Avant Personal Loans Review, May 2025

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.

In our Avant personal loans review below, we'll weigh the pros and cons of Avant, walk you through how to qualify, and cover all the associated fees.

Best for bad credit and fair credit

Avant's minimum credit score requirement is 550, which is 30 points lower than FICO's bad-credit threshold of 580. Many other lenders have higher minimum credit score requirements for personal loans. Avant takes other factors, such as your employment and income, into consideration when determining your eligibility.

Also, Avant reports that most of its borrowers have a credit score between 600 and 700 (within the fair to good credit score ranges in FICO's model).

Great for small loans

Avant is a good option if you need a small personal loan, like to help with a minor unexpected expense. Avant personal loans start as low as $2,000. 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.

Compare personal loan rates

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: 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 of the best personal loans have minimum credit score requirements as high as 700.
• 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 $2,000 — ideal for expenses like a minor car or house repair, unexpected medical bill, or last-minute move to a new place. 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).

Cons

• 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.
• 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 $200,000.
• 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).

How to qualify for an Avant personal loan

Avant's minimum credit score requirement of 550 could make it easier to qualify with 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 them via an online form 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, 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:

• Debt consolidation
• Home improvement
• Auto repairs
• Emergency expenses
• Life events
• Moving
• Vacations

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.

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

How to contact Avant

To contact Avant about personal loans, you can fill out a form online. Alternatively, you can get help through your dashboard online (once you're a customer).

You can also contact Avant by:

• Calling: 800-712-5407
• Emailing: [email protected]

About Avant personal loans

Avant was founded in 2012 and is headquartered in Chicago, Illinois. 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.

Rating Avant personal loans

Credible evaluates 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, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.