Avant Personal Loans Review: Flexible Terms and Transparent Pricing

Avant is a Chicago-based lending platform that offers access to personal loans with flexible terms and transparent pricing. With over 600,000 customers served, this online lending platform has a loan portfolio of $4 billion.

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.

Key Takeaways

• Avant personal loans offer

  flexible funding from $2,000 to $35,000 with fixed APRs between 9.95% and 35.99% and terms from 24 to 60 months. You can use the funds for debt consolidation, home improvements or emergencies.

• The application takes about

  five minutes online and uses a soft credit check that won't hurt your score. Funds can land in your bank account as soon as the next business day.

• Check your rate first

  if you have strong credit, since lower scores trigger steep APRs and administration fees up to 9.99%.

Summary generated by AI, verified by MoneyLion editors

An Avant personal loan can be used to address many different financial needs, including:

• Debt consolidation: Consolidate two or more unsecured debts into a single monthly payment for convenience.

• Home improvement: Upgrade your home however you want without refinancing or using the equity in your home.

• Emergencies: Handle unexpected costs, such as car repairs or medical bills, through a loan that will deposit funds directly into your bank account.

All Avant personal loans come with consistent monthly payments and a fixed APR ranging from 9.95% to 35.99%. Terms range from 24 to 60 months and you can borrow between $2,000 and $35,000.

How to Apply for Avant Loans

The Avant loan application process is quick to complete online, but keep in mind that you'll need to provide certain information to view your Avant loan options:

• Full name

• Social Security number

• Address

• Income information

Avant will perform a soft credit inquiry, which doesn't affect your credit score, when you check your loan options through its website. After reviewing your rates and selecting the loan options that you want, you'll finish the application process by e-signing a contract with Avant. Funds could arrive in your bank account as soon as the following business day.

Advantages of Avant Personal Loans

Avant personal loans offer several perks:

• Easy five-minute application process

• Flexible terms and amounts

• Customer service available seven days a week

Avant's customer support can be reached via email or phone between 7 a.m. and 10 p.m. CDT Monday through Friday, and between 7 a.m. and 8 p.m. CDT on the weekend. The application process is quick and simple, and you can borrow up to $35,000 with loan lengths up to five years.

Disadvantages of Avant Personal Loans

Here are a few disadvantages that come with Avant personal loans:

• Significant fees (origination fees, late fees)

• High APR depending on creditworthiness

Avant personal loan interest rates are quite steep, with APRs as high as 35.99% for applicants with low credit. The fees are noteworthy as well: up to 9.99% in administration fees, $25 for late payments and $15 for returned payments. However, there's no prepayment penalty.

👉 Best Personal Loans 👉 Best Hardship Loans for Bad Credit 👉 Best Installment Loans

Avant Offers an Accessible Personal Loan Option

Avant personal loans are best for people with high credit scores because they have a better change of getting a manageable interest rate.

But watch out for the platform's hefty administration fees.

Key Terms

• Personal loan: A personal loan is a lump sum of money you borrow from a lender and pay back in fixed monthly installments, usually over two to seven years.

• Annual percentage rate (APR): APR is the yearly cost of borrowing money, including the interest rate and certain fees. It helps you compare loan offers on equal footing.

• Debt consolidation: Debt consolidation rolls multiple debts into one new loan with a single monthly payment, often at a lower interest rate to simplify repayment.

• Soft credit inquiry: A soft credit inquiry is a review of your credit report that doesn't affect your credit score. Lenders use it to prequalify you for loan offers.

• Origination fee: An origination fee is an upfront charge a lender takes for processing your loan. It's usually deducted from your loan proceeds or rolled into the balance.

Sources:

• Consumer Financial Protection Bureau:

  https://www.consumerfinance.gov/ask-cfpb/what-is-a-personal-installment-loan-en-1567/

• Consumer Financial Protection Bureau:

  https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-loans-interest-rate-and-its-apr-en-135/

• Consumer Financial Protection Bureau:

  https://www.consumerfinance.gov/ask-cfpb/what-is-debt-consolidation-en-1861/

• Consumer Financial Protection Bureau:

  https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-inquiry-en-1317/

• Consumer Financial Protection Bureau:

  https://www.consumerfinance.gov/ask-cfpb/what-is-an-origination-fee-for-an-auto-loan-en-791/