Avant Personal Loan Review
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Whether you need a few thousand dollars to cover the cost of an upcoming move or up to $ 35,000 to consolidate credit card debt, a personal loan can sometimes serve as a handy tool.
While personal loans aren’t exactly free money, if you can get a low interest rate they can help you get out of debt faster or affordably pay for a large purchase over time.
The best personal loans offer an APR of only 2.49% of the APR. However, you typically need good to excellent credit ratings to qualify for such rates.
If your credit score is in the fair or average range, you may have trouble finding a lender. Then you need to be extra careful with predatory loan companies that offer payday loans or title loans that charge sky-high interest rates and high fees for missing payments. Such lenders may not even check your creditworthiness to make sure you are even a good candidate for credit, which leaves you in an impossible position if you fail to make a payment.
As an alternative to title loans, Avant offers a secured loan option in 40 states. Borrowers can use their car’s equity to potentially qualify for a lower interest rate, just like a title loan, but Avant takes into account the applicant’s full credit profile like a reputable lender.
Avant lets you borrow $ 2,000 to $ 35,000 the next business day and pay between 9.95% and 35.99% APR. These interest rates aren’t the lowest, but the process is a bit more transparent and there is an interest rate cap below 40% (compared to the exorbitant 500% interest rates some payday lenders charge).
Ahead, Select reviews Avant personal loans considering the APR, perks, fees, loan amounts and terms. (Read more about our methodology below.)
Avant Personal Loan Review
Avant personal loans
Annual percentage (APR)
Debt Consolidation, Large Spending, Emergency Expenses, Home Improvement
Early withdrawal penalty
Up to $ 25 per late payment after 10 day grace period
Avant’s APR ranges from 9.95% to 35.99%, which is slightly above the industry average. At the time of writing, the average two-year personal loan rate according to the Fed is 9.58%.
The lowest APR are available to borrowers and co-borrowers with excellent credit ratings. If you have great credit, consider applying to cheaper lenders like Goldman Sachs’ LightStream or Marcus. For every loan application, factors such as creditworthiness, income, loan amount and loan term are taken into account when determining your APR.
Find the best personal loans
The advantages of Avant are its accessibility and flexibility. Not all lenders accept borrowers with a credit score less than 600, but Avant will consider such applicants. If you are concerned about qualifying, the lender offers a gentle credit check on their website so you can see what rates and terms you are eligible for.
Avant also offers a secured loan option: in qualifying states, borrowers can use their car’s equity to qualify for the best loans. The applicant’s entire credit profile is assessed, including creditworthiness, income, and credit history (not just the value of the car).
Avant loans have no early repayment fees, which means you won’t be penalized for completing your loan faster by paying a small premium each month. And if you miss your payment due date, there is a 10 day grace period before you will be charged the $ 25 late fee.
However, Avant charges a high commitment fee of up to 4.75% of the total loan amount. If you borrow $ 20,000, then $ 950 may be deducted from the loan amount deposited into your account.
Avant personal loans range from $ 2,000 to $ 35,000.
The terms range from 24 to 60 months and depend on your application, loan amount, interest rate and monthly payment.
Avant is a comparable option to other lenders aimed at borrowers with fair credit ratings like OneMain Financial. If you have damaged credit, you likely won’t qualify for the best interest rates, but you can still find a loan that offers better interest rates than if you have a large amount of credit on your credit card.
To find out which personal loans are the best, Select analyzed dozen of US personal loans offered by both online and brick-and-mortar banks, including large credit unions that come with fixed APRs and flexible loan amounts and terms that Are suitable for a range of funding needs. Whenever possible, we’ve chosen loans with no admission or registration fees, but we’ve also included options for borrowers with lower credit scores on this list. Some of these options have origination fees.
In narrowing down and ranking the best personal loans, we focused on the following characteristics:
- Fixed APR: Floating rates can go up and down over the life of your loan. With a fixed annual percentage rate (APR), you set an interest rate for the life of the loan, which means your monthly payment doesn’t vary and your budget is easier to plan.
- Flexible minimum and maximum loan amounts / terms: Each lender offers a variety of funding options that you can customize based on your monthly budget and the time it takes to repay your loan.
- No early repayment penalties: The lenders on our list do not charge borrowers any prepayment fees.
- Optimized application process: We considered lenders offering same-day approval decisions and a fast online application process.
- Customer service: Every loan on our list has customer service available by phone, email, or secure online messaging. We also selected lenders with an online resource hub or advice center so you can learn about the personal loan process and your finances.
- Payment of the fund: The loans on our list deliver funds instantly either by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the option to pay your creditors directly.
- Autopay discounts: We identified the lenders who reward you for signing up for automatic payment by lowering your APR by 0.25% to 0.5%.
- Payment limits and credit amount of the creditors: The above lenders offer loans in a range of sizes from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan sizes, and completing a pre-approval process can give you an idea of what your interest rate and monthly payment would be for such an amount.
After reviewing the above features, we’ve sorted our recommendations based on the best criteria for Total Funding Needs, Debt Consolidation and Refinancing, Small Loans, and Next Day Financing.
Note that the interest rates and fee structures advertised on personal loans may fluctuate in line with the Fed rate. However, once you accept your loan agreement, a fixed APR guarantees the interest rate and the monthly payment remains constant throughout the life of the loan. Your APR, monthly payment, and loan amount depend on your loan history and creditworthiness. To get a loan, lenders run a hard loan application and request a full application, which may require proof of income, identity verification, proof of address, and more.
* Your LightStream loan terms, including the APR, may vary depending on the purpose of the loan, amount, duration and your credit profile. Excellent creditworthiness is required to qualify for the lowest rates. The price is quoted with an AutoPay discount. The AutoPay discount is only available prior to loan financing. Tariffs without AutoPay are 0.50% points higher. Subject to the loan approval. Conditions and restrictions apply. The prices and conditions shown are subject to change without notice. Payment example: Monthly payments on a $ 10,000 loan at 3.99% APR and a term of three years would result in 36 monthly payments of $ 295.20.
Note to editors: Opinions, analysis, reviews or recommendations expressed in this article are solely those of the Select editorial team and have not been reviewed, approved or otherwise endorsed by third parties.