Avant Personal Loans

Avant is an online lending platform that connects fair- and bad-credit borrowers (689 or lower credit score) with personal loans through WebBank.

Avant’s personal loan rates are consistent with other bad-credit loans, and the lender allows consumers to check their potential loan offers via pre-qualification.

Though this company doesn’t provide certain flexible features you’ll find with other lenders, Avant personal loans are a solid choice for midsize expenses.

Pros

• Accepts borrowers across the credit spectrum.
• Low income requirement.
• Fast approval and funding.
• Hardship program for borrowers in need.
• Seven-day customer service availability.

Cons

• Origination fee.
• No co-signed, joint or secured loans.
• No rate discounts.
• No large loan amounts.

Avant personal loans at a glance

• Disclosure from AvantPersonal loan funds are generally deposited via ACH for delivery next business day if approved by 4:30 pm CT Monday-Friday. Loan amounts range from $2,000 to $35,000. APR ranges from 9.95% to 35.99%. Loan lengths range from 24 to 60 months. Administration fee up to 9.99%. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. Administration fee is deducted from the loan proceeds and paid to the Lender. Any administration fee of 5% or less of the initial loan amount is not refundable. Administration fee amount in excess of 5% of the initial loan amount is refundable on a prorated basis over the remaining term of the loan when and if the loan is paid in full prior to its original maturity date. A partial prepayment does not trigger a refund of any administration fee amount. Borrower recognizes that the Administration fee is deemed part of the loan principal and is subject to the accrual of interest. Example: A $5,700 loan with an administration fee of 9.99% and an amount financed of $5,130.57, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $217.66. New Mexico consumer brochure (hyper linked to – https://assets.ctfassets.net/vrxttq978is8/1eS8eJhH54ycK7fhPa7hUk/bd189960ce122598d8c7551d2fb96fad/NM_Consumer_Information_Brochure_and_Loan_Rate_and_Fee_Disclosure.pdf) for common terms and definitions and regulations around rates and fees. Avant branded credit products are issued by WebBank.

Where Avant personal loans stand out

Accepts borrowers from across the credit spectrum: While Avant says its borrowers typically have credit scores ranging from 600 to 680, it accepts applicants with scores as low as 550 and those with scores over 720.

Low income requirement: Applicants must have a minimum monthly net income of $1,200 to qualify for an Avant personal loan. Income can come from a variety of sources including employment, retirement, alimony, child support, disability benefits or Social Security payments.

Fast approval and funding: Avant says it usually approves qualified personal loan borrowers within minutes and often deposits the funds the following business day. Fast funding is somewhat standard for online personal loans, but some lenders may take longer than Avant to approve applications or send funds.

Hardship program for borrowers in need: Borrowers who face financial difficulties while paying off a personal loan from Avant may be able to defer their payments, extend their loan term or temporarily reduce their monthly payment amount.

Seven-day customer support: Avant’s customer service representatives are available until 10 p.m. CST on weekdays and from 7 a.m. to 8 p.m. CST on weekends. Six-day availability is more common among lenders.

Where Avant personal loans fall short

Origination fee: Avant may charge an origination fee up to 9.99%. The lender deducts it from the loan amount before sending the funds, reducing the loan size. Not all lenders charge this fee, but Avant’s fee is average-sized among those that do.

No co-signed, joint or secured loan option: Avant doesn’t allow borrowers to add a co-signer or co-borrower to their application, or to secure the loan with collateral. Some lenders allow applicants to add collateral or a co-applicant to improve their chances of qualifying or getting a lower interest rate.

No rate discounts: Avant doesn’t offer any chances to get a discounted annual percentage rate (APR). Many lenders offer a rate discount for setting up automatic payments — typically a fraction of a percentage point.

No large loan amounts: The maximum amount you can borrow with an Avant personal loan is $35,000, meaning it may not be an ideal financing option for a major home improvement project or to consolidate a large amount of debt.

Our expert take:

“Avant’s personal loans are a strong option for bad-credit borrowers who need funds fast. These loans may be helpful if you need to pay for an urgent home repair or to cover a medical bill. Borrowers who qualify with fair or bad credit may receive high rates, so it’s a good idea to pre-qualify with Avant and other lenders in search of the most affordable loan.

Avant may not be the ideal lender for someone with good or excellent credit, though. These borrowers are often eligible for low rates, discounts and large loan amounts — none of which are Avant’s specialty.”

— Annie Millerbernd, Personal Loans Assistant Assigning Editor

How to use Avant personal loans

You can use an Avant personal loan for:

• Debt consolidation.
• Credit card consolidation.
• Home renovation.
• Emergencies.
• Medical and dental bills.
• Vacations.
• Weddings.
• Adoption.
• Funerals.
• Other large purchases.

Avant prohibits the use of its personal loans for:

• College expenses.
• Business expenses.

Do you qualify for an Avant personal loan?

Most lenders have basic requirements to apply, and some have financial requirements or recommendations to qualify. To apply for an Avant personal loan, you must be a resident of a state where Avant’s loans are available and provide a Social Security number. You also need to have a personal bank account in good standing and cannot be in active bankruptcy.

Here are Avant’s minimum requirements to qualify for a loan. (Meeting these requirements doesn’t guarantee approval.)

Avant’s minimum borrowing requirements

• Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
• Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.

• Avant’s average borrower snapshot
  • Average credit score: 652.
  • Average monthly net income: $6,700.
  • Average loan amount: $8,000.
  • Average APR: 26.5%.
  • Most common loan purposes: Debt consolidation, home improvement and emergencies.

Before you apply

• Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

• Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

• Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
• Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.

How to apply for an Avant personal loan

Here are the steps to apply for a personal loan with Avant, based on a detailed preview of the process the company has provided to NerdWallet.

1. Pre-qualify on Avant’s website. Choose “Loans” on Avant’s website and then select “Check Your Loan Options” to be taken to the pre-qualification form. There, you’ll enter personal information including your name, address, birthdate, monthly income, rent or mortgage payment amount and email address. You’ll also enter your Social Security number, but there is no hard credit pull at this stage.
2. Compare loan offers. Avant will show qualified applicants the loan amount they’re approved for, the origination fee (also called an administration fee) and how much that fee reduces the loan proceeds. You’ll see a breakdown of the loan term, APR and monthly payments for each loan offer Avant provides. Once you have the offers, it may be a good time to pause and check your rate with other lenders.
3. Complete a formal loan application. If you choose a loan with Avant, you’ll move forward with a formal personal loan application. At this time, Avant may ask you to confirm your income and bank account information. Avant will also do a hard credit check when you apply, which could cause your credit score to drop a few points. The lender says it makes most application decisions within minutes, but it could take more time if additional documentation is required.
4. Receive loan proceeds and begin repayment. Avant says it can fund approved loans by the following business day as long as the loan is approved by 4:30 p.m. CST. The lender reports payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Compare Avant to other lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

Like Avant, Achieve and Upgrade are both strong choices for borrowers with less-than-perfect credit looking to consolidate debt or finance an expense.

Achieve

Upgrade

» MORE: Read our review of Upgrade

How we rate Avant personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

• Category definitionsAffordability (25%)An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.Customer experience (20%)A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.Underwriting and eligibility (20%)The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.Application process (20%)Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.Loan flexibility (15%)A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.DiscretionaryA lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.

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Find the Best Personal Loan

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.