Avant Review: Fast Personal Loans for Fair Credit
- Max. Loan Amount
- $35,000
- APR
- 9.95% to 35.99%
- Min. credit score
- 580
Our verdict
Fast funding for fair credit borrowers, but expect a high origination fee.
Avant specializes in providing loans to borrowers with fair credit who may struggle to get approved with traditional lenders. Funding is fast, but be prepared for high interest rates and a loan origination fee of up to 9.99%. Consider Avant if you need to rebuild credit or pay off high-interest debt.
Best for: Borrowers with fair credit who need fast access to funds.
Pros
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Typically fast loan approval
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Lower credit requirements than some lenders
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Prepay your loan without additional fees
Cons
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Potential for high origination fees
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Not available in all 50 states
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No cosigners, joint applicants or collateral allowed
Is Avant legit?
Avant is a legitimate lender that issues its loans through WebBank, a member of the FDIC. The company protects your information using SSL encryption and limits how it shares your information through its privacy settings, which you can adjust by calling customer service.
Avant lawsuits
In April 2019, Avant paid $3.85 million to borrowers as a settlement for a lawsuit over how it handled loan repayments. The lawsuit alleged that Avant had engaged in the following practices, which are illegal according to federal law:
- Unauthorized withdrawals from consumer accounts
- Failure to credit payments made by check in a timely manner
- Failure to accept debit and credit card payments
- Inaccurately listing payoff amounts on borrower accounts
- Demanding additional payments after borrowers paid off a loan
- Forcing borrowers to agree to recurring automatic debits
In 2021, Avant paid $1.6 million to the Local Consumer Aid Fund to settle allegations that it engaged in abusive collection practices, including not providing proper debt validation notices and making illegal debt collection calls to consumers.
What makes Avant shine?
Avant personal loans are a great option for borrowers with less-than-perfect credit who may not qualify with lenders that require credit scores in the high 600s and up. With Avant, you only need a credit score of 580 to qualify, and it accepts self-employed borrowers, which many other lenders don’t.
Avant also stands out for its ability to help borrowers rebuild their credit. If you qualify for a competitive rate, you can use Avant loans to pay off high interest credit cards or payday loans. Loan approval and disbursement typically happen within one to three business days, so you can get your money fast.
Where Avant falls short
While Avant offers several benefits, there are a few drawbacks to consider. One downside is the potential for high interest rates, especially for borrowers with lower credit scores. It also charges hefty loan origination fees, up to 9.99%, which can increase the overall cost of borrowing.
Another shortcoming is Avant’s lack of direct payment to creditors for debt consolidation loans. Many competing lenders make debt consolidation more seamless by directly paying off existing debts. Avant borrowers must manage payments themselves, making the debt consolidation process a bit more complex.
Avant also doesn’t offer cosigned, joint or secured loan options, which can make it difficult for borrowers to secure better loan terms. Its services are only available in 43 states. Avant isn’t licensed in Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia or West Virginia. If you live in any of these states, you might want to check out other lenders like Avant.
Avant loan details
| Minimum loan amount | $2,000 |
| Maximum loan amount | $35,000 |
| APR | 9.95% to 35.99% |
| Interest rate type | Fixed |
| Min. credit score | 580 |
| Loan term | 24 to 60 months |
| Origination fee | Up to 9.99% |
| Other fees |
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| Turnaround time | As soon as the next business day |
| Availability | Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia |
Avant contact info
| Phone number | 800-712-5407 |
| Customer service hours | 7 a.m. to 10 p.m. CT, Monday through Friday 7 a.m. to 8 p.m. CT, Saturday and Sunday |
| support@avant.com | |
| @avant_forward | |
| @avantforward |
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How to qualify for Avant personal loans
To qualify for a loan through Avant, you must meet the following requirements:
- Credit score of at least 580
- Valid US bank account
- Proof of steady income
- Live in an eligible state
- US citizen or permanent resident
- At least 18 years old (19 in Alabama)
How to apply
If you’d like to apply for a personal loan with Avant, here’s what you need to do:
- Visit its website and select Check your loan options.
- Provide your contact information, residence details, Social Security number, date of birth, loan amount and income. You’ll receive loan offers within minutes without affecting your credit score.
- Choose an offer and review the loan agreement to see your repayments, due date and applicable fees.
- Receive your funds, often just one business day after loan approval — though it can take up to three business days if additional documentation is required.
