Avant Personal Loans: 2022 Review

Pros and Cons of Avant

Pros of Avant

Cons of Avant

Avant Personal Loan Terms, Rates, and Fees

Who May an Avant Personal Loan Be Right For?

• Consumers who need to borrow a $2,000 personal loan
• Consumers looking for quick $4k loans
• Subprime borrowers with credit scores as low as 600
• Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark

Who Avant May Not Be Right For

• 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

• These quick personal loans may charge APRs as high as 35.95%
• 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

• May require a minimum credit score of 600
• Proof of identity
• Proof of income
• May require a personal bank account

Repayment Options for Avant Personal Loans

• 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

• 1. Apply online: Applicants 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. Applicants can check to see if they 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.
• 2. Verify information: Applicants 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.
• 3. Accept the loan: Approved applicants may 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

• Marcus by Goldman Sachs®: Marcus by Goldman Sachs offers personal loans ranging from $3,500 to $40,000. Borrowers can choose loan terms ranging from 36 to 72 months, and the APR can range from 6.99% to 24.99%. Marcus personal loans feature no late fees and no origination fees, but nonprime or subprime borrowers may have difficulty qualifying.
• Upstart: Upstart is a cloud-based lending platform offering personal loans ranging from $1,000 to $50,000. Borrowers can choose between three-year or five-year terms, and some creditworthy applicants may qualify for interest rates under 6%. One drawback with Upstart personal loans is you may be charged an origination fee that’s deducted from your loan proceeds.
• Prosper: Prosper offers unsecured personal loans ranging from $2,000 to $40,000. Borrowers can choose loan terms of  two to five years. APRs on these loans can range from 6.99% to 35.99%. One of the major drawbacks with Prosper personal loans is borrowers may have to pay origination fees of up to 5% of the loan amount.
• Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.