Avant Personal Loans Review: Fast Loans for Fair and Bad Credit Borrowers
Avant earns a 3.8 out of 5-star rating as one of the more accessible personal loan lenders for borrowers with fair or bad credit. With minimum credit score requirements as low as 550 and funding available as soon as the next business day, Avant can be a valuable option when traditional lenders say no.
The lender is particularly appealing for borrowers who need emergency funding, debt consolidation loans, or personal loans with lower income requirements.
However, this accessibility comes at a cost. Avant’s APRs and fees are generally higher than those offered by lenders serving borrowers with stronger credit profiles.
Who Is Avant Best For?
Borrowers With Fair or Bad Credit
Avant is one of the few online lenders willing to work with borrowers who have less-than-perfect credit.
Key eligibility highlights include:
- Minimum credit score as low as 550
- Fair-credit borrowers commonly approved
- Higher approval rates than many traditional lenders
- Accessible qualification standards
For consumers searching for personal loans for bad credit or loans for fair-credit borrowers, Avant is one of the more widely available options.
Borrowers With Lower Incomes
Many personal loan lenders require annual incomes above $20,000.
Avant may consider applicants earning as little as:
- $1,200 per month
- $14,400 annually
This lower income threshold can make financing available to borrowers who have limited alternatives.
Borrowers Who Need Fast Emergency Loans
Based on Credible marketplace data, Avant had one of the fastest average funding times among lenders specializing in bad-credit loans.
Average funding speed:
- Avant: 3 days
- OneMain Financial: 4 days
- Reprise Financial: 5 days
For borrowers facing urgent expenses, Avant’s quick approval and funding process can be a major advantage.
Borrowers Who Need More Than a Short-Term Payday Loan
Unlike many emergency lenders that limit loans to a few hundred dollars, Avant offers significantly larger loan amounts.
Borrowers may qualify for:
- Loans from $1,000 to $40,000
- Repayment terms up to 5 years
- Fixed monthly payments
This structure can be more affordable and manageable than high-cost payday loans.
Avant Personal Loan Overview
Key Loan Details
| Feature | Avant |
|---|---|
| APR | 9.95% – 35.99% |
| Loan Amount | $1,000 – $40,000 |
| Loan Terms | 2 to 5 years |
| Minimum Credit Score | 550 |
| Minimum Income | $1,200 monthly |
| Funding Speed | As soon as next business day |
| Origination Fee | Up to 9.99% |
Who Should Consider Other Lenders?
Borrowers With Good or Excellent Credit
Avant’s rates tend to be significantly higher than those offered by lenders focused on prime borrowers.
Consumers with credit scores above 670 may qualify for:
- Lower APRs
- Reduced fees
- Better loan terms
- More lender options
Shopping around can potentially save thousands of dollars in interest costs.
Borrowers Looking for Secured Loans
Avant only offers unsecured personal loans.
Borrowers who want to:
- Use collateral
- Lower their interest rate
- Improve approval odds
may need to explore lenders that offer secured personal loans.
Borrowers Seeking Joint Applications
Avant does not offer:
- Co-signers
- Co-borrowers
- Joint loan applications
Applicants must qualify independently based on their own income and credit profile.
Avant Personal Loan Pros and Cons
Pros
- Accepts borrowers with credit scores as low as 550
- Fast funding available
- User-friendly mobile app
- Reports payments to credit bureaus
- Lower income requirements than many competitors
- Loan amounts up to $40,000
Cons
- Higher APRs than many competitors
- Origination fees up to 9.99%
- Late and dishonored payment fees
- No autopay discounts
- No direct-pay discounts
- Unavailable in some states
Why Borrowers Choose Avant
Easier Approval for Lower Credit Scores
Among major online lenders, Avant is one of the most accessible options for borrowers with poor or fair credit.
Many competing lenders require:
- 620 credit score
- 660 credit score
- Higher approval standards
Avant’s 550 minimum requirement creates opportunities for borrowers rebuilding their credit.
Fast Funding Process
Borrowers approved before 4:30 p.m. CT on a business day may receive funds as soon as the following business day.
This makes Avant a useful option for:
- Emergency expenses
- Unexpected repairs
- Medical bills
- Urgent debt consolidation
Mobile App and Account Management
Avant’s mobile app receives strong customer ratings and allows borrowers to:
- Manage payments
- View account balances
- Monitor loan activity
- Access support resources
Credit Building Potential
Avant reports payment activity to major credit bureaus.
Making on-time payments may help:
- Build payment history
- Improve credit scores
- Strengthen future borrowing opportunities
However, missed payments can negatively impact your credit profile.
Potential Drawbacks of Avant Loans
Higher Interest Rates
Borrowers should expect higher borrowing costs compared to lenders focused on good-credit applicants.
Avant consistently ranks among lenders with higher average APRs for bad-credit borrowers.
