Avant Personal Loan Review 2021


Avant loan is ideal for people with a good or bad credit score.

Pros:

  • Flexible repayment terms
  • Accepts borrowers with fair credit score
  • Choice between secured and unsecured loan

Cons:

  • Some lawsuits
  • No option for cosigners

Average Rating: 4

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Detailed Review

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.

What You Need To Know About Avant

  • Avant’s expected loan amount can range between $2,000 and $35,000, depending on how much you need.
  • Your average percentage rate (APR) would range from 9.95 percent to 35.99 percent if you take out a loan via Avant.
  • If it’s easier for you, you can make your Avant loan payment in monthly installments.
  • The loan term is the time in which you have to return the funds is 2–5 years.
  • As for fees and penalties, Avant charges administration fees, late fees, and dishonored payment fees.
  • Avant lets you choose between unsecured or secured personal loans. If you choose an unsecured loan, you don’t need to provide collateral, but if you decide to go with a secured loan, be prepared to offer your vehicle as collateral.
  • You can also set up automatic withdrawal if you want to keep your mind at ease about missing any deadlines.
  • Avant doesn’t offer any arbitration services.
  • If you want to pay off your loan sooner than expected, there is no penalty; however, if you are late with your payment, you will be charged a $25 fee.
  • Avant has a mobile app that you can use to manage and track your application or account. The app also gives access to a blog that has some information you might find helpful.
  • The Avant loan approval time is relatively short—it can take as little as a couple of hours to get approved.
  • After your application is approved, you can expect a very short funding time—you usually receive your money within one business day.
  • The only types of credit offered by Avant are personal loans and credit cards.
  • Avant doesn’t have any COVID-19 assistance besides its customer service number and already existing features.
  • You can read about the company’s “readiness plan” on its blog.
  • Avant has had a few lawsuits alleging the company took unauthorized funds from its customers’ accounts.

Avant’s Personal Loan Eligibility Criteria

Taking out a loan is a big commitment, making sense that each company has certain eligibility requirements. Here are Avant’s:

  • Age: Potential borrowers must be over 18 years old
  • Citizenship: US resident with a Social Security number
  • Minimum credit score: The minimum credit score for Avant loan approval is 580
  • Income threshold: At least $20,000 annually
  • Minimum length of credit history: Not specified

How To Apply For A Loan With Avant

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:

  1. Go to Avant’s official website
  2. Select “Check Your Loan Options” under “Personal Loans.” You’ll be redirected to a form that you need to fill out
  3. Enter some general personal info such as your first and last name, address, city, state, and ZIP code
  4. Indicate whether you rent or own living space, enter your monthly housing payment amount, as well as when you started living there
  5. Provide your date of birth, phone number, and e-mail address
  6. Create a password for your Avant account
  7. Enter your Social Security number
  8. Choose your income type and your net monthly income
  9. Select the purpose of your Avant personal loans, choose the loan amount you need, and then indicate your credit quality
  10. Enter a promo code if you have one
  11. Accept Avant’s terms and conditions
  12. Choose an offer that works best for you, submit the appropriate documentation and your application for it
  13. Receive your loan amount one business day after your application is approved

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.

Pros & Cons

Pros Cons
Choice between secured and unsecured loan Charges administration fee
Accepts borrowers with fair credit score No option for cosigners
Flexible repayment terms Some lawsuits

Avant Personal Loan Review 2021

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.

Privacy & Security Policy

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.

Alternatives for Avant Personal Loans

Avant vs. OneMain Financial

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.

Avant vs. OppLoans

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.

Avant  OneMain Financial OppLoans
Loan Term 2–5 years 2–5 years 0 months–2 years
Est. APR 9.95%–35.99% 18%–35.99% 59%–99%
Min Credit Score 580 None None
Loan Amount $2,000–$35,000 $1,500–$20,000 $500–$4,000

Wrap Up

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.

FAQ

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.

Compact Review


  • Loan Amounts

    $2,000–$35,000

     

  • Funding Time

    One business day

     

  • Loan Terms

    2–5 years

     

  • Income Threshold

    $20,000 annually

     

  • APR Range

    9.95%–35.99%