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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.
Avant has flexible credit requirements. The minimum loan amount is $2,000 (lower than many other lenders). Avant doesn't offer the lowest interest rates we've seen, but you can apply with a credit score of just 580.
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.
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.
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.
You'll generally need the following to qualify for an Avant personal loan:
Applying for an Avant personal loan is quick and easy.
Regardless of your credit score, take the opportunity to check loan offers from several lending partners. Here are some other loans worth your consideration:
Did you know? Avant also offers a credit card. Check out The Ascent's Avant credit card review to learn more about their offerings.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 25.81% 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 05/19/23 and are subject to change without notice. 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%-6%, 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.
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