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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Avant

Finanso.Multilogin™

About lender

The fintech co was founded in 2012 with a headquarters in Chicago, Illinois. Since then, Avant has established a solid reputation in the online loan market. You may now borrow personal loans and acquire a credit card. As stated by the CEO during an interview with CNBC and many newspaper articles, the company's goal is to reduce fees and barriers that middle-income consumers face when seeking credit. You can get a loan with a FICO score of 580 or lower despite earning $20,000 per year.

Avant provides a convenient and straightforward way for consumers to access cash when they need it. The application process is quick and intuitive, and funding can be deposited into your bank account as soon as the next business day. It also offers flexible repayment terms and a wide range of personal loan amounts, so you can find a loan that fits your specific needs.

Avant offers personal loans with terms ranging from 24 to 60 months, starting at $2,000 and topping out at $35,000, with an administrative fee of 4.75%. Avant already provides standard unsecured and secured consumer installment loans with Avant twist. All offers on the website allow you to finance your purchase over time with simple, equal monthly payments using Simple Interest and Equal Monthly Payments. Personal loans through their website amortize over time.

Avant offers a user-friendly mobile banking system, despite being a technology co rather than a bank. Through Evolve Bank & Trust, Member FDIC, it services a technology-focused financial services organization and Banking-as-a-Service provider. You can use Avant Banking with Venmo, PayPal, and Cash App by linking your Avant Banking. You can learn more about their credit card and mobile banking in the Additional Services section.

Pros and Cons

Pros

  1. Range of loan amounts.
  2. Preapproval won't hurt your credit.
  3. Open opportunity for low-income borrowers ( according to an Avant representative, the minimum is even lower at 580 credit score as opposed to the average 600-700).
  4. Unsecured personal loans are available to individuals with less-than-perfect credit score reports.
  5. Minimum loan amounts of $2,000.
  6. Mobile apps.
  7. Instant approvals/feedback, minimal waiting periods (As soon as the next business day).
  8. Quick credit determination.
  9. Fast Funding.
  10. No prepayment penalty
  11. No prepayment fees.
  12. Excellent customer service stands out for its online experience, mobile app, and range of customer support hours.

Cons

  1. Administration Fee.
  2. No co-borrowing loan opportunity.
  3. High APR caps with more fees compared to similar lenders.
  4. Not available in all states.
  5. Lack of transparency about eligibility requirements.

Avant is competitive to other low-credit lenders in its less stringent attitude towards consumers with modest salaries or imperfect credit. However, if your credit is damaged, you are probably unlikely to be accepted for the lowest rate loan. Consider the advantages and disadvantages to determine which option is ideal for you.

Avant Loan Conditions

First Loan

  • Avant provides loans starting at $2,000 and rising to $35,000.
  • Minimum loan amounts in each state vary.
  • The loan annual percentage rates range from 9.95% to 35.99%.
  • The best APRs go to customers with excellent credit histories.
  • Note that your credit score and income influence eligibility for the loans.
  • The administration fee is up to 4.75%.

While qualifying for a loan is determined by your state and creditworthiness, Avant's loans have terms of 24 to 60 months of repayment. You can pay your loan back early without incurring a prepayment fee. Paying off your loan early will decrease the amount you'll pay in interest over the life of your loan.

Following Loans

You can't get a second loan until your first one is paid off, but Avant doesn't provide very transparent information about their proposal. However, you may refinance it into a larger loan and increase your loan quantity. There is no information on an administration fee changing after the first loan.

Funding a Loan

Avant loans' funding process might be as quick as the next business day following the approval, whenever feasible. Working with an internet lender has numerous benefits, including that money comes fast and that loan documents are simple. Remember that bank transfer times will vary from one bank to the next.

Additional services

Credit Cards

An unsecured credit card for building credit, the Avant Credit Card, is issued by Evolve Bank & Trust and may be used everywhere Visa debit cards are accepted. Evolve Bank & Trust is a financial technology firm rather than a bank. Financial services are given by Evolve Bank & Trust through Member FDIC, which has an agreement with Visa USA Inc. The Avant Debit Card is licensed by Visa USA Inc. and can be used wherever Visa debit cards are accepted.

