Whether it’s a special occasion, a holiday, or debt consolidation, people often find themselves in need of a personal loan.
Avant’s mission is to “transform middle-income consumers’ borrowing experience.” It’s ideal for those with good or poor credit and a credit score of at least 580—one of the few exceptional services that offer personal loans to those with bad credit. Avant was established in 2012, and in that time, it has distributed over $6.5 billion in loans.
After going through many Avant reviews and testing the service ourselves, we compiled this article with all you need to decide if this service is right for you.
Taking out a loan is a big commitment, making sense that each company has certain eligibility requirements. Here are Avant’s:
Before you commit to a loan offer, Avant gives you the chance to check your loan options. This doesn’t affect your credit score. Here’s a step-by-step guide to the Avant loan process:
If you have bad credit and your application gets rejected, you should check out some options that guarantee loans to those with bad credit. Another good idea would be to try and improve your credit score before applying again. Many factors can influence your credit standing, and you might be able to influence some of them to ensure you get the best possible loan offer.
|Choice between secured and unsecured loan||Charges administration fee|
|Accepts borrowers with fair credit score||No option for cosigners|
|Flexible repayment terms||Some lawsuits|
Although Avant is accredited by the Better Business Bureau (BBB) and has an A rating, the Avant loan reviews on BBB aren’t great. Just 1.29 out of 5 stars is the average score of 91 customer reviews. The majority of the negative reviews complain about poor customer service that’s unresponsive or not very polite. Some consumers also allege shady practices.
Interestingly, compared to the overwhelmingly negative BBB comments, websites such as Trustpilot and Consumer Affairs have mostly positive Avant reviews. On these platforms, customers seem to be satisfied with Avant’s services. One point that comes up often in positive reviews is the quick and easy loan process.
To keep its customers’ vulnerable information safe, Avant’s website is protected with 128-bit SSL encryption which is standard for this type of platform. Avant does not collect or share your information, but it can’t guarantee its safety completely. So make sure you do everything possible on your end to ensure your privacy, starting with choosing a strong password.
OneMain Financial is an excellent option for those with a credit score below 600. It has a lower minimum loan amount but also a much higher minimum interest rate compared to Avant.
OppLoans is the option to go with if you have bad credit. However, it has very high interest rates, which are typical for companies that offer loans for people with low credit scores. If you want to take advantage of Avant, you will do good first to fix your credit score. If you didn’t do that, OppLoans would be a good choice. You can look for other ways to get a loan.
|Loan Term||2–5 years||2–5 years||0 months–2 years|
|Min Credit Score||580||None||None|
Avant is a solid option if you have fair/good credit. Many customers are satisfied with the company’s service and conditions. It offers decent features such as flexible repayment terms, decent APRs, a reasonable minimum credit score, and a good range for loan amounts.
However, if you have very good or excellent credit, we recommend opting for another loan service that might offer better terms to match your credit score.
We hope you found our Avant review useful and it helped you make an informed choice about this service.
1. Is Avant good for debt consolidation?
The Avant debt consolidation loan can come in handy if you want to improve your financial situation. Don’t forget, however, that other loans might help you with debt consolidation.
2. Can Avant help me get out of debt if I have no money and bad credit?
Yes, Avant can help people with a bad credit history. But you may want to consider other options such as checking accounts for bad credit, peer-to-peer lending, debt management programs, or debt settlement.
3. Are Avant loans legit?
Yes. Avant has been a credible name on the lending market since 2012 and, in that time, has left many customers satisfied with its services. Many positive Avant reviews praise its straightforward model.
4. Can you pay off an Avant loan early?
If you have the funds, sure. It’s always a smart idea to pay off your loans sooner than you planned because you’ll save money in the long run. Avant doesn’t charge any early payment fees.