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Avant Personal Loans Review: Get Quick Funding With Long Loan Terms

Review Updated
Dana George
Dana George
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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It's a hard fact of life that people with high credit scores have an easier time borrowing money. For those whose credit scores aren't great, Avant offers an option. Avant's flexible repayment terms and quick funding make it a strong choice for many borrowers, particularly those looking for debt consolidation loans for bad credit. Find out if it's right for you in our Avant personal loans review.

Avant
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Avant

Great for: Borrowers with poor credit scores

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4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
580
Loan Amounts
$2,000 - $35,000
APR Range
9.95% - 35.99%
Term Length
12-60 months

Avant has flexible credit requirements, and the minimum loan amount is just $2,000 (lower than many other lenders). The good news is that you can apply with a credit score as low as 580. The bad news is, Avant's upper-end APR is quite high.

  • Lower credit score requirements
  • Relatively low minimum loan amounts
  • Fast funding
  • No prepayment penalties
  • Higher APRs
  • Administration fee of up to 4.75%

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
7.99% - 24.99%
$2,500 - $40,000
660
11.49% - 20.49%
$2,000 - $30,000
740
6.70% - 35.99%³
$1,000 - $50,000¹
300

Full Avant personal loans review

This personal loan is a good fit for: Those with low credit scores looking for quick funding and flexible personal loan terms.

Top perks

Soft credit inquiry: There's no need to commit to Avant to find out your options. Avant will conduct a soft credit inquiry and let you know what your interest rate will be. Unlike a hard credit inquiry, a soft credit inquiry won't negatively impact your credit score. It's not until you commit to an Avant loan that the company runs a hard credit check.

Available loan amounts: Many lenders have higher minimum lending limits, which makes Avant's $2,000-$35,000 especially attractive. If you only need enough money to make a small home or auto repair, there's no reason to borrow more.

No prepayment penalty: Let's say you earn a bonus at work or otherwise come into extra cash. Avant doesn't charge a prepayment penalty, which makes it easier for you to pay your loan off early.

Easy to qualify: Borrowers with credit scores as low as 580 can get approved for a personal loan, provided they meet the income requirements.

Funding time: Most loans are funded by the next day. That means you won't have to wait long if you have an emergency situation that requires quick cash.

Loan terms: Loans terms are available from 24 to 60 months. That gives you flexibility. If you choose a longer repayment term, you'll have a lower monthly payment but you'll pay more in interest over the life of the loan. If you're looking for the best loans to consolidate credit card debt, being able to extend payments out for as long as 60 months may be an attractive feature.

What could be improved

APR range: Avant's APRs can be high, depending on your situation. If your credit is not so hot, the high APR and fees can make it an expensive way to borrow money.

Origination fees: Avant charges what it calls an "administration fee" of up to 4.75% of the loan amount. How much you'll pay is based on your credit rating. The highest origination fees are charged to those with the lowest credit scores.

How to qualify for an Avant personal loan

You'll generally need the following to qualify for an Avant personal loan:

  • A minimum FICO® Score of 580 or higher
  • Enough income to be able to afford the monthly loan payment
  • An acceptable debt-to-income ratio (40% or lower)

Application process

Applying for an Avant personal loan is quick and easy.

  • Provide some basic financial information. Avant will run a soft credit check to see if you prequalify. This will not impact your credit score. If the information is acceptable, it will offer you a loan rate, loan amount, and loan term options.
  • If you decide to proceed with the loan, you'll need to provide more detailed information. Avant will then run a hard credit check which will slightly impact your credit score. At this point, Avant may ask for additional documents for verification purposes.
  • If your loan is approved, you'll need to let the lender know where you want the funds deposited and electronically sign a loan agreement.

This personal loan is right for you if:

  • Your credit score is not great and you want an unsecured loan for $35,000 or less.
  • You're looking for a longer-than-average repayment period.

FAQs

  • While some lenders only consider applications from borrowers with high credit scores, Avant takes a greater risk by offering loans to people with scores as low as 580. In return for taking this risk, the company charges more in interest.

  • While you don't necessarily have to work outside the home, you do need to provide the lender with proof that you have enough monthly income to cover the payment.