Avant Personal Loans

4.5 out of 5

Funded by: Avant

At A Glance

Avant offers secured and unsecured personal loans. You can qualify with a low credit score, and the origination fees are competitive with other lenders. It can be easier to be eligible for an Avant personal loan than with other online lenders.

Pros & Cons

Pros

  • Secured and unsecured loans
  • Can apply with a low credit score
  • Origination fee is lower with secured loans
  • No prepayment penalty

Cons

  • No co-sign option
  • APRs can be higher than other lenders
  • Can only borrow up to $35,000

Avant Personal Loans Borrowers Qualifications

Annual income

$20,000

Credit history

At least 2 years

Credit score

580

Bankruptcy

No recent bankruptcy or delinquencies

State eligibility

Avant is available to borrower in all 50 states

Avant Personal Loans Key Details

Loan amount

$2,000 – $35,000

Loan term

2 to 5 years

Estimated APR

9.95 – 35.99%

Approval time

As little as 2 mintues

Time to funds

As fast as 24 hours

Fees
  • Origination fee: Between 0% to 4.75%
  • Late payment fee: Up to $25
  • Unsuccessful payment fee: $15
Pre-payment option

Prepayment option available

Credit inquiry

Soft credit check

Avant Personal Loans Review

Our Experts Take
Josh Patoka - Spade Business Team
Josh Patoka
November 11, 2020

Avant offers secured and unsecured personal loans between $2,000 and $35,000 that can be used for many purposes. Other lenders offer a loan amount of up to $50,000 but require a higher minimum personal credit score in the mid-600s. Applicants only need a 580 personal credit score and a gross annual income above $20,000 to qualify for an Avant loan.

All Avant personal loans have a fixed interest rate with a 9.95% to 35.99% APR and an origination fee of up to 4.75%. Repayment terms range from 24 months to 60 months with monthly payments. No co-signer or collateral is required. The starting interest rate of 9.95% is higher than other lenders, and people with high credit scores may find a better rate at another lender. But applicants with not-so-perfect credit can expect rates similar to other lenders.

Secured personal loans have a maximum origination fee of 2.75%, with a borrowing amount from $5,000 up to $25,000. The repayment term ranges from 24 months to 48 months.

Where Avant Stands Out

Minimum 580 personal credit score required: Other lenders can require a credit score as high as 670 to qualify for a personal loan. Avant only requires a 580 personal credit score. Although just having a 580 credit score may not guarantee getting the lowest interest rate offered, it’s at least possible to get financing for up to 5 years.

No collateral or co-signer required: Every Avant personal loan is unsecured and doesn’t need collateral or a co-signer to qualify for a higher borrowing amount. Other lenders may require collateral for personal loans as small as $7,000, depending on your state of residence.

Next day funding: Most borrowers receive their loan funds the next day when their application is approved by 530 pm EST. Other lenders may take up to 5 days to deliver the loan funds.

Repayment terms up to 5 years: Many alternative personal loan lenders only offer 3 and 5-year repayment terms. An Avant 2-year repayment term can result in a lower interest rate in comparison to getting a 3-year term with another lender.

Where Avant Falls Short

Interest rates start at 9.95% APR: Applicants with high credit scores and low debt-to-income ratios may get a better interest rate at another lender. For applicants with lower credit scores, Avant’s interest rates are competitive with other lenders.

Origination fee up to 4.75%: Your creditworthiness determines the origination fee that can be up to 4.75% of the initial loan balance for an unsecured loan. This fee is competitive with most lenders and is the only other loan expense besides the monthly interest charges. Moreover, applicants with a strong credit profile have the possibility of paying a lower origination fee.

Self-employed borrowers must present two years of tax returns: Avant requires self-employed borrowers to provide two years of tax returns to verify their income. Most lenders only require the most recent tax return from self-employed applicants.

Loans up to $35,000: Avant only issues loans up to $35,000. This is still a substantial amount for a personal loan and can be enough to get a business idea off the ground. However, well-qualified borrowers will be able to borrow up to $50,000 with other lenders.

Is Avant The Best Option For Me?

Avant is the best fit for those with a personal credit score between 580 and 640, as many lenders won’t lend to this credit score range. Applicants with a high credit score are more likely to qualify for a lower interest rate at another borrower. You may also consider Avant if you don’t want a secured personal loan that requires a co-signer or collateral when you need to borrow a large amount.

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