In 2015, Forbes Magazine named Avant the sixth most promising company in the United States. That comes as no surprise since the lender service has originated $4 billion in loans to over 600,000 borrowers.
Want to see what Avant has in store for you? Below is the good, the bad and my breakdown of personal loans with Avant.
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Avant Pros & Cons
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to Avant’s website and apply online.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- Quick funding. It can take as little as one business day, if approved.
- Flexible fund use. A personal loan through Avant can be used for debt consolidation, home improvement or unexpected expenses.
- No prepayment penalty. So you can pay that loan of yours back as quick as possible!
- Avant tools. With a simple dashboard and mobile app, staying up to date with your loan is easy.
- Live customer service 7 days a week. In a recent survey, 95% of Avant customer said they left satisfied. Nine out of ten Avant borrowers would recommend this lending service to others.
- Rebuild your credit. Avant reports to Equifax, Experian and TransUnion, so you can rebuild your credit by making on-time payments.
- Not available in all states. You can’t apply for an Avant personal loan if you live in Iowa, Colorado or West Virginia.
- Origination fee. There is an administration fee which can range from 0% to 4.75%.
- Rates. Even the low end (9.95%) of Avant’s rates isn’t that low, and most definitely the high end (35.99%) as well.
- Late payment fee. Miss your payment by more than 10 days, and Avant will charge you a $25 late fee. If your next three payments are on-time, Avant will reward you by refunding the last late fee.
- NSF fee. If your payment is rejected, you will have to pay $15 per unsuccessful transaction.
- Online only. Avant does not have any brick-and-mortar branches to make payments or ask questions in person.
Borrower Averages
Avant president, Adam Hughes, says the company focuses on the “typical middle-class American consumer.” About half of Avant’s borrowers take out loans for debt consolidation.
| Credit Score | 650 |
| Annual Income | $40,000 |
Eligibility Requirements
Applicants must have a minimum credit score of 580 and a gross annual income of at least $20,000. There is no debt-to-income ratio requirement.
Avant Terms & Fees
| Loan Amounts | $2,000 – $35,000 |
| Loan Terms | 2 to 5 years |
| Repayment Options | Monthly |
| Origination Fee | 0% to 4.75% |
| APR | 9.95% – 35.99% |
| Prepayment Fee | None |
| Late Payment Fee | $25 |
| NSF Payment Fee | $15 |
| Check Processing Fee | None |
The Breakdown
Applying for a personal loan with Avant is quick, convenient and easy with no collateral needed. You can receive your funds in as little as one business day. With exceptional customer service and Avant’s app, it’s easy to manage your loan.
Sample Loan
| Loan Size | $15,000 |
| Loan Term | 36 months |
| Origination Fee (2.5%) | $375 |
| Funds Received | $14,625 |
| APR | 18.0% |
| Total Interest | $4,552.29 |
| Monthly Payment | $542.29 |
Avant rates aren’t the most competitive, with its low end starting at 9.95% APR. Make sure to calculate in the origination fee of up to 4.75%. Plus, there are fees for late payment and insufficient funds. Avant is not available to Iowa, Colorada and West Virginia residents, and you can only communicate with representatives online or via phone.
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