Avant Personal Loan Review | May 2021 | TheValu.com

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Avant Personal Loan Review

Loan Amount:
$2000 - $35000
Minimum Credit Score:
580
APRs From:
9.95% - 35.99%
Funding Speed:
As soon as one business day

Features of Avant Personal Loans

Pros

  • Wide range of loan amounts
  • 580 credit score minimum
  • Good credit is not a requirement
  • Loans may be funded within one business day
  • Mobile app (IOS and Andriod)
  • Soft credit check enable pre-qualification (view loan offers without a hard credit check)
  • Avant offers the ability to change your payment date loan offers

Cons

  • No co-signers
  • Charges an origination fee of 4.7%
  • High APRs
  • Fees (late fee and origination fee)

About Avant Personal Loans

Avants unsecured personal loans are ideal for borrowers with less-than-perfect credit. Borrowers who qualify receive quick funding, with Avant loan are commonly funded by the next business day. A majority of borrowers who qualify will have a credit score between 600 and 700. The minimum credit score to qualify is quite low compared to competitors at 580. Because of the lower credit score minimums, Avant personal loan rates can be quite high.
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Est. APR
6.18% - 35.99%
Est. APR
9.95% - 35.99%
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6.99% - 19.99%
Est. APR
3.49% - 19.99%
Loan Amount
$5000 - $30000
Loan Amount
$2000 - $35000
Loan Amount
$3500 - $40000
Loan Amount
$5000 - $100000
Loan Terms
3-5 Years
Loan Terms
2-5 Years
Loan Terms
3-6 Years
Loan Terms
2-7 Years
Min. Credit Score
620
Min. Credit Score
580
Min. Credit Score
640
Min. Credit Score
660

Avant Personal Loan Snapshot

Loan Amount:

$2000 - $35000

APR:

9.95% to 35.99%

Minimum Credit Score:

580

Time to Funding:

As soon as one business day

Has Origination Fee:

Yes

Origination Fee: 4.75%

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Pros and cons of Avant Personal Loans

Before signing up for a loan with Avant, take a look at this breakdown of some of its benefits and drawbacks.

Pros:

Loan Amounts: Avant enables borrowers to fund a wide range of expenses. From small emergency expenses to home improvements or debt consolidation, according to Adam Hughes the president of Avant, they tailor their service to the "middle-class American consumer". Their loans range from $2,000 to $35,000*  a favorable range, this is a unique feature for an online lender that offers loans to people with fair credit scores.

Mobile app: Unlike other lenders, Avant offers borrowers a mobile app that enables them to manage upcoming payments and view their payment history. The app has a 3.5 rating on the Google Play store and a 4.5 rating on the Apple App Store.

Ability to Change your Payment Date: borrowers may change their payment date during the lifetime of the loan, they can also make additional monthly loan payments to help pay off the loan faster.

Cons:

No co-borrowers: Like many other online lenders, Avant does not allow joint borrowers on a single loan. If you are having an issue qualifying on your own because of issues with your credit or income, you should look at different lenders.

High APRs: For those with weak credit who are approved, you may be offered interest rates on the higher end of the spectrum. This could be an issue when consolidating credit card debt as those interest rates may not be any better than what you’re paying on your credit card today.

Fees: While many online lenders have gone fee-free, Avant still charges a $25 late payment fee, a $15 dishonored payment fee, and an origination fee of up to 4.75 percent.

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Loan Terms

While Avant advertises unsecured loans in the amount of $2,000 to $35,000, minimum loan amounts may vary by state. Avant personal loan interest rates range from 9.95 percent to 35.99 percent. Those with better credit history will find themselves with lower APRs during the preapproval process.

Avant offers repayment terms of 24 to 60 months (2 to 5 years). Your individual repayment terms will depend on the state you live in and your creditworthiness. Avant does not charge a prepayment fee, meaning you’re able to pay off your loan early, this feature is not offered by some lenders. An advantage to paying off your loan early is that it will decrease the amount you’ll pay in interest over the life of your loan.

Once approved, funds will typically be accessible within the next business day or two.

With a credit score of at least 580, you'll have a better chance of getting approved for an Avant personal loan. This makes Avant is a great option for borrowers on the lower end of the credit spectrum. Most lenders require a minimum credit score between 620 to 680 in order to qualify. On average, Avant borrowers have scores between 600 to 700 with incomes between $50,000 to $100,000.

Fees and penalties

Avant does charge an origination fee (advertised as an administration fee) up to 4.75 percent of the value of the loan.

A quick example of how Avants administration fee works:

You are approved to borrow $10,000 but you’re charged a 4.75 percent administration fee. This means that you will receive $9,525 because you are charged a $475 administration fee ($10,000 * 4.75% ). After receiving the loan, you will still be making payments on a $10,00 loan. It is important to factor in the origination (also known as the administration) charge when calculating the total amount you’re looking to borrow.

Other fees and charges include a $25 late fee, plus $15 if you don’t have enough money in your bank account to cover your monthly installment.

Avant Fees Recap:

  • An origination (also known as administration) fee of up to 4.75%.
  • $25 late fee after the 10 day grace period
  • Unsuccessful payment fee of $15

How to get a Personal Loan with Avant

Avant offers a simple online application process making it simple to apply for a loan. You'll need the following when applying with Avant:

  • Personal info (address, phone number, email, and Social Security number).
  • Your monthly net income.
  • Your monthly housing payments.
  • The amount you are looking to borrow.
  • Your estimated credit score.
  • The reason for your loan

Like all lenders, there are certain criteria potential borrowers must meet in order to be eligible for an Avant loan:

  • Must be over 18 (may be higher in some states).
  • Have valid identification.
  • Access to a bank account that accepts electronic transfers.

 

Once approved, you will be shown a chart displaying the terms and details of the loans you approved for with individualized options. At this stage, you have presented your fixed monthly payment for different loan lengths and the interest rates for each.

After you choose the option that best fits your needs, you will then be presented with more specific details. This includes the total amount of the loan after the application fee, and exactly how much will be deposited into your account.

The final steps are to electronically sign for your loan and provide your bank information for the deposit. At this time you can opt-in for autopay.

After submitting the documentation and your final loan is approved, funds are deposited into your account in as little as one business day.

With Avant, checking your loan options will not affect your credit score. However, before finalizing your loan, Avant will do a hard credit check, this may lower your credit score.