Today’s options for personal loans can seem endless, making it challenging to determine which one is right for you. You can apply through a traditional bank or credit union in your area or branch out and try one of the various online lending platforms available. If you have fair to bad credit, Avant could be a viable option for your personal loan needs. Let’s examine what Avant is, how it works, and what customers are saying about its services.
What Is Avant?
One online lending platform available to customers with fair to bad credit is Avant. While most of Avant’s customers have an average credit score somewhere between 600 and 700, the company offers options to those with credit scores as low as 550. You can apply for a personal loan or credit card through Avant. Its mission is to lower the barriers and costs for everyday people when borrowing money. Avant was established in 2012 with headquarters in Chicago and has provided more than $6.5 billion in loans to date.
Checking your loan options or applying for the Avant credit card will not affect your credit score, making it an appealing option to those rebuilding or new to credit. You can contact the Avant team via the online contact form, in-app chat with an agent option, email, or phone. Customer service agents are available Monday through Friday from 7 a.m. to 10 p.m. as well as Saturday and Sunday from 7 a.m. to 8 p.m. All times are Central time zone.
Avant Personal Loans
Avant offers personal loans to customers ranging from $2,000 to $35,000 with a term of two to five years. The annual percentage rate (APR) and terms vary by state, and you can check your state’s available loan amount, term, and APR on its website. Interest rates vary based on several factors, including your credit history or score and the duration of your loan, but fall between 9.95% and 35.95%. You can apply for a personal loan for the following reasons:
- Medical expenses
- Home repairs or improvements
- Emergencies, such as auto repairs
- Consolidated debt
- Paying for a vacation
- Relocation or moving expenses
Avant does not allow customers to take out personal loans for any type of business purpose. You will pay administrative fees of up to 4.75% on unsecured loans, and there’s no prepayment penalty. Late fees will be added if full payment is not received within 10 days of the due date and if a payment is returned for insufficient funds. Avant personal loans are unavailable in Colorado, Hawaii, Iowa, Nevada, New York, Vermont, and West Virginia.
The minimum annual household income is $20,000, with most of Avant’s customers falling in the $40,000 to $100,000 range. Avant can consider additional income, such as alimony or child support, as well as the income of other household members, although this is optional. Co-signers and co-applicants are not allowed on Avant personal loans. Upon approval, you can typically expect to receive your funding on the next business day, with your first payment due 30 days after receipt.
Application Process
You can check for pre-qualification before applying for a personal loan from Avant online. If you qualify and opt to go with Avant for your funding needs, you can apply online or by phone. Personal information required during the application process includes:
- Name
- Home address
- Housing situation (rent or own)
- How long you have lived at your current address
- Birthdate
- Phone number
- Email address
- Social Security number
You will also need to provide your banking information. Avant requires you to have either a personal checking or savings account on file. You will need to provide routing and account numbers for verification. You will also need to provide the following financial information:
- Proof of income
- Loan purpose
- Loan amount requested
- Monthly housing payment
- Personal assessment of credit rating
Avant Reviews and Ratings
If you’re considering taking out a personal loan or opening a credit card account, you want to ensure you work with a reputable financial institution. You might also want to research its customer service satisfaction ratings to determine if it’s a good fit.
Forbes Advisor gives Avant 3.5 out of 5 stars, listing its pros as low credit score requirement, loan terms available to 60 months, and applicants’ ability to use the income of other household members to qualify. The cons are the upfront administrative fee, high starting APR for prime borrowers, and not allowing co-applicants and co-signers. Investopedia gives Avant 4.1 out of 5 stars, with pros of low credit requirements, iOS and Android apps, and refinancing of personal loans. The cons are the origination fees, income documentation requirements, and relatively low loan amounts.
Credit Karma awards Avant a 4.5 out of 5 stars based on 6,497 reviews from Credit Karma members. Ratings are based on the application process and customer service, with Avant receiving 4,533 5-star reviews and 782 1-star reviews. NerdWallet rates Avant as 3.5 out of 5 stars, with pros of being able to fund loans the next business day, the option to change your payment date, and soft credit for pre-qualification. Cons are the origination fee, no direct payment to creditors when consolidating, and no joint applications or co-signers allowed.
Customer reviews vary for Avant. Consumer Affairs reports a 2.6 out of 5 stars based on 34 ratings. Pros include flexible loan terms, a mobile app for iOS and Android, and fixed payments. The only con is the high APR and administrative fees. Avant shares rankings on its website from Trustpilot, with an excellent rating of 4.7 of 5 stars based on 22,261 customer reviews. Avant receives an 82% excellent rating and only 4% for bad.
The lending platform you choose for financing a personal loan or credit card is ultimately a personal choice. Spend time researching your options and comparing loan details such as origination fees, terms, and APR to get the best value for your money. Avant reviews demonstrate a certain level of customer satisfaction, making it a viable option to consider.
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