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If you have fair credit, Avant personal loans offer the chance to get affordable financing. The online lender's rates are competitive, and its loan amounts and repayment terms flexible. Whether you're considering a personal loan for debt consolidation, emergency expenses or something else, Avant should be on your radar.
Note: Product link is for the Avant unsecured personal loan only.
|Competitive rates for fair-credit borrowers||No cosigners allowed|
|Flexible loan amounts and repayment options||Starting APR is high for prime borrowers|
|Secured and unsecured options available||Charges an upfront administrative fee|
|Avant Customer Service855-712-5407|
222 N. LaSalle St., Suite 1700
Chicago, Illinois 60601
Avant is an online lender that offers personal loans from $2,000 to $35,000, depending on which loan type you choose. Repayment terms range from 24 to 60 months, and there's an upfront fee—called an administrative fee instead of an origination fee—of up to 4.75%.
Avant personal loans are an excellent option if you have fair credit because of their credit score requirements. However, if you have good or excellent credit, you may be able to find a lower interest rate and no upfront fees with a different lender.
Here's what you should know about Avant personal loans before you apply.
Secured and Unsecured Loan Options Available
Unlike many other lenders, Avant offers both secured and unsecured personal loans. In general, secured loans can be an option if your credit isn't good enough to qualify for an unsecured loan. Here's a breakdown of both loan types. Keep in mind that terms may vary from state to state.
Avant Unsecured Personal Loans
- Loan amounts: $2,000 to $35,000
- Repayment terms: 24 to 60 months
- Administrative fee: Up to 4.75% of the loan amount
- Collateral requirements: None
If you can qualify for an unsecured personal loan with Avant, it's the better option of the two because it offers higher loan amounts, longer repayment terms and no collateral requirements. However, the maximum administrative fee is almost double.
Avant Secured Personal Loans
- Loan amounts: $5,000 to $25,000
- Repayment terms: 24 to 48 months
- Administrative fee: Up to 2.5% of the loan amount
- Collateral requirements: Your vehicle
If you qualify for both loan options, the secured loan may give you a lower interest rate because the collateral reduces the risk for Avant. You'll also get a lower administrative fee, though loan amounts and repayment terms on Avant secured loans are less flexible and you may have to pay a state lien fee depending on where you reside.
Your loan will be secured by the equity in your vehicle, so if you still owe a lot on your car and don't have much equity, you may be limited in how much you can borrow. What's more, if you default on your loan, Avant may be able to repossess your car and sell it to satisfy the debt. (Avant secured loan offers are not available through Experian.)
How to Apply for an Avant Personal Loan
You can use a personal loan for just about anything, but some of the options Avant provides include debt consolidation, emergency expenses, home renovations and more.
You can apply for an Avant personal loan through the lender's website. The application process is completely online and starts with prequalification.
Prequalification allows you to view rate offers from Avant with just a soft credit check, which won't impact your credit scores. You'll need to create a password for an online account so you can easily return to your application later.
To complete your application, you'll need to provide the following information:
- Full name
- Date of birth
- Social Security number
- Contact information
- Housing status and monthly payment
- Employment and income information
- Desired loan amount and purpose
- Credit score range
Once you submit your information, you'll be able to view one or more loan offers based on your eligibility.
If you decide to proceed with Avant, you'll need to undergo a hard credit check, plus provide documents to prove your income, such as pay stubs or bank statements. If you're applying for a secured loan, you'll also need to share details about your vehicle and auto loan, if applicable.
Your annual percentage rate (APR) and other loan terms will depend on your creditworthiness, income and other factors in your application.
Who Qualifies for an Avant Personal Loan?
You can qualify for a loan if you have fair credit or better, making it a solid alternative to credit cards and short-term loans.
You'll also need to meet other criteria, though Avant doesn't publicly disclose minimum income and maximum debt-to-income ratio requirements.
Unlike some other personal loan companies, Avant doesn't offer the option to add a cosigner or joint applicant. This means that if you're not eligible for a loan on your own, you're out of luck. Some other lenders allow you to apply for loans jointly with another person, which can improve your chances of getting approved and possibly even score a lower interest rate.
Remember, though, that if you can't qualify for an unsecured personal loan with Avant, you may still be able to get a secured loan.
How Does Paying Off an Avant Personal Loan Work?
Avant offers repayment terms ranging from 24 to 60 months, depending on your loan type, the amount borrowed and other factors.
Setting up automatic payments from your bank account will ensure you never miss a payment. The lender also offers other payment methods, however, including paper check, cashier's check, money order, credit card and debit card.
If you pay via check or money order, keep in mind that the payment is effective the date Avant receives it, so you'll need to send it ahead of your payment due date. The lender reports payments to all three national credit reporting agencies (Experian, TransUnion and Equifax).
The lender doesn't charge a prepayment penalty if you pay off the loan early. However, there may be a $25 late fee ($20 for the secured personal loan) if you miss a payment and a $15 dishonored payment fee ($20 for the secured personal loan) if you don't have enough cash in your bank account to cover a payment. The lender offers a 10-day grace period before charging a late fee.
If you don't think you can make a payment, reach out to Avant's customer service team to discuss options well in advance of the payment's due date.
Competitive Interest Rates for Low Credit Scores
Most Avant customers have credit scores in the 600-to-700 range, according to the lender. Its interest rates are typically much lower than what customers in this credit score range will find with payday loans, auto title loans, short-term personal loans and even some credit cards.
As a result, the lender should be on your shortlist if your credit score falls in the fair range (580 to 669 on the FICO® Score☉ scale). That said, if you have good credit or better (670 to 850), the lender's starting APR is on the high end. So you'll want to shop around and compare what Avant has to offer compared with other lenders.
When Do You Get Your Funds?
Once your application has been approved and you've accepted the offer, your loan funds may be deposited into your bank account as soon as the next business day. Keep in mind, though, that the loan's administrative fee will be deducted from your disbursement amount. So you may need to borrow more than you actually need to account for this upfront charge.
Additional Info (Avant Unsecured Personal Loan)*
|Loan amount: $2,000 - $35,000||Administrative fee: Up to 4.75%|
|Estimated APR: 9.95% - 35.99% (fixed)||Late fee: $25|
|Loan terms: 24 - 60 months||Prepayment fee: None|
|Funds released: As soon as the next business day|
A Top Option for Fair Credit
Avant personal loans are best suited to consumers with fair credit. Not many personal lenders offer such reasonable interest rates to people with relatively low credit scores, and you may save a lot of money compared with short-term financing options.
If your credit isn't good enough to qualify for an unsecured loan, but you can get a secured loan, think carefully about whether you want to risk your vehicle. Also, if your credit is in great shape, you'll likely get approved for more favorable terms with other lenders, such as SoFi and Marcus.
Before you apply for a loan with Avant or any other lender, shop around and compare rates and other terms through prequalification offers to ensure you find the best fit for you.