Avant Personal Loans: 2018 Review
Good For: Poor Credit and Debt Consolidation
Unlike a lot of other lendering platforms, Avant provides access to personal loans to consumers with credit scores that are well below average. Many borrowers use loans through Avant to consolidate their debts, although the company also promotes loans to cover emergencies and pay for home improvement projects.
Among the benefits available to customers are seven-day-a-week customer support and a mobile app.
Avant loan rates & terms
||9.95% — 35.99%
|Available loan terms
||24 — 60 months
||$2,000 — $35,000
|Time to fund
||As soon as the next business day*
||Up to 4.75%
|Credit score needed
||580; typical credit score is 600 — 700
||No set income requirement stated
|Soft Credit Check?
||People with poor or bad credit, debt consolidation
|Click “Check Rates” to apply to Avant
» MORE: Personal Loans For Poor Credit
Avant personal loan review
Avant’s target audience is people with poor or bad credit, with the credit scores of typical customers ranging from 600 to 700.
Typically, Avant considers such factors as your credit history, including your credit score; employment history; and loan repayment history when it’s evaluating your application.
Here’s an example of how a loan works: A three-year, $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25 would have an APR of 29.95% and monthly payments of $230.33.
One especially attractive aspect of a loan through the Avant platform is that the borrowed money can be deposited into your bank account as soon as the next business day.
Avant Pros and Cons
- People with lower-than-average credit scores can qualify for a loan through Avant. The typical credit score of an Avant borrower is 600 to 700.
- Money from your loan is available as soon as the next business day following approval.‡
- The lowest APR is 9.95%, which is less than the typical APR for a credit card.
- For someone with especially bad credit, the APR can be as high as 35.99%.
- The range of loan amounts is narrow — $2,000 to $35,000.
The biggest benefits
Perhaps the biggest benefit of this lending platform is that its credit score requirements are looser than the requirements set by many other lenders. And if you fall into the “most creditworthy” category, you can score an APR as low as 9.95%*.
Once you get approved, the money you borrow can show up in your bank account as soon as the next business day, and you’ve got 24 to 60 months to pay off the loan.
The maximum amount you can borrow ($35,000) is lower than the maximum for some other lenders. If your credit is especially bad, you could wind up paying the worst APR, which is 35.99%.
How Avant Compares
Some of Avant’s competitors offer lower APRs, such as Peerform (5.99%) and PersonalLoans.com (5.99%). However, some competitors have higher fees, such as Peerform (up to 5%) and PersonalLoans.com (up to 5%).
Overall, loans through Avant are one of the best options for borrowers with poor to bad credit who are seeking a personal loan.
Should you apply?
If you’re seeking a personal loan but your credit score is weak, Avant could be a strong option for you, given the lender’s fairly relaxed requirements for income and credit scores. Especially when it comes to consolidating debts, a loan through this lending platform could lower the overall APR and save you money in the long run. However, be sure to shop around for the best rates and terms.
How to apply for a loan through Avant
To explore loan products offered through the Avant platform, visit avant.com. You can view loan options by supplying your full name, address, income information and Social Security number.
Avant branded credit products are issued by WebBank, member FDIC.
* APR ranges from 9.95% to 35.99% with the lowest rates available only for the most creditworthy borrowers. If approved, actual rates may vary based on credit history, current income, ability to repay, and other factors.
‡ Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday.
** 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.
Disclaimer* If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors.** 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.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.