Avant Loans Review: Personal Loans 2020

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Avant Loans ReviewAvant is a Chicago based lender that markets to those with less than perfect credit. In the words of Adam Hughes, the company’s president, they focus on the “typical middle-class American consumer”. Read our Avant loans review to see if you fit the bill.

Avant Quick Info

APR Range9.95% - 35.99%
Loan Amounts$1,000 - $35,000
Origination Fee0.95% - 4.75%
Loan Duration2 - 5 years
Time to FundAround 2 days
Soft Credit Check?Yes

Who Is the Typical Avant Borrower?

  • They have a credit score of 580 or higher. The average Avant borrower has a credit score of 650.
  • They make at least $40,000 per year. There is no minimum income requirement but 40k seems to be the average.
  • They want flexibility in their loan repayment terms.

Get Your Personalized Rate From the Top Lenders

Avant Loans Review

Avant is one of the major lending platforms for individuals with low credit scores. Their rates are similar to other low credit score lenders like Peerform and OneMain Financial. When you apply with Avant they will do a soft credit check, just like the other lenders. This will not impact your credit score. If you are approved and decide to move forward with the loan they’ll need to do a hard credit check.

If you are approved and decide to move forward with the loan they’ll need to do a hard credit check. While this can have some effect on your credit it’s generally minimal and not something you should be too concerned with.

Like many of the lower credit score lenders, Avant loans are used primarily to consolidate other forms of debt. Higher interest loans, often credit cards, are all paid off then paid down with one lower interest Avant loan. Over half of Avant loans are used for this purpose.

Avant is more flexible with payments than many of the other lenders. You have a 10 day grace period before you’ll receive a $25 late fee. And after that, if you make 3 payments in a row on time they will refund the late fee. We’re not saying you shouldn’t be on time but it’s nice to know they aren’t going to hit you with fees right away.

Avant Loans Reviews From Around the Web

Better Business Bureau3.8 out of 5 stars 3.8/5 - 98 Reviews
Credit Karma4 out of 5 stars 4/5 - 973 Reviews
Nerd Wallet4 out of 5 stars 4/5

Avant Fees and Penalties

  • Origination fee: 0.95% to 4.75%
  • Prepayment fee: None
  • Late fee: $25 after 10-day grace period
  • Check processing fee: None
  • Declined payment fee: $15

Business Contact and Profile for Avant

Name:Avant, Inc.
Phone:(800) 712-5407
Address:222 N La Salle St
Ste 1700
Chicago, IL 60601-1101
Business Started:2012
Type of Business:Financials Services, Loans
Principal:Mr. Adam Hughes, President
BBB Accreditation:This business is accredited with the BBB and has an A+.

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