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, D.C., and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify, so it’s an accessible option if you have less than stellar credit but need money fast.
Avant applicants who are approved for an unsecured loan before 4:30 p.m. Central time Monday through Friday may receive their funds the next business day. This timeline may vary, however, depending on the borrower’s bank. It can also take longer for borrowers who take out secured loans.
Avant’s low minimum borrowing amounts ($2,000 to $35,000) and flexible repayment terms (two to five years) should be a good fit for those who need access to emergency funds—but don’t want to borrow more than they need. These loans do come with a price, though. In addition to an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is high for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns 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 other things, Avant charged consumers late fees and interest they didn’t owe and collected payments from customers without permission or in amounts larger than authorized. We reached out to Avant to find out what they’ve done to adjust practices since the settlement but did not receive a response. Even so, Avant has a high 4.7 star rating on Trustpilot.
Eligibility: Avant specializes in lending to a range of customers, including those with fair credit. The platform has a minimum credit score requirement of just 580 (the average is 600 to 700) and a minimum income requirement of just $20,000 (the average is $40,000 to $100,000).
Avant does not allow co-signers or co-applicants, but it will consider non-employment income and the income of others in your household. If you need a personal loan fast but don’t have great credit, you may still qualify.
Loan uses: Like other top lenders, Avant loans can be used to consolidate debt and pay for things like medical expenses, auto repairs, home improvements moving and other emergency expenses. That said, Avant borrowers cannot use personal loan funds to cover business expenses—so if you need emergency cash for your business, Avant is not the lender for you.
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