Avant Personal Loan Review 2021–Top Features, Pros and Cons

When you're looking for a personal loan, it helps to read personal loan reviews. Here's what you should know about personal loan company Avant.
a man uses a mobile phone to apply for an Avant personal loan.
authorimg
By Shannon Lee
Updated on: September 30th, 2021
Editor's Rating

Credit card interest rates can drive up your debt at a breathtaking pace. Medical emergencies can leave you out of work and dealing with bills that cut into your already-stressed savings. Personal loans can help provide a break from that stress, allow you to organize your finances, consolidate bills, and break it down to one monthly payment.

Avant offers a way for those who have less-than-perfect credit to get things under firm control and explore what it feels like to breathe a little easier.

Learn about Avant and the features it provides, the pros and cons, and get all of your questions answered about how it works.

Compare Your Personal Loan Rates
Check Your Personal
Loan Rates
Choose a purpose for your loan
Always free and will not impact your credit score.

Pros and Cons of an Avant Personal Loan

Avant offers loans of up to $45,000 for those with bad to fair credit, with an APR right in line with that of most companies that offer the same service. Here’s a balanced look at Avant.

Pros Cons
Expect funding as soon as the next business day No direct payment to lenders
Prequalification is only a soft credit hit No joint, secured, or co-signed loans
Easy to change your payment due date Charges a late fee of $25
Good for those with bad to fair credit Charges an origination fee of 4.75%
Simple, easy-to-meet qualifications Interest rates very high for some borrowers

 

Who Is Avant For?

Avant is great for those who have trouble with their credit. The company says most customers have a credit score between 600 and 700, based on FICO. It helps those who need money fast, as you can get funding within a few business days. What’s more, you’ve got anywhere from two to five years to pay it off. Refinancing is possible as you get back on your financial feet and want to find more advantageous terms.

Top Features of Avant

There are some features of Avant that stand out for those who want to get a personal loan and pay down their ever-growing high-interest debt.

  • Soft credit pull. Prequalifying for the loan takes only a few minutes, and it results in a soft credit hit. This makes no change at all to your credit score, as it’s considered a “just-looking” kind of inquiry, not an actual loan request.
  • Excellent funding time. Once the loan is approved, expect to receive the funds within one or two business days, deposited directly to your checking account.
  • Good customer service. There are numerous channels through which to contact customer service, including phone, chat, and email, as well as through the dedicated app. Customer service is available seven days a week.
  • Management through the mobile app. Customers can use the mobile app to manage their loans, including seeing their balance, making payments, adjusting their payment due date, and more.
  • Easy qualification terms. To get a loan, you must have at least $1,200 in income per month (and that can include alimony), free monthly cash flow of $500, and a debt to income ratio of 70% before the loan. You can also have a credit score as low as 550.

How to Apply

You can apply for and manage the loan entirely online. The application process is straightforward, with questions about your income and debts, as well as a credit check. For Avant to do a credit check, you must provide a social security number.

Also, you must be a U.S. citizen of at least 18 years of age. Poor or fair credit loans are possible, as the company looks for a credit score that could be as low as 550 and income of as low as $1,200. Upon approval for the loan, it typically takes one or two business days for the funds to hit your account.

Rating the Features

When looking into personal loans to pay off debts or fund other necessities, it’s good to know what you’re getting into before signing on the dotted line. Here are some things to consider about Avant.

User Experience

Applying for the loan is very easy. Prequalification helps you see exactly what you can borrow and at what terms.

The application process is online and takes only a few minutes to complete the initial steps; it takes a bit longer for your application to go through the credit check and other requirements.

It can take a few days for the money to hit your account; Avant tends to be a bit faster than other companies in that regard.

Fees and Rates

Avant offers a 9.95% to 39.95% APR, which is about what’s expected for companies that provide personal loans to those with not-so-good credit. With Avant, there is a $25 late fee, and an origination fee of 4.95% of the loan. Additionally, there is no discount for autopay, but there is the option to refinance at a later date for a better rate.

Transparency

Avant reports to all three credit rating bureaus, thus helping you build credit from the very first payment. The company is very transparent in spelling out every rate and fee during the prequalification process, so there are no nasty surprises. There is a comprehensive FAQ section that answers the most common questions. Avant also offers customer service for questions that might not show up there.

Flexibility

Borrowers can opt to borrow between $2,000 and $35,000. All loans are unsecured. Though you can’t choose an initial due date, you can change it to whatever you like twice during the term of the loan. Some states don’t allow loans from Avant. If you are in Colorado, Hawaii, Iowa, Nevada, New York, Vermont, or West Virginia, you’re out of luck with this company.

Customer Support

Avant has a robust mobile app that shows how much is left to pay. It allows you to make payments and change your due date, and it keeps you up-to-date on your credit. The company offers a blog on financial stress and resolving debt. Meanwhile, the customer service line takes you to real people, not a frustrating automated system.

Bottom Line

For those who have not-so-good credit, Avant is a good option that provides loans within a matter of days. You can use a loan from Avant to consolidate credit card debt, pay off bills, make a big dent in that medical debt, and much more. In the meantime, take advantage of the blog on the website, especially if you’re interested in getting information and inspiration in getting your finances under control.

About the Author

Shannon Lee is a freelance writer and occasional novelist who has spent over twenty years writing about personal finance, home improvement, education, relationships, and medical and health topics.