About Avant
Avant, LLC is an American financial technology company founded in 2012 that offers digital financial solutions. Avant primarily offers personal loans and credit cards.
Avant has helped fund over 2 million people since 2012
Avant, LLC was previously known as AvantCredit and is based in Chicago, IL.
Pros
- Fast approval
- No fees for loan prepayment
- Robust mobile app
- Great loan amount range
Cons
- Maximum loan amount varies by state
- Avant personal loans have late fees
- High APR caps
- Not available in all states
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Avant Loan Details
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Minimum credit score/credit range
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550
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APR
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9.95% - 35.99%
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Loan amounts
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$2,000 - $35,000
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Terms
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12 - 60 months
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Approval turnaround
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Next business day
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Availability
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All States (Except HI, IA, ME, NY, VT, WV)
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Fees
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Late fee - $25
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Other fees
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Origination fee - Up to 4.75%
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Who Is Avant Best For
Unlike some popular lenders, Avant offers loans to borrowers with fair credit. Their fair credit requirements make them a great option for borrowers who have experienced some financial hardship in the past and are recovering or borrowers looking to build their credit.
An important thing to note is that Avant has a higher APR than other lenders in the same category. If you fall on the lower end of Avant’s loan acceptance credit score, you are likely to get a higher APR. The lower APR (as low as 9.95%) is reserved for borrowers with higher credit scores.
Unfortunately, Avant is not available to borrowers who live in Iowa, Hawaii, New York, Vermont, Maine, or West Virginia.
Avant Personal Loan Uses
Avant allows borrowers to use their loans to consolidate debt, pay for emergencies (auto repair as well), medical expenses, home improvements, relocation expenses, and vacations.
Avant does not allow their borrowers to use the loan funds for business purposes.
How to Contact Avant
Avant’s customer service representatives are available Monday through Sunday from 7 AM to 8 PM CT by calling 800-712-5407. You can also submit an online inquiry through their website.
Our Verdict
Avant is a premium lender that offers a large loan amount range for borrowers with fair credit scores.
We don’t love Avant’s fees, especially the origination fees, but we don’t consider them to be excessive given the requirements. The other downside is the high APR for borrowers on the lower end of their credit score acceptance range. This can make personal loans extremely costly in the long run.
What we do love is the extensive loan options that they offer and their fair credit score requirements. Their app is also very user-friendly, which makes it easy for borrowers to make payments online and access all the information they need about their loans.
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