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Avant Loans Reviews and Ratings
Avant Loans Official Logo
If you’re searching for Avant Loans reviews, you likely want to know if this lender is worth your time and money. In this article, we’ll examine what they offer, how much they cost, and what real customers say in BBB, Yelp, and Reddit reviews, so you can make an informed decision about whether or not to apply.
What is Avant Loans?
Avant Loans Official Website Homepage
Avant Loans was launched in 2012, and used to be known as AvantCredit. They are headquartered in Chicago, Illinois. Since they formed, Avant has issued over $8 billion in loans and served more than 2 million customers across the U.S. Avant functions as a fintech lender and administrator, but all of their loans are formally issued by WebBank, an FDIC-insured bank located in Utah.
Target audience
Avant generally targets borrowers who fall in the credit range of 550 to 700. This is considered fair to poor credit. Many of their customers have been rejected by traditional banks or credit unions. Avant Loans also offers a credit card product designed to help subprime lenders rebuild or establish their credit scores.
Accreditations
Avant is BBB-accredited with an A+ rating. However, it’s worth noting that some BBB regional records (like Omaha, NE) show inconsistencies in rating or accreditation status.
State availability: Avant personal loans are not available in Colorado, Hawaii, Iowa, Massachusetts, Maine, New York, Vermont, Washington, or West Virginia.
What does Avant Loans actually offer?
Avant is primarily known for their unsecured personal loans, but they have other useful products for their target audience of subprime lenders.
Unsecured personal loans
Avant’s flagship product is its unsecured personal loan. You can borrow between $2,000 and $35,000 with fixed interest rates ranging from 9.95% to 35.99%. Loan terms range from 24 to 60 months.
There are no prepayment penalties, but an origination fee of up to 4.75% is deducted from your loan before disbursement.
Avant prohibits business expenses, education costs, gambling, or illegal activities
– 10-day grace period and one-time due-date change by phone 9 – AvantCard due date cannot be changed
Secured personal loans
In limited markets, Avant also offers secured personal loans. These range from $5,000 to $25,000 and require a vehicle title or other qualifying collateral. Availability varies by location.
Avant credit cards
AvantCard: Avant offers a credit-building Visa card. Limits range from $300 to $2,000 with APRs between 27.99% and 29.99%. There may be an annual fee up to $59. Some users report unclear monthly service fees that were not communicated upfront. The autopay is limited to “minimum” or “statement balance” only. ACH payments can be stopped.
Cash-Back Rewards Card: Avant also offers a rewards card with 1% unlimited cash back, $0 annual fee, and 35.99% APR.
Application process & eligibility
- Soft Credit Check: Prequalification only requires a soft inquiry and takes ~15 minutes.
- Hard Pull: A full application triggers a hard credit inquiry.
- Documents: You’ll need proof of income, a valid ID, and a bank account.
- Minimum Requirements:
- Credit score: 550+
- Monthly net income: $1,200
- U.S. resident with valid SSN
- Not in active bankruptcy
- Funding Timeline: If approved by 4:30 PM CST, funds typically arrive the next business day.
Digital tools
iOS/Android app lets borrowers adjust dates, view payoff quotes, enroll in autopay, and get push alerts
Support is available 7 days/week by phone and in-app; escalations for SCRA borrowers
Hardship support
Avant offers payment deferrals, term extensions, and temporary reductions for borrowers in financial hardship. Active-duty military can access SCRA protections and tailored support programs.
Your Best Lending Partner: We match you with top lenders for the best deals. Fast, Easy Process: Quick approvals with expert support. Tailored Solutions: Flexible terms that fit your needs.
How much will Avant Loans actually cost me?
Avant loans come with high APRs and upfront fees that reduce your payout, plus added charges for late or failed payments. Costs are shown upfront, but some cardholders report surprise service fees.
Fee types
- APR: 9.95% to 35.99%
- Origination Fee: Up to 4.75% (deducted from your loan)
- Late Fee: $25 (or 5% of missed amount in Idaho/Oregon)
- NSF Fee: $25 per failed ACH transaction
- Credit Card Fee: Up to $59/year + possible monthly service fees
Sample Avant Loan payoff breakdown
- Loan Amount: $2,000
- Term Length: 24 months (2 years)
- APR: 35.00% (example based on average for mid-credit borrowers
- Origination Fee: $100 (5%)
- Disbursed Amount: $1,900 (after fee deducted)
- Monthly Payment: ~$118.8
- Total Repayment: ~$2,851.92
- Total Interest Paid: ~$851.92
What this means: Due to the origination fee, you will only receive $1,900 of the original $2,000 loan. You’ll be paying $118.83 every month for 24 months. This adds up to $2,852 over two years. So the total cost to borrow, meaning interest plus fees, is about $952 dollars. This is steep, but rather reasonable for a subprime category lender.
