Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is Avant Best For?
Avant is a great personal loan lender for borrowers who want to get their money quickly. You'll generally get your funds the day after your application is approved. It's also our top pick for those with lower credit scores in our guides to the best debt consolidation loan companies and the best home improvement loans.
Avant Personal Loan Details
Avant loan amounts range from $2,000 to $35,000. The minimum amount you're required to borrow varies by state. Avant offers loans to all 50 states and Washington, DC.
Depending on your credit score and annual income, your APR will range from 9.95% to 35.99%, which is higher than some other major competitors' APR ranges. For example, Best Egg's range is 8.99% to 35.99%, and Marcus by Goldman Sachs' is 6.99% to 24.99%. But if you need to get a loan with a bad credit score, it's a good option to have.
The minimum loan term is 24 months, and the maximum term is 60 months. You can pay off Avant loans in full at any time without incurring an early payment penalty.
After you've verified your information, the loan proceeds will be delivered to your bank account as requested, usually by the next business day.
If Avant offers you a loan with a high interest rate, you may want to look into credit cards for people with bad credit and compare rates between a card and a loan — you might be eligible for a lower APR and better terms with a credit card. Weighing the pros and cons of your decision will help you get the best financial deal possible.
If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company's website. To reach Avant, use their customer service email address or phone Monday through Friday, 7:00 a.m. to 10:00 p.m. CT, or weekends from 7:00 a.m. to 8:00 p.m. CT.
Avant also has a mobile app with a smooth, well-designed interface. The app has 4.5 out of 5 stars in the Apple store, and 3.8 out of 5 stars in the Google Play store.
Avant Personal Loan Pros and Cons
| Pros | Cons |
Quick access to funds. If your loan is approved by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day. The exact time will depend on your bank and its processing time. | Multiple types of fees. You'll have to pay an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. If you miss a scheduled payment, you may incur a late fee, which will vary by state. If a scheduled payment is returned unpaid, dishonored payment fees may apply. |
No prepayment penalty. You can make additional payments toward your loan, and you won't be charged an extra fee. | High maximum APR. Compared to competitors like Best Egg, Marcus, and Lightstream, Avant's maximum APR of 35.99% is high. Best Egg's max is 29.99% APR, and Marcus' and Lightstream's are 19.99% APR. |
Mobile app. Avant has a strong mobile app. Not all personal loan companies come with apps. |
|
How to Apply for an Avant Personal Loan
You'll need to meet the following requirements to apply:
- You must be over the age of 18 (19 if you live in Alabama).
- You must have a personal bank or credit union account (prepaid card accounts aren't eligible).
- You must be able to provide documents to verify your income, identity, and other information as requested.
1. Provide details on Avant's website. You'll need to input your email and basic personal information. Then you'll be asked how much you want to borrow and how you plan to use the money. To get you a rate quote, Avant will run a soft credit check, which doesn't affect your credit score.
2. Preview different loan offers and choose an option. Avant will give you loan offers with a variety of rates and term lengths. Pick one you can fit into your monthly budget.
3. Receive your funds after signing your agreement. Most customers will get their money within two days after getting a loan with Best Egg.
4. Work loan payments into your monthly budget. Make sure you have enough money to cover all of your financial responsibilities.
Avant Frequently Asked Questions
Yes, Avant is a legitimate loan company that offers personal loans to borrowers with poor credit at decent rates.
After you're approved for a loan, you will likely get your money within one business day.
You're likely to need a credit score of at least 600 to get approved for a personal loan from Avant.
You won't get instant approval with Avant, but you may be approved the same day you apply.
Avant Trustworthiness
Avant is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives Avant an A rating. The BBB assesses companies by evaluating a business' responses to consumer complaints, truthfulness in advertising, and transparency about business practices.
However, good BBB scores don't guarantee you will have a good relationship with companies. They're merely a guideline to help you get started on your hunt for a personal loan provider.
Avant does have a recent controversy. In 2019, the company settled a case with the Federal Trade Commission where it was found liable for putting unauthorized charges on customers' credit card, and for illegally requiring customers to agree to automatic payments from their bank accounts when taking out a loan.
Due to Avant's recent history, you may decide you're more comfortable using a different personal loan company.
Avant Personal Loans Competitors
Avant Personal Loans vs. Reach Financial Personal Loan
Avant charges an administration fee of up to 4.75%, which will be subtracted from your loan proceeds when it's funded. You'll also pay a fee if you miss a scheduled payment or if a scheduled payment is returned unpaid.
You can only use your Reach Financial Personal Loan funds to consolidate debt, while you can use Avant funds for a variety of purposes.
If your credit score is below 660, Avant is likely the better option. That said, the lower your credit score, the higher an APR you will probably pay.
Avant Personal Loans vs. Best Egg Personal Loans
You'll pay a late fee with both Avant and Best Egg — Avant's late fee depends on which state you live in, while Best Egg has a late fee of $15. Both have additional fees baked into the cost of the loan. Avant charges an administration fee of up to 4.75% of your loan amount, while Best Egg has an origination fee ranging from 0.99% and 5.99%.
You'll receive your funds roughly in the same amount of time with both companies. Avant claims most customers will receive their funds the next business day, and Best Egg says the majority of customers will get their money within one to three business days.
Why You Should Trust Us: How We Rated Avant Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our full ratings methodology for personal loans for more details.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.