Loans » Personal Loan Lender Reviews » Avant Personal Loan Review 2021
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Avant Personal Loan Review 2021

If you have trouble getting credit from other places, Avant may be the place for you. Read our review of AvantPersonal Loans - how do they work, what can a personal loan be used for, Avant application Process and Avant loan pros & cons.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

Table of Contents

Avant personal loans range from $2,000 to $35,000 with a term of 24 months to 60 months. The lender does not offer variable rate loans, but depending on your creditworthiness, you may qualify for an APR rate between 9.99% and 35.99%.

According to representatives, Upgrade looks for a credit score of at least 580. However, the company may consider other factors to establish your creditworthiness.  If you have used payday loans in the past, this may be an alternative for you. 

Take advantage of the soft pull inquiry and see what type of terms you could get through an Avant loan. You should also be open to shopping around for other personal loan providers.

Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you.

APR

9.95% - 35.99%

Loan Amount

$2,000 - $35,000

Term

24-60 Months

Min score

580

Avant, LLC, established in 2012 out of Chicago, is an online mid prime lender that targets borrowers with less than perfect credit. They promote themselves as an alternative to payday loans, which on average cost about 400% in interest.They offer personal loans and credit cards through their platform to most of the United States.

They pride themselves on the speed at which they can get customers their money and the fact that they have customer service representatives who will help you 7 days a week, unlike a traditional bank. They have lent over 4 billion dollars to over 600,000 customers. Avant is one of the fastest online lending platforms today.

Avant Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

What Can a Personal Loan Be Used For?

Avant loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Avant loans are personal installment loans and cannot be used for business purposes.

Avant debt consolidation is to take one or more prior unsecured loans and pay them off with the new Avant loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan with Avant is that the payment and term are fixed so you know exactly when you’ll be out of debt. They do not send payments directly to creditors.

Avant emergency loans get you needed cash quickly for unexpected expenses. This can include car repairs, medical bills, or any urgent home repairs.

Avant home improvement is for home repairs or projects. The advantage of using an Avant home improvement loan is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home. You can use an Avant loan to start your home improvement project immediately. Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home.

Avant Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 4.93/5  on BBB customer reviews (+200 reviews): BB customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
  • 4.8/5 on Trustpilot ( 3300 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  822/1000 points on J.D Power: Avant got 822 out of 1000 possible points in the 2020 research, lower than industry average.  .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

Requirements

Herre are the 3 main requirements needed for avant loan

Avant requires borrowers to have a personal or checking account on file. Avant uses banking information for the verification process. You may need to submit your bank account information to verify account information and income deposits. The bank account on file with Avant needs to receive the majority of your income.

Avant requires all applicants to provide information regarding their sources of income. They have an online verification tool you can use to verify your employment. Sometimes additional documentation is required.

For example, those who are self-employed or receive some type of supplemental income may be required to provide additional documentation. Avant can also use banking information to verify income. Avant may call your employer just to verify employment.

Avant dashboard can be used to see what information is required and submit that information. If documentation is sufficient, Avant will send out confirmation information through dashboard. If there is additional information needed, Avant will reach out within 24 hours.

Application Process

The Avant application process includes verification of information, such as identity, employment, income, and bank accounts.

Avant Personal Loan

 The application process takes about 15 minutes. Around 50% of loans issued from Avant do not require any human interaction. You fill out a short form with some basic questions about yourself.

 

Avant Personal Loan

Then Avant does a soft pull inquiry to see what options they have for you. You can get an idea of how much you’ll be paying before they do a hard pull inquiry on your credit. If you decide to move forward you will need to answer more verification questions, and allow a hard credit pull.

Avant Personal Loan

Depending on the information you submit, you may need to speak with an Avant representative. You will need to sign loan documents. It is often possible for the loan to be closed and money sent to your account before the end of the next day.

Avant Personal Loan

Avant uses a knowledge-based authentication process to verify your identity. This is a series of questions that a borrower must answer to prove the loan is not being sought under fraudulent pretenses, or that you are not trying to use someone else’s identity.

 

Avant Personal Loan

Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you.

APR

9.95% - 35.99%

Loan Amount

$2,000 - $35,000

Term

24-60 Months

Min score

580

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Avant: 

As its name suggests, Payoff Loans offers debt consolidation for borrowers with good credit. This is solely to repay existing debt, including credit cards.

Although Payoff does not force you to pay your credit card debt, they make this recommendation to keep your finance on track. This includes quizzes to assess your financial abilities and resources to help you reach your financial goals.

According to Payoff, this insight empowers borrowers to continue making smart financial decisions.

SoFi has moved away from that business model and moved to a “non-traditional underwriting approach focused on lending to financially responsible individuals. SoFi uses an underwriting model that examines free cash flow, professional history and education in addition to a history of responsible bill payment to evaluate its borrowers.”
SoFi personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs. SoFi gives borrowers flexibility in payments and allow you to change payment due dates and do not charge late fees.

This is a unique lender created in 2012 by a group of former Google executives. They are the first lending platform to use artificial intelligence with an automated lending process. The company aims to go the extra mile for its customers.

Most lenders primarily focus on a FICO score to approve a loan. However, Upstart uses its advanced technologies to look beyond this and explore the risk of your loan. These calculations are used to assess your ability to repay your loan.

The company has a strong belief that if lenders would use its intuitive credit model, they would probably be approving more loans.

For borrowers, this means that Upstart can offer high quality loans at low interest rates. With fair terms for borrowers with bad credit, this company has a strong reputation with excellent reviews on Trustpilot and other sites.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.