Best for most credit types
Avant is one of few lenders that consider applicants with bad credit, or a FICO score below 580. But with relatively low APRs, it may also be a good choice for fair and good credit borrowers who don't need more than $35,000. If you do have bad credit, it stands out for charging relatively low origination fees.
Best for all credit types
Avant
3.9
Credible Rating
Est. APR
9.95 - 35.99%
Loan Amount
$2000 to $35000
Min. Credit Score
550
Pros and cons
More details
Avant pros and cons
Pros
- Low minimum credit score: Avant has a 550 minimum FICO credit score requirement, which is the lowest of the more than 20 lenders we reviewed. Few lenders accept credit scores below 600, making Avant one of the only options for a personal loan with bad credit.
- Small loan amounts available: Some lenders require that you take out a minimum of $5,000 for a personal loan. Avant’s minimum is $2,000.
- Fast funding: Once approved, you can receive loan funds as soon as the next business day.
- One-year loan terms available: Few personal loan lenders offer loan terms shorter than 2 years. But Avant offers a 12-month loan repayment period, which makes it a good option if you want to pay your personal loan off quickly.
Cons
- Not available nationwide: Avant personal loans aren’t available in Hawaii, Iowa, New York, Vermont, West Virginia, or Maine.
- Origination fee: Along with potential late fees and dishonored payment fees, you may be charged an administration fee (like an origination fee) up to 9.99%.
- No discounts: Avant doesn’t offer rate discounts such as autopay.
- Existing Avant customers ineligible: Existing customers who already have a financial product through Avant, such as another personal loan or credit card, are ineligible for an Avant personal loan.
- Cosigners not accepted: Avant does not provide the option to apply with a cosigner. This is a disadvantage for poor-credit applicants, since a cosigner with a strong credit history usually makes it easier to qualify for better rates.
What to consider before applying for an Avant personal loan
Before you apply for an Avant personal loan, know that Avant charges an administration fee, similar to an origination fee, which can be up to 9.99% of the loan amount. This fee is deducted from the loan proceeds, meaning that the actual amount you receive will be reduced by this percentage. Avant also imposes a late fee of $25 and a dishonored payment fee of $15.
Avant personal loans are not available to residents of Hawaii, Iowa, New York, Vermont, West Virginia, or Maine.
Avant loan details
How to qualify for a personal loan from Avant
To qualify for a personal loan with Avant, you must meet these requirements:
- Be 18 years old or older: You must be at least 18 to be eligible for a loan with Avant.
- Live in an eligible state: Avant personal loans aren’t available in Hawaii, Iowa, New York, Vermont, West Virginia, or Maine.
- Have a credit score of 550 or higher: While it will be easier to get an Avant personal loan with a higher credit score, you may be able to qualify with a score as low as 550.
- Meet minimum income requirements: You’ll need at least $1,200 in monthly income to qualify.
How to apply for a personal loan with Avant
To take out a personal loan with Avant, follow these steps:
- Complete the application: Visit the Avant website at avant.com and fill out the loan application. Provide accurate and detailed information regarding your personal, employment, and financial details as requested.
- Identity verification: During the application process, you will undergo an identity verification step. This is typically done through electronic knowledge-based authentication, where you will be asked a series of questions only you should know the answers to. This is a standard procedure to confirm your identity.
- Submit the required documentation: If Avant requires additional documentation for verification purposes, you will be notified on your dashboard at Avant.com. Avant's originations team may also reach out to you directly to request specific documents. Common documents include proof of income, bank statements, or other supporting financial information.
- Employer verification: As part of the loan verification process, Avant may contact your employer to verify your employment. (During the application process, you provide authorization for this verification.) Avant only discloses to your employer that it’s calling to verify your employment.
- Document submission options: To submit or upload documents, log in to your Avant account. In the top right-hand corner, click on "Questions" and you will find several options to upload and submit multiple documents. You can instead choose to email your documents to [email protected] or fax them to (866)-625-0930.
How to contact Avant
If you have questions about applying for a personal loan with Avant, you can contact the application support team from 7 a.m. to 8 p.m. CT, Monday to Sunday. For all other questions, customer service is available between 7 a.m. and 10 p.m. CT, Monday through Friday; and between 7 a.m. and 8 p.m. CT, Saturday and Sunday.
- Email: [email protected]
- Phone number: 800-712-5407
How Avant compares to other lenders
Avant is one of the leading online lenders for bad credit personal loans. Here’s how Avant compares to two other lenders that also offer personal loans for bad credit borrowers.
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FAQ
What types of personal loans does Avant offer?
Avant offers both secured and unsecured personal loan products with repayment terms from one to five years. Avant advertises its loans as debt consolidation loans, home improvement loans, emergency loans, and installment loans.
How does an Avant personal loan affect my credit?
When you check your loan options through Avant.com, it conducts a soft credit inquiry. The soft inquiry does not have any impact on your credit score. But if you proceed with the loan application, Avant will perform a hard credit inquiry. Unlike a soft inquiry, a hard inquiry can reduce your credit score by typically less than five points for up to a year.
Can I repay a personal loan from Avant early?
Yes, you can repay a personal loan from Avant early and, if you do so, you won’t be charged a prepayment penalty. Most lenders we reviewed do not charge penalties for early repayment, but it’s always best to check your specific loan’s terms.
Methodology
Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and email support. Each data point was verified to make sure it was up to date.
Jacqueline DeMarco contributed to this article.
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