Avant Personal Loan Review: Good for Borrowers With Fair to Average Credit

Avant Personal Loan Review: Good for Borrowers With Fair to Average Credit

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If you’ve had trouble qualifying for a personal loan, you should consider a personal loan from Avant. Unlike other lenders, Avant has more lenient credit requirements, preferring borrowers with scores of only 580 or above. While this does translate to higher APRs, you will be able to receive funding from Avant within one or two days, and you can borrow up to $35,000. Avant also offers a lot of flexibility in when and how you repay, making it a good option for borrowers who are unable to afford a more traditional payment plan.

Avant Personal Loan Review: Should You Apply?

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Avant is a good choice for borrowers with lower credit scores or who want lots of flexibility in repaying. Through Avant, you can borrow up to $35,000 for terms between 2 to 5 years. Because Avant does have relaxed credit requirements, APRs are higher between 9.95% to 35.99%. However, you will receive your funds within one to two days, on average. Like most other online lenders, there are no prepayment penalties with Avant, meaning you can pay your loan early and save on interest.

Good for...
Bad for...
  • Borrowers with fair to better credit
  • Repayment flexibility
  • Using loans for business purposes
  • Joint applications
  • Borrowers in IA, CO, WV

You’ll have greater chances of getting approved for an Avant personal loan if you have a credit score of at least 580, which means Avant is a better choice for borrowers with lower credit scores. Many other online and traditional lenders will require a minimum credit score between 620 to 680 to qualify. On average, Avant borrowers have scores between 600 to 700 with incomes between $50,000 to $100,000.

When you get a loan from Avant, you’ll benefit from a lot of repayment flexibility. Not only does Avant let you manage your payments online and through a mobile app, but you can change your upcoming and future payments up to one day before they are due. This includes changing the payment amount and the due date. Additionally, Avant offers late fee forgiveness. If you make three consecutive on-time payments after making one late payment, Avant will refund the $25 late fee.

Avant also offers flexibility in what method you choose to repay your loan. Avant does not charge fees based on how you pay your loan, unlike other online lenders. While you have the option of enrolling in autopay, you can pay through a bank account (either through automated clearing house or a remotely created check), a credit or debit card, a personal check, a cashier’s check or money order. This makes Avant a better choice for borrowers who may not want to pay through automatic withdrawal.

If you take a loan out with Avant, you cannot use it to fund your business, like you can with personal loans from other lenders. Avant cannot lend to individuals in Iowa, Colorado or West Virginia.

Eligibility Criteria

To qualify for an Avant personal loan, we recommend that borrowers meet the following criteria:

  • U.S. resident with Social Security Number
  • At least 18 years old

Avant will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.

Avant Personal Loan Terms and Requirements

Avant personal loans are fully amortized with fixed interest rates, meaning each monthly payment will be the same.

Loan Amount Range
$2,000 - $35,000
APR Range9.95% - 35.99%
  • Origination fee: 0.95% - 4.75%
  • Late payment fee: $25
  • NSF/returned payment fee: $15
  • No check processing fee
  • No prepayment penalty
Loan Terms2 to 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

Like many other lenders, Avant allows you to check your rate online without affecting your credit score. If you like the rate and decide to get a loan, Avant will conduct a hard credit pull, which can impact your score.

Application Process
Time to Get Funds1+ days
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes

To check your rate, you’ll need to supply Avant with your personal information and create an account. This information includes your address, email, phone number, Social Security number, monthly income, estimated credit score, loan amount and loan purpose. Once you enter this information, you’ll be presented with a variety of loan offers that you can accept. If you accept a loan offer, Avant may need you to upload documents to verify your identity, and Avant will conduct a hard credit check.

Screenshot of Avant Personal Loan Application
Avant Personal Loan Application

How Does Avant Compare to Other Lenders?

If you’re shopping for a personal loan, it’s best to shop around to compare rates and features. Below, we compared Avant to some of its top competitors.

Avant vs. LendingClub

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LendingClub is a great option for joint applications and debt consolidation. Through LendingClub, you can borrow up to $40,000 with rates starting as low as 8.05%, but you will need a credit score of at least 600 to qualify. You can also opt to pay your creditors directly through LendingClub, so it’s a good choice for debt consolidation. One downside of LendingClub is that it takes an average of one week or more to fund your loan, so if you need money quickly, Avant is a better choice.

Avant vs. Prosper

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Prosper may be a better choice if you can qualify, as the lender offers rates as low as 6.95%. You will, however, need a credit score of at least 640 and a debt-to-income ratio of less than 50%. You’ll also need to have no recent derogatory marks on your credit report (no bankruptcy in the last 12 months and and less than seven credit inquiries in the past six months), and you’ll need to prove household income. You can borrow up to $40,000 through Prosper with 3 or 5 year terms. If you can’t meet these requirements, stick with Avant.

Avant vs. SoFi

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SoFi is a great option if you have a higher credit score or want to borrow more than $5,000. Through SoFi, you can borrow up to $100,000 with APRs between 6.99% and 22.28%. However, SoFi does look for borrowers who have a FICO score of 660 or above, and borrowers generally have high incomes–the median income of a SoFi borrower is around $100,000 . If you can’t qualify, Avant is a better option.

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