Features

Avant, previously known as "Avant Credit", is an online provider of personal loans based in Chicago. It was launched in 2012 and operates in the United States and in the UK under the trade name SpringCoin. As of November 2016, Avant has funded over $3 billion in loans for over 450,000 customers.

How Does Avant Work?

Avant offers two types of personal loans: one has a maximum APR of 36% and loan amounts ranging from $1,000 to $35,000, which is provided by WebBank: a Utah-chartered industrial bank that also issues the loans for Lending Club. The other loan type has interest rates higher than 36%, and loan amounts ranging from $2,600 to $6,000 and is offered directly through Avant. Your credit rating will determine which loan you qualify for, with the minimum FICO score accepted at around 580. In some states, such as Colorado and Connecticut, only WebBank loans are available due to state interest caps on loans.

What Are Avant Interest Rates?

Interest rates vary from 9.95% to 36%. The rate you qualify for will depend on which state you live in, your credit history and the terms of your loan.

Unlike many personal loan providers, Avant does not charge origination fees. These fees usually range from 1% to 5% and are deducted directly from the loan amount transferred to borrowers.

How Much Money Can I Borrow from Avant?

Loan amounts vary from $1,000 to $20,000 and loan terms range from 36 months to 60 months. However, there are no prepayment penalties, so you can pay the loan earlier and save money on interest. A $10,000 loan for 36 months will cost you $458 a month, while the same loan at 19% will cost you $366.5 a month.

What Is Avant Application Process Like?

Once you fill in the online application form, you should have your reply within minutes. If your loan is approved, you will need to sign an online contract. The money could be in your bank account by the very next business day. The form requires personal information, such as your full name, address, income and social security number.

How Is Avant Better Than Other Lenders?

As far as interest rates go, Avant is a middle of the road credit alternative that targets borrowers with fair to good credit who want access to fast cash. The application process and the transfer of funds can sometimes take just a few hours. AvantCredit's interest rates are based around a two-tier system ranging from 9.95% to 36% for the first tier. Second-tier applicants may be offered higher interest rates.  This allows a wide range of borrowers with varying credit scores to qualify for unsecured loans. Avant does not charge additional loan fees and there are no prepayment penalties.

  • Credit bureau reporting
  • Interest APR
    9.95% - 36%
  • Joint loans available
  • Loan Amount
    $1000 - $35000
  • No late fees
  • Max Loan Term (Months)
    36
  • Lend to military?
  • Origination Fee
    0.95% - 3.75%
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
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0 votes

This is robery!!!! Do not under any circumstances go with this fraudulent company you will never pay them off!!!!!!!!


0 votes

Very promising from the advert,but costumer service staff very arrogant .Wish they will be more sensitive to staff.

0 votes

Sucks lies bs they lie u can't refinance stay away Thiefs freedom of SPEACH INT rate 36 percent .They bs u stay away u do not need them go to a cc they are easier and better 2 loans never again .They must gave out a lot crappy loans because now they raised it harder to qualify they must got a lot deadbeat loans seep what u sow u ripped a lot of people off use cc get out with them it's a lie smoke n mirrors fees change u ... have been warned do not use them not one good thing to say try others not them ! The truth ...wish I could give zero !! More Less


0 votes

The interest rate was high, but I needed the loan and got it. The application process was quick and easy. The decision was fast and I got funds the day after approval. This has been the easiest experience I have had with obtaining a loan.


0 votes

Avant offers consolidation loans at a higher interest than the credit cards you are trying to consolidate. I was fortunate enough that after my score increased due to the consolidation, I was able to refi a mortgage and pay off this high interest loans at 4 months instead of the 4 year term. I did overpay by almost $500 and have been fighting with them for 5 weeks to get a refund, with no response other than it was being "investigated". Customer Service is VERY poor.

0 votes

This company does not respond to any written communications. I like to keep all communications in writing so it's not a "he said, she said" type of thing but, instead, it's right there in black and white.

I was told upon signing up for this loan that so long as my payments were current, I could refinance at any time. I tried three times, but was denied, and this was before I became delinquent.

I became delinquent because I was unable to reach a person to take a payment ... over the phone, as they close early, and as I discussed with the last person I actually spoke with - I needed to make payments online. I was told that I would be able to make payments online, but their website would not allow me to do so, or I would not be in this position today.

