- Personal loans of $2,000 to $35,000
- Compare rates in 2 minutes without affecting your credit
- Best for low origination fees for bad credit
- 550 minimum credit score required
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- See official site, terms, and details.
After researching and walking through Avant's application myself, here's what credit-challenged borrowers can realistically expect.
By: Choncé Maddox
Editor: Jon McDonald
Reviewer: Ashley Fricker
Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more info, see our ad disclosure and review policy.
In many areas of life, being average is perfectly fine. An average student still graduates, an average cook can still put dinner on the table (that hopefully doesn’t taste too bad), and an average athlete can still enjoy the game and score a few points.
But when it comes to your credit score, having average (or fair) credit can often hold you back, especially when you need a loan.
Around 15% of U.S. consumers have fair or average credit, and only 23% have excellent credit. But sitting in the middle doesn’t mean you don’t have options if you need money for an emergency or unexpected expense. It just means your loan options may be limited.
Avant is a popular tech-forward lender that offers personal loans and can work with credit-challenged people who are on the road to improving their score.
I’ve done all the research on Avant, both as a company and a lender, in this detailed review. I’ll cover Avant’s offerings, application process, terms, fees, and a lot more, so you can see if you qualify for an above-average loan (even with average credit).
Avant is a fintech platform backed by WebBank that aims to provide a quick and straightforward lending process. It handles the straightforward part really well, but the “quick” part will depend on a few other factors.
Every loan starts by exploring your options on the website, and then filling out an official application if you want to move forward. Avant gives you a loan decision fast and, if you’re approved, loan funds can hit your bank account the next business day.
While the process sounds easy enough, I wanted some insight into what eligibility requirements Avant has and if it actually works with people who have less-than-perfect credit.
So, I did some digging, and after calling the company, I found that Avant looks at factors like your repayment history, credit score, and income to determine if you’d be a good fit for a personal loan.
The representative I spoke with told me that Avant encourages people with all credit types to apply, but if your credit score is 600 or higher, you have a better chance at finding reasonable loan options and getting approved.
On its About page, Avant does mention that its goal is to “improve the borrowing experience for middle-income consumers,” which tells me it may show some leniency to borrowers with average credit scores or lower.
The best way to see if you qualify is to fill out the form on the website and get a free quote.
One thing Avant makes clear is how quickly you can get your loan funds once approved. Loan processing is streamlined so you can get your funds as soon as the next business day after approval.
The money will be deposited into your bank account, and you can manage your loan directly from the Avant mobile app. This is definitely a positive, because you don’t have to deal with middlemen and all of your info is on one dashboard.
Avant’s speedy funding is nice, but you also need to be prepared to take advantage of it. So, make sure you submit the required documentation to Avant promptly during the application process.
That way, your loan processing continues to move forward. Also, your loan typically needs to be approved by 4:30 PM (Central Time) on a business day for you to receive the funds the following business day.
When you fill out the application on Avant to check your loan options, it only results in a soft credit pull. That means viewing your offers won’t affect your credit score. Now, if you pick one of the options and choose to officially apply, that’ll result in a hard credit inquiry, which could make your credit score dip slightly.
I was also surprised to find out that not all lenders report payments to all three major credit bureaus (Experian, Equifax, and TransUnion). Avant does report payments to all three credit bureaus, so it earns points in my book.
It may seem like a given, but don’t underestimate how important tri-bureau reporting is when you’re looking for a personal loan. If you’re making loan payments on time, you should get all the credit you can for them. And positive payment history is the single biggest factor in improving your score.
Not to mention, if one credit bureau has information that another doesn’t, it could potentially throw off your credit score when you or other lenders check it.
I love that Avant has a dedicated mobile app. It’s very user-friendly, and you can use it to monitor your loan account or any other Avant products you have (including its popular credit card).
The app is available on both iOS and Android, and you can use it to view upcoming and past payments, make payments, and view your debt payoff quote. This is another big plus for me, because it’s so important to see how your loan payments are applied.
Looking at my remaining balance and debt payoff quote has helped motivate me to pay off loans faster in the past if I had extra money. But in general, it was nice to have access to these things so I could track how my loan repayment was progressing over time.
Sometimes I wonder if I’m the only person who doesn’t like calling customer support. But I realized that sometimes I dread reaching out to companies because it often ends up being a hassle, whether it’s long wait times, misinformation, or a customer support agent who doesn’t really help solve my problem.
Still, I worked up the courage to call Avant and test its customer service, so I could give my honest experience.
I called in the afternoon and followed the prompts to speak to a live person. It was easy to get a real person on the phone, and there was no wait time. I asked a question about some eligibility requirements, and the representative gave me a clear answer and even explained how the next steps would work after submitting the form online.
This interaction was brief, but it was a lot better than other customer service experiences I’ve had in the past. I especially liked the short wait time, and there weren’t any confusing prompts to follow.
You can find Avant’s dashboard, customer service, and application support numbers on its Contact page.
Getting a personal loan is about more than just getting the money you need fast. Sure, that can be a big factor in choosing a lender, but you also need to consider the overall costs and other fees that come with the loan.
Paying the loan back on time is critical because you want to avoid all of the bad things that go along with paying late, including credit score drops and late fees or other penalties.
There are state-specific loan borrowing limits (usually ranging from $2,000 to $35,000), and APR ranges on the website, which is somewhat helpful if you’re looking to see what you could be paying.
