Avant Personal Loans Review 2023

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Find the Best Personal Loans for You

Lender
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APR
Loan Amount
Min. Credit Score
Lender
Learn More
APR
Loan Amount
Min. Credit Score
Lender
Learn More
APR
Loan Amount
Min. Credit Score

Avant allows borrowers to use personal loan funds for any purpose. Common uses include:

How Does an Avant Personal Loan Work?

You’ll begin with an online prequalification form, which asks for basic information, including name and address, monthly income, monthly mortgage or rent payment, and how much you want to borrow. If you qualify, Avant will offer you a loan.

Once you select a loan, Avant will request documents such as bank statements and check stubs. The lender requires you to validate your identification by asking you a series of questions that only you can answer, called knowledge-based authentication. Avant may also call your employer to check that you work there.

The lender uses soft credit inquiries, which do not hurt credit scores, for prequalification and a hard credit check when you submit your loan application. You can complete the entire personal loan process online, from prequalifying to closing. Plus, you can manage your account online or through Avant’s app.

Avant often deposits money as soon as the next business day after loan approval, but the exact time will depend on your bank.

Avant offers access to fixed-rate personal loans only. Unsecured loan amounts range from $2,000 to $35,000 with repayment terms of 12 to 60 months.

The lender does not charge a prepayment fee but does apply an administration fee of up to 4.75%. Late fees may apply but vary by state.

You can qualify for an Avant personal loan with a credit score of at least 600. The lender also considers your credit history, monthly net income and expenses such as rent or mortgage payments.

Avant says its loans are accessible to middle-class, everyday borrowers. The lender does not accept co-signers.

You’ll need a credit score of at least 600 to qualify for an Avant personal loan. This score falls in FICO’s fair range.

Where Does Avant Operate?

Avant provides loans in 42 states. People who live in Massachusetts, Michigan, Montana, Nebraska, New York, Vermont, Virginia and West Virginia will not be able to receive a loan through Avant.

Avant has an A rating with the Better Business Bureau, and in 2021, the Consumer Financial Protection Bureau received 22 complaints related to Avant’s personal loans. Avant responded in a timely manner and closed all with an explanation. Trustpilot scores Avant an excellent 4.6 out of 5 stars, based on more than 23,000 reviews.

How Is Avant’s Customer Service?

What Are Some of Avant’s Online Features?

The entire application and account management process with Avant is digital. Customers manage their loan through Avant’s website, where they can view statements and make payments.

Q: Is Avant an SBA lender?

Avant does not offer small-business loans and is not a Small Business Administration, or SBA, lender.

Q: How do you get approved for an Avant personal loan?

You should have a credit score of at least 600 to get approved for an Avant personal loan. Avant will ask how long you’ve lived at your current address and request proof of employment, net monthly income, and monthly mortgage and rent expenses. Avant might call your place of employment to verify that you work there.

The approval process includes providing documents such as bank statements and check stubs. Avant reviews your credit history and debt-to-income ratio to determine if you are a good risk and will pay back the loan.

The entire process occurs online, including monitoring application status and receiving loan approval.

Q: Will there be a fee when you finish paying off your loan?

Avant doesn’t charge a fee if the loan is paid off early. There also isn’t a balloon payment at the end of the loan.

  • Individuals who need their loan funds fast.
  • Borrowers with credit scores of at least 600.
  • Applicants who prefer to complete the loan process online.

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