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Avant Personal Loans Review
Avant offers affordable loans to those that other lenders typically leave behind
By Lindsay VanSomeren
Updated February 03, 2023.
Checked for accuracy by Ryan Eichler
We suggest the top products through the independent process of reviewing and advertisers do not influence our choices. We may earn a commission for visiting partners we recommend. Read our advertiser disclosure for more info.
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The Investopedia Rating 3.7
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Our Take
Avant’s selling point isn’t its affordable rates, particularly in the event that you already have great credit. If your credit isn’t perfect, Avant is one of the few lenders willing to work with you without charging fees that aren’t worth the cost.
Top Rated for
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Best to Refinance Best Credit Loans for Bad Credit
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The best option for those with bad Credit Best Installment Loans
Pros and Pros and
Important Takeaways
Company Overview
Specifications
Pros
Fast funding timelines
Lower credit criteria than many lenders
Less income requirement than the majority of credit institutions
Cons
High origination costs
Higher interest rates generally for those with good credit
Doesn’t directly pay for creditors’ consolidation loans
Doesn’t allow joint applicants, co-signers, or collateral
Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points that are analyzed
112
Primary data sources utilized
Investopedia collected key data points from several lenders to pinpoint the most significant factors that affect borrowers. We used this data to review each lender for fees and accessibility, repayment terms, and other features to give impartial, complete reviews to ensure our readers have the best borrowing option to meet their requirements.
Read our Full Methodology
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overall rating 3.7
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Table of Contents
Pros Explained
Cons Explained
The types of loans
Time to Receive Funds
Requirements for Borrowers
Features of a Loan
Co-Signers
Refinancing
Customer Service
Customer Satisfaction
How to Apply
Alternatives
Final Verdict
Methodology
Pros Explained
Timelines for quick funding There are lenders who offer quicker service than Avant but not as much. If you’re approved for the loan before 4:30 p.m. Central Time, between Monday and Friday Avant will send you the cash via ACH the next day.1
Lower credit requirements than the majority of lenders: Avant will approve loans to those with credit scores that are as low as 550 provided you meet the other conditions. The majority of lenders will reject you outright if you’re credit score is that low.
Lower income requirements than many lenders: As long as you bring in at least $1,200 in income per month and you’re eligible for a loan. Since that’s the median weekly take-home pay for Americans which means that a lot of people stand a chance of being approved even if other lenders decline them.2
Pros and Cons Explained
The high origination fee: If you have bad credit one of the trade-offs you can make with Avant is paying a higher origination cost than other lenders. However If you’re a primary borrower, Avant may be able to completely waive the origination charge.
Higher interest rates for those with excellent credit: Avant isn’t restricted to people with low credit and income. But if you have good credit, it’ll be very easy for you to get a lower-cost loan elsewhere.
Don’t pay your creditors directly for consolidation loans When you use Avant to obtain a debt consolidation loan, you’ll need to pay off your old creditors directly. However, some lenders allow you to transfer the loan money directly to your old lenders, which will save you some time when you pay off your old loans.
It doesn’t permit co-signers, joint applicants or collateral. You’ll need to meet the requirements for the Avant personal loan solely by yourself, with no assistance from a spouse, parent or any other person who is a co-signer on the loan. Avant does not offer secured loans which allow you to pledge some sort of collateral in order to get better odds at approval with low interest.
It is not available In Hawaii, Iowa, New York, Maine, Vermont, or West Virginia: Avant is accessible to those who reside in the majority of U.S. states, but not all.
If you have excellent credit You’re likely to find lower rates elsewhere. Explore our choices for the top personal loans for those with good credit to see what you could get.
The types of personal loans offered by Avant
As far as installment loans go, Avant only offers unsecured personal loans.
You can actually use Avant’s personal loans for almost anything, except for illegal activities or paying for an education at a university. Avant advertises some of the most popular personal loan applications on its site, but keep in mind these aren’t in fact different loans because they all come with the identical terms and conditions:
Renovation loans to improve or repair your living space inside and out
Consolidation of debt loans to combine multiple higher-interest obligations into one loan
Emergency loans to pay for unexpected costs such as medical treatment or car repairs3
The time to receive funds
When you’re accepted, Avant can get your funds to you relatively quickly. It’s able to offer the next-day ACH deposit if you’re approved before 4:45 p.m. CT, Monday through Friday. Remember that, based on the policies of your bank, the process of making an ACH deposit can still take up to a few days before it’s deposited into your account following the time Avant sends it.1
Borrower Requirements
Avant’s biggest advantage is that it might be more inclined to accept you for the loan even though other lenders could refuse you right away although it’s not always the cheapest option for traditional lenders. However, that doesn’t mean it’s a must for everyone to get an loan.
The good news is that Avant isn’t averse to divulging information about the conditions you’ll have to satisfy to get a loan, unlike most other lenders. The company has this to say to us:
Minimum credit score Score: 575
Minimum monthly net income of $1200
Maximum debt-to-income ratio: 70%
Avant calculates your ratio of debt to income somewhat differently from other lenders. To determine your ratio, add up your total monthly debt payments and your monthly housing installments, including rent. Then, divide that figure by your monthly income. (Monthly housing payments aren’t normally included in the debt-to-income ratio calculation unless they’re for a mortgage, FYI.)
