Avant Personal Loans Review 2024

Pros Explained

• Quick funding timelines: There are lenders with faster service available than Avant, but not by much: If you're approved for a loan by 4:30 p.m. Central Time, Monday through Friday, Avant will typically send you the money via ACH the following day. 
• Lower credit requirements than most lenders: Avant will approve loans for people with credit scores as low as 580, assuming you meet other requirements. Most other lenders will just deny you outright if your credit score is that low.
• Lower income requirements than most lenders: As long as you bring in at least $1,200 in income per month, you may be eligible for a loan. Given that that's close to the median weekly take-home pay for Americans, that means many people stand a chance of approval when other lenders might pass on them. 

Cons Explained

• High origination fees: If you have bad credit, one of the tradeoffs you make with Avant is paying a higher origination fee than most other lenders charge.
• Relatively higher interest rates for people with good credit: Avant isn't limited only to people with lower credit and income. But if you have good credit, it'll be very easy for you to find a more affordable loan elsewhere.
• Doesn't pay creditors directly for consolidation loans: If you're using Avant to take out a debt consolidation loan, you'll need to pay off your old creditors directly. In contrast, many other lenders offer to send the loan funds straight to your old lenders, thereby saving you a bit of time in paying off your old loans.
• Doesn't allow joint applicants, co-signers, or collateral: You'll need to qualify for an Avant personal loan entirely on your own, without help from a spouse, parent, or anyone else on the loan. Avant also doesn't offer secured loans, which let you pledge some sort of collateral in order to get better odds at approval with lower interest rates.  
• Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia: Avant is available to people who live in most U.S. states, but not all. 

Types of Personal Loans Offered by Avant

As far as installment loans go, Avant only offers unsecured personal loans. 

You can actually use Avant's personal loans for just about anything, except for illegal activities or paying for a college education. Avant advertises some of the most common personal loan uses on its website, but keep in mind these aren't actually different loans, since they all have the same terms and conditions:

• Home improvement loans to fix or upgrade your living space, inside and out
• Debt consolidation loans to combine multiple higher-interest debts into one loan
• Emergency loans to pay for surprise expenses like medical treatments or car repairs

Time to Receive Personal Loan Funds

If you're approved, Avant can get your funds to you relatively quickly. It's able to offer next-day ACH deposit if you're approved before 4:30 p.m. CT, Monday through Friday. Keep in mind that, depending on your bank's policies, an ACH deposit can still take up to a few days before it's available in your account after Avant sends it.

Borrower Requirements

Avant's main selling point is that it may be more willing to approve you for a loan when other lenders might reject you straight away, even if it’s not necessarily the cheapest option among mainstream lenders. But that doesn't mean it approves everyone for a loan.

Fortunately, Avant doesn't hide away the details about the requirements you'll need to meet to get a loan, unlike most other lenders. Here's what the company told us:

• Minimum credit score: 580
• Minimum monthly net income: $1,200
• Maximum debt-to-income ratio: 70%

Avant calculates your debt-to-income ratio a bit differently than some other lenders. To figure out yours, add up your total monthly debt payments and your monthly housing payments, including rent. Then, divide that number by your total monthly income. (Monthly housing payments aren't normally included in debt-to-income ratio calculations unless it's for a mortgage.)

Avant Personal Loan Features

• Change due date: You’ll be able to change your monthly payment due date to make it more convenient.
• Highly rated mobile app: Avant offers Apple and Google Play apps, both of which come highly rated. You can't use the app to apply for a personal loan, but once you have one, you can use it to manage just about every aspect of your repayment. 
• Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. In comparison, Avant doesn't offer very many extra benefits.

Co-Signers and Co-Applicants

Avant does not allow for co-signers or co-applicants on its loans, which is strange considering it's meant for people who might have a hard time getting approved for financing. Then again, it does have lower credit requirements in the first place, making it easier for more people to get approved.

Can You Refinance a Personal Loan With Avant?

Yes. If you already have a personal loan out, whether it's from another lender or even Avant itself, you can refinance it through Avant. It's possible that Avant will let you refinance for a higher amount too, if you need to borrow more money. You may be able to get a lower rate at Avant's discretion, depending on your circumstances.

