Avant Personal Loans Review: Flexible Terms and Transparent Pricing

Avant personal loans are worth considering if you have fair credit, want quick funding and can afford potentially high rates and fees. APRs range from 9.95% to 35.99%, including an administration fee of up to 9.99% that Avant deducts from your loan proceeds.

Checking your rate won't affect your credit score, so review your rate, fees and repayment requirements carefully before you accept a loan.

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Key Takeaways

• Avant serves fair-credit borrowers with loans from $2,000 to $35,000. Most approved borrowers have scores between 600 and 700, though Avant is reported to consider applicants with scores as low as 550 to 580 depending on the source.

• APRs run 9.95% to 35.99%, and Avant deducts an administration fee of up to 9.99% from your loan proceeds before you receive your funds.

• You can check your rate with no credit impact. Prequalification uses a soft pull, and funding can arrive as soon as the next business day after approval.

• Avant carries a past regulatory issue worth knowing about. In 2019, it paid $3.85 million to settle FTC allegations of deceptive and unfair loan servicing.

Summary generated by AI, verified by MoneyLion editors

Avant Personal Loans at a Glance

What Are Avant Personal Loans?

Avant is a financial technology company that provides personal loans and credit cards to eligible middle-income borrowers. Founded in 2012 and headquartered in Chicago, Avant has served more than 4 million customers. Its loans are issued by WebBank, an FDIC-insured bank.

Borrowers can qualify for an Avant loan with a credit score reported as low as 550 to 580 depending on the source, within the FICO score range of 300 to 850. However, Avant says most borrowers have scores of 600 to 700, which puts the typical Avant customer in the fair-to-good credit range.

What Are Avant's Rates, Fees and Terms?

Avant's rates can be high for borrowers without stellar credit, but you can repay the loan early without penalty. Avant deducts its administration fee from your loan proceeds, meaning you'll receive less than the amount you borrow.

You'll need to add the fee to the amount you request, and you'll pay interest on the entire balance.

What Do You Need To Qualify for an Avant Personal Loan?

Avant is reported to require a minimum credit score somewhere in the 550 to 580 range to qualify, but your approval chances are better with a fair score of 600 or higher. It doesn't disclose all specific requirements, but it looks for:

• Your credit history and credit score.

• Length of time at your current address.

• The amount you want to borrow.

• How you plan to use the funds.

• Sufficient income to repay the loan.

• An acceptable debt-to-income ratio.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

How Do You Apply for an Avant Personal Loan?

1. Gather your personal information: full name and address, Social Security number and a government-issued ID.

2. Get copies of your most recent bank statement and pay stubs from the past 30 days.

3. Complete Avant's prequalification form on its website.

4. Submit the form. Avant runs a soft credit inquiry, which doesn't affect your credit score.

5. Review your rates and select a loan option, then finish the application by uploading your ID, employment and income documents and e-signing a contract.

6. Avant runs a hard credit inquiry to finalize the loan. Funds could arrive as soon as the following business day.

What Can You Use an Avant Loan For?

An Avant personal loan can address many financial needs, including:

• Debt consolidation: Combine multiple unsecured debts into one monthly payment.

• Home improvement: Upgrade your home without refinancing or tapping home equity.

• Emergencies: Cover unexpected costs like car repairs or medical bills with funds deposited directly into your bank account.

What Are the Pros and Cons of Avant?

How Does Avant Compare to Other Lenders?

Avant is one of many installment loan lenders offering personal loans. Here's how it compares to three competitors:

Is Avant Legit?

Avant is a legitimate company: a financial technology company whose loans are issued by its partner bank, WebBank, an FDIC-insured national bank.

The Better Business Bureau gives Avant an A+ rating. Over 32,000 Avant customers give it an average Trustpilot score of 4.3, rated "excellent." However, Avant ranked below average in the J.D. Power 2026 U.S. Consumer Lending Satisfaction Study, scoring 651 out of 1,000 against an industry average of 706.

Avant has had a regulatory issue in the past. In 2019, it agreed to pay $3.85 million to settle a Federal Trade Commission complaint alleging deceptive and unfair loan servicing practices, including unauthorized charges to customers' accounts and requiring customers to accept automatic bank debits. Avant did not admit to the allegations but agreed to stop the practices in question as part of the settlement.

Who Should Use Avant, and Who Shouldn't?

Avant is best for borrowers who:

• Have fair credit or better.

• Want to check loan offers without affecting their credit.

• Need to borrow $2,000 to $35,000 and receive funds quickly.

• Qualify for an APR at least as competitive as other options.

• Have enough income to comfortably make loan payments.

Avant might not be best for borrowers who:

• Qualify for a lower APR and lower fees elsewhere.

• Need more than $35,000 or less than $2,000.

• Need a co-signer to qualify.

• Won't benefit from the loan after factoring in the APR and origination fee.

Bottom Line

If bad credit has made it difficult to qualify for competitive rates elsewhere, Avant could get you financing within a business day of approval. But APRs up to 35.99% make Avant a potentially expensive option, and adding up to 9.99% in administration fees makes it more so. Avant lets you check your rate with no credit impact, so compare its rates and terms against other lenders before committing.

Whichever loan you choose, read the disclosures and loan agreement carefully before you sign.

Key Terms

• Administration fee: Avant's term for its origination fee, up to 9.99% of the loan amount, deducted from your proceeds before disbursement.

• Soft credit pull: A credit check used for prequalification that doesn't affect your credit score. Avant runs a hard inquiry only once you accept a loan.

• FICO score: A credit score ranging from 300 to 850. Avant's minimum is reported as 550 to 580 depending on the source, though most approved borrowers score 600 to 700.

• Unsecured loan: A loan that doesn't require collateral; approval is based on credit, income and other financial factors.

Summary generated by AI, verified by MoneyLion editors

Sources

• Avant: Personal Loans

• Avant: How To Get a Loan

• Better Business Bureau: Avant LLC Profile

• Trustpilot: Avant Reviews

• Federal Trade Commission: Online Lending Company Agrees to Settle FTC Charges It Engaged in Deceptive and Unfair Loan Servicing Practices

• myFICO: What's in My FICO Scores?

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about Avant personal loans:

What credit score do you need for an Avant personal loan? Avant personal loans are reported to require a minimum credit score somewhere between 550 and 580 depending on the source, but most borrowers' scores fall between 600 and 700. The lowest score you can be approved with depends on your income, loan amount, term and other factors.

Is Avant a legit lender? Yes. Avant has been in business since 2012. It's a fintech company, not a bank, so its loans are issued by WebBank, an FDIC-insured national bank.

How fast does Avant fund a loan? Avant can fund loans as soon as one business day after approval, provided you accept the loan and submit all required documentation by the deadline. After that, it could take another day or several days depending on your bank's processing time.

Does Avant charge an origination fee? Yes. You'll pay up to 9.99% of the amount you borrow. Avant deducts the fee from your loan proceeds before you receive them, so you'll get up to 9.99% less than you borrowed.

Does checking your Avant rate hurt your credit? No. Checking your rate has no impact on your credit. But Avant runs a hard credit pull if you accept a loan, which is likely to reduce your score slightly.