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Avant.com is an online lender offering debt consolidation, personal loans, and other financial services. Starting in 2012, Avant serves all 50 states nationwide, scoring mostly average to slightly above average review ratings. Trustpilot’s Avant reviews award the company a high average rating of 4.6 out of 5, while the Better Business Bureau rates it much lower at just 1.12 out of 5, with an A grade.
Avant’s debt consolidation services function by providing borrowers with a pre-qualification step on the company’s website. Pre-qualification allows potential customers to see loan offers that may be available to them before accepting a hard inquiry on their credit report. Borrowers can input personal and financial information and receive potential consolidation loan specifics and choices before committing to an option.
The company partners with WebBank, a member of FDIC, for debt consolidation loans and offers a range of interest rates starting at 9.95% —which is a little higher than some online lenders advertise. Avant.com caters to borrowers with fair to good credit ratings of over 580.
Pre-qualifying won’t affect credit score
Available in all 50 states
No prepayment penalty
Mobile app available
Funding available in 1 to 4 days
Flexible payment dates
Low monthly income requirements
Borrowers with higher credit scores may find better terms elsewhere
Origination fee applies in the form of administration fee
Higher low-end interest rate than some competitors
Direct payments to creditors unavailable
Avant Debt Consolidation Features and Benefits
- Consolidation loan amounts from $2,000 to $35,000
- Pre-qualifying won’t affect credit score
- Direct lender payments unavailable
- Repayment terms from 12 to 60 months
- Interest rates from 9.95% – 35.99%
- Administration fee equals 4.75%
- $1,200 monthly income required to qualify
- Best for fair to good credit scores
- Also offers personal loans and other financial services
- Co-signers not allowed
- Available nationwide
- Direct lending organization
Avant.com Review Editorial Rating
Avant Debt Consolidation Facts
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.
|Interest Rates||9.95% – 35.99%|
|Loan Terms||12 – 60 months|
|Minimum Credit Score||580|
|Loan Amounts||$2,000 – $35,000|
|BBB Rating||1.12 / A|
Avant.com Interest Rates
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.
How to Get an Avant Debt Consolidation Loan
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.
Does Avant.com Lend Money?
Approval and Acceptance
Can You Have More than One Avant Loan?
Avant.com Debt Consolidation Loan Requirements
- Social Security number
- 18 years of age or older in most states
- 550 minimum VantageScore credit score
- No active bankruptcy records on credit report
- Proof of $1,200 minimum monthly income
- Existing non-prepaid bank account
Avant Reviews and Complaints
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.
Is Avant.com Worth It?
Avant Vs. Top Debt Consolidation Lenders
Avant Vs. Upstart
Avant Vs. LendingClub
Avant Vs. Best Egg
|BBB Grade / Rating||1.12 / A||1.24 / A+||4.56 / A+||4.87 / A+|
|Average Reviews Rating||4||3.4||4.4||4.8|
|Interest Rates||9.95 – 35.99%||5.39 – 35.99%||6.34 – 35.89%||8.99 – 35.99%|
|Origination Fee||4.75%||0 – 12% Varies by Lender||3 – 8%||0.99 – 8.99%|
|Loan Terms||12 to 60 months||36 to 60 months||36 or 60 months||36 to 60 months|
|Minimum Credit Score||580||300||600||640|
|Loan Amount||$2,000 to $35,000||$1,000 to $50,000||$1,000 to $40,000||$2,000 to $50,000|
|Joint Applicants Accepted||No||No||Yes||No|
|Mobile App Available||Yes||Yes||Yes||No|
Frequently Asked Questions
Is Avant Legit?
Avant is a legitimate lending organization in business since 2012 that serves all 50 states. The Better Business Bureau accredits the company, and its partnering bank, WebBank is FDIC-insured.
Is Avant Loans safe?
Avant.com is an online lender that partners with WebBank, an FDIC-insured banking institution. The company is accredited by the BBB and is a nationwide limited liability company. Avant is safe to use for debt consolidation, personal loans, and other financial services.
Does Avant have an early payoff penalty?
There is no penalty for paying off an Avant debt consolidation or personal loan before it’s due.
How long does Avant take to approve a loan?
Avant can take as little as a few minutes or as long as one business day to pre-qualify borrowers. Approval after pre-qualification can take as little as an hour and up to 2 business days. After approval, funds can be available in as little as one business day and up to four.
How long does it take Avant to verify your information?
Avant can often verify your information within a few hours of receiving documentation from a customer. However, some applicants may wait up to three business days for verification.
Image sources: avant.com – bbb.org – trustpilot.com – upstart.com – lendingclub.com – bestegg.com