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

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Avant personal loans make borrowing possible, even if your credit isn't great. 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.

Ratings Methodology

As of Mar. 01, 2022

Lending Partner Min. Credit Score Loan Amounts APR Range
Avant
Rating image, 4.5 out of 5 stars.
Min. Credit Score: 580 Loan Amounts: $2,000 - $35,000 APR Range: 9.95% - 35.99%
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 6.99 -21.78% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 4/12/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank then your rate may be outside the range of rates listed above.

Full Avant review

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

Pros

  • Lower credit score requirements
  • Relatively low minimum loan amounts
  • Fast funding
  • No prepayment penalties

Cons

  • Higher APRs

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.

Available loan amounts: Many lenders have higher 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 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. Still, try to weigh how much interest you will pay by the time your loan is paid in full.

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.

How to qualify for an Avant personal loan

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

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 pre-qualify. 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, it 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.

Alternatives to consider

Regardless of your credit score, take the opportunity to check loan offers from several lending partners. Here are some other loans worth your consideration:

  • SoFi also has low interest loans for highly-qualified borrowers with long potential loan terms. In addition, SoFi offers unemployment protection.
  • Payoff offers lower interest rates -- and does not charge origination fees -- to those with the best credit ratings.

Did you know? Avant also offers a credit card. Check out The Ascent's Avant credit card review to learn more about their offerings.

As of Mar. 01, 2022
Lender
SoFi
Payoff
Rating
Rating image, 5.0 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Min. Credit Score
680
640
Loan Amounts $5,000 - $100,000 $5,000 - $40,000
APR Range Fixed: 6.99-21.78% APR (with all discounts) 5.99% - 24.99%
Next Steps
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 6.99 -21.78% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 4/12/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank then your rate may be outside the range of rates listed above.

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.

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