Avant
Personal loans for fair credit with fast next-day funding
What Is Avant?
Avant is an online lending platform headquartered in Chicago, Illinois, that specializes in personal loans for borrowers with fair to good credit. Founded in 2012, Avant has originated over $8 billion in loans and serves customers who may not qualify for the lowest rates at traditional banks but still want a legitimate, regulated lending option.
Avant loans can be used for debt consolidation, home improvement, major purchases, and other personal expenses. The platform offers a soft credit check prequalification process, meaning you can see your estimated rate without affecting your credit score. Avant is not a bank — it partners with WebBank, a Utah-chartered industrial bank and member FDIC, to issue its loans.
Avant at a Glance
Avant Loan Rates and Terms
Avant offers fixed-rate personal loans with APRs ranging from 9.95% to 35.99%. Your actual rate depends on your credit score, income, debt-to-income ratio, and other factors. All rates are fixed, meaning your monthly payment stays the same for the life of the loan — there are no variable-rate surprises.
Loan amounts range from $2,000 to $35,000 with repayment terms of 24 to 60 months. Longer terms mean lower monthly payments but more interest paid over the life of the loan. Avant allows you to choose your preferred term during the application process, giving you control over your monthly budget.
Avant Fees
The main cost beyond interest is Avant's administration fee, which can be up to 9.99% of the loan amount. This fee is deducted from your loan proceeds before disbursement — so if you're approved for $10,000 with a 4.75% admin fee, you'd receive $9,525. The portion of the admin fee above 5% is refundable on a prorated basis if you pay off the loan early.
Who Qualifies for an Avant Loan?
Avant is designed for borrowers with fair to good credit. While the official minimum credit score is 580, some sources indicate Avant may consider applicants with scores as low as 550. Beyond your credit score, Avant evaluates your monthly net income (minimum $1,200), employment status, debt-to-income ratio, and banking history.
How to Apply for an Avant Loan
Avant's application process is entirely online and takes about 5–10 minutes. Start by entering basic information — name, address, income, and desired loan amount — for a soft credit check that shows your prequalified offers without affecting your credit score. If you like your offer, complete the full application with additional verification. Avant may request pay stubs, bank statements, or other documentation.
Once approved, funds are typically deposited into your bank account as soon as the next business day. Avant sends a final loan agreement before funding — review the APR, admin fee, monthly payment, and total cost of the loan carefully before signing.
Avant vs Upstart
Avant and both serve borrowers with less-than-perfect credit, but they take different approaches. Upstart uses AI and alternative data (education, employment history) to evaluate borrowers, while Avant relies on more traditional credit metrics. Here's how they compare:
If you have a limited credit history or are a recent graduate, Upstart's AI model may give you a better rate. If you have an established credit profile and want predictable, fast funding, Avant is the more straightforward choice. Read our full for more details.
Who Is Avant Best For?
Avant is best for borrowers with fair credit (580–669) who need quick access to funds for debt consolidation or unexpected expenses. It's a strong fit if you've been turned down by traditional banks and need a legitimate lender with a straightforward application process. The next-day funding makes Avant particularly useful for time-sensitive situations.
Avant is not the best choice if you have good-to-excellent credit — you'll likely find lower rates and fees elsewhere. For borrowers with strong credit looking for larger loans, or may offer more competitive terms.
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FAQ
Pros
Fair credit accepted: minimum credit score of 580 makes Avant accessible to borrowers turned down by traditional lenders
Fast funding: funds are typically deposited as soon as the next business day after approval
No prepayment penalty: pay off your loan early without any additional fees
Soft credit check for prequalification: check your rate without impacting your credit score
Cons
High administration fee: up to 9.99% deducted from loan proceeds, reducing the amount you actually receive
High maximum APR: rates go up to 35.99%, which is steep compared to lenders that cap around 25%
Relatively low maximum loan amount: $35,000 cap may not be enough for large expenses like major home renovations
$25 late fee: charged if payment is more than 10 days past due, plus a $15 insufficient funds fee