Avant Personal Loans: 2023 Review

Q: Is Avant a legit company?

Yes, Avant is a legitimate fintech company. Headquartered in Chicago, Avant opened up shop in 2012 and conducts business in partnership with WebBank, a state-chartered industrial bank.

Q: How much can you borrow from Avant?

Applicants can borrow up to $35,000 through Avant’s financial technology platform. Loan amounts can range from $2,000 to $35K.

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

Applicants may need a credit score of at least 600 to qualify for a personal loan through Avant. Most of the applicants who receive personal loans through Avant have credit scores between 600 and 700. Borrowers with deep subprime credit scores between 300 and 500 may have low personal loan approval odds .

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Sulaiman Abdur-RahmanUpdated January 21, 2023

Overview of Avant

Avant personal loans range from $2,000 to $35,000 and may have terms ranging from 12 to 60 months. APRs can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%.The Takeaway: Avant’s quick personal loans start from $2K 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 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 35.95%. 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 $35,000APR range: 9.95% to 35.95%Loan terms: 12 to 60 monthsPrepayment penalty: NoApplication fee: May charge an administration fee up to 4.75%Co-borrowers allowed: NoApproval speed: Personal loan preapproval may take several minutes, loan proceeds can be received within one business dayInformation accurate as of Jan. 21, 2023.

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 600
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 35.95%
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

Avant personal loans may have the following 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

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. 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.
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.
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

As highlighted above, personal loans from Avant have several pros and cons. When you need to borrow money, it can be wise to compare private lenders before submitting any loan applications. Here are some alternatives to Avant personal loans that you may 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 7%. 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 $50,000. 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.

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 currently serves 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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