Avant Personal Loans Review for 2023
Are you looking to consolidate debt with a personal loan? Avant reviews will help you better understand where this lender shines and where it falls short of clients’ expectations.
Is Avant good for personal loans? For a clear answer, compare Avant vs. Prosper loans and other top-rated debt consolidation programs (e.g., Accredited Debt Relief). Depending on your financial goals, payment history, credit score, and budget will all play into consideration when determining your best options.
Overview of Avant Loans:
- Avant’s average APR on personal loans ranges from 9.95% to 35.99%. These rates depend on a person’s credit score. Excellent credit scores qualify for a lower interest rate.
- Borrow from $2,000 – $35,000 to consolidate secured and unsecured debt, medical bills, home improvement projects, and anything else you need.
- How long does Avant take to approve a loan? Get funds as fast as 24-48 hours.
- Up-front fees: Avant loans do come with a loan origination fee of up to 4.75%.
- BBB review: Avant’s BBB rating is “A,” and the company is BBB accredited.
- Avant is licensed in most states. Avant’s website page here lists all the details on the locations in which it has licenses.
Reviews on Avant vs. Prosper.com Loan
|Avant, LLC Loans||Prosper.com|
|BBB Rating||A and Accredited||A+ and Accredited|
|# of BBB Customer Reviews||230||131|
|Average Customer Rating||1/5||1/5|
|# of BBB complaints||1,092||417|
|# of years in business||10||18|
|Any Negative BBB Alerts?||The Complaints and Reviews shown on this HQ profile may have been submitted against either the HQ itself or one of the corporate-owned locations||No BBB Alerts|
|Type of Program||Loans||Loans|
|Average APR (interest rates)||9.95% to 35.99%||Fixed Rates: 6.99% to 35.99%|
|Loan Origination Fee (i.e., an up-front or admin fee)||up to 4.75%||up to 7.99%|
|When origination fees get charged||Before loans hit your bank||Before loans hit your bank|
|Type of Loans||personal loans issued through WebBank||peer-to-peer personal loan lending marketplace that also uses WebBank for its loan underwriting|
|Who funds the loans?||WebBank||either individuals or businesses that want to invest in personal loans.|
|Loan Amounts||$2,000 to $35,000||$2,000 to $50,000|
|Terms to pay the loan back||24 to 60 months||24 to 60 months|
|Cost to Apply for Loan||Free||Free|
|Minimum Credit Score Requirement||550||560|
Alternatives to Avant Personal Loans
- Accredited Debt Relief – top-rated debt settlement program
- Credible Personal Loans – a free online loan marketplace to compare rates, fees, and loan options amongst the best lenders
- Prosper Loans Review
- American Consumer Credit Counseling
Review Low Credit Score Avant Loan Rates
Avant’s personal loans for consumers with a lower credit score could carry much higher interest rates.
For example, consumers with a minimum credit score of only 550 can qualify for a personal loan from Avant, but interest rates with these types of subprime loans can be up to 35%.
That said, according to online reviews, Avant personal loans for bad credit are among the best on the market. They are lenient towards lending to applicants with a low credit score, and their rates are not abnormally high considering the risk they’re taking by lending to applicants with bad credit.
Refer to the sections below about the cost and credit requirements for Avant personal loans to learn more about this subject.
Avant Debt Relief Program Pros
- It is a good choice for people with bad credit scores who aren’t eligible for conventional personal loans.
- Avant offers mobile Android and iOS apps to access your account information, make payments, and set up alerts.
- Avant personal loans can be refinanced with Avant if you want to borrow additional money.
- If your financial circumstances change, Avant is one of the few lenders who will work with you to provide a new, lower rate.
Avant Debt Relief Program Cons
- Avant plans include an origination fee of 4.75%.
- Proof of income may be necessary for an Avant consolidation loan, for example, tax returns, pay stubs, or bank statements.
- Avant personal loans are limited to $35,000, low compared to the market.
Mission: “To empower every customer with innovative solutions designed to help them reach their goals.”
- Legal Name: Avant, LLC
- Address: 222 N. LaSalle St., Suite 1600, Chicago, IL 60601
- Website: www.avant.com
- Phone: 312-448-8685, or 800-712-5407
- Avant is a licensed online lender.
- Where is Avant Available? 15 U.S. states: California, South Carolina, Georgia, Illinois, Louisiana, Wisconsin, Oregon, Idaho, Delaware, Virginia, Alabama, Missouri, South Dakota, Utah, and New Mexico.
- Certifications and Accreditations: Better Business Bureau (BBB) and Online Lenders Alliance
What is Avant?
Avant was established in 2012 to help people with poor credit ratings obtain personal loans. Avant is a leading provider of online lending solutions. The company offers personal loans ranging from $2000-$35,000 and credit cards with limits ranging from $300-$3000. A credit score of 550 or higher is required for a loan amount of $5,000 or more. This score makes Avant a good option for consolidating debt or building credit.
