Avant Personal Loans Review
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Avant company overview
Avant is a financial technology company that offers personal loans to borrowers in the United States. The company was founded in 2012 and is headquartered in Chicago, Illinois. Avant personal loans range in size from $2,000 to $35,000. If you're looking for a personal loan, Avant is a good option to consider. However, be sure to compare APRs and fees from other lenders before you apply.
Avant key features
Here are some of the pros and cons of Avant personal loans:
- Fast approval and funding: Avant can approve and fund loans in as little as 24 hours.
- Flexible repayment terms: Avant offers repayment terms from 24 to 60 months.
- No prepayment penalty: There is no prepayment penalty on Avant personal loans, so you can pay off your loan early without penalty.
- Good customer service: Avant has a reputation for good customer service.
- High APRs: Avant's APRs are on the high end for online lenders.
- Borrower fees: Avant charges a variety of borrower fees, including a late payment fee, an origination fee, and a monthly servicing fee.
- Hard credit inquiry: Avant will perform a hard credit inquiry when you apply for a loan, which can temporarily lower your credit score.
Overall, Avant personal loans can be a good option for borrowers with low credit scores who need a quick loan. However, it's important to compare interest rates and fees from other lenders before you apply.
Avant rates and fees (at a glance)
Varies depending on borrower
2 - 5 years
$2,000 - $35,000
Origination fees in some cases, late fees when applicable
Minimum credit score required
Ability to change your payment due date twice during repayment term
In most situations, funds will be available within one business day
Compare rates from top lenders
What are the typical loan amounts and repayment terms offered by Avant?
Avant offers personal loans ranging from $2,000 to $35,000, with repayment terms typically ranging from two to five years. The loan amount and terms available to you may vary based on your creditworthiness and other factors.
Are there any prepayment penalties if I decide to pay off my loan early?
No, Avant does not charge prepayment penalties. If you choose to pay off your loan ahead of schedule, you can do so without incurring any additional fees or charges.
How does Avant compare to other personal loan providers?
Here are some other lenders that offer personal loans similar to Avant:
- SoFi: SoFi is a popular online lender that offers personal loans, student loans, and mortgages. SoFi's APRs are typically lower than Avant's, but SoFi's application process is more stringent.
- Prosper: Prosper is a peer-to-peer lender that connects borrowers with investors who are willing to lend money. Prosper's APRs are typically higher than Avant's, but Prosper's application process is more flexible.
- LendingClub: LendingClub is another peer-to-peer lender that connects borrowers with investors who are willing to lend money. LendingClub's APRs are typically similar to Avant's, but LendingClub's application process is more flexible.
Ultimately, the best lender for you will depend on your individual needs and circumstances. Be sure to compare APRs, fees, and terms from multiple lenders before you apply.
Is Avant a reputable lender?
Yes, Avant has established a strong reputation as a trusted online lender. They have been providing personal loans to customers for several years and have numerous positive reviews from satisfied borrowers.
- Avant is a member of the Consumer Financial Protection Bureau (CFPB). This means that Avant is subject to the CFPB's regulations, which are designed to protect consumers from unfair, deceptive, or abusive lending practices.
- Avant has a good track record of compliance with the law. Avant has never been sued by the CFPB or any other government agency for violating lending laws.
- Avant has a strong commitment to customer service. Avant has a team of customer service representatives who are available to help borrowers with their loans 24/7.
Where does Avant operate?
Avant operates in the United States and the United Kingdom. The company's headquarters are located in Chicago, Illinois. Avant also has offices in New York City, San Francisco, and London.
Avant's lending products are available in all 50 states and the District of Columbia. However, the company may not be available in all zip codes. Avant also does not offer loans to borrowers who live in some countries, such as Puerto Rico and Guam.
Is Avant reputable?
Avant is a reputable online lender that has been in business since 2012. The company has an A+ rating with the Better Business Bureau and has been ranked as one of the top customer-rated lending platforms by LendingTree.
Avant has a 4.2-star rating on Trustpilot, based on over 25,000 reviews. The majority of reviews are positive, with borrowers praising the company's quick funding, easy application process, and customer service. However, there are also some negative reviews, with borrowers complaining about high interest rates and fees.
How to apply for a personal loan with Avant
To apply for an Avant personal loan, simply visit their website and complete the online application. The process is straightforward and typically involves providing personal and financial information, such as employment details, income, and identification.
Follow the steps to apply below:
- Go to the Avant website and click on the "Apply Now" button.
- Provide some basic information about yourself, such as your name, address, income, and debt.
- Answer a few questions about your financial situation.
- Provide your Social Security number and date of birth.
- Upload your most recent pay stubs and bank statements.
- Sign the electronic application.
Once you submit your application, Avant will review your information and get back to you with a decision within 24 hours. If you're approved, you'll be able to fund your loan in as little as 24 hours.
Borrow $2,000 - $35,000
Super fast funding
Loan term: 2-5 years
Origination fees may apply
Minimum credit score: 550+
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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.