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Avant: Best fast loans for fair and bad credit
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. We collected thousands of data points on dozens of lenders for personal loans, mortgages, and student loans. Specific criteria vary by loan type, but generally include interest rates, loan terms, eligibility requirements, transparency, funding times, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Est. APR
9.95 - 35.99%
Loan Amount
$1,000 to $35,000
Min. Credit Score
550
What is Avant best for?
Avant personal loans are available to borrowers with fair or even poor credit, making it a viable option if you can't qualify with other lenders. Avant also offers fast funding and small loan amounts. However, Avant personal loans have potentially high rates and fees and aren't available nationwide.
Best for fast loans for bad credit and fair credit
With a minimum credit score requirement of 550, which is 30 points lower than FICO's bad-credit threshold of 580, Avant is one of a few lenders offering personal loans for bad credit. Also, Avant reports that most of its borrowers have a credit score between 600 and 700 (within the fair credit to good credit ranges in FICO's scoring model).
In addition to having less strict credit score requirements, Avant also offers fast funding. The average funding time for an Avant personal loan through the Credible marketplace was 3 days, according to 12 months of Credible loan data.
Great for small loans
Avant is a good option if you need a small personal loan. Avant personal loans start as low as $1,000, and the maximum loan amount is $35,000. However, minimum loan amounts may vary by state, including California ($2,800) and Georgia ($3,100). Some other lenders have considerably higher minimum loan amounts, including LightStream and SoFi at $5,000 each.
Methodology
Credible evaluated 32 lenders across 1,216 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates.
Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.
Where we get our data
Pros and cons of Avant personal loans
Avant personal loans have several advantages, particularly if your credit score isn't strong, but there are also lots of cons to consider before moving forward.
Pros
- Fair and poor credit welcome
- Small loans available
- Fast funding
- Free mobile app
Cons
- Small max loan amount
- High annual percentage rates
- Fees
- Limited availability
Pros
- Fair and poor credit welcome: Avant personal loans are available to borrowers with a credit score as low as 550, which is significantly less than many other lenders. In fact, some lenders require minimum credit scores as high as 700 for personal loans.
- Small loans available: Sometimes, you just need a small loan to get you through until your next paycheck. Avant lets you borrow as little as $1,000 — ideal for expenses like a minor car or house repair. Other lenders have higher minimum thresholds, such as LightStream and SoFi ($5,000 each).
- Fast funding: Once you're approved for an Avant personal loan, funds are typically deposited into your bank account by the next business day (if approved before 4:30 p.m. CT Monday through Friday).
- Free mobile app: The Avant mobile app is available for iOS and Android devices. The iOS version has a 4.8 out of 5 rating and the Android version is rated 4.7 out of 5.
Cons
- Small max loan amount: The maximum amount you can borrow through Avant is $35,000. Some other personal loan lenders allow you to borrow up to $100,000 or, in rare cases, up to $250,000.
- High annual percentage rates: Avant's minimum APR (annual percentage rate) of 9.95% is higher than those of some other lenders. With excellent credit, you could get a personal loan from LightStream or Best Egg with an APR as low as 6.49% or 6.99%, respectively.
- Fees: Administration fees (Avant's language for origination fees) range from 0.95% to 9.99%, and you may also have to pay late fees ($25) or dishonored payment fees ($15).
- Limited availability: Avant personal loans aren't available in every state. At the time of publication, Avant personal loans were unavailable in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, Washington, or West Virginia.
Editor insight: "In addition to the states listed above, Avant personal loans are also unavailable in the military postal codes AA (Armed Forces Americas), AE (Armed Forces Europe), and AP (Armed Forces Pacific). If you're stationed or deployed in one of these regions, try a credit union or commercial lender that offers personal loans for the military."
— Barry Bridges, Personal Loans Editor, Credible
How to qualify for an Avant personal loan
Avant's minimum credit score requirement of 550 could make it easier to qualify than other lenders. Still, there are some eligibility requirements you must meet to get approved.
Credit score and financial history
You need a minimum credit score of 550 to be approved for a personal loan through Avant, though your employment, income, financial history, and other factors can play a role.
If you can't qualify for an unsecured loan, you may be able to get a secured personal loan. Avant doesn't advertise this product explicitly on its site, but the lender does acknowledge the product and recommends that you contact customer support to learn more.
Income and employment
As part of the approval process, Avant will verify your employment and income, which may include calling your employer (with your authorization). If you make income through less traditional means (such as passive income or government benefits), Avant may take additional steps to verify this.
Avant does not publicly disclose income requirements, but the lender will want to see that you make enough money to reasonably afford your monthly payments. If you apply through Credible, the minimum income requirements are $1,200 per month ($14,400 annually).
Avant personal loan purposes
You can use a personal loan for many purposes, including home renovations, debt consolidation, medical bills, car repairs, vacations, weddings, and moving costs. Avant's approved loan purposes include:
While Avant lets you use a personal loan for many purposes, there are some notable personal loan restrictions that you'll need to adhere to. Lenders typically prohibit using a personal loan for purposes including:
- Business expenses
- Gambling or illegal activities
- A down payment on a house
- Education expenses
Avant personal loan fees and penalties
Avant personal loans carry a number of potential fees to consider.
Loan origination fees
Avant charges administration fees, rather than personal loan origination fees, but they're essentially the same thing. These administration fees, which can go as high as 9.99%, are deducted upfront and factored into your APR.
A high administration fee can make an impact on your personal loan. For instance, if you borrow $5,000 with a 9.99% administrative fee, you'll receive $4,500.50 — but you'll still have to repay the full $5,000, plus interest.
Tip
While an administration fee of 5% or less is nonrefundable, it is possible to get a prorated refund through Avant for the portion of an origination fee above that amount. To do so, you’ll need to pay off the loan in full before the maturity date.
Early repayment penalties
Fortunately, prepayment penalties have become rare among most personal loan lenders. Avant does not charge any fees for early payments.
Other fees
You may be subject to two additional fees if there's a problem with your payment:
- Late fees: Avant charges a late fee of $25 if you do not make your payment within 10 days after your due date. Late fees can also impact your credit score, so prioritize staying on top of payments each month.
- Dishonored payment fees: Avant charges $15 if your payment fails to process (e.g., because of insufficient funds in your bank account). Keep in mind, if your bank also assesses fees for insufficient funds, you could be charged twice for the same mistake.
How Avant compares to other lenders
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.
Read our full methodology.
How to contact Avant
- By phone: Call 800-712-5407. Customer service hours are 7 a.m. to 10 p.m. CT Monday through Friday and 7 a.m. to 8 p.m. CT Saturday and Sunday. Application support hours are 7 a.m. to 8 p.m. CT Monday through Sunday.
- By email: [email protected]
About Avant personal loans
Avant was founded in 2012 and is headquartered in Chicago. To date, Avant has helped more than 2 million borrowers. Avant partners with WebBank to provide credit products like personal loans.
Avant is accredited with the Better Business Bureau and has an A+ rating. Avant also has a 4.5-star rating on Trustpilot based on more than 30,000 consumer reviews.
FAQ
Is it hard to get a loan through Avant?
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What credit score do you need for an Avant personal loan?
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How long does it take to get a personal loan from Avant?
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What fees does Avant charge?
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What are the downsides of an Avant personal loan?
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