High Origination Fees
Avant charges an administration fee (origination fee) of up to 9.99%.
Example:
- Loan amount: $10,000
- Origination fee: 9.99%
- Funds received: $9,001
Despite receiving less cash, borrowers remain responsible for repaying the full loan amount plus interest.
No Rate Discounts Available
Unlike some competitors, Avant does not offer:
- Autopay discounts
- Debt consolidation discounts
- Relationship discounts
Limited State Availability
Avant personal loans are not available in:
- Hawaii
- Iowa
- Maine
- Massachusetts
- New York
- Vermont
- Washington
- West Virginia
How to Qualify for an Avant Personal Loan
Basic Eligibility Requirements
Applicants generally need:
- Minimum credit score of 550
- Verifiable income
- Valid government-issued identification
- U.S. residency
Information Required During Application
You’ll typically need to provide:
- Home address
- Housing status (rent or own)
- Monthly housing payment
- Contact information
- Social Security number
- Employment details
- Income information
- Desired loan amount
- Loan purpose
Documents You May Need
Avant may request:
- Recent pay stubs
- Driver’s license or government-issued ID
- Proof of residence
What Can You Use an Avant Personal Loan For?
Approved Loan Uses
Avant personal loans can be used for a wide range of expenses, including:
- Debt consolidation
- Emergency expenses
- Home improvements
- Car repairs
- Relocation costs
- Vacations
- Major life events
- Other personal expenses
Restricted Loan Uses
Avant does not allow loans for:
- Business purposes
- College tuition
- Gambling
- Illegal activities
Avant Fees and Penalties
Origination (Administration) Fee
Avant charges an upfront administration fee of up to 9.99%, deducted from loan proceeds before funding.
Late Payment Fee
Borrowers who fail to make a payment within 10 days of the due date may incur:
- $25 late fee
Dishonored Payment Fee
If a scheduled payment is rejected because of insufficient funds, Avant charges:
- $15 fee
Your bank may also assess separate overdraft or NSF fees.
No Prepayment Penalty
Avant does not charge borrowers for paying off loans early.
This allows borrowers to:
- Reduce interest costs
- Make additional principal payments
- Eliminate debt faster
Avant vs. Other Bad-Credit Loan Lenders
Avant
- APR: 9.95%–35.99%
- Loan Amount: $1,000–$40,000
- Terms: 2–5 years
- Minimum Credit Score: 550
Reprise Financial
- APR: 9.99%–35.99%
- Loan Amount: $2,500–$25,000
- Terms: 3–5 years
- Minimum Credit Score: 550
OneMain Financial
- APR: 11.99%–35.99%
- Loan Amount: $1,500–$30,000
- Terms: 2–5 years
- Credit Score Requirement: Not disclosed
About Avant
Company History and Background
Founded in 2012, Avant is a Chicago-based fintech company focused on expanding access to credit.
Since launch, the company has:
- Served more than 4 million customers
- Originated over $6.5 billion in loans
- Expanded into personal lending and credit card products
Avant’s credit card products are also designed to help consumers build or rebuild their credit histories.
Avant Customer Service and Contact Information
Contact Options
- Phone: 800-712-5407
- Email: support@avant.com
- Online account portal
- Mobile app support
Customer Service Hours
Customer support is available:
- Monday–Friday: 7 a.m. to 10 p.m. CT
- Saturday–Sunday: 7 a.m. to 8 p.m. CT
Application support is available seven days a week.
Frequently Asked Questions About Avant Personal Loans
Is Avant a Reputable Personal Loan Company?
Yes. Avant is accredited by the Better Business Bureau with an A+ rating and maintains strong customer review scores on Trustpilot.
What Credit Score Is Required for an Avant Loan?
Avant may approve borrowers with credit scores as low as 550, although applicants with higher scores generally receive better loan terms.
Is It Easy to Get Approved by Avant?
Compared with many lenders, Avant has more flexible approval standards. The lender considers applicants with lower credit scores and lower income levels than many competitors.
How Fast Does Avant Fund Loans?
Borrowers approved before 4:30 p.m. CT on a business day may receive funding as soon as the next business day.
Does an Avant Loan Affect Your Credit Score?
Checking rates through prequalification typically does not affect your credit score.
Submitting a formal application usually triggers a hard credit inquiry, which may temporarily lower your score.
Making consistent on-time payments can help improve your credit over time, while missed payments can have the opposite effect.
Final Verdict: Is Avant Worth It?
Avant is one of the strongest options for borrowers seeking a fast personal loan for fair or bad credit. Its low credit score requirements, quick funding timeline, and accessible income standards make it a valuable resource for borrowers who may not qualify elsewhere.
The tradeoff is higher borrowing costs. If you have good or excellent credit, you’ll likely find lower rates and fewer fees with other lenders. However, for borrowers rebuilding credit or facing urgent financial needs, Avant remains one of the most accessible online personal loan providers available.