I begged and pleaded with the CEO of the company. He did not respond, but merely passed my correspondence to the credit department. The credit department did not respond, they merely gave me an accounting of all of my payments.

I filed a formal complaint with the Better Business Buearu and all the company did was fight with me and tell me that I did not qualify for the refinance and they weren't willing to do anything at all to assist me.

They now are ruining my credit. After 18 months of non-payment, they refuse to close the account, but continue to report "x" number of 120 days late. I got this loan to improve my credit.
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0 votes

I was referred to avant loans through Credit Karma. I received an email saying that I was eligible for $5000. Avant said they could only lend me $2300.00 which I accepted with payment terms of $88.25 for 36 months. The money was in my account in 48 hours. However, they processed my loan at $88.25 for 48 months. Though I tried to correct this matter with them, they submitted a forged electronic document which I did not sign. So now instead of repaying $3,177, I ... am stuck paying $4,236 which nearly doubles the amount of the loan. I WOULD NOT RECOMMEND DOING BUSINESS WITH THIS COMPANY!! THERE ARE BETTER LENDERS OUT THERE. BE CAREFUL!!! More Less


0 votes

Advertises that they accept bad or low scores to 580 and my score is higher but wasn't accepted so what type of score you need for a bad credit lender to accept because it seems that they don't promote what they advertise.


0 votes

This loan was excellent. It was just what I needed to consolidate my bills and put more money in my pocket!!!


0 votes

My Name Is Patricia and I received a loan for $2,006 from Avant back in Oct. 2014. Payments were 196 a month for 24mths. Application was simple and money was put into my account same day. But the interest rate is unreal. 65.04% so even paying off early did not help. I'd advise anyone to stay away. Lived and learned.


0 votes

Absolute AWFUL! the worst company in the world. 79.9% Interest? Thieves

0 votes

Don't waste your time if a real person won't show there name in a review you know it's junk

0 votes

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 Chung 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.

0 votes

Received preapproval and promo code in mail. Very next day I apply and get rejected. Thanks avant!


1 votes

Avant sucks!!! I am looking into getting a lawyer. I paid my loan off in full and they never informed me of a fee for pushing one payment back.


1 votes

Quick to respond but fail to respect individual state interest laws. They charge 36% interest which our state caps loan interest at prime plus 10%


1 votes

I got to say how grateful I am I was not "qualified" accoding by avant for a 7,000 personal loan. If I would got it i would have to pay over $3,700 just on interest. so I went to my bank (Bank of america) and spoke with the specialist and they called for me the credit card company. My credit card (Bank of america cash rewards) that was a credit line of $3,000 with an APR of 17% was increased to $7,600 and they offer me 0.0%APR RATE till ... Dec 2016 and they tranfered for me my debts to this card and only charged me $188.00 transaction fee total!!!! so THANK YOU Avant for declining my application YOU save me OVER 3,500 in interest rate. :) More Less


2 votes

Was denied and they still send me letters of pre approval! If denied they should just not send anything.


1 votes

This loan allows you to pick the terms that meet your needs. I recommend this company to responsible people who are just having a hard time. Paying my credit cards off with one monthly note is great.


2 votes

I recently got a loan from this company and they had no problem putting the money in the bank account that I gave them but when it can't to taking the payment out they said that my bank info was bad so it was reported late to my credit!!!!! My info was never changed and the lady would NOT go over my info with me to verify!! Said that there is nothing that she could do! I'm very upset and do NOT suggest getting a loan from this company!!


1 votes

It was very easy to apply through Avant online. I contacted Customer Service with a question and they were extremely helpful in the process. I received my funds within 3 days to help consolidate debt and to me that was extremely quick. I would recommend Avant to anyone who needs a little help up. Thank you Avant.


1 votes

I needed funds fast and applied online. They offered lower interest rates than my bank of 15 years could give me. I was approved the next day and the money was in my account the next business day.


1 votes

When I first apply I throught that I would not get this loan.But avant gave it to me and I thing them.I would use them again my be for Christmas this years.


2 votes

I just learned that when making extra payments, they take part of the extra payment and apply it to interest! So on top of not being able to clearly see when your loan will be paid off, the very high interest rates (double that of Lending Club), 1/3(ish) of your extra payment isn't being applied to the principal balance. Made an extra payment of $300 - $232.16 was applied to principal - $67.84 was applied to principal. I feel taken advantage of and preyed up.


