Avant partners with WebBank for their personal loans, making them accessible to middle-income borrowers. It’s ideal for those who need fast funding since you can get your loan amount as soon as the next business day. MoneyGeek’s Avant personal loan review details its features, benefits and drawbacks.
At a Glance: Avant Personal Loans
- 9.95% to 35.95%APR Range
- 600Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek Breakdown - Avant Personal Loan Details and Requirements
Avant offers APRs ranging from 9.95% to 35.99%. Your actual rate may vary depending on your unique profile.
Credit Score Requirements
You can qualify for a personal loan with Avant if your credit score is at least 600.
Avant does not state a specific income requirement to qualify for a personal loan.
Avant allows you to borrow from $2,000 to $35,000. However, in Massachusetts, the lowest loan amount possible is $6,400.
Loan terms range from 24 to 60 months.
You can use your funds to make home improvements or consolidate existing debts. You can also use it for emergency expenses.
Avant does not indicate specific restrictions regarding how you can use your funds.
Time to Receive Funds
Avant typically releases loan funds within the next business day.
Avant charges an administration fee up to 4.75%.
WebBank charges a late fee of $25 if your payment is not paid in full ten days after it’s due.
In Idaho and Oregon, the late fee amounts to 5% of the scheduled payment amount or $5, whichever is lower.
Avant also charges a $15 Dishonored Payment Fee for each unsuccessful attempt of paying your monthly due because of insufficient funds.
Prepayment Penalty Fees
Avant does not charge a penalty if you pay your loan early.
Co-signers and Co-applicants
Avant does not allow co-signers for personal loans.
Avant’s system allows you to modify the cut-off time for your payments, regardless of whether you use Automated Clearing House (ACH), credit or debit cards. You also can increase or make additional payments to pay off your loan faster without incurring penalties.
Avant has a mobile application for Android and iOS users. You can use it to manage your loan on the go.
Is Avant Right for You?
Avant is only one of several lenders available to you. Before going through with your application, there are several factors you must consider. MoneyGeek’s review for Avant’s personal loan explores these further.
Who Avant Is Perfect For
A personal loan from Avant is best suited for borrowers with a less-than-satisfactory credit standing. Even if your credit score is only 600, you may still qualify. It may also be your best option if you need funds quickly since Avant can fund your loan as soon as one business day.
Some lenders apply a penalty if you pay your loan before your term ends. Avant doesn’t. Avant may be a good fit for you if you think your financial situation will improve soon, allowing you to pay your balance in full.
Who Should Not Choose Avant
Despite the benefits Avant personal loans offer, they’re not for everyone. You have to consider some factors, such as the penalties you have to pay for late or dishonored payments. If you feel you cannot pay your dues on time, you may consider other lenders that charge a lower amount.
If your credit score is good and you’re not in a hurry to receive funds, you may benefit from other lenders. You may find others that offer a lower interest rate and can still release your funds within a short period.
How to Apply for an Avant Personal Loan
You need to go through several steps to apply for a personal loan with Avant. However, they currently don’t accept applications from Hawaii, Iowa, New York, Vermont and West Virginia. MoneyGeek’s Avant personal loan review details the process below.
Check Your Loan Options
Avant’s website requires you to put in information and create an account. Besides your personal details, it also asks how you intend to use your funds and disclose your monthly income. Avant will offer you a loan that will fit your requirements if you qualify.
Complete the Application
If any of the loan options appeal to you, you can proceed with the application process. While checking your loan options requires a soft inquiry, Avant may conduct a hard inquiry if you apply for a personal loan.
Undergo the Verification Process
Avant requires all its applicants to complete an identity verification process. A Knowledge-Based Authentication (KBA) system allows you to do this electronically. Avant may also need confirmation regarding your income and banking information. You may need to submit various documents such as bank statements and pay stubs.
Wait for Your Loan Approval
Once you’ve submitted all the required documents, you can check your application status through your account’s dashboard. It is also where Avant notifies you if there are other requirements you need to send.
Receive or Direct Funds
Your funds will be deposited directly into your account. It can happen as soon as the next business day, provided your application was approved before 4:30 pm Central Time, Mondays through Friday.
Your monthly payments begin around 30 days after receiving the funds. After this, you’ll follow the same date each month, except when it falls on a weekend or a holiday. In these situations, your payment is due on the next business day. You pay through various methods such as paper and remotely created checks and money orders, automated clearing house (ACH), credit or debit cards. Another convenient option is to pay through Avant’s mobile app.
What to Do if You Are Rejected From Avant
There are several reasons why lenders may deny your loan application. Your credit score, credit history or income, among other things, all contribute to their decision. Although applying for a loan with another lender is always an option, it’s best to figure out why it happened.
If Avant rejects your loan application, there’s no harm in reaching out to determine the cause. It may allow you to ask whether there’s anything you can do to modify your loan application to make it more acceptable to them. For example, you can lower your loan amount or change your loan terms.
If it’s something that requires time to address, such as your credit score, perhaps taking the time to work on it will result in more positive outcomes for future loan applications. However, if you really need funds now, you should check out other lenders and see what they can offer.
Frequently Asked Questions About Avant Personal Loans
Securing a personal loan is not a decision you make lightly. MoneyGeek gathered its responses to the most commonly asked questions to provide more information.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.