Avant is an online lender that has contracted with Webank, an FDIC-insured financial institution to act as the originator of their personal loans. The company has issued more than 800,000 of them since it was founded in 2012. Interest rates start at 9.95% and are geared toward borrowers with less-than-stellar credit histories, who might also want to save on other financing options, such as credit cards.
We’ve compiled the most relevant details for Avant personal loans to help you decide whether this lender is the best fit based on your borrowing needs.
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No prepayment penalties
Ability to receive funds quickly
Initial soft credit inquiry to receive a rate quote
Numerous fees, including an administrative fee
High APR not advantageous to those with good credit
Low maximum borrowing amount
- No prepayment penalties: Borrowers can make extra payments or pay off their loans early without incurring any fees to do so.
- Ability to receive funds quickly: Once your loan is approved, Avant may send your funds as soon as the next business day.
- Initial soft credit inquiry to receive a rate quote: Borrowers can get an initial sense of the loan they may qualify for, without any effect on their credit score. Following through with the official application process does incur a hard inquiry, which may affect the borrower's credit score.
- Numerous fees, including an administrative fee: Avant charges borrowers an administrative fee of as much as 4.75%, which will be taken out of your loan proceeds. The lender also charges late and returns payment fees.
- High APR not advantageous to those with good credit: Avant’s personal loans APR starts at 9.95%. If your credit score is higher than 700, you may be able to qualify for better rates elsewhere.
- Low maximum borrowing amount: At $35,000, the maximum loan size isn’t small change. Other lenders such as SoFi, go as high as $100,000.
Avant personal loan borrowers impacted by COVID-19 should call 1-800-712-5407 to explore their options for assistance.
Types of Personal Loans Offered by Avant
Avant allows applicants to apply for personal loans for a variety of reasons. Among them: relocation expenses, debt consolidation, major life events like a wedding, home improvement projects, car repairs, and vacations.
Personal loans generally range from $2,000 to $35,000. Your actual loan amount may differ based on your state laws.
Avant has fixed-rate loans with APRs ranging from 9.95% to 35.99% that depends on the duration of your loan. This rate does not include the one-time administration fee of up to 4.75%.
Avant offers loans with repayment terms ranging from 24 to 60 months.
Credit Score Requirements
Avant doesn’t list an across-the-board minimum credit score requirement; it states that credit scores are considered in context with an individual's overall financial profile. However, the lender does mention on their website that most borrowers approved for loans have a credit scores between 600 to 700.
Otherwise, you’ll need to have a valid personal checking or savings account to receive loan proceeds.
Except for prepayment penalties, Avant charges quite a few fees. First, you’ll pay an administration fee of up to 4.75%, which comes directly off the top of your loan. The lender has a 10-day grace period for monthly payments; after that, it slaps you with a $25 late fee. There is also a $15 Dishonored Payment Fee if your payment is returned.
Time to Receive Funds
Once your application is approved, Avant will deliver your loan proceeds via ACH as soon as the next business day.
Avant Personal Loan Features
Although Avant is an online-only lender, borrowers have a few options to get in touch and make human contact. Customer service is available during office hours (including weekends) if you need to call: Monday to Sunday from 7:00 a.m. to 8:00 p.m CST. The company also offers email support.
The Avant App
Available on Android and iOS, borrowers can use the Avant mobile app to track upcoming payments, view payment history, receive notifications about account details, view payoff quotes and make additional payments. Both versions of the app have more than a thousand user ratings and currently sit with 4.5 stars and 4.2 stars on Apple and Google Play, respectively.
Apply for an Avant Personal Loan
The application process first involves a soft credit inquiry to see what sort of terms you might qualify for. Then you’ll be prompted to submit a full application. The following is what you can expect the entire process to look like through Avant’s website:
- Fill out the initial application online. Information you’ll need to provide includes your address, Social Security number, income details, the reason for the loan, and how much you intend on borrowing.
- Review loan offers provided on the screen. If you accept any one of the offers, you’ll need to agree to create an Avant online account before proceeding.
- Verify personal information before submitting the required documents. You’ll be asked a number of questions to prove you are who you are.
- Provide required documentation, such as proof of income and contact details for your place of employment.
Once your loan is approved, sign your loan agreement and receive your funds as soon as the next business day via bank transfer.
Can You Refinance a Personal Loan With Avant?
Once you take out a personal loan with Avant, you may be able to refinance it at some future point. If you qualify, Avant will offer a lower APR plus additional funds. You are allowed to refinance a loan two times.
If your credit history is on the sketchy side, then Avant can be a sound choice, as it offers more competitive rates than other lenders who cater to borrowers in the fair credit category. We also like that you can receive funds quickly, and can manage your personal loan on the go with Avant’s app.
However, if you have a good credit score—700 or above—an Avant personal loan might be a less advantageous move: In between its mandatory fees and high minimum APR, its terms are more expensive than those you’d probably qualify for elsewhere.
At the very least, you can get a quote from Avant to see what you may qualify for since it costs you nothing. And, whatever your credit score, it’s always a good idea to shop around to a couple of other lenders, at least, to make sure you get the funds you need at the best deal possible.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.