Avant is a great choice for people with less-than-stellar credit, as you may be able to qualify for a personal loan with a credit score as low as 580. Plus, you can use the funds for many purposes, like paying for unexpected expenses or consolidating existing debt into a single payment. However, you may be required to pay an origination fee.
- Low credit score requirements: Even people with poor credit may be eligible for a personal loan from Avant. This sets Avant apart from the competition, as many lenders require that borrowers have good credit.
- Android and iOS apps are available: Not only can you manage your Avant loan account by logging into your online dashboard, but an app is also available for iOS and Android devices. With the Avant app, you can manage your account, make payments, and receive notifications. Personal loan providers don’t typically offer mobile apps.
- Personal loans can be refinanced: If you decide you want to borrow more money, or if your financial situation has changed and you might qualify for a better rate, you may refinance your loan with Avant. Many lenders don’t refinance personal loans, making Avant stand out from the competition.
- Origination fee may be charged: You may be required to pay an origination fee as high as 4.75% (average is 0.5-1%) if you get a personal loan from Avant. Many personal loans don’t carry any origination fees, making this a key drawback.
- Income documentation may be required: Unlike some lenders who don’t require income documentation, Avant may ask you to provide documentation to verify your income. For example, you may need to provide tax returns, pay stubs, or bank statements.
- Loan amount is relatively low: You can only borrow up to $35,000 with a personal loan from Avant. This max loan amount is smaller than average versus the competition. Even so, this may be an excellent option for people who can’t qualify for other personal loans, such as individuals with bad credit.
Avant is an established online lender that has a good reputation with its customers. It offers an unsecured personal loan that can be used to cover many personal expenditures. For example, you can use an Avant personal loan to make home improvements, cover large personal expenditures, pay for unexpected expenses, and consolidate existing credit card debt. What’s more, this lender offers repayment terms up to five years long.
While Avant’s APR range of 9.95% to 35.99% is relatively high and its maximum loan amount of $35,000 is low compared to its peers, Avant is still a potentially great personal loan choice.1 This is because people with less-than-perfect credit may be able to get approved for this loan. Plus, a review of many sources suggests the company has a good reputation with its customers.