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Avant Bad Credit Loan Review

Avant is a lending company that boasts high consumer rankings online, with a 4.5/5 star rating on Trustpilot, based on nearly 12,000 reviews. It offers personal loans, secured loans, and even credit cards to clients who need additional funds for specific purchases or to get through difficult times. But how does it stack up for borrowers with bad credit?

Best for
4 /5
Rating
$ 2000 /mo
Starting Price
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Table of Contents

    What you should know about Avant 

    • It has a series of important investors like Tiger Global or DFJ;
    • Its mobile app is user-friendly and quick;
    • It has mostly positive reviews online;
    • Offers the possibility for prequalification without affecting your credit score.

    Avant at a Glimpse

    Services

    Unsecured personal loans that can be used for home, medical, travel, wedding purposes; debt consolidation

    Loan Amount  

    Between $2,000 and $35,000

    Average APR

    Between 9.95% and 35.99%

    Minimum Credit Score

    600 

    Mobile app

    Yes 

    Minimum required income

    $1,200/month

    Repayment Terms

    24 to 60 months

    Highlights

    Avant can be a great choice in terms of unsecured personal loans, even with its ups and downs. Firstly, its average APR rates can seem rather high when compared to some competitors. At the same time, the maximum loan amount possible is very small and might not suit a lot of possible borrowers. However, depending on how you wish to spend the money taken out as a loan, the maximum $35,000 amount might suffice. The repayment terms are also favorable for most clients.

    When it comes to the minimum required credit score, most Avant clients have an average of 600 to 700. However, it’s important to note that you could qualify for a personal loan even with a lower credit score, like 580. The Avant mobile app is also excellent if you want to be able to stay updated on all things related to your loan at all times. It is available for download for free from all app stores.

    This online loan lender provides its services through WebBank which is a member of the FDIC and therefore an extremely safe choice. Besides that, the loans from Avant do not require any collateral which could add extra points when it comes to clients picking this lender. 

    Funding is very fast with Avant and you might receive your money as soon as the next business day after being accepted for a loan. Through an ACH transfer, you will get your money directly into your bank account. 

    The prequalification stage

    Avant also helps potential borrowers by offering them the possibility to prequalify for a personal loan. You only need to provide some essential personal and financial details and the company will perform a soft credit pull. This will not alter your credit score at all and you will be able to see exactly what kind of personal loan is right for you. A hard credit check will only be done once you’ve completed an actual loan application. This will affect your credit score.

    Fees

    Avant does not have any prepayment fees and, in general, is a very transparent and honest online lender. It does not hide any of its fees and it’s very upfront about what a client will have to pay. However, they do charge a $25 late fee and a $15 dishonored payment fee. However, probably the biggest drawback is that you might have to pay a 4.75% origination fee when taking out a loan from Avant. Usually, online lenders either don’t charge an origination fee or they charge a smaller one. This will be taken out of your loan amount when you receive the funding. 

    Qualification process 

    In order to be eligible for a personal loan from Avant, you will need to be at least eighteen years old (or nineteen in Alabama) and have a bank account. Also, you will be required to have income and identity documentation because the lender will ask for it. The good news is that a staff member will contact you directly in case you need to submit more documents. 

    The easiest way to do so is through your personal Avant account or by emailing them at apply@avant.com. You can also send them via fax. You will receive your loan approval within minutes and get your funds in as little as one business day. 

    Bottom Line

    Finally, it’s worth mentioning that Avant has an A rating from the Better Business Bureau and a relatively clean record. It is one of those online lenders that want to also provide its services to people with lower credit scores. Its requirements are not that strict and funding takes place very quickly. While there are downsides to it, like relatively high fees, low borrowing amounts, and high APR rates, Avant can still be considered a good choice. Its personal loans can be used for anything you want and are meant as a way to help people fulfill their wishes or solve their problems.