Avant Personal Loan Features
Change due date: You’ll be able to modify your monthly payment time to be more convenient.
Highly rated mobile apps: Avant offers Apple and Google Play apps, both of which are highly evaluated. You can’t use the app to apply for a personal loan however, once you’ve got one, you are able to use it to manage almost everything related to your loan.
Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. Comparatively, Avant doesn’t offer very many benefits.
There is no discount on your interest rate by signing to autopay on your Avant loan like other lenders. However, it’s beneficial because it stops in the event of late payments and also helps build credit automatically.
Co-Signers and Co-Applicants
Avant does not allow for co-signers or co-applicants for its loans, which is strange since it’s intended for people who may have a tough getting financing. However it has lower credit requirements in the first location, which makes it simpler for more people to be approved.
Can You Refinance a Personal Loan Through Avant?
Yes. If you already have personal loan that you’re unable to repay, whether from another lender or even Avant its own, then you are able to refinance it using Avant. It’s possible that Avant can allow you to refinance at a higher rate as well, if you want to borrow more money. It is possible to receive a lower rate, at the discretion of Avant, according to your situation.
The company only allows you to do this two times, so choose wisely.4
Customer Service
Avant offers excellent customer service during the hours between 7:00 a.m. between 7:00 a.m. and 10:15 p.m. CT, Monday through Friday. It is possible to call during the weekends as well but the hours are shorter, and they end at 8:00 p.m. CET. (If you’re applying for a loan and need assistance, please note that customer service hours typically end at 8:45 p.m. CT any day of the week, regardless.)
Here’s how to reach Avant to get help for your personal loan:
Email: support@avant.com
Phone: 800-712-5407
Private message: Log in to your account
Mailing address: 222 LaSalle Street, Suite 1600, Chicago, IL 606015
Customer Satisfaction
Avant has a mixed reputation. On sites such as Trustpilot and the online stores for apps which allow you to get the Avant app and have it installed, it has a great reputation.6
The reviews, however, provide a grimer picture. According to a 2022 J.D. Power survey of lender satisfaction, Avant was ranked far below the average of customers.7 Avant maintains a 1.2-star rating with the Better Business Bureau, where Avant received 652 complaints over the last year.8
Two hundred and twenty three customers have lodged complaints against Avant through the Consumer Financial Protection Bureau since 2017 and the company even agreed to a settlement for $1.6 million, which was negotiated through the Massachusetts Attorney General, who cited unjust debt collection practices.910
Applying for an Avant Personal Loan
Avant’s personal loan application is quite like other lenders. You can apply for pre-qualification to see whether you’re likely to get approved for a loan and, if yes the rate you’ll pay could be. It’s a simple credit pull, which won’t impact your credit score, and therefore it’s not a bad idea to get a quote.
The pre-qualification form is easy to locate on Avant’s website. You’ll need to fill out certain basic information regarding yourself, such as your monthly housing payment and income amount as well as your Social Security number, and contact information. Then, you’ll receive an estimate that is customized to your needs.
If you decide to go forward with the application, Avant will do a hard credit test at this point. This could cause a temporary drop in the credit rating for period of time. You’ll also need to provide some documents. The specifics might vary depending on your situation, but you can bet on needing the original copies that lenders typically request:
Recent pay stubs
Statements from bank accounts
The tax return or the transcript from the last two years (for self-employed borrowers)11
Take note that Avant could require calling your boss to verify your employment, however Avant doesn’t inform them that you’re seeking the loan.
Alternate Personal Loan Lenders
Avant LendingPoint Upstart
APR Variation9.95%-35.99%7.99%-35.99%6.5%-35.99 APR Range 9.95%-35.99%
The loan amount is $2,000 to $35,000.$12,000-$36,500 $2,000-$50,000$1,000-$50,000
Amount of Loan12-60 months -24-72 months30 or 60 month
Recommended Minimum Credit Score550 Not disclosedNo credit history required
Origination Fee 0%-4.75%0.0%-8%0%-10%
Time to Receive Loan1 business day12One business day 13. Business day 1 14
Final Verdict
If you’re a credit-worthy person and reasonable income, we advise to keep searching for another lender if you need to borrow money. The top personal loan lenders have way better rates, features, and reviews from customers than Avant.
If you don’t have a good credit score and a substantial income and the only alternative is to take on higher interest loans like a payday loan, we’d definitely recommend Avant. Although it’s not perfect, it’s nowhere near as problematic as other lenders that take advantage of those with less options. And since paying off the Avant personal loan helps you build credit if you pay your loans on time (unlike a payday loan), it could be a useful starting point to improve your credit score.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive evaluations of private loan lenders. To evaluate lenders we gathered many data elements across over 40 lending institutions. This includes fees, interest rates, loan amounts, and repayment terms, to ensure that our reviews help customers make informed choices regarding their borrowing requirements.
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