Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, DC and all states except Hawaii, Louisiana, Nevada, and South Carolina. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.
Avant applicants who are approved for an unsecured loan by 4:30 p.m. Central Time, Monday through Friday, may receive their funds the next business day. This period may vary, however, depending on the borrower’s bank. It may also take longer for borrowers who take out secured loans.
Avant’s low minimum loan amounts ($ 2,000 to $ 35,000) and flexible repayment terms (two to five years) should be suitable for those who need access to emergency funds, but do not don’t want to borrow more than they need. These loans come at a price, however. In addition to an administrative fee of up to 4.75% of the loan amount, the Avant APR range (9.95% to 35.99%) is high for applicants with a good to excellent credit rating, and there is no automatic payment discount. Still, the platform scores top marks for borrowers with less than stellar credit who need quick access to funds.
Note: Avant agreed to a $ 3.85 million settlement with the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among others, Avant charged consumers late fees and interest they did not pay. owe and have received payments from customers without authorization or in amounts greater than authorized. We contacted Avant to find out what they have done to adjust practices since the settlement, but we have not received a response. Despite this, Avant has a high rating of 4.7 stars on Trustpilot.
Eligibility: Avant specializes in lending to a range of clients, including those with fair credit. The platform has a minimum credit score requirement of only 580 (the average is 600 to 700) and a minimum income requirement of only $ 20,000 (the average is $ 40,000 to $ 100,000).
Avant does not allow co-signers or co-applicants, but it will take into account non-employment income and the income of other members of your household. If you need a personal loan quickly but don’t have good credit, you may still qualify.
Uses of the loan: Like other major lenders, Avant loans can be used to consolidate debt and pay for expenses such as medical bills, auto repairs, home renovations, and other emergency expenses. That being said, Avant borrowers cannot use personal loan funds to cover business expenses. So if you need emergency cash flow for your business, Avant is not the lender for you.