But it looks like most borrowers can expect to pay an APR of anywhere from 9.95% to 35.99% on their loan.
This gap in interest rates may seem as wide as the Grand Canyon, but it shows that Avant considers a variety of credit scores and offers higher APRs to those with lower scores and limited credit history.
I was also surprised to see that Avant charges an administration fee of up to 9.99%. Some other lenders charge an administration or origination fee, but, in my experience, it usually ranges from 3% to 5%.
This is something to pay close attention to because if you need to borrow $7,500, for example, you could be paying more than $740 if your administration fee is on the high end of that range.
Avant also charges a $25 late fee if your loan payment is not received within 10 days of the due date. There’s also a $15 fee for returned payments. I like that the grace period is 10 days, so there won’t be any impact if you happen to miss it.
Pro Tip: These may seem like small fees, but they can add up if you’re not careful, so the best way to avoid them is to set up automatic payments each month to ensure your minimum required payment is made.
From there, you can always add on additional payments if you want to pay down more of the principal faster. But you’ll want to just cover your bases and avoid these unnecessary fees first.
Here’s where we get down to the real details. You know more about what Avant is, what type of credit you need, and how the process works, but what information does it ask for?
I walked through the loan application process myself, and here’s exactly what you can expect.
Note: I didn’t actually submit a loan application, as I don’t need one. This walkthrough is for educational purposes only, and your application may look different depending on your answers to these questions.
I clicked on the Loans page, then the ‘Check Your Loan Options’ Button to start the process of submitting my information.
Then, I started filling out the empty form. Avant asks for basic information like my name, address, monthly housing payment, Social Security number, income type, and what I need the loan for.
I liked how this form was on the shorter side and only one page. I’ve filled out similar forms in the past that were very long and almost discouraged me from wanting to move forward with the process.
I also read the security notice on the right-hand side of the form, and it made me feel more at ease when adding my information, since it gets to my sensitive and private info quickly.
After submitting the form, Avant does a soft credit pull that doesn’t impact my credit score. It only takes a few seconds, and then Avant will provide loan options that include the borrowing amount, estimated interest rate, and monthly payment.
I didn’t personally need a loan this time, so I decided not to move forward in the process. But from here, I could decide if I like these loan terms and start a formal application (which would result in a hard credit check).
Avant may ask to see additional documentation, such as your recent check stubs and your ID or driver’s license, to verify your identity. It’s important to submit this information as soon as possible so the application can be processed quickly.
And again, when you complete the formal application for a personal loan, a hard credit inquiry will show up on your credit report.
If you’re approved for a loan, Avant will need you to review the terms before agreeing. You’ll want to read these carefully, because they will tell you exactly what you’re signing up for.
Pro Tip: Interest rates, monthly payments, late fees, and administration fees are all included in the terms. Take some time to calculate the total loan cost carefully so you aren’t surprised by any potential charges.
If everything looks good and you accept the loan offer, that’s when you’ll receive your loan funds as soon as the next business day.
Does anyone else get annoyed when a lender tries to limit the ways you can use the loan money? It’s not like you can control most unexpected situations, like if your car breaks down or a pipe bursts in your kitchen.
One thing I like about Avant is how flexible the company is about how you use your loan. Whether you’re looking for debt consolidation, home repairs, or funds for an emergency, Avant doesn’t limit what you can list as your reason to take out a personal loan.
That said, getting a loan with Avant may have some disadvantages. Here are some pros and cons I found to help you weigh whether this lender is a good fit for you.
Avant’s biggest perk is probably its streamlined application and approval process. You can get a decision in minutes, so it’s ideal to use if you’re looking for a fast approval answer. But Avant does have APRs as high as 35%, which can significantly increase the cost of your loan.
Also note that Avant does not offer loans in some states, including Iowa, Hawaii, Maine, Vermont, and West Virginia (as of the time this review was published).
Avant’s loan offerings seem pretty comparable to some of its competitors, although I noticed a few differences. Some other options, like LendingClub and Upstart, allow you to borrow more money if you need it, and their fees vary just like Avant.
Here’s an overview of some key loan features that’ll help determine if Avant can help in your situation:
| Avant | LendingClub | Upstart | OneMain Financial | |
|---|---|---|---|---|
| Min Credit Score | 550 | 600 | 300 | No minimum stated |
| Loan Range | $2,000 – $35,000 | $1,000 – $60,000 | $1,000 – $75,000 | $1,500 – $20,000 |
| Fees | Admin fee up to 9.99% | Origination fee 0% to 8% | Origination fee (varies by lender) | Origination fee (1% to 10%) |
| Funding Time | Next business day | A few business days (after verification) | As fast as one business day | Same day via SpeedFunds® or 1-2 business days by ACH |
I think Avant is a solid middle-of-the-road lending option for people who don’t have a perfect credit score. Yes, their fees and rates can be a little high, but I found them comparable to other lenders that work with borrowers who don’t have perfect credit.
Avant is also a credible and reliable company with excellent third-party reviews. It is upfront about loan terms and fees, so you’ll know what to expect, and you can use the loan for a variety of purposes.
I’d recommend Avant to someone who is actively working on improving their credit and managing payments properly, but needs money fast, whether for debt repayment, home repairs, or any other emergency expense.
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