- Borrowers with fair credit
- Borrowers who need money quickly
If you’re considering taking out a personal loan, Avant is one of the top online lending platforms, offering personal loans at a variety of loan amounts, interest rates, and repayment terms. The company has helped more than 1.5 million customers, and offers perks like fast funding, fixed payments, and more.
In this post:
- Avant interest rates and loan details
- Avant personal loans review
- How Avant compares to other lenders
- How to take out a personal loan with Avant
- What to consider before applying for an Avant personal loan
Avant interest rates and loan details
Avant offers fixed-rate personal loans with amounts ranging from $2,000 to $35,000. Loan terms range from two to five years, and borrowers will be subject to an administration fee of up to 4.75%.
|Fixed rates||9.95% - 35.99% APR|
|Loan size||$2,000 to $35,000*|
|Loan terms||2 - 5 years**|
|Min. credit score||550|
|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|
Avant personal loans review
Avant was founded in 2012 and since then, has lent more than $6.5 billion to more than 1.5 million customers. In addition to personal loans, Avant also offers credit cards and mobile banking.
Avant personal loan amounts start at just $2,000 and go as high as $35,000. The company offers flexible repayment terms, meaning you can pay off your loan on a timeline that works for you, with terms ranging from two to five years.
Avant allows you to check your loan eligibility with just a soft credit check, meaning it won’t affect your credit score. You may qualify with a credit score as low as 550, which is lower than many lender credit score thresholds.
How to qualify
To qualify for an Avant personal loan, you’ll need to meet the following requirements:
- Have a physical address in a state where Avant loans are offered: Its loans aren’t available in Hawaii, Vermont, Nevada, New York, Maine, Massachusetts, or West Virginia.
- Have a credit score of at least 550: Avant accepts borrowers with lower credit scores than many other lenders. But according to the lender, most of its customers that receive loans have credit scores between 600 and 700.
- Provide employment and income information: Avant requires all applicants to provide information regarding their income. Most applicants can use Avant’s online verification tool to have their income and employment verified. If you’re self-employed or have other extenuating circumstances, you may work directly with an originations specialist to verify your information.
Avant offers quick funding for its personal loans. If you’re approved for a loan by 4:30 p.m. Central time on a weekday, Avant can deposit the money directly into your bank account as soon as the next business day.
Avant’s repayment terms last between two and five years. Avant’s personal loans have fixed interest rates, meaning your payments will remain the same during your entire repayment term. You can make payments using auto debit, check, money order, credit card, or debit card.
How Avant compares to other lenders
Avant is one of the leading online lenders for borrowers with bad or fair credit. Here’s how Avant compares to two other lenders that cater to borrowers still working to build their credit.
|Fixed rates||9.95% - 35.99% APR||4.6% - 35.99% APR4||8.49% - 35.99% APR11|
|Loan amounts||$2,000 to $35,000||$1,000 to $50,0005||$1,000 - $50,000|
|Loan terms||2 to 5 years||3 or 5 years4||2 to 6 years|
|Time to fund||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)||As soon as 1 - 3 business days6||You should receive your funds within a day of clearing verifications†|
|Min. credit score||550||580|
(in most states)
How to take out a personal loan with Avant
Unlike some lenders, you can find out if you qualify for an Avant personal loan with only a soft credit check, which won’t affect your credit.
All you have to do is fill out a short form that includes your name and contact information, monthly income and housing payment, what you’ll use the loan for, and your credit score range. Then, you’ll be able to see what prequalified rates you might be eligible for.
If you qualify for an Avant personal loan and see an offer you like, you can move forward with the official application. Assuming everything goes smoothly with verifying your income and employment, you can have your money as soon as the next business day (if you’re approved by 4:30 p.m. Central time on a weekday).
What to consider before applying for an Avant personal loan
Avant is an attractive option for borrowers with bad or fair credit who may not be able to qualify for a personal loan elsewhere. Avant accepts borrowers with credit scores as low as 550, which is lower than many top online lenders. But there are some things to keep in mind before you apply:
- May receive a higher interest rate: Taking out a personal loan with poor credit — whether from Avant or another lender — usually means you’ll pay a higher interest rate to borrow money.
- You’ll pay an administration fee: Avant charges an administration fee of up to 4.75% for processing your loan, which can reduce the total amount you receive. Not all lenders charge administration or loan origination fees.
If you can’t qualify for a loan elsewhere and need the money, Avant could be a solid option. But if your credit score allows you to qualify somewhere else, it may be worth exploring other lenders first to land a better interest rate and no administration fee.
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Checking rates won’t affect your credit
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 5.40%-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 10%. 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.