Avant Personal Loan Review 2024
By funding over two million people and counting since 2012, Avant is a lending platform that works with WebBank in various states nationwide. Loans start at $2,000 and go up to $35,000.
Here’s what you need to know to determine if Avant is right for you.
Avant Personal Loans At-a-Glance
Avant Personal Loan Pros and Cons
Avant, through its partner WebBank, offers various personal loans. Understanding what makes the company great and not so great can help you make informed decisions.
Pros
- Funding within one business day after loan approval
- Low credit requirement to obtain a loan
- Low income requirements compared to other lenders
- Loan terms from 24 to 60 months
- Can use the whole household income to qualify for a loan
Cons
- Administration fee off the top of the loan
- High starting APR for those with less-than-ideal credit
- No cosigners or coborrowers
- No direct payments for a consolidation loan
Compare Lenders to Find the Best Personal Loan Rates
The rate you receive on your personal loan depends on many factors, including your credit score and income. The smartest way to know if you’re getting the best loan rate is to compare offers from competing lenders.
Compare to Other Personal Loans
There are so many personal loan lenders vying for your business, how do you know which one to choose? Let’s look at Avant and how it stacks up to the competition.
Best Egg
Best Egg is a unique peer-to-peer lending system that can offer up to $35,000 in funding, just like Avant. However, you must have good credit (a score of at least 640) to get in the door. There is an origination fee, which might be less than the administrative fee Avant charges. The APRs are comparable.
Citi
Citi is good for those with fair to good credit and can offer up to $30,000. However, you must have at least $12,000 in income over the past year and a Citi account in good standing for at least 12 months before applying for a loan. Loan terms range from 12 to 60 months, and you might get a rate discount for autopay.
Lending Club
Lending Club requires a minimum 600 credit score, which is close to what Avant requires. Amounts range from $1,000 to $40,000 and come with an origination fee of up to 6% of the loan. Joint applicants are okay. Unfortunately, funding can take up to four business days, which is very slow for a personal loan.
Who Is an Avant Personal Loan For?
While many lenders offer loans for those with great credit, someone struggling might not have access to the same kind of funding. Avant requires a credit score as low as 580 for those who want to get a loan to repair their credit and handle expenses. However, there is a price to pay in high interest for those who have poor credit, with only the high-end applicants getting loans at the best rates.
Note that these loans are unavailable for those in Hawaii, Iowa, New York, Vermont, West Virginia, and Maine.
Top Features of the Avant Personal Loan
Avant personal loans offer a wealth of good things for borrowers, and understanding what those are can help you decide if this is right for you. Here’s what to expect:
Soft Credit Hit
When you apply for a loan, you can prequalify without worrying about your credit taking a hit. This is vitally important for those struggling with their credit and looking to build it back up.
Potential Loans for Those with Fair Credit
If your credit score is above 580, you have a good shot at getting a loan through Avant. Many other companies require 600 or well above that to get a loan, much less one with reasonable rates. Currently, Avant says that most of its customers have a credit score in the 600 to 700 range.
Good Opportunities for Customer Service
Customer service is available in the form of an actual human during extended banking hours. You can also reach Avant through email, chat, and social media.
Potential for Low APR
If you have excellent credit and good income, you fall among those who can get great rates from Avant. Those who are highly qualified might enjoy APR rates lower than that of most competitors.
A Great Mobile App
If you prefer to handle your loan through online means, you can do so with a highly-rated mobile app. Avant makes it easy to manage your loan on the go and thus gives you much more robust control of your financial future.
How to Apply
To apply for a loan, visit the site via computer and enter the required information to determine your eligibility. This is not a hard credit hit; the soft credit check only pulls your credit score and nothing else, which helps the company decide if they want to take a chance on offering a loan. The information required might include contact information, the details of your housing situation (for instance, if you rent or own), your income, what you need the loan for, and what you want to borrow.
After prequalification, Avant will inform you about what loan you can get. At that point, you will be asked to provide further information. This can include identity verification and supporting documents for things like income or housing situations. At this point, you will also agree to a hard credit check, which might dip your credit score for a time.
Once your loan is approved, you will receive information on when to expect the funds and how to begin repaying it (and rebuilding your credit).
Rating the Features
Knowing what to expect when you seek out a personal loan from Avant can help you on your journey to good financial help. It can also help you compare products and decide which ones might be right for you. Here’s what you need to know about the variety of features offered by Avant.
User Experience
Many users find that a fair to good credit score will help them get a loan with Avant, but they might face higher APRs if they don’t have excellent credit or higher income levels. Speaking of income, Avant only requires an income of $20,000 per year to get a loan, but keep in mind that the loan might be only for the $2,000 minimum or close to it.
Users have found that the mobile app makes it very easy to handle their loans online and that getting in touch with customer service isn’t nearly as tricky as it can be for some competing lenders. Coapplicants are not allowed, making it challenging for those who don’t hit the income threshold.
You can change your due date to make payments more convenient.
Fees
Unfortunately, Avant has a wide variety of fees that can impact borrowers. Of course, the APR is an expected expense that depends on your creditworthiness, how much you borrow, and more. Other fees include:
- An administrative fee is deducted from the loan amount. (This is similar to an origination fee.)
- A late fee of $25 for payments not made within 10 days of their scheduled due date. This amount might be less depending upon the state and what state law allows.
- If a payment is returned (such as a bounced check), there is a $15 fee. It does not vary by state.
In better news, there is no penalty for paying the loan off early.
Rates
The rates offered by Avant vary widely, from something on par with other lenders to much higher APR rates for those with poor credit and low income. As these numbers change constantly, rely on what Avant offers you when you apply for the loan.
Variety
Avant offers some variety in the loan offerings. For instance, the terms range from 24 to 60 months, and the amounts range from $2,000 to $35,000. The company also offers different types of loans, such as emergency, installment, and credit cards.
Customer Support
The mobile app gets rave reviews, which makes it easy to keep up with your loan no matter where you are. Customer service with a real human is available from 7 a.m. to 10 p.m., central time, Monday through Friday. During the weekends, the hours end at 8 p.m. central time. You can also reach out via email, private message, and regular mail.
Access
You can’t get an Avant loan in Iowa, Hawaii, New York, Maine, Vermont, or West Virginia. For those in other states, expect to receive your money deposited into an account of your choosing within the next business day after your loan approval (depending upon your bank’s policies).
Bottom Line
Avant offers personal loans from $2,000 to $35,000 issued with their partner, WebBank. These loans provide 24 to 60-month payment terms. To qualify, you must have a credit score of at least 580 and an income of at least $1,200 monthly. If you meet these requirements, you can get a loan – though you might pay a higher APR than you had hoped.
Frequently Asked Questions (FAQ)
Yes, you can. Avant allows you to refinance your loan up to two times, assuming you still meet all the requirements. That can help you save money on interest rates for a longer term, especially if you have built up your credit or improved your debt-to-income ratio.
Possibly. However, they will never disclose the reason for the call beyond verifying your gainful employment with that particular employer.
The first payment is generally due about 30 days after you receive your funds. Contact customer service if you need more time to get started; they might have options.
