Avant Review [2024]: Personal Loans and Credit Cards for Fair Credit

What is Avant?

Avant is an online lender that offers personal loans and credit cards. What I like about this personal loan lender is they don’t require perfect credit. While the higher your credit scores are, the better the terms you may get, they sometimes allow credit scores as low as 600.

I also like their streamlined lending process. When applying for pre-approval, you can get answers fast, and some borrowers get their funds as soon as the next business day. They offer loans from $2,000 to $35,000 and can be used for just about any purpose.

No two borrowers have the exact borrowing needs, so this Avant review will help you determine if it’s right for you.

Which loan products does Avant offer?

Avant currently offers two loan products:

• Personal loans: Fixed-rate, fixed-payment loans that you can use for almost any purpose.
• Credit card: Revolving credit line with a variable interest rate.

Personal loans from Avant

While Avant’s website suggests that they offer different types of loans, including emergency, home improvement, and debt consolidation loans, it’s actually one loan product. However, Avant allows you to use the personal loan funds for almost any purpose.

For example, you can borrow an Avant personal loan to make home improvements, pay a large medical bill, or pay for your child’s wedding.

To qualify for a personal loan, Avant looks at the following:

• Credit reports
• Employment
• Income
• Bank account information

How does loan qualification work?

A loan originator will evaluate your information and tell you what documentation they need to process your loan. Most borrowers can verify their details with Avant’s Online Verification Tool, but some may require more proof. For example, they may ask for your last two paycheck stubs or a copy of your most recent bank statement.

All borrowers must also pass an identity verification process, which is a series of questions only you should know the answers to.

The nice thing about Avant loans is that they only do a soft credit check when you apply. It doesn’t affect your credit score; no one will see the inquiry.

After they evaluate your application and credit score, they’ll provide you with the rates and terms they can offer, but there’s no obligation to accept a loan. If you decline the offers, nothing will happen to your credit score.

If you select one of the offers, they will do a hard credit check, which may affect your credit score slightly and will show up on your credit report. They’ll continue with the approval process and can often fund your loan within one business day.

I like the large selection of options Avant offers, but keep in mind that they may charge an administration fee of up to 9.99%. They deduct this fee from your loan amount. For example, if you borrow $5,000 and have an administrative fee of $499.50 (9.99%), you’d receive $4500.50 at loan funding, not $5,000.

Loan amount	$2,000 - $35,000
Loan term	24 to 60 months
APR	9.95%-35.99% (as of 07/01/24)
Credit needed	Usually 600 to 700

Credit cards from Avant

Avant only offers the Avant Credit Card. This card helps you build your credit with on-time payments and no security deposit.

With this credit card, you receive a credit limit ranging from $300 to $3,000 while paying an annual fee that ranges from $0 to $99.

That’s why I suggest determining the card’s worth to you and comparing it to your other options to ensure it makes sense since it’s not the only credit card for people with fair credit.

Callout box: It’s important to know that the Avant credit card doesn’t allow balance transfers. If you were hoping to consolidate debt, this isn’t the card for you.

How to make payments

Avant makes it easy to make payments on your personal loan with the following methods:

• Autopay: You can link a bank account and have the funds automatically withdrawn on your due date
• Mailed payment: You can mail a personal check, money order, or cashier’s check with your customer ID and loan ID noted on the check
• Credit card: You can use a Mastercard or Discover card to make a payment, only up to your minimum payment due once a month; you cannot use your Avant credit card
• Debit card: You can use most major debit cards to make your payment, but only up to your minimum payment due once a month

Callout box: If you choose to pay with a credit card, your credit card company may charge a fee. Check with your credit card issuer before choosing this option.

Avant mobile app

Avant makes managing your personal loan or credit card easy with their mobile app. While you can log into your account online, the mobile app ensures you always have access to your account.

On the app you can see:

• Upcoming payments
• Payment history
• Make payments
• Enroll in autopay

In the Apple store, the Avant app has a 4.8 out of 5-star rating with over 136,000 reviews, and in the Google Play store it has a 4.2 out of 5-star rating with over 500,000 downloads.

What Avant customers are saying

Avant is a BBB Accredited Business with an A rating. However, the customer reviews at BBB put it at less than two stars and there are 1,184 customer complaints over three years. Avant has also agreed to settle with the FTC over some of its servicing practices. Despite this, Avant has a rating of 4.2 out of 5 stars at Credit Karma, and 4.6 out of 5 stars at TrustPilot.

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.

FAQ about Avant

The final word on Avant

An Avant personal loan may provide a viable solution if you’re in a pinch for funds and need them fast. While they wouldn’t be my first option because of the high APR and pesky monthly or annual fees, it’s not a bad solution in an emergency.

The Avant credit card is best for those with fair to average credit scores looking to build credit. During the time you have it, use it wisely, stay within your credit limit, and pay the balance off monthly to boost your credit score.