Avant: Personal Loan Review

Personal LoansPersonal Loan ReviewsAvant

Avant:
Personal Loan Review

The basics

Estimated APR

9.95% – 35.99%

Min. credit Score

580

Max. DTI Debt to Income Ratio

Origination Fees

4.75%

Late Penalties

$25

Prepayment Fees

$0

Good for: Quick funding, low credit score requirements

Our verdict

With low credit score eligibility requirements, you can get an Avant personal loan even if your credit is subpar. While Avant doesn’t have prepayment penalties for paying off your loan early, it does charge numerous other fees and a high maximum interest rate.

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Beyond the basics

Fast funding
Quick application process

Fixed payments

Track loan progress with mobile app

Loan Amounts

$2,000 to $35,000

Loan Terms

24-60 months

Time to funding

1 business day

BBB Rating

A

Trustpilot

J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index

Full review

Lender description Avant is an online lender that provides both standard unsecured loans and secured installment loans with an almost entirely web-based process.

Best used for

  • Debt consolidation
  • Home improvement
  • Emergencies

Pros & cons

  • Low credit score eligibility requirements
  • Highly-rated mobile app lets you see your payment history and manage upcoming payments on the go
  • No prepayment fees for paying off your loan early
  • Secured and unsecured loan options
  • Doesn’t allow coborrowers or cosigners
  • High APR caps with a maximum of 35.99%
  • Charges numerous fees, including origination fee (up to 4.75%), returned payment fees, and late fees

Most suitable for

  • Consumers with bad credit
  • Individual loan applicants
  • Consumers looking for funding by the next business day

How to qualify You’ll need a FICO score of at least 580 and/or a VantageScore of at least 550.

How to apply Apply online or through the Avant mobile app. All applicants are required to undergo identity verification. You also may be asked to verify employment, income, and bank account details.

Footprint Avant is available nationwide.

Loan 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.