The company only allows you to do this twice, however, so choose wisely. 

Customer Service

Avant offers decent customer service between the hours of 7:00 a.m. and 10:00 p.m. CT, Monday through Friday. You can call on the weekend as well, but the hours are a bit shorter, ending at 8:00 p.m. CT. (If you're applying for a loan and calling in for help, customer service hours normally end at 8:00 p.m. CT for you each day, regardless.) 

Customer Satisfaction

Avant has a mixed reputation. On sites such as Trustpilot and online app stores where you can download the Avant app, it has a stellar reputation. 

However, the reviews paint a bleaker picture elsewhere. According to one 2023 J.D. Power lender satisfaction survey, Avant was ranked far below average by customers. Avant maintains a 1.13-star rating out of 5 with the Better Business Bureau, where the company has received 387 complaints alone in the past year.

Two hundred and fifty nine people have filed complaints against Avant with the Consumer Financial Protection Bureau since 2017.

How to Apply for a Avant Personal Loan

Avant's personal loan application is pretty similar to other lenders. You can get pre-qualified to see whether you're likely to be approved for a loan, and if so, what your rate might be. This requires a soft credit pull, which won't impact your credit score, so there's no harm in getting a quote. 

If you decide to proceed with applying for a loan, the following is a step-by-step explanation of how you can apply online:

1. Pre-qualify: Click the "Check Your Loan Options" on the Avant website to begin the pre-qualification process.
2. Complete the pre-qualification form: You'll need to fill out some basic details about yourself, including your monthly housing payment and income amount, Social Security number, and contact information. From there, you'll get a custom quote.
3. Complete loan application: If you choose to move forward with your application, Avant will do a hard credit check at that point, which can temporarily drop your credit score for a few months. You'll also need to provide some documents. The specifics may vary depending on your situation, but you can bet on needing copies of recent pay stubs, bank account statements, and tax returns or transcripts from the last two years (for self-employed borrowers).
4. Receive your loan funds: Once you've accepted your loan offer and completed your application, you should receive your funds the following day via ACH deposit, so long as you're approved before 4:30 p.m. CT, Monday through Friday.

Note that Avant may need to call your boss up to verify your employment, although Avant won't let them know that you're applying for a loan.

Compare Avant With Other Personal Loan Lenders

The Bottom Line

If you have good credit and income, we recommend that you keep looking for another lender if you need to borrow money. Some of the best personal loan lenders have way better rates, features, and customer reviews than Avant. 

However, if you don't have good credit and a high income, and your only other option is taking on higher-interest debt like a payday loan, we'd definitely recommend Avant. Although it's not perfect, it's nowhere near as problematic as other lenders that prey on people with fewer options. And since paying off an Avant personal loan helps you build credit if you make your payments on time (unlike a payday loan), it can be a good stepping stone to a better credit score. 

How Much Does Avant Charge for Personal Loans?

The annual percentage rate (APR) range on an Avant personal loan is 9.95%–35.99%, with loan terms ranging from 24 to 60 months. An administration fee of up to 9.99% of the loan amount is also charged.

What Credit Score Do You Need for Avant Loan?

The minimum credit score needed for an Avant personal loan is 580. However, if your credit score is this low, you might want to first work on improving your score before taking on new debt. While you may already qualify for an Avant personal loan, you might be able to secure a more favorable interest rate with a higher credit score.

How Fast Does Avant Approve Loans?

Avant is typically able to approve a personal loan application soon after it's submitted, often within the following business. The amount of time it will take you to actually receive your loan funds will depend on your bank.

Does Avant Work With Bad Credit?

With a minimal credit score of 580, Avant is one of the best lenders if you have bad credit and are trying to refinance an existing loan, allowing you to potentially secure a lower interest rate.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (Advertised APR, fees and six other factors): 29.25%
• Loan terms (Loan amount, repayment term and three other factors): 22.25%
• Borrowing requirements (Credit score, membership requirement and six other factors): 28.5%
• Additional features (Online application, prequalification and eight other factors): 20%

Read our full personal loans methodology to learn more.