The company’s mission is to simplify the process of securing loans for people so that they can put that money toward making a better life. The company takes pride in helping borrowers achieve financial independence and believes great customer service and personalized attention make them better lenders and help build long-term customer relationships.
Avant offers loans for unsecured debt such as credit cards and shows flexibility with loan applications; for example, unlike traditional lenders, Avant won’t perform a hard credit check before providing you with a quote. In addition, you don’t need to show proof of income. Instead, you can apply instantly by filling out a short online form. If your application is accepted, the funds will be deposited into your account the following business day.
Avant offers a debt consolidation program that allows consumers to pay off multiple bills in one monthly payment. Individuals with credit ratings of 550 and above are eligible for a maximum loan amount of $35,000. Typical credit scores for Avant customers range from 600 to 700.
The amount you borrow will not increase due to any fees or interest you may incur. Therefore, if you qualify, you could save significantly over the course of the loan.
Is Avant Licensed?
Yes, Avant holds licenses in most states. In addition, they have licenses with multiple regulatory agencies depending on their operating location. For example, they have a business, consumer credit, lending, and collection agency licenses. You can find a copy of their NMLS license at The Nationwide Mortgage Licensing System (NMLS) and they link to each of their licenses on their website at Avant.com/Licensure/.
Is Avant personal loans a good option to consolidate debt?
To help you evaluate the Avant Debt Consolidation program, we researched and gathered information about its certifications and accreditations, details about costs and fees, pros and cons to consider, and frequently asked questions about its loans. Additionally, we share ratings and reviews about overall customer satisfaction that our team at NoMoreCreditCards.com uncovered while doing extensive research about the company.
The following Avant personal loan review will help you decide if this loan product is suitable for you. In addition, we’ll help you understand the credit score needed and other loan requirement factors to qualify for an Avant personal loan.
Average Rating Based on Online Reviews: Avant personal loan reviews from the most credible sources, including Credit Karma, Nerdwallet, and WalletHub, illustrate an average customer rating of “4.1 out of 5 stars.” That’s an excellent rating, and it’s based on thousands of actual client reviews. Avant debt consolidation loans have also been around since 2012, giving the company over a decade-long track record. When it comes to bad credit debt consolidation loans, Avant clearly offers one of the best options compared to other lenders.
How does Avant Work?
Avant offers loans up to $35,000 without collateral, making it one of the most flexible personal loans. The online application process for the loan is short and easy. Avant will pre-screen you for eligibility, requesting your current address, SSN, name, and income in order to do a soft credit check. You will receive your results within minutes.
If your application is successful, you can view different loan options and see each loan’s fixed monthly payment. This includes the interest rates and repayment length for each loan.
The third step involves entering your repayment dates and information. Avant will show you the total balance of your loan and what Avant will subtract for its origination fee. The revised sum will be credited to your bank account.
After you input your banking information and electronically sign your loan paperwork, Avant will do a hard credit check that will drop your credit rating by a few points. Your bank account will be credited with the funds within two business days.
What Type of Credit Score is Required to Qualify for an Avant Loan?
Avant is a personal loan lender offering loans to borrowers with various credit scores. The specific credit score requirements for an Avant personal loan may vary depending on factors such as your income, credit history, and other financial information.
However, Avant typically requires a minimum credit score of around 580 for a personal loan, although some borrowers with lower credit scores may still be eligible for a loan. When evaluating loan applications, Avant also considers other factors, such as income, employment history, and debt-to-income ratio.
It’s important to note that even if you meet the minimum credit score requirement for an Avant personal loan, you may still be offered a higher interest rate if your credit score is lower. On the other hand, if you have a higher credit score, you may be offered a lower interest rate and more favorable loan terms.
If you’re interested in applying for an Avant personal loan, it’s a good idea to check your credit score beforehand and review your credit report to ensure that it’s accurate and up-to-date. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year at annualcreditreport.com.
Remember that even if you meet the minimum credit score requirement for an Avant personal loan, there’s no guarantee that your application will be approved. The lender will consider various factors in evaluating your application and determining whether to approve your loan request.
Is Avant Legit?
Avant is a legitimate online lender that offers personal loans to customers. The company was founded in 2012 and has since helped millions of customers access credit. Avant is a member of the Online Lenders Alliance, a trade organization promoting responsible lending practices.
Avant is also accredited by the Better Business Bureau (BBB) and has an A+ rating, indicating that it meets the BBB’s standards for ethical business practices and customer service. The company has also received positive reviews from customers on various review sites, although, like any business, there are also some negative reviews.
Overall, Avant appears to be a legitimate lender, but it is always important to do your own research and make sure you understand the terms and conditions of any loan before agreeing to it.
Does Avant Debt Consolidation Hurt Your Credit?
Consolidating your debt with Avant or any other debt consolidation company should not inherently hurt your credit score. In fact, debt consolidation may actually help improve your credit score in the long run if you use it to pay off high-interest debt and make timely payments on your new consolidation loan.
