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Avant Personal Loans: 2021 Review

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Lauren Ward

Lauren Ward

Updated April 14, 2021

Overview of Avant

Avant offers both unsecured and secured online personal loans with quick funding times for accepted applications. While Avant secured loans require collateral, the lender’s unsecured loans do not.
Pros and cons

Pros

Unsecured Personal Loans
  • No collateral required
  • Larger loan amounts
Secured Personal Loans
  • Can use auto title for qualification
  • No early payoff penalty fee

Cons

Unsecured Personal Loans
  • Origination fee up to 4.75% on borrowed amount
  • Need at least a fair credit score
Secured Personal Loans
  • Origination fee of 2.5% on borrowed amount
  • State lien fee applies

Avant Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000 to $35,000Annual Percentage Rate range: 9.95% to 35.99% APROrigination fee: Up to 4.75%Minimum credit score: 600Time to funding: Next business dayCo-borrower needed: No(Updated as of 4/9/2021.)

Other Lenders

There are many options for getting a loan online, often including fast pre-approvals and quick funding times for approved loan applications. It’s smart to compare multiple lending options to make sure you receive the best personal loan interest rate before you make a decision. Check out these lenders after you look at Avant’s personal loan reviews.

What Types of Loans Does Avant Offer?

Avant offers both unsecured and secured personal loans. Because secured loans require collateral to back the loan, this type of loan may help lower credit borrowers qualify for a potentially better rate.Here’s an overview of both personal loan types with Avant: Unsecured loans:
  • No collateral required
  • Unsecured loan amounts between $2,000 and $35,000
  • Repayment terms last between 24 and 60 months 
  • Unsecured personal loan APRs range from 9.95% to 35.99% 
  • Loan administration fee up to 4.75%.
Secured loans: 
  • Borrowers can use auto title as collateral  
  • Secured loan amounts between $5,000 to $25,000
  • Repayment terms of 24 to 48 months 
  • APR ranges mirror unsecured loans at 9.95% to 35.99% APR 
  • 2.5% administration fee as well as a state lien fee (usually $4 to $95)
Whether you need a secured or unsecured loan, both Avant personal loan options feature fast application decisions and funding times–if approved. 

Important to Keep in Mind

Regardless of which type of Avant loan you look into, expect to pay an administrative fee that is charged as a percentage of your loan. An unsecured loan comes with a fee of up to 4.75% while a secured loan comes with a 2.5% fee. Rather than paying it upfront, the percent is deducted from your loan amount before the funds are disbursed. For example, if you took out a $20,000 loan and had a 4.75% fee, you would only actually receive $19,050.In addition to these administrative fees, there are some other fees you may also encounter throughout the life of your Avant loan. There’s a $15 late fee  each time you’re more than 10 days late paying your loan. You may also be charged a $20 dishonored payment fee if a payment is returned unpaid; for instance, if your bank account doesn’t have enough money to cover the charges. While you can check your rates without impacting your credit score, Avant lending reviews reveal that truly bad credit applicants may not be approved. Several reviewers on ConsumerAffairs.com noted that they were denied because of having a recent bankruptcy, so these types of applicants may want to look elsewhere for a personal loan. Avant’s site says that their typical borrowers have a credit score “ranging from 600 to 700.”Finally, note that the secured loan option requires signing over your car title to Avant as collateral. That means that, if you default on your loan, the lender may seize your vehicle as repayment. Avant claims they will give the title back once the loan is paid in full. Each state also charges its own lien fee, which may add to the total cost of your loan depending on where you live.

Applying for a Avant Personal Loan

Applying for an Avant personal loan involves an easy online process. Here’s what you need to know. 

Eligibility Requirements

When applying for an Avant loan, the lender reviews factors like credit history, outstanding debts, verified income, and employment status. Avant has different loan products designed for different types of borrowers. Avant evaluates the above-mentioned factors when determining whether to approve loan applications. These are some of the factors that could influence your lender approval chances, the amount you may qualify to borrow, and your eligibility for specific interest rate offers.  For a secured loan, your car must be paid in full in order to apply. If you’re still making payments on an auto loan, you may not use the vehicle as collateral on an Avant loan. In addition to the standard eligibility requirements, the value of your car is also calculated when determining your allowable loan amount.

Application Steps

Getting a quote on a loan requires filling out a one-page form online. Some questions you may need to answer during the pre-qualifying process:  
  • Do you rent or own your home? 
  • How much do you spend on housing each month?
  • What’s your income? 
  • What loan amount are you interested in? 
If applying for a secured loan, you’ll also need to submit information about your vehicle (and eventually send Avant your title if you choose to move forward with the loan).No hard credit check is performed at the prequalification point of the application process, but you will need to give an estimate of your own credit score so Avant can provide an offer. Once you receive a loan offer and accept the terms, Avant will perform a hard credit check to confirm your score.

Repayment Options

All of Avant’s loans feature a fixed interest rate and repayment term, meaning your monthly payment is always the same. The lender reports payments to the three major credit bureaus: Equifax, Experian, and TransUnion. Making your debt repayments on time could, among other factors, increase your credit score. Avant also does not charge any type of early payoff fee, if you decide to repay the loan in full before it’s due.

The Bottom Line

Avant aims to appeal to a wide range of potential borrowers by offering both secured and unsecured loans. Both types come with an origination fee. And, their secured loans also use the title of your car as collateral.

Frequently Asked Questions

Is Avant legit?
Can you pay off an Avant loan early?
Are Avant loans hard to get?
Is Avant a direct lender?
How long does it take for Avant to approve?
Does Avant verify income?

About the Author

Lauren Ward

Lauren Ward

Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
Brand namesNo 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.
Credit scoreTo check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Credit improvementDisclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit (https://www.consumer.ftc.gov/topics/credit-and-loans)
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