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Avant - Personal Loans Review

6 Customer Comments & Reviews - see all comments
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Avant LLC is a finance-technology (FinTech) company founded in Chicago in 2012.

The company is an online lending platform which provides access to personal loans issued by WebBank.

Avant makes personal plans ranging from $2,000 to $35,000.
 
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How is Avant rated?

Breakdown

4.1/5
Flexibility
4.2/5
Interest Rates
4.1/5
Discounts & Fees
2.7/5
Customer Service and Reputation

Overall Rating: 3.6 / 5 (Very good)

Avant is a solid choice for those seeking a personal loan.

Like other companies in the finance technology sector, the company approves loans almost immediately and offers next-business-day disbursement.

It is somewhat rare in its willingness to offer loans for as little as $2,000, which may benefit consumers who just need that much but not more.

Its interest rate scale is on the high side, but this is to be expected with companies who fund people with less than excellent credit.

Its reputation, while not perfect, is similar to that of most of its competitors.

For those in need of a personal loan who fall into Avant's target market, their personal loans can be an attractive option.

Avant Loan Specifics

Loan Specifics - 4 / 5

Avant provides a substantial amount of flexibility in its loan term lengths and is one of the few companies that will loan people as little as $2,000.

As a web based company, Avant is built for speed and offers qualified borrowers instantaneous approval and next-business-day disbursements.

It's maximum loan amount--$35,000--is lower than some of its competitors, but should be sufficient for most consumers.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$2,000.00
Loan Maximum
35,000
Term Length
24 months to 60 months
Direct Deposit
Yes
Decision Time
Within minutes
Disbursement Time
Next day

Avant Qualification

Qualifications & Flexibility - 4 / 5

Very few personal loan companies publish their qualification criteria, and Avant is no exception.

It does helpfully delineate a range of credit scores that most of its customers fall into, but beyond that its qualification process is not very transparent.
Minimum FICO Score
Most customers have a FICO of 600 to 700
Personal Income Considered
Yes
Hard Credit Pull
No

Avant Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Avant's interest rate range is a little high on the lower end and definitely high on the upper end.

However, unlike some of its competitors, Avant funds loans for people with FICO scores in the 600s, so this is not altogether surprising.

Its origination fees are calculated as a percentage of the loan received.

This practice is, however, widespread.
APR Range
9.95% to 35.99%
Origination Fee
Up to 4.75%

Avant Reputation

Customer Service and Reputation - 2.5 / 5

The company has a good score on Trustpilot. Although its BBB negative reviews far outnumber its positive ones, this is not unusual even for the best companies in the financial services sector.

The plurality of its BBB complaints concern payments that weren't properly credited or customers who claimed they didn't receive notice that payment was due.
Type of Institution
Other Financial Institution
Year Founded
2012
BBB Rating
A+
Number of BBB Positive Reviews
9
Number of BBB Negative Reviews
90
Trust Pilot Rating
9.1 out of 5
Consumer Financial Protection Board (CFPB) Complaints
There are a few dozen complaints about Avant's personal loans, but all of these were responded to timely. None of them alleged any dishonesty or fraud on the part of the company.
Date Collected
2018-03-09
Headquarters Address
222 N. LaSalle St., Suite 1700, Chicago, IL, 60601
Homepage URL
https://www.avant.com

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6 Customer Comments & Reviews

Loading Reviews ...
T
Troy K
8/7/2017
Its wonderful. The best

C
Cherry0803
6/8/2017
If theres zero..they deserve it big ZERO.. after submiting all requirement.Keep calling and talking to representative ,only to verify all employment and talking about the same issue for 2 weeks..a waste of time..Hopefully they dont get youre info and use it for themselves..

G
Georgette S
6/16/2016
Intrest rate too high even with a history of on time payment and paid off loan. Not sure why but would not recommend for furture use

A
Arian J
4/19/2016
Canceled payment modification agreement and then reported me as not having made payments for 120+ days even though I had made the payments. Spoke today to Daniel Chang who is their director of compliance. He is super rude, disrespectful, and condescending. With leadership like him no wonder Avant's customer service team sucks. Will be pursuing legal action against Avant.

L
Lola K
4/9/2016
Do not apply for lans with AVANT! My score is 651 due to loss of employment in 2011 and a couple of judgements by credit cards. All my payments are 98% on time. I support 4 dependents and asked for pitiful $30,000 that I am short on buying a condo for cash for my family. These mean lenders maid an inquiry, lowered my credti score and BLATANTLY REFUSED me in the loan.

R
Rodney J
6/7/2015
Avant is The Best Thing That Happened to Me !! The Loan Process was Fast and Easy with No Hassle !!! The Money was in My Account by Noon The Next Day !! The Experience was Like Christmas Coming Early !!!!!!!!!

Our Partner
  • $35,000 maximum loan
  • From 9.95% to 35.99% APR
  • Loan term: 24 to 60 months
  • Checking your loan options will not affect your credit score
  • No prepayment penalties
  • Fast funding, normally disbursed in one business day

Sample loan: a four-year $35,000 loan with an interest rate of 15.49% and an APR of 18.34% will require an estimated monthly payment of $982.79 and a total cost of $47,174.00.

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