April 21, 2021 4:00 PM PT

Avant Personal Loan Review

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Avant offers quick personal loans for those with average credit. Find out where they fall short, what documents they require and more before applying

Avant Promotions
Personal Loans

Overall Score

3.3

Eligibility

4.0

Fees

3.0

Interest Rates

3.0
5-point scale (the higher, the better)

Pros and Cons

  • Pre-qualifying won't hurt your credit
  • You can change due dates
  • Direct deposit available
  • Borrowers pay an origination fee
  • You can't have a cosigner
  • Higher APR

Bottom Line

Flexible underwriting but high APR for "fair credit" borrowers

Worried you might not get approved for a personal loan? Avant is worth a look.

They have different approval requirements than most lenders, making it a good option for those with fair credit.

But how does Avant stack up to the competition? Find out how it compares to other lenders and what info they require before applying.

What Is Avant?

Avant is a personal loan lender with more lenient guidelines than most lenders. They cater to borrowers with credit scores of 580 and up and fund loans in as little as one business day.

Their flexible underwriting guidelines mean they have higher APRs, but they don't have a prepayment penalty like most personal loan lenders.

Avant's interest rates range from 9.95% - 35.99%. They offer personal loans between $2,000 and $35,000 for terms between 2 and 5 years. FInd out how the application process works below.

Pros & Cons

All personal loan lenders have pros and cons. Knowing the good and bad about a company can help you make a solid decision.

Pros

  • Pre-qualifying for an Avant personal loan doesn't hurt your credit. You can see what you qualify for and decide with this information before hitting your credit score with an inquiry.

  • You can change your due date. Most lenders set a due date, and that's it—if you miss it, you pay a late fee. Avant allows borrowers to change their due date as often as they need to meet their current circumstances.

  • You may receive funds as soon as the next business day. This may vary based on the timing of your application and the information they require. Avant deposits the funds directly in your bank account.

  • The mobile app is a convenient way to manage your account. Most personal loan lenders don't offer a mobile app.

Cons

  • All borrowers pay an origination fee. Many personal loan lenders don't charge an origination fee for borrowers with good credit and who they determine is a "good risk," but Avant doesn't have that option.

  • You can't have a cosigner. If you don't qualify for an Avant loan on your own, you can't bring someone else onto the loan to get approved.

  • Avant won't pay your creditors directly. If you're consolidating debt, you must pay each creditor yourself.

How Avant Works

Avant works a little differently than other personal loan lenders.

It starts with their flexible underwriting guidelines. According to the company, they cater to borrowers with credit scores as low as 580, but most borrowers have a score between 600 and 700.

But because they cater to borrowers with fair credit, they have higher APRs. So if you have a "better" credit score, you may want to look elsewhere.

Their online application doesn't hurt your credit score. Avant asks for your name, address, birthdate, Social Security number, income, and estimated credit score. You'll also state your loan amount and the purpose of the loan.

Avant uses this information to prepare your quote. They'll send you the quote, which you can accept or decline.

If you like the offer and want to move forward, Avant will do a hard credit check to complete the underwriting process.

They may also ask for documentation (like pay stubs or bank statements) to prove the information you provided. If you upload the information right away, you can receive funds as soon as the next business day.

You'll be charged an administrative fee of up to 4.75%. This will be deducted from your loan amount, so keep that in mind when choosing how much you want to borrow.

Who Is Avant Good For?

Avant is great for low credit score borrowers who need a small loan. Since Avant only offers loan amounts up to $35,000, it's good for those looking for debt consolidation or to borrow a little money for a few home renovations.

Avant is also suitable for borrowers who need funds fast or who want to manage their personal loans on their phones. Most personal loan lenders don't have a mobile app to manage your account.

App Download: Apple, Google Play

Who Isn't Avant Good For?

Avant isn't the best for borrowers with excellent credit. While you'll likely get approved, you'll pay higher than necessary interest rates if you have good credit. Many other personal loan lenders will approve borrowers with high credit scores at lower interest rates.

Avant also isn't suitable for anyone who needs to borrow more than $35,000 since that's their max loan amount.

What Are the Fees and Penalties?

Because Avant caters to low credit score borrowers, they charge an origination fee on every loan - but they call it an administrative fee. This fee ranges from 0.95% - 4.75% of the loan amount—the higher your credit score and the better your other qualifying factors, the lower the origination fee.

Avant takes the origination fee right out of your loan amount, so if you had a $475 origination fee on a $10,000 loan (which amounts to 4.75%), you'd receive $9,525.

Avant also charges a $25 late payment fee and a $15 returned payment fee.

How to Apply for an Avant Personal Loan

Avant's application process is much like any other personal loan lender.

Here's how it works:

  1. On Avant's personal loan homepage, click "Check Your Loan Options" to start the pre-screening process.

  2. Provide some basic info, such as your name, housing info, SSN, employment and income, and your desired loan amount.

  3. Click "Agree and Check Your Loan Options" to see if you're pre-approved. This is a soft credit check and does not affect your credit score.

  4. If Avant pre-approves you, they'll present you with several loan offers. You'll see the monthly payments, APR, and term length.

  5. Choose the specific loan you want, and Avant will perform a hard credit check. They'll require some additional documents to prove your income, like pay stubs.

  6. Your loan will be deposited into the account of your choice as soon as the next business day.

Who Is Eligible for an Avant Personal Loan?

To be eligible for an Avant Personal Loan, you must meet the following:

  • Minimum 580 credit score
  • Be at least 18 years old
  • Be a U.S. citizen
  • Have a stable income and prove you can afford the loan

Does Avant call your employer? Avant may choose to call your employer to approve your application. However, you provide authorization for them to do this during the application process. The only purpose of this call is to verify your employment.

How Does Avant Compare to Other Personal Loans?

One Main Financial
One Main Financial doesn't focus on your credit score but instead looks at the big picture. This includes your credit stability, income, and whether the loan is secured or unsecured.

One Main Financial's APRs are higher than most personal loan lenders, with rates starting at 18% and going up to 35.99%. They offer loan amounts between $5,000 and $20,000, and loan terms of 2 or 5 years.

Upstart
Upstart is another great personal loan lender. They, too, don't focus on credit scores but instead look at the big picture. They're known to approve loans for borrowers with low credit scores but excellent income potential.

Like Avant, they fund loans in one business day, but they will pay your creditors directly. Upstart is a good choice for borrowers who need loans up to $50,000, but they only offer a 3 or 5-year term.

Upstarts APRs are lower too, starting at 8.27% and go up to 35.99%. Read our full Upstart review here.

Bottom Line

If you have less than perfect credit and need a personal loan, Avant could be a good choice. Just watch the origination fee and make sure you make your payments on time to keep your fees down.

If you run into trouble, you can change your payment due date, which is a nice feature, allowing you to avoid the $25 late fee for each late payment.

Write to Sam Hawrylack at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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Upstart Personal Loan Review

Upstart Personal Loan Review

Upstart offers personal loans for fair-credit borrowers. Before applying, find out if it's reliable, how it affects credit, and who gets approved.

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