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Avant Personal Loans: 2018 Review

Unlike a lot of other lenders, Avant offers personal loans to consumers with credit scores that are well below average. Many borrowers use Avant loans 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

APR range 9.95% — 35.99%
Available loan terms 24 — 60 months
Loan amounts $2,000 — $35,000
Time to fund As soon as the next business day
Administration fees Up to 4.75%
Credit score needed 580; typical credit score is 600 — 700
Income needed No set income requirement
Soft Credit Check? Yes
Best for People with poor or bad credit

Click “Check Rates” to apply to Avant

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, this lender 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 from this lender is that the borrowed money can be deposited into your bank account as soon as the next business day. 

Avant Pros and Cons

Pros:

  • People with lower-than-average credit scores can qualify for an Avant loan. The typical credit score of an Avant borrower is 600 to 700.
  • The income requirement is fairly low, with the typical borrower having average annual income of $40,000.
  • 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. 

Cons:

  • For someone with especially bad credit, the APR can be as high as 35.99%, in addition to a 4.75% administration fee.
  • The range of loan amounts is narrow — $2,000 to $35,000.
  • The range of loan repayment periods is narrow — 24 to 48 months.

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The biggest benefits 

Perhaps the biggest benefit of this lender 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 drawbacks

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 a sky-high 35.99%, as well as an administration fee of up to 4.75%.

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, Avant can’t beat the APRs and loan terms of other lenders. But it’s 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 from this lender 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 Avant’s loan products, visit avant.com. You can view loan options by supplying your full name, address, income information and Social Security number.

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