Avant Personal Loans Review

(April 2024)

Avant Personal Loans Review

In This Article

Our Verdict

Settle for an Avant personal loan if you seek a bank which approves loan applications from borrowers with bad or fair credit scores.

Avant is available in all the 50 States of the United States.

Expect fair customer service with Avant, as the bank keeps maintaining fair customer satisfaction. Know that Avant has a high interest rate on its loans especially when you apply with a not too spectacular credit score.

Here’s other relevant information you need to know:

Avant LLC.

Corporate Headquarters 222 W Merchandise Mart Plaza, Suite 900, Chicago, IL 60654

United States of America

Phone Number: 800-712-5407

www.avant.com

Pros

  • Loan approval in minutes.
  • Availability for customers with not good enough credit score
  • Allowance of change of payment date
  • Pre-qualification check with no effect on credit history
  • Quick disbursement of funds
  • No prepayment fees

Cons

  • Origination fee charging
  • Very high APR
  • No Co-signing or Joint Application
  • No mobile app management of loan
  • Relatively low maximum loan amount.

Who This Product Is Best For

Consider Avant personal loan if you:

  • Have not too attractive credit score
  • Need fast fund disbursement for urgent purchase
  • Will likely apply for change in date of monthly payment
  • Will prefer to use Mobile App to monitor your loan

Who This Product Isn't Right For

Think of another personal loan if you:

  • Wants more fair interest rates
  • Don’t want to pay origination fee
  • Needs a higher amount of money even if it’s a secured loan
  • Want to sign or apply jointly with another person.

What This Product Offers

Avant Personal Loans Review website
  • Emergency loan

If you have any financial emergency, approach Avant Bank for a personal loan offer which you keep paying back monthly until you are done with the loan.

  • Home Improvement loan

Consider an Avant Home Improvement loan to fund the transformation of your home to meet your present state. With the improvement loan, build additional room, transform a two bedroom to four bedroom apartment to meet your current need.

  • Debt consolidation loans

Think about an Avant debt consolidation loan if you have several  debts to sort. Consolidate all the debts into a single loan which you can easily pay monthly. Compare the interest rate on the several credit cards with the Avant’s debt consolidation loan’s interest rate; consider this product only if the interest rate on the credit card is higher.

Product Details

Emergency Loan

Consider an Avant Emergency loan, when emergency needs arise and you don’t have time to source the fund anywhere else. Don’t worry about the collateral because the Avant Emergency loan is an unsecured personal loan.

Keep in mind that even though you can get the emergency loan with a relatively bad credit score; failure to pay up your monthly payment in 10 days after the due date means you pay a late penalty of $25.

Loan amount

$2,000 to  $35,000

APR

9.95%-35.99

Terms

12-60 months

Repayment Term

Monthly

Fees

Varies

Availability

50 States and Washington DC

Funding speed

Within 2 working days

Home Improvement Loan

Consider an Avant Home Improvement loan for any renovation you have to make to bring your home to meet up with your present taste. Don’t worry about your lack of Home Equity, just show your creditworthiness to the bank and you get the funds you need.

Apply for the loan amount that will satisfy the improvements you have in mind which is within the available loan amount for Avant’s personal loan, the bank will respond with either a statement of approval or rejection in minutes.

Loan amount

$2,000 to  $35,000

APR

9.95%-35.99

Terms

12-60 months

Repayment Term

Monthly

Fees

Varies

Availability

50 States and Washington DC

Funding speed

Within 2 working days

Debt Consolidation Loans

Avoid the grueling task of managing several credit cards at the same time. Apply the wisdom of consolidating all your debts into a single debt which you continue to service every month until you are free from it.

Compare the interest rate you get on the Avant debt consolidation loan with the accumulations of the interest rates you have on the various credit cards and make informed decisions about subscribing to the product .

Before you settle for the debt consolidation loan, consider  the origination fee of within 1%-4.57%, think of the APR on this loan that can be as high as 35.99% and compare them with your current financial situation.

Loan amount

$2,000 to  $35,000

APR

9.95%-35.99

Terms

12-60 months

Repayment Term

Monthly

Fees

Varies

Availability

50 States and Washington DC

Funding speed

Within 2 working days

Where This Product Stands Out

Available For Customers with low credit

Don’t worry if your credit score is low, with a credit score within 550+ FICO, Avant is likely going to approve your personal loan application.

You need to know that with a low credit score, there is a very high tendency that the interest rates for the Avant personal loan will be high.

Approves Loan in Minutes

Do you need to quickly know whether you qualify for a loan product so that you can properly arrange your schedule? Apply for an Avant personal loan and receive your loan approval in minutes.

Pay attention to the fact that the disbursement of funds can be in 24 hours after the approval.

Allows Change of Payment Date

Don’t be afraid if you have to change your monthly repayment date. Send a demand to Avant Bank to  shift the normal payment date you have in agreement with the bank.

Where This Product Falls Short

Payment of Origination Fee

Don’t use Avant, if payment of origination fee will make nonsense of the loan. Consider deeply if it makes sense to take a debt consolidation loan with high APR and still have to pay origination fee that will likely rise to 4.57%.

Lack of Mobile Application

Look for another lender if you are too busy with the cumbersome model of monitoring your loan with Avant.

Deal with the fact that you don’t have the luxury of monitoring your loan with Avant through the instrumentality of Mobile App.

High Interest Rate

Think of other alternative personal loan lenders, if your credit score is quite low. Know that without a low credit score, Avant’s interest rates are traditionally high; in fact, the minimum is 9.95%.

How to Qualify for This Product

Contact Avant for more details on its personal loan criteria, as Avant’s official website is silent on the qualifications for loan approval.

Take note that for loan approval with any bank, get your basic information like full address and email ready and then pay specific attention to your;

Credit History 

Keep in mind that although Avant’s official minimum credit score is 600+ FICO, however, if your credit score is within 550+, Avant will still likely approve your loan.

Know that with the low credit score, your loan approval comes with incredibly high interest rates.

How to Apply for This Product

Make sure to include the following in your paperwork when applying for Avant personal loan.

  • Personal bank account
  • Recent personal tax returns
  • Address, social security number, SSN, etc.
  • Employment details
  • Residency information
  • Date of birth
  • Full name, home address, telephone

Alternatives to This Product

Upstart

Consider Upstart if your credit score is less than 550+ FICO or you don’t have any credit history at all. To qualify for Upstart personal loan with low credit score, you need a solid employment history.

LightStream

Choose LightStream if you need a larger loan with longer terms and more fair APR. Access up to $100,000 in personal loan with up to 7 years repayment maximum of 24.49% interest rate.

Consider your credit score when you are using LightStream because unlike Upstart, you need a 600+ FICO score to qualify for the loan.

Customer Reviews

Expect reasonable customer service from Avant as the customer reviews from more than 28,000 customers on TrustPilot shows a 4.6 of 5 which is an excellent rating for any lender.

Although the 1.15 of 5 ratings on BBB shows a poor reputation for Avant, don’t take it as a conclusion of poor customer service.

Methodology

We reviewed Avant Personal loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Avant personal  loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and the geographic availability of the lender.

Finally, we evaluated Avant personal loans, customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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