1 votes

I applied for consolidation of current debt. I applied for a $9,000 loan and was approved and the money cleared over night it was extreamly fast. I battled itentity fraud for years and still ended up in debt due to court and lawyer fees this is a great option for anyone in need of smaller monthly payments on current debt. The interest is high so only do this if it saves you money in the long run. Other than that Im completely satisfied!!


1 votes

Definitely satisfied with the promptness of the application process and the loan itself. Basic information given and basic verification, quick response and funding the next day.


1 votes

The interest rate sucks. But that's not why I got it. It was an easy application and I was approved immediately. I received the funds the next day. It's really good if you are in a pinch, and need quite a bit of money. Also, I like that the automatic payment PULLs the money from your bank account that day.most auto payments credit the payment to your account that day but don't actually take the funds from your bank account for 2-3 bd. This makes it easier to keep track ... of funds. the iOS app is good, too. It makes it easy to change payment dates/increase the amount. You can also see your loan contract and get a payoff quote from it. It's no frills but gives you all the information you could need. More Less


3 votes

I applied to this company plenty of times I don't get it. my credit score is not to bad it's in the 600's. I have a paying job. and doing my best to pay my expenses. I need just a little extra to finance my expenses. I haven't gotten approved once not even for a substanial small amount. I'm trying to make ends meet, but Im constantly struggling. I though I could get a little burden lifted off of me. This is not the case. I don't know how ... I am gonna survive becuase I haven't gotten any chances More Less


1 votes

Their rates are decent and they can help you when you need a little help - even if your credit isn't 800. Plus they didn't penalize me when I paid my loan off early like some places do


1 votes

Life has a funny way of sneaking up on you sometimes. My father passed away the day after my first grandchild was born and I needed to be in two places at once. I didn't have the money I needed for the airfare or to miss that much work, but Avant helped me avoid even more problems.


1 votes

As far as installment loans go, you wont find a better one than this. These people are truly helpful and are there for you in your time of need. I honestly dont know what I would have done without them.


1 votes

These guys are really easy to work with, and you can make extra payments to pay your loan off sooner. My credit isn't perfect but they approved me any ways. All I had to do to get the loan was send them proof of my income.


1 votes

I have nothing but good things to say about this company. I had to use them for two different loans in the past, and both times were hassle free. Their customer service team is awesome.


1 votes

Unfortunately I have had to take out several personal loans in the past. Of all the companies and I have ever dealt with, Avant is by far the best. Their customer service is awesome.


2 votes

After being irritated by Lending club, I am so nervous to apply for another loan online. I found Avant Credit and I was hesitant at first because I didnt want to have to submit tons of documents. I needed the money NOW and thats what happened with Avant. They were fast and easy...needed the money they approved a little less than I wanted but gave me that option! Applied at night and was approved by morning. There are so many lenders but if you want ... money fast without being hassled def use Avant Credit. Their website is very easy to navigate too. More Less


3 votes

it is a rip off. there is no option to pay extra toward principle, they don't provide you with disclosure, violating Truth in lending law. it is a fraud!


2 votes

Applied for a loan and was denied solely because apparently my roommate has a loan through Avant Credit--they have a one loan household rule. I can understand if this was a spouse or family member but to be penalized for this reason is beyond me. They have lost any future business from myself and my roommate.


1 votes

My experience with this company can only be described as so-so. Id hoped and thought that I would qualify for one of the loans with a max interest rate of 36%, but I didnt. My resulting interest rate, which was higher than 36%, didnt make me too happy. I needed the money, so I had to go through with it. Fortunately, I didnt take out too big of a loan, so I think I can pay it off pretty quick, so I can get rid of this interest rate.

1 votes

I can't believe it's true but I am finally getting ahead on my finances thanks to Avant. Changed my life.

1 votes

Avant Credit is a Chicago finance company. Its primary business is to provide loans to its customers. Avant offers loans to customers in all states and the District of Columbia except Maine, Vermont, Pennsylvania, Iowa, Kansas and North Dakota. Customers in Virginia, Maryland, Louisiana and Kansas may obtain lines of credit. Interest rates vary according to location, amount borrowed and credit rating. Avant Credit advertises that its loans can be disbursed as quickly as the next business day. But its interest rates and APR are lower than ... those of payday lenders. Nonetheless, Avant Credit has only a so-so B- rating from the Better Business Bureau, with 19 complaints filed within