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.ф
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.
Personal loans through Avant: 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 lending platform 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 lending platform 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 you could get funds as soon as next business day, but you can also manage your account through the company’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.
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 — up to 4.75 in all states.
Overall, Avant reviews are positive, underlining good customer service and fast approval. But you might want to shop around before choosing a loan through Avant to ensure you’re getting the lowest possible rate.
Personal loan products through Avant
Personal loans are the sole product this online lending platform 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 personal loans through Avant, this lending platform 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.
Personal loans through Avant are “standard consumer installment loans.” Unlike credit cards, borrowers get all the money upfront instead of borrowing as they spend. The company’s loans are funded through its partner WebBank, an FDIC financial institution.
Loans through Avant 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.
Using the Avant online platform
Avant is an online-only lending platform, so borrowers must visit its site to apply. Applicants will also be able to find important information.
Potential customers can apply for a loan through Avant 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, the company says this will not affect your FICO score.
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.
Personal loans through Avant: interest rates and fees
Personal loans through Avant come with fixed rates; 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 loans through Avant, 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, interest rates are typically higher than rates for secured loans like mortgages or car loans. Yet, Avant’s interest rates are competitive with other lending platforms and often lower than those offered on credit cards.
Additional Avant fees
Personal loans through Avant 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.
This origination fee varies by state. In Massachusetts, for example, the fee ranges up to 4.75 percent.
For 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.
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.
Eligibility requirements for personal loans through Avant
Among lending platforms, Avant’s eligibility criteria for borrowers is on the more flexible end. And, as mentioned above, Avant evaluates creditworthiness on an individual basis.
Loans are available to many borrowers, including those with fair to average credit. FICO scores of typical Avant holders fall between 600 and 700, the lending platform 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
Personal loans through Avant 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
Rebecca Safier contributed to this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|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.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%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|