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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 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.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
This personal loan is a good fit for: Those with low credit scores looking for quick funding and flexible personal loan terms.
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.
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.
You'll generally need the following to qualify for an Avant personal loan:
Applying for an Avant personal loan is quick and easy.
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.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may 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 and may affect your credit.