Avant.com Debt Consolidation Review

Avant.com operates similarly to other online lending platforms. Potential borrowers for debt consolidation input their personal and financial information into the company’s website to see if they qualify for an Avant personal loan that can serve as a debt consolidation loan.

The company performs a soft credit report inquiry to determine the customer’s eligibility and returns one or more debt consolidation loan offers if they qualify. The customer can then choose to formally apply for one of the loan options.

Avant offers repayment terms of between 12 and 60 months with interest rates ranging from 9.95% to 35.99%. Debt consolidation and personal loans are subject to a 4.75% administration fee, and loan amounts can range from $2,000 to $35,000. Avant doesn’t allow cosigners or collateral on loans, and only one loan through the company is allowed at a time.

Debt consolidation loan interest rates generally fall between about 6% and 35.99% through most online lenders. Avant’s debt consolidation interest rates start at 9.95% and go up to 35.99%.

While the company’s lowest available interest rate is higher than some of its competition, Avant caters mostly to borrowers with less than stellar credit scores—meaning consumers with lower scores are less likely to find a rate lower than Avant’s from other lenders as well.

Avant considers several factors when determining interest rates for individual borrowers. Credit score, credit history, debt-to-income ratio, financed amount, and other indicators all play a role.

Acquiring a debt consolidation loan from Avant is a two-step process. Borrowing starts with a pre-qualification step designed to tell you what terms you qualify for without affecting your credit score and allow you to choose the best available option.

You can provide personal and financial information directly on the company’s website. Avant will use that information to run a soft inquiry on your credit report, which won’t affect your score. If Avant determines you’re eligible for debt consolidation through its lending partner, WebBank, the site will present one or more loan options for you to choose from.

There’s no obligation to choose one of the options. However, if you choose to pursue one of them, Avant will require you to supply documentation and proof of your personal and financial records to formally apply for the loan.

A hard inquiry that does affect your credit score will happen after the application step. Avant will notify you of final acceptance or denial within one to two business days and sometimes within a few hours.

If approved, Avant will transfer the amount of your loan, minus the 4.75% administrative fee, into your personal bank account. You can then use the funds to pay your existing creditors to consolidate your debt.

Avant Loan Rates vs. Other Lenders

Prior to submitting your personal loan application with Avant, take advantage of the opportunity to compare loan rates on Credible.com for free.

Credible connects you with top-rated lenders, including Avant, allowing you to assess various loan options, rates, and terms without incurring any costs. Ensure you make an informed decision by exploring your choices before committing to a specific lender. Credible is featured on our list of the top 5 best personal loans for 2023.

Avant’s receives mixed reviews. While the company rates highly on some review platforms, such as Trustpilot, where it carries a 4.6 out of 5 average, other rating systems award the company fewer than 2.5 out of 5.

The Better Business Bureau gives the company an A grade, meaning it meets the Bureau’s requirements for customer service with a score of between 94 and 97 on its 100-point scale. However, with the BBB, Avant only receives a 1.12 rating out of 5.

Overall, the company scores an average rating of roughly 4 out of 5. Consumer complaints generally range from customer service inconsistencies and technical issues at the company and with the mobile app.