Transparency
Avant displays APR, fees, and terms upfront during the prequalification process. The APR includes interest and origination fees. That said, some customers report surprise service fees on credit cards. This is a change of pace from several other subprime lenders who withhold the actual loan cost until the end of the application.
Industry comparison
Compared to traditional banks, Avant has higher rates and fees. But for the fair-to-poor credit market, they’re in line with competitors. The origination fee is average, while late fees are slightly higher.
What are customers saying about Avant Loans?
By examining different platforms, we’re going to gain insight into how existing users of Avant Loans liked their experience using the lender.
Trustpilot reviews
Avant Loans Trustpilot Profile
Avant Loans holds a score of 4.5/5 stars off of 31,000+ reviews. Trustpilot users are overall satisfied with their experience using Avant Loans. Here’s an impartial breakdown of the most common sentiments.
Top praise themes:
- Application and Funding Process: Customers are generally satisfied with the “fast and easy application process,” with many getting approval and funding within 24-48 hours. Multiple reviews highlight the “simple application process” and “quick funding”.
- User Experience: The mobile app receives good feedback for being “user-friendly” with easy navigation and account management features.
- Credit Building: Many customers appreciate Avant’s role in helping build credit, with several noting credit score improvements and increased credit limits over time.
- Accessibility: Customers with poor credit scores consistently praise Avant for providing access to credit when other lenders rejected them.
Real Quote: “Very Fast Funding! I filled out the required documents and had my money the next morning. Easiest loan I’ve ever gotten.”
Trustpilot Negative Reviews
- Payment Processing Issues: A common complaint involves unexpected autopay charges after accounts are paid off. Some customers say they are getting charged after the balance is paid off. One reviewer stated: “I paid off my balance and they still ran an autopay for the minimum payment. Then they charged interest, but the account was already paid in full”.
- Customer Service Problems: Several people report issues communicating with over seas reps due to language barriers, and difficulty reaching supervisors.. Customers report long hold times and unhelpful responses to complaints.
- Billing and Account Issues: Users report confusing billing statements, unauthorized hard credit checks, and problems with account access.
- Fraud Handling: Several users are frustrated with poor fraud investigation processes and delayed responses to disputed charges.
Reddit reviews
Advice on a Avant personal loan byu/theshadow688 inirishpersonalfinance
Across Reddit forums, Avant has a very mixed reputation, with a slight lean towards negative.
Common positive comments:
- Credit Score Improvements: One user reported a credit score jump to 773
- Accessibility to users with low credit scores: Users who have bad credit have successfully gotten loans
- Smooth Operations: Some borrowers described the company as “great to work with” with “no issues at all”
- Debt Consolidation Success: Users found Avant helpful for consolidating higher-interest debt
Negative echoed sentiments:
- Extremely High Interest Rates: One commenter calling a 35.20% APR “the most unfavorable interest rate I’ve ever come across”
- Predatory Lending Practices: The phrase “predatory lender” is used semi frequently, with some describing their loans as “legally sanctioned scams”
- Poor Customer Service: Complaints about unresponsive support, difficulty reaching supervisors, and unhelpful representatives
- Hidden Fees: Users report unexpected monthly fees being added after initial no-fee periods, with charges ranging from $4.99 to $39 annually
- Card Functionality Issues: Credit card users report frequent declines and technical problems
Better Business Bureau (BBB) reviews
Avant Loans BBB profile
Avant holds a rating of 1.09/5 stars from 303 reviews on the Better Business Bureau (BBB).
Most complaints focus on:
- Account Access and Dashboard Issues: Numerous customers report being unable to access online accounts or dashboards for extended periods, hindering payment management. One complainant was locked out since October and experienced repeated delays in technical support.
- Billing and Autopay Disputes: Consumers frequently describe unexpected autopay withdrawals, interest charges after a zero balance, and confusing billing statements. Several complaints involve autopay debits on paid-off accounts, resulting in unwarranted late fees on already settled balances.
