Chicago-based Avant has lent more than $6.5 billion to borrowers since its 2012 founding. In partnership with WebBank, Avant offers secured and unsecured personal loans and a credit card. The online lender helps borrowers with fair to excellent credit, or average scores from 600 to 800.
- Borrowers with fair credit scores can qualify.
- Funds for unsecured personal loans are generally deposited the next business day after approval.
- Secured and unsecured loans are available.
- Unsecured loan amounts start at $2,000.
- Co-signers are not permitted for the Avant credit card.
- Borrowers pay an administration fee of up to 4.75%
Avant allows borrowers to use personal loan funds for any purpose. Common uses include:
Avant offers access to fixed-rate personal loans only. Unsecured loan amounts range from $2,000 to $35,000 with repayment terms of 24 to 60 months. Secured loan amounts range from $5,000 to $35,000 with terms of 24 to 48 months.
The lender does not charge a prepayment fee but does apply an administration fee of up to 4.75% for unsecured loans and 2.5% for secured loans. Late fees may apply but vary by state.
You can qualify for an Avant personal loan with a credit score of at least 600. The lender also considers your credit history, monthly net income and expenses such as rent or mortgage payments.
Avant says its loans are accessible to middle-class, everyday borrowers. The lender does not accept co-signers.
Avant often deposits money as soon as the next business day after loan approval, but the exact time will depend on your bank.
You’ll need a credit score of at least 600 to qualify for an Avant personal loan. This score falls in FICO’s fair range.
Personal Loan Finder
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
Avant has an A rating with the Better Business Bureau, and in 2020, the Consumer Financial Protection Bureau received 26 complaints related to Avant’s personal loans. Trustpilot scores Avant 4.7 out of 5 stars, and 81% of more than 14,600 reviews are excellent.
You’ll begin with an online prequalification form, which asks for basic information, including name and address, monthly income, monthly mortgage or rent payment, and how much you want to borrow. If you qualify, Avant will offer you a loan that fits your needs.
Once you select a loan, Avant will request documents such as bank statements and check stubs. The lender requires you to validate your identification by asking you a series of questions that only you can answer, called knowledge-based authentication. Avant may also call your employer to check that you work there.
The lender uses soft credit inquiries, which do not hurt credit scores, for prequalification and a hard credit check when you submit your loan application. FICO considers inquiries from the last year, although they remain on your credit report for two years, and typically subtracts less than five points from your score for hard inquiries.
You can complete the entire personal loan process online, from prequalifying to closing. Plus, you can manage your account online or through Avant’s app.
Individuals who need their loan funds fast.
- Borrowers with credit scores of at least 600.
- Applicants who prefer to complete the loan process online.
Q: How do Avant personal loans work?
Avant is an online lender offering secured and unsecured loans, along with a credit card. Borrowers with fair to excellent credit can access loans ranging from $2,000 to $35,000, depending on whether you choose a secured or unsecured loan.
Simply complete a prequalification form —the process takes a few minutes. You’ll then receive an offer for personal loans that match your request.
Once you submit your loan application and provide documentation, Avant reviews the information. Borrowers may receive loan funds the next business day after approval, depending on the bank.
Q: Is Avant an SBA lender?
Avant does not offer small-business loans and is not a Small Business Administration, or SBA, lender. Instead, Avant provides secured and unsecured personal loans.
Q: How do you get approved for an Avant personal loan?
You should have a credit score of at least 600 to get approved for an Avant personal loan. Avant will ask how long you’ve lived at your current address and request proof of employment, net monthly income, and monthly mortgage and rent expenses. Avant might call your place of employment to verify that you work there.
The approval process includes providing documents such as bank statements and check stubs. Avant reviews your credit history and debt-to-income ratio to determine if you are a good risk and will pay back the loan.
The entire process occurs online, including monitoring application status and receiving loan approval.
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