How Avant compares to other lenders
Avant reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.08 out of 5 stars, based on 285 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 29,214 customer reviews. |
| Customer reviews verified as of | 26 August 2024 |
On Trustpilot, thousands of customers leave overwhelmingly positive reviews for Avant, despite the company settling two lawsuits regarding its business practices in 2019 and 2021. Avant gets a less favorable customer rating on the Better Business Bureau (BBB) website, although the number of ratings left is far fewer than on Trustpilot.
Satisfied customers reported being pleased with how easy it was to apply and how fast they received their funds. Dissatisfied customers typically complained about issues with the company’s credit card and subpar customer service.
What do people on Reddit say?
Most of the chatter on Reddit about Avant is positive. Several discussions were about using Avant personal loans to pay off credit card debt and save money on interest. Other Redditors shared that getting an Avant credit card helped them build or rebuild their credit.
The few negative comments about Avant on Reddit cited high APRs and fees for failed payments.
Frequently asked questions
What credit score do you need for an Avant loan?
The minimum credit score is 580, though Avant reports that most of their customers have a credit score between 600 and 700.
Does Avant give bad credit loans?
A bad credit score is one that typically falls under 580. FICO refers to these as “poor” credit scores. With Avant’s minimum credit score requirement of 580, its products aren’t technically considered bad credit loans.
How many days does it take Avant to approve a loan?
Loan approval usually happens within one or two business days. The timing depends on the documentation required and how long it takes to verify your personal and financial information.
How does Avant debt consolidation work?
With Avant, funds are deposited to your bank account, not sent to your creditors directly. You’ll need to contact your creditors to get the exact payoff amount for the day you intend to make your payment. This helps ensure your payment covers the entire balance owed so you don’t keep accumulating interest.
How do I cancel my Avant application?
You can cancel your application by email or phone. If you already received your loan, you can pay it off early, but you’ll have to pay any interest that has accrued.
How do I take out a second loan with Avant before I pay off my current loan?
You can’t take out a second loan before your first loan is paid off, but you can refinance it with a larger loan. Keep in mind that refinancing can extend your loan term, which means you’ll pay more in interest.
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Your reviews
Christi Finder
Contributor
Hi there, looking for more information? Ask us a question.
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Joshua Finder
January 26, 2019
Hi Daisy,
Thanks for getting in touch with finder. I hope all is well with you. :)
I understand that you want to know if PayPal can be considered as a valid bank account. Upon checking, PayPal is not a bank account, but rather it is more like a money transfer service provider. For this reason, Avant might not consider PayPal as a bank account. You may also directly get in touch with Avanta to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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Mary Ann
July 01, 2017
I have a loan with Avant now. Is it possible to get another for debt consolidation?
liezlty
July 01, 2017
Hi Mary Ann,
Thanks for your question.
Yes, it’s possible to get another loan subject to the lender’s assessment of your eligibility for refinancing.
Warm regards,
Liezl
Kteetz
June 20, 2017
Is it possible to take out a loan without an income if your husband can pay it off but can not have it in his name because we want to get a house and need the loan to cover closing costs?
haroldjacob Finder
June 20, 2017
Hi Kteetz,
Thank you for your inquiry.
Unfortunately no, if you’re interested in finding out your rate through Avant or submitting your application, click the “Go to Site” button. You will need to meet some initial eligibility criteria, which include:
– You must be a US citizen, a permanent resident or in the US on a valid long-term visa.
– You must be at least 18 years old.
– You must have a valid bank account.
You’ll also need to gather the following information before applying:
– Your name, contact information and date of birth.
– How much you want to borrow and the purpose of the loan.
– Your annual individual income.
I hope this information has helped.
Cheers,
Harold
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Brian
June 14, 2017
will a loan be approved with an open chapter 13 bankruptcy in good standing
anndymacaraeg Finder
June 15, 2017
Hi Brian,
Thanks for your question.
If you are currently bankrupt, some lenders may still consider you for a loan. Kindly note also that the fees and rates may be considerably higher on bankrupt loans.
If you are interested in exploring your possible options, please check out this page about bankrupt loans.
Cheers,
Anndy
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Jamie
June 05, 2017
On an Avant personal loan what is needed to verify annual income?
Thanks,
Jamie
Anndy Finder
June 19, 2017
Hi Jamie,
Thanks for your question.
For self-employed borrowers, Avant requires two most recent years’ complete, official tax documentation.
For those employed by traditional means or are receiving benefits, Avant uses their online verification tool (OVT) to check your income. Moreover, if further verification is needed, they will directly contact you and inform you of other requirements.
Cheers,
Anndy
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Daisy
January 26, 2019
I use my PayPal account for everything. Even my work paycheck is direct deposited there. Meaning I have Acct number & routing number. I see that a “valid bank account” is a requirement. Does my PayPal info qualify?