Unfortunately, life doesn’t always go according to plan, and moving is expensive. When I had to move across the country after my divorce, I took out a personal loan to cover the cost. I learned as much as I could about how to get a loan, shopped around with various online lenders, and ultimately decided to go with Avant. Avant offered the best personal loan for my unique financial situation and needs.
Looking for a dependable lender to help you through a rough financial patch can feel overwhelming. This Avant review offers the insights you need to make an informed decision based on your unique circumstances.
What is Avant?
Avant is an online lender that offers personal loans and credit cards. The company was founded in 2012, and its goal is to help middle-income consumers access reasonable rates for loans. Since its founding, Avant has provided $4 billion in financing to more than 600,000 people. It’s known for its streamlined lending process, offering quick decisions and funding for borrowers.
Which loan products does Avant offer?
Avant currently offers two loan products:
- Personal loans: Fixed-rate, fixed-payment loans that can be used for almost any purpose.
- Credit card: Revolving credit line with a variable interest rate.
Personal loans from Avant
Avant offers unsecured personal loans for a variety of purposes. As with most personal loans, you must meet certain eligibility requirements, and a credit check is part of the process. Avant personal loans can be used for almost anything, including emergencies, weddings, debt consolidation, home improvement, and medical expenses.
Avant’s goal is to make financing accessible for borrowers with modest incomes and fair credit. For example, when I applied for a personal loan with Avant to finance my cross-country move, my credit score was in the 670-680 range. I didn’t qualify for the lowest interest rate at the time, but eventually, I was able to refinance my loan to an option with a lower rate.
Avant offers a variety of options for repayment, making it an affordable option for many borrowers.
|Loan amount||$2,000 - $35,000|
|Loan term||24 to 60 months|
|APR||9.95% - 35.99% (as of May 10, 2022)|
|Credit needed||Fair to Average|
While Avant personal loans are a great option, there’s one downside to consider. Avant can tack on an administration fee of up to 4.75%.
Credit cards from Avant
Avant only offers one credit card at this time. The card comes with a relatively high interest rate and is designed to help borrowers build or rebuild credit.
As with most credit cards, you must be at least 18 years old to apply and provide identifying information for a credit check. However, Avant’s credit card is unsecured, so you don’t have to worry about making a security deposit.
There are no special offers with the Avant credit card. It’s just a straightforward card that offers the chance to make small purchases and build credit over time. And, like most credit cards, it comes with a variable APR.
What Avant customers are saying
While I had a positive experience with Avant, not everyone agrees. My experience included fast approval, a flexible repayment experience, and the ability to refinance my loan to the lowest possible rate after a year. However, other customers have different opinions about Avant.
Avant is a BBB Accredited Business with a rating of A-. However, the customer reviews at BBB put it at less than two stars and there are 191 customer complaints. Avant has also agreed to settle with the FTC over some of its servicing practices. That said, Avant is rated 4.5 out of 5 stars at Credit Karma, and 4.7 out of 5 stars at Trust Pilot.
Many of the positive reviews focus on the quick funding and easy process, while many of the negative reviews seem related to being turned down for funds or having a hard time with documentation.
FAQs about Avant
Is Avant legit?
Yes, Avant is a legitimate, BBB accredited lender.
Does Avant hurt your credit?
A pre-approval with Avant is a soft credit pull that won’t impact your credit score. However, once you apply for a loan, there will be a hard inquiry which can impact your credit.
Additionally, like any loan, Avant financing will appear on your credit report. As long as you make payments on time and in full, your credit should improve over time. However, if you miss payments, it could have an adverse effect on your credit score.
Does Avant report to the credit bureaus?
Yes. Avant reports to the 3 credit bureaus, TransUnion, Equifax, and Experian.
Can I pay off my Avant loan early?
Yes. It’s possible to pay off your Avant loan early without incurring any prepayment penalties.
How is Avant's customer service?
There are mixed reviews on Avant’s customer service. However, it’s possible to contact Avant customer service via email, as well as through the dashboard on the Avant app. Phone support is available during certain hours, seven days a week.
The final word on Avant
My experience with Avant was positive, and I would likely turn to the company again if I needed to get a loan fast that was reasonably priced. While the administrative fee can be steep for certain borrowers, Avant’s relatively low interest rates are a good perk.
For someone looking to rebuild their credit or establish a credit history, the Avant credit card can be a good choice. It’s a simple, straightforward card with no frills or extra perks. Carefully consider your situation and what is likely to work best for you, and compare Avant to other lenders before making your decision.
Disclaimer: All rates and fees are accurate as of May 10, 2022.