The Avant Credit Card charges a $59 annual fee and has a variable APR of 24.99% to 29.99%. You may face up to $39 in late fees if you pay late. Also, keep in mind the non-refundable administration fee of up to 4.75%. If you want to apply for an Avant Credit Card, start by using Avant's prequalification service, and you can do it in one business day. This service can save you time by letting you determine your eligibility ahead of time before completing an entire credit card application that will need a hard credit check.

    To activate your Avant Credit Card, you must provide:
  • Your email address.
  • The last four digits of your SSN.
  • The last four digits of your AvantCard.

Avant Banking uses 128-bit SSL encryption and strict security & encryption standards to keep your information secure.

Avant considers several factors such as your credit history, income, and other debt obligations to determine your eligibility for credit. It's great for making payments anytime and anywhere using an online portal, easy application, and 24/7 financial transactions. Once you've been approved for the card (as soon as one business day), practice good credit behaviors to help you establish credit and advance to a card with better terms and perks.

Avant is now marketing credit card offers, and consumers may use the Avant Credit Card website to redeem them. WebBank issues Avant branded credit products, including their credit card.

Mobile Banking

Avant's mobile banking and mobile app are convenient and easily accessible. FDIC insurance protects you from losing money if an intruder steals your bank account, as long as you keep it at Evolve Bank & Trust. The mobile app lets you monitor your loan more conveniently, providing capabilities such as seeing upcoming payments and payment history, making extra payments, and viewing payoff quotes. You can also turn on notifications about changes in your account information.

FAQ

What is Avant?

Avant is a Chicago-based online lender that offers personal loans with fixed interest rates. Loan amounts start at $2,000 to $35,000, and the repayment period is from 24 to 60 months.

Who owns Avant?

Avant, LLC is a privately-owned company founded by Al Goldstein, John Sun, and Paul Zhang.

How do you qualify for Avant?

For credit determination, you must be a US citizen or permanent resident, have a valid Social Security number, earn at least $20,000 a year, and have a credit score of 600 or higher.

How much money can you borrow from Avant?

You can borrow from $2,000 to $35,000, depending on your state. The APR ranges from 9.95% to 35.99%. Loans of up to 60 months are available. There is an administration fee of up to 4.75% charged by the lender.

What is the highest credit limit for an Avant credit card?

With an unsecured Avant credit card, you can get up to $1000 or less, depending on your credit score.

What credit score do you need for an Avant credit card?

You must have at least a 580 credit score to get an Avant credit card.

Is Avant a real credit card?

The AvantCard Credit Card is a real credit card. The Avant Credit Card is an unsecured credit card for people with fair or average credit scores or limited credit histories. Even though it doesn't need a deposit and can help you establish credit by using it responsibly, it doesn't come with many additional advantages.

What bank does Avant credit card use?

Utah-based bank WebBank releases Avant credit card, and this is a state-chartered industrial bank that issues Avant branded credit products.

What is Avant banking?

Avant Banking is a mobile banking application that allows you to get paid up to two days early, transfer money swiftly, and avoid hidden costs or overdraft charges. 

Company documents

Terms of Use
Privacy Policy
Cardmember Agreement
Licenses

Our mission: Lower the costs and barriers of borrowing for everyday people.

© Avant

Financial products

Avant
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,000-$35,000
Rate
i

Effective interest rate on the product

up to 35.99%
Term
i

Loan term for the financial product

24-60 months
Avant
Avant Credit Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$300 - $3,000
Rate
i

Effective interest rate on the product

27.24% - 29.99%

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
depends on the state
Rate
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depends on the state
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Loan term for the financial product

depends on the state

Calculate loan payments in Avant

Avant calculator will allow you to calculate an approximate payment schedule for the loan

Avant calculator
Interest rates are given in accordance with the rates of the Avant in Washington, D.C. as of 01.10.2022
Loan amount
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Enter the desired loan amount

USD
USD
2000 $
35000 $
Loan term
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Specify the loan term for the calculation

months
days
24
60
State

What to focus on before applying for a loan with Avant

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Avant and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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