Avant Personal Loans: 2024 Review

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Sulaiman Abdur-RahmanUpdated January 2, 2024

Overview of Avant

Avant personal loans range from $2,000 to $35,000 and repayment terms of up to 36 months. The APRs can range from 9.95% to 35.99%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee as part of the APR finance charges.The Takeaway: Avant’s quick personal loans start from $2,000 and can be used for covering planned and unplanned expenses. Avant personal loans may be right for you if you have fair credit and need to borrow several thousand dollars for emergencies.

Pros and Cons of Avant

Below we highlight some of the pros and cons with Avant personal loans:

Pros	Cons
No collateral required	May charge an upfront administration fee up to 4.75% of your loan amount
Repayment terms generally range from 12 to 60 months	Maximum borrowing amount is generally capped at $35,000
Funds can be received within one business day	Annual percentage rate of interest and fees can be relatively high

Pros of Avant

As highlighted in the Avant reviews above, customers generally appreciate the pros of Avant personal loans. Approved applicants can receive funding as soon as the next business day, and no collateral is required. These fixed-rate loans can have repayment terms ranging from 12 to 60 months.

Cons of Avant

Avant personal loans can include relatively high APRs ranging from 9.95% to 35.99%. The finance charges can include an upfront administration fee automatically deducted from your loan proceeds. Avant caps the maximum personal loan borrowing amount at $35,000, which may be insufficient for consumers with greater borrowing needs.

Avant Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000 to $35,000 APR range: 9.95% to 35.99% Loan terms: 12 to 60 months Prepayment penalty: No Application fee: May charge an administration fee up to 4.75% Co-borrowers allowed: No Approval speed: Personal loan preapproval may take several minutes, loan proceeds can be received within one business day of approval Information accurate as of Jan. 2, 2024.

Who May an Avant Personal Loan Be Right For?

An Avant personal loan may be right for the following demographics:

Consumers who need to borrow a $2,000 personal loan
Consumers looking for quick $4k loans
Subprime borrowers with credit scores as low as 580
Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark

Who Avant May Not Be Right For

An Avant personal loan may not be right for the following demographics:

Borrowers who don’t want to pay administration fees and daily simple interest on a personal loan
Borrowers seeking joint personal loans
Consumers who need to borrow large personal loans of up to $100K
Consumers who prefer open-end credit vs. closed-end credit

What to Watch Out for With Avant Personal Loans

Here are aspects to watch out for with Avant personal loans:

These quick personal loans may charge APRs as high as 35.99%
Failing to pay and defaulting on a personal loan can have a major impact on your credit score
Avant may charge late fees and dishonored payment fees in addition to the administration fee

Avant Personal Loan Eligibility Requirements

Avant personal loans may have the following loan eligibility requirements:

May require a minimum credit score of 580
Proof of identity
Proof of income
May require a personal bank account

Repayment Options for Avant Personal Loans

Here are some of the options for repaying an Avant personal loan:

Automatic payments via Automated Clearing House (ACH)
Mailing paper check, cashiers check, or money order payments to Avant LLC
Credit card or debit card payments via telephone

How to Apply for an Avant Personal Loan

Here are steps on how to apply for an Avant personal loan:

Apply online. You can get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. You can check to see whether you have any prequalified loan options through Avant. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
Verify information. You may need to pass an identity verification assessment as part of the application process. You can take an electronic knowledge-based test where you’re expected to answer a series of questions that only you should be able to answer. Applicants may also need to provide proof of income and bank account details.
Accept the loan. Approved applicants can sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds through an ACH deposit within one business day. You can check your bank account to confirm receipt of the proceeds.

Alternatives to Avant Personal Loans to Consider

Avant personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:

Lender	Loan amounts	APR range	Maximum term
Achieve (formerly FreedomPlus)	$10,000 to $50,000	8.99% to 29.99%	60 months
Avant	$2,000 to $35,000	9.95% to 35.99%	36 months
Best Egg	$2,000 to $50,000	6.99% to 35.99%	36 months
LendingClub	$1,000 to $40,000	7% to 35.99%	36 months
OneMain Financial	$1,500 to $20,000	18% to 35.99%	36 months
Prosper	$2,000 to $50,000	8.99% to 35.99%	36 months
Universal Credit	$1,000 to $50,000	11.69% to 35.99%	36 months
Upgrade	$1,000 to $50,000	8.49% to 35.99%	36 months

(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:

With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders, including Avant, all in one place. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.

Frequently Asked Questions

Is Avant a legit company?

How much can you borrow from Avant?

What credit score do you need to get a loan from Avant?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

Brand names: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

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