Avant Personal Loans Review 2024

Unlike some top lenders that typically require credit scores of at least 670, Avant personal loans are accessible to people with fair credit—scores as low as 580. This not only makes it a good option for people with lower scores but also those who want to rebuild their credit.

It’s worth noting that if your score falls on the lower end of the spectrum, you shouldn’t expect to receive Avant’s minimum annual percentage rates (APRs)—those are reserved for high-qualified applicants.

Avant personal loans are available in all states except Hawaii, Iowa, New York, Vermont, West Virginia and Maine.

Avant Personal Loan Purposes

Permitted uses	Prohibited uses
Consolidate debt	Business purposes
Pay for emergencies, like auto repairs
Medical expenses
Home improvements
Moving or relocation expenses
Pay for a vacation

See MoreSee Less

Who Is Avant Not Right For?

If you have a credit score below 580 or above 620, it’s worth considering other personal loan lenders. If your score is below 580, you likely won’t be approved; if your score is above 620, you may be able to get more favorable terms that reduce the cost of your loan elsewhere.

Loan Amounts & Terms

• Loan amounts. Unsecured loans range from $2,000 to $35,000. However, Massachusetts has a minimum loan amount of $6,400. The loan amount an applicant qualifies for is also determined by their credit history.
• Loan terms. Avant offers personal loans with terms of 24 to 60 months.

Loan Costs

• APR. Avant advertises APRs between 9.95% and 35.99%. However, the APR an applicant is approved for will ultimately depend on several factors, including creditworthiness and loan amount.
• Administrative fee. Up to 4.75% for unsecured loans (this fee is deducted from the disbursement amount)
• WebBank late fee. Scheduled payments not made within 10 days of their due date are charged a $25 late fee. The late fee amount for Idaho and Oregon borrowers is 5% of the unpaid amount of the scheduled payment, not to exceed $5.
• Prepayment penalties. Avant does not charge borrowers any prepayment penalties for paying off loans prior to the end of their loan term. This means you can pay off your loan early without incurring additional costs.
• Dishonored payment fee. Avant also charges a Dishonored Payment Fee of $15 if a payment is returned unpaid. This fee does not vary by state.

Perks & Features

Unlike other lenders, which tend to offer rate reductions and other perks to responsible borrowers, Avant does not advertise discounts or other benefits.

Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.

Credit Score Requirements

Most Avant borrowers have a credit score between 600 and 700. However, the lender has a minimum score requirement of just 580, and the platform aims to provide tailored credit products to a range of customers. What’s more, you can check your eligibility with just a soft credit check, so your credit score won’t be impacted.

Income Requirements

Generally speaking, Avant specializes in lending to middle-income borrowers with an average household income of $40,000 to $100,000. However, this varies based on loan purpose, and the lender only requires a minimum income of $20,000.

Though optional, Avant also will consider income beyond your primary income (such as alimony and child support). The income of other people in your household also may be considered as part of the application and income verification process.

Co-signers and Co-applicants

Avant does not allow co-signers or co-borrowers on personal loans. However, the lender may consider the income of other members of an applicant’s household, which can be helpful when trying to qualify for a personal loan. Additional authorized users are allowed but this is not the same as a co-applicant and will not impact your application approval process.

Before applying for an Avant personal loan, prospective borrowers can check their eligibility through the platform’s website. To check your loan options, provide contact information, housing details, income, the purpose of the loan and how much you want to borrow. This prequalifying process involves a soft credit check so your credit score won’t be affected.

If eligible for an Avant loan, applicants will move on to the verification process, which involves confirming details provided during prequalification. Applicants also must undergo an identity verification and some may need to provide supplemental documentation to support their application materials. In this case, Avant’s originations team contacts applicants to request the necessary information.

Time to Receive Funds

For applicants who are approved Monday through Friday before 4:30 p.m. CST, Avant’s unsecured personal loans are typically funded via ACH the next business day. However, this timeline can vary depending on the borrower’s bank.

The first loan payment is scheduled for about 30 days after funding. A borrower’s payment schedule is identified in the loan agreement, but it can also be accessed from the online dashboard or mobile app.

Avant earned 4.7 stars on TrustPilot. Borrowers who have had a positive experience with the lender reported that application and payment processes are easy and that it’s a great option for those trying to rebuild their credit. Others have shared that customer service is helpful and courteous and that they received their funds quickly.

The majority of negative reviews for Avant pertain to the company’s credit card. However, a negative complaint related to Avant personal loans mentioned that the borrower didn’t receive enough updates on their application status.

The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how Avant personal loans stack up against other popular lenders:

Avant Vs. SoFi®

SoFi offers higher loan amounts ($5,000 to $100,000) than what’s available through Avant, and APRs start around 9% with autopay—beating out Avant’s lowest rate. Likewise, Sofi’s maximum APRs top out around 25%, whereas Avant’s rates peak at almost 36%. SoFi’s loan terms (two to seven years) are also more extensive.

Related: SoFi Personal Loans Review

Avant Vs. LightStream

LightStream personal loans are available from $5,000 to $100,000 and APRs start below 3% (for some loan purposes) for borrowers who sign up for autopay; rates cap out at just over 20%. This means that LightStream borrowers with the highest credit scores can access rates much lower than the best offered by Avant. However, LightStream’s eligibility requirements make it more difficult to qualify, whereas Avant imposes a low minimum score requirement.

LightStream loan terms are also more extensive than Avant loans, with terms available between two and 12 years, depending on the loan purpose.

Related: LightStream Personal Loans Review

Avant Vs. Marcus

Marcus offers smaller personal loans than some competitors, with options ranging from $3,500 to $40,000—similar to loans offered by Avant. Rates start around 7% but max out at around 20%, which is still significantly more competitive than Avant’s APRs. Marcus does not charge origination, prepayment or late fees, and borrowers can save 0.25% on their APR if they enroll in autopsy.

Related: Marcus Personal Loans Review

1

Avant

Loan amounts

Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

$2,000 to $35,000

APR range

If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

9.95% to 35.99%

Minimum credit score

580

1

Avant

Compare Rates

Via Credible.com's Secure Website

2

SoFi®

Loan amounts

$5,000 to $100,000

APR range

8.99% to 29.99% with autopay

Minimum credit score

650

2

SoFi®

Compare Rates

Via Credible.com's Website

3

LightStream Personal Loans

Loan amounts

$5,000 to $100,000

APR range

7.49% to 25.49% with autopay

Minimum credit score

660

3

LightStream Personal Loans

Compare Rates

Via Credible.com's Website

We reviewed Avant based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Avant based on the weighting assigned to each category:

• Loan cost: 35%
• Loan details: 20%
• Eligibility and accessibility: 20%
• Customer experience: 15%
• Application process: 10%

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated Avant’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.