Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
If you’ve been thinking about taking out a personal loan, Avant is a lending platform worth considering.
Avant is an online lending platform that made its first loan in 2013 and has helped more than 600,000 people find a loan that’s right for them.
Avant personal loans review
Whether you’re looking to pay off high-interest credit card debt, finance a major purchase, or take care of unexpected expenses, a personal loan can be a smart solution.
Avant provides loans from WebBank, an FDIC-insured, state-chartered industrial bank. Although WebBank is the originator of the loan, Avant collects the payments — they are the loan servicer.
When you take out a personal loan with Avant, here’s what you should know:
|Fixed rates||9.95% - 35.99% APR|
|Loan size||$2,000 to $35,000*|
|Loan terms||2 - 5 years**|
|Min. credit score||580 to 680|
|Time to get funds||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)|
|Loan use||Debt consolidation, emergency expense, life event, home improvement, and other uses|
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How to take out a personal loan with Avant
Avant may be good match for many borrowers who are interested in a personal loan. The company’s flexible credit requirements can be particularly attractive to those who might not qualify with some other lenders.
See how Avant stacks up: Compare the best personal loans
Because every lender has its own methods for evaluating borrowers, it’s always a good idea to request rates from multiple lenders to see which is the best fit for your own, unique circumstances.
Credible makes it easy to request actual prequalified rates from Avant and other lenders who offer personal loans. It only takes 2 minutes to request actual prequalified rates and only a soft credit inquiry is conducted so your credit score isn’t affected.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.