However, there are a few factors to keep in mind that could potentially impact your credit score when using Avant or any other debt consolidation service:
- Applying for a new loan: Applying for a debt consolidation loan with Avant or another lender will involve a hard inquiry on your credit report, which could temporarily lower your credit score.
- Closing credit accounts: If you use a debt consolidation loan to pay off credit card debt, it’s important to avoid closing your credit card accounts immediately after paying them off. This could reduce the amount of available credit you have, which could negatively impact your credit score.
- Late payments: If you miss payments on your new consolidation loan, it could hurt your credit score. It’s important to make timely payments on your loan to avoid this.
Overall, using debt consolidation responsibly and making timely payments on your new loan should not hurt your credit score. In fact, it could potentially improve your score over time by reducing your debt-to-income ratio and making it easier to manage your debt.
Does the Avant Debt Consolidation Program Work?
Avant Personal Loans are best for those looking for low APR credit cards or those who want to build credit history quickly.
Personal loans from Avant have lower interest rates than those from most online lenders and traditional banks. In addition, you’ll find that most Avant loan products feature lower APRs than you’d see with traditional bank credit cards. Also, there is no late payment cost or annual fee.
Avant offers both fixed and adjustable interest rates. Fixed rates typically start at 2.99% APR and go up to 14.99%. Adjustable rates range from 3.49% to 13.99%, depending on your credit score.
Personal loans from Avant are available only to borrowers above the age of 18. In addition, your income needs to be at least $1,500 per month. And you cannot have had bankruptcy filings within the last seven years.
How Much Does Avant Debt Consolidation Cost?
Avant Loan Costs
Avant loan amounts range from $2,000 to $35,000, with APRs ranging from 9.95% to 35.99%. Loan lengths range from 12 to 60 months, and there is an administration fee of up to 4.75%.
A $10,000 loan with an administration fee of 4.75% and an amount financed of $9,500, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $560.33.
Please note that the loan terms a customer qualifies for may vary based on credit determination, state law, and other factors.
Minimum loan amounts vary by state.
Late fees may vary among products serviced by Avant.
What Fees Does Avant Debt Consolidation Charge?
Costs vary based on the type of loan you choose. For example, you’ll pay a $25 application fee and also pay a $15 origination charge for each loan. This charge covers the cost of processing your applications.
In addition, you’ll pay a 1.5% – 4.75% APR on the total amount borrowed. The APR applies to the original amount borrowed and any amounts added to the loan during the term.
Avant Complaints at BBB
Common customer complaints that Avant has received through BBB include the following:
High-Interest Rates & Payment Complaints: Most negative customer reviews mentioned high interest rates, fees, and monthly payments.
Denials: Even though they thought their credit score was good enough, a few customers were denied loans from Avant.
Denial reasons: Others were dissatisfied because they were denied additional loans, even though they had previously been approved. Because the lender’s decision is influenced by various factors, it can be denied for reasons other than credit history.
Refinancing unavailable: After making consistent payments on loans, a few reviewers were disappointed to learn that they were ineligible for refinancing at a lower rate.
Technical difficulties: Some applicants reported technical difficulties when uploading or signing documents.
Reviews on Avant at BBB
Most customers express that Avant is responsive and provides helpful customer service. The efficient application process was mentioned in many reviews.
While some people complained about Avant’s high rates, many believed that Avant provides fair fees and rates compared to other personal lenders, such as payday lenders.
Is Avant BBB Accredited?
Avant has been a BBB-accredited member for seven years with an A rating. However, customers gave Avant a 1.2 rating out of 5 stars based on 171 reviews.
The company received 860 complaints in the last three years, with 617 of these complaints resolved in the previous 12 months.
How to Cancel Avant Debt Consolidation
If you have not received an approval email, you may cancel your loan application by emailing Avant (firstname.lastname@example.org) or calling 1-800-712-5407.
Note that the above does not apply to Avant’s secured personal loan option.
Is Avant a good loan company for your situation? While Avant has mixed online reviews about its personal loans, it does offer–
- loans for low credit scores
- a fast and streamlined application process
- Avant loans are issued through WebBank, an FDIC-insured bank that is regulated by the Office of the Comptroller of the Currency.
Avant personal loans can help you consolidate and reduce high-interest debt. However, if you have bad credit, Avant personal loans could cost you more than you currently pay. With excellent credit, Avant low-interest loans can actually save you money.
Regardless of your credit score, don’t forget to add in the up-front loan origination fee that comes with most online lenders’ loans. These are the things you need to think about and consider, along with everything we’re about to share with you to simplify the process for you.
NoMoreCreditCards.com does its best to provide factual and truthful information aimed at helping the public by giving honest debt relief, settlement, and consolidation reviews. However, please email us at Info@NoMoreCreditCards.com if you believe any of the information on this page is inaccurate, and we will make appropriate edits. Always do your research and never rely solely on a single source when evaluating a company. We are not responsible for the results of any program you choose to join. Check multiple sources for reviews about Avant, including your state’s AG office, FTC, and BBB.