent and 4.75 percent.

Your origination fee will also be displayed in your loan agreement at the time of signing. Therefore, make sure the final payout you’re getting is enough to cover the purchase you’re planning.

Avant might also charge a late fee of $25 for late or missed payments. The conditions for this charge, such as the grace period allowed before it’s incurred, along with the amount, varies by state, according to Avant’s site.

In addition to a late fee, Avant might also charge a “dishonored payment fee” of $15 for returned payments.

There are also fees that Avant doesn’t charge. For instance, borrowers can make extra payments or prepay their loan without fear of incurring prepayment fees or penalties. This is usually a smart route for borrowers looking to save on interest.

Avant personal loans eligibility requirements

Among lenders, Avant’s eligibility criteria for borrowers is on the more flexible end. And, as mentioned above, Avant evaluates creditworthiness on an individual basis.

Avant loans are available to many borrowers, including those with fair to average credit. FICO scores of typical Avant loan holders fall between 600 and 700, the lender says.

Besides credit history, your income is another significant factor Avant weighs for loan approvals and offers. Although there are no minimum income requirements, the higher your income, the more likely Avant believes you can afford a loan. Employment history might also be a consideration.

Additionally, your state of residence can also affect the terms you qualify for.

Avant customer service

Avant’s personal loans come with responsive customer service that is well-reviewed. They currently boast a 4.2 score out of 5 for customer service on Credit Karma.

Among positive reviews, borrowers cited the ease of application and quick approval process, as well as customer service representatives who were helpful and efficient.

Avant has an FAQ section on its site where customers might be able to get some clarification on issues they are facing. And, if you still need help, you can contact customer service by email or phone.

Their service team is available during these hours:

  • Monday to Friday: 7:00 a.m. to 10:00 p.m. Central Standard Time
  • Saturday and Sunday: 7:00 a.m. to 8:00 p.m. Central Standard Time

For more information beyond this Avant review, current and potential customers can follow the company on Facebook and Twitter.

Rebecca Safier contributed to this article.

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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. 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 Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal LoansFixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.98% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 21, 2017 and are subject to change without notice. Not all rates and amounts available in all states. 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. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.98% APR assumes current 1-month LIBOR rate of 1.34% plus 3.89% 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown 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.
7.39% - 29.99%$1,000 - $50,000
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4.98% - 14.24%1$5,000 - $100,000
Check rate nowon SLH's secure site
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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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 and will make a positive impact in your life. 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, understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.