• LOAN TERM: 2-5 years
  • MIN. CREDIT SCORE: 580
  • EST. APR: 9.95% - 35.99%
  • LOAN AMOUNT: $2,000 - $35,000

2021's Avant Reviews [Loan Amounts, APR, Pros, & Cons]

  • LOAN TERM: 2-5 years
  • MIN. CREDIT SCORE: 580
  • EST. APR: 9.95% - 35.99%
  • LOAN AMOUNT: $2,000 - $35,000

Best For

Middle Income Consumers

STRENGTHS

  • Flexible repayment terms
  • Accepts borrowers with fair credit score
  • Choice between secured and unsecured loan

WEAKNESSES

  • History of lawsuits
  • No option for cosigners
  • Charges administration fee

Whether it’s a special occasion, a holiday, or the convenience of debt consolidation, people often find themselves in situations when they are in need of a personal loan.

In their own words, Avant’s goal is “to improve the borrowing experience for middle-income consumers.” It’s perfect for those with a fair to bad credit with a minimum credit score of only 580 – one of the rarer platforms that offer personal loans to those with bad credit. Avant was established in 2012 and in that time it has given over $6.5 billion in loans.

Here is our take on the Avant reviews with the hope that you’ll finish this article with some fresh knowledge on the topic.

What Do You Need To Know About Avant Personal Loan?

  • Avant’s expected loan amount can range between $2,000 and $35,000, depending on the amount you need.
  • Once you take out a loan through Avant, your annual percentage rate (APR) will be in the range of 9.95% – 35.99%.
  • If it’s more convenient for you, you can make your Avant loan payment in monthly installments.
  • The loan term during which you need to return the funds is 2-5 years.
  • Regarding fees and penalties, Avant charges an administration fee, late fees, and dishonored payment fees.
  • Avant offers you to choose between unsecured or secured personal loans. If you choose an unsecured loan you don’t need to offer collateral, but if you choose to go with a secured loan be prepared to offer your vehicle as collateral.
  • You can also set up automatic withdrawal that will keep your mind at ease about missing any deadlines.
  • Avant doesn’t offer any arbitration services.
  • There is no prepayment penalty if you choose to pay out your loan earlier than usual, but there is a $25 fee if you’re late with your payment.
  • Avant has a mobile app that you can use to manage and track your application and account as well as a blog that has some information you might find useful.
  • The Avant loan approval time is fairly quick – it can only take a matter of hours.
  • After your application gets approved, the typical funding time until you receive your money is very short – only one day.
  • The only types of personal loans offered by Avant are a personal loan and a credit card.
  • Avant doesn’t offer any significant COVID-19 assistance besides offering their customer service number and already existing features. You can read about their “readiness plan” in this blog post.
  • Avant has had a few lawsuits regarding taking unauthorized funds from its customers’ accounts.

What Is Avant Personal Loan Eligibility Criteria?

Taking out a loan is a big commitment, so it’s only right that each company has certain criteria for eligibility. Here’s Avant’s:

  • Years of age: All potential borrowers must be over 18 years old.
  • Citizenship: US resident with a Social Security Number.
  • Minimum credit score: Your credit score for the Avant loan should be higher than 580.
  • Income threshold: At least $20,000 annually.
  • Minimum length of credit history: Not specified.

How To Apply For A Personal Loan With Avant?

Before you commit to a loan offer, Avant gives you the possibility to check your loan options first. This doesn’t affect your credit score. Here is a step-by-step guide to the Avant loan process.

  1. Go to www.avant.com.
  2. Select “Check Your Loan Options” under “Personal Loans”. You will be taken to a form you need to fill out.
  3. Enter basic details such as your first and last name, address, city, state, and ZIP code.
  4. Select whether you rent or own living space, enter your monthly housing payment amount, as well as when you started living there.
  5. Enter your date of birth, phone number, and e-mail address.
  6. Create a password for your Avant account.
  7. Enter your Social Security number.
  8. Select your income type and your monthly net income.
  9. Select the purpose of your Avant personal loans, choose the loan amount you need, and rate your credit quality.
  10. Enter a promo code, if you have one.
  11. Accept Avant’s terms and conditions.
  12. Choose an offer that suits you best, submit the appropriate documentation and your application for it.
  13. Receive your loan amount one day after your application is approved.

If you have bad credit and your application was rejected because of it, you should check out some options that guarantee loans to those with bad credit. Another good idea would be to consider improving your credit score before applying again. Many factors can influence your credit score and you might be able to improve some of them to make sure you get the best loan offer.

Pros Cons
Choice between secured and unsecured loan Charges administration fee
Accepts borrowers with fair credit score History of lawsuits
Flexible repayment terms No option for cosigners

Avant Customer Reviews

Although Avant is accredited by the BBB and has an A rating, the Avant loan reviews on BBB aren’t great. The average score of 91 customer reviews is only 1.29 out of 5 stars. The majority of the negative reviews complain about the poor customer service that is unresponsive and not very polite as well as some shady company practices.

Interestingly, compared to the overwhelmingly negative BBB reviews, websites such as Trustpilot and Consumer Affairs have mostly positive Avant reviews. On these platforms, the customers seem to be well satisfied with Avant’s customer service. Another point that comes up often in the positive reviews is the quick and easy loan process.

Privacy & Security Policy

In order to protect their customers’ vulnerable personal information, Avant’s website is protected with 128-bit SSL (Secure Sockets Layer) encryption which is standard for this type of platform. Avant does not collect or share your information, but they can’t guarantee its 100% safety, so make sure you do everything possible on your end to ensure your safety and privacy, starting out with choosing a strong password.

Alternatives for Avant Personal Loans

Avant vs OneMain Financial

OneMain Financial is a great option for those with a credit score below 600. It has a lower minimum loan amount, but also a much higher minimum interest rate compared to Avant.

Avant vs OppLoans

OppLoans is the option to go for if you have a bad credit rate. Note, however, that it has very high-interest rates which are typical for companies who offer loans for those with bad credit. If you want to use Avant, you must first fix your credit score. If you cannot do that, OppLoans would be a good choice. You can look for other ways to get a loan.

Wrap Up

Let’s finish off our Avant review with some final thoughts. To sum up, Avant seems like a solid option if you have fair/good credit. Many customers are satisfied with Avant’s service and conditions. It offers decent features such as flexible repayment terms, decent APR and minimal credit score, and a good range for loan amounts.

However, if you have very good or excellent credit we would recommend opting for a different loan service that might offer more appropriate terms to match your credit score.

FAQ

Is Avant good for debt consolidation?

The Avant debt consolidation loan can come in handy to make sure you can improve your financial situation. Don’t forget, however, that there are some other loans that might help you with debt consolidation.

Can Avant help me get out of debt if I have no money and bad credit?

Yes, Avant can be of help to people with bad credit. However, you may also consider other options such as checking accounts for bad credit, peer-to-peer lending, debt management programs, or debt settlement.

Are Avant loans legit?

Yes. Avant is a legit company that has been on the lending market since 2012 and in that time has left many customers satisfied with their services. Many positive Avant reviews praise its simple and effective way of working.

Can you pay off an Avant loan early?

If you have the funds, sure. It’s always a good idea to pay off your loans earlier than intended as it will save you some interest in the long run. Avant doesn’t charge any early payment fees.

ABOUT AUTHOR

My eyes rarely take a break from staring at my laptop's screen—I am Big Brother, scanning the web for news and information worth sharing. Full transparency—a substantial chunk of my screentime is also dedicated to watching TV shows, but balance is key, right? Writing is how I choose to share my findings with the world while keeping my love of language and creativity alive.