- Customer Service Delays and Language Barriers: Patterns emerge of overwhelmed or outsourced call centers, with prolonged response times and unhelpful representatives. Complaints cite difficulty reaching supervisors and receiving only generic troubleshooting steps rather than meaningful resolutions.
- Debt Validation and Charge-off Disputes: Consumers disputing balances invoke federal debt validation rights (FDCPA). Complaints describe demanding evidence of debt validity, slow or inadequate responses, and subsequent charge-off or sale of accounts without clear communication.
- Unexpected Fees and Account Closure Problems: Customers are reporting annual or monthly membership fees applied without clear notice, and inability to close accounts promptly despite multiple requests. This then leads to an accumulation of additional charges.
Regulatory action
In 2019, Avant paid $3.85 million to settle FTC claims over deceptive practices, including:
- Falsely advertising debit card payment acceptance
- Inaccurate payoff quotes
- Unauthorized bank account charges
In 2022, the FTC issued over $3.7 million in refunds to harmed borrowers.
What can I expect from using Avant?
Approval and funding process
- Soft Pull: No credit damage to check your rate
- Hard Pull: After full application
- Funding Speed: Next business day if approved before 4:30 PM CST
Customer outcomes
- Many use Avant for emergency expenses and debt consolidation
- Borrowers with consistent repayment often report credit score gains
- Over 1 million Avant credit cards have been issued
Limitations
Avant does not disclose approval or repayment success rates. Outcomes are based on individual reports, not broad studies.
Pros and Cons of Avant
Avant has clear strengths for borrowers with fair-to-poor credit, but the trade-offs include high costs and mixed customer experiences. Here’s a quick look at the main pros and cons:
Pros
- Accepts credit scores as low as 550
- Fast next-day funding
- Soft pull prequalification
- Transparent rate and fee disclosure
- Mobile app for loan and card management
- Hardship programs and SCRA support
- No prepayment penalties
- Open 7 days/week
- Loans issued via FDIC-insured WebBank
Cons
- APRs can reach 35.99%
- Origination fee reduces upfront cash
- No co-signers or joint applications
- Max loan is $35,000
- Not available in 9 U.S. states
- High late and NSF fees
- Poor customer service reviews
- FTC enforcement history
Who is Avant best suited for?
Avant is best suited for borrowers with limited credit options who need quick access to funds, but it may not be the right fit for those with strong credit or specialized lending needs.
Best for
- Borrowers with credit scores between 550–680
- Those needing emergency funding
- People looking to consolidate debt
- Borrowers interested in building credit
- Applicants with flexible income sources
- First-time borrowers
- Users who value payment flexibility
Not recommended for
- Borrowers with excellent credit (720+) — may find lower rates elsewhere
- Those needing large loans over $35,000
- Anyone borrowing for business purposes
- Students needing loans for educational expenses
- Borrowers who need a co-signer
- Rate shoppers comparing multiple competitive offers
- Active-duty military members (due to SCRA and APR cap exclusions)
Final verdict: Is Avant actually worth it?
Avant is a credible lending option for borrowers with fair-to-poor credit who need money fast. Their speed, accessibility, and soft pull prequalification make them a strong choice for emergencies or consolidation. However, the relatively high costs, service complaints, and FTC enforcement history mean borrowers must read the fine print.
If you’re comparing lenders, try Avant’s prequal tool to see your offer without hurting your credit. You can visit their website here. Just make sure you understand all fees and terms before accepting. And don’t forget to shop around. Credit unions or 0% credit card promos may offer better deals if you qualify.
Frequently asked questions
1. Is Avant a legitimate lender or a scam?
Avant is legit. They were founded in 2012 and issue loans through WebBank, which is FDIC-insured. They’re BBB-accredited with an A+ rating but did pay $3.85 million to the FTC in 2019 for deceptive practices.
2. What credit score do I need to qualify for an Avant loan?
You’ll need at least a 550 credit score to qualify. Most borrowers fall in the 600-680 range.
3. How fast can I get funds from Avant?
If you’re approved by 4:30 PM CST, funds are usually deposited by the next business day.
4. Does Avant offer hardship assistance?
Yes, including deferrals, reduced payments, and SCRA benefits for active-duty military.
5. What fees does Avant charge?
APR ranges from 9.95%-35.99%. There’s an origination fee up to 4.75%, late fees of $25, and $25 NSF fees. There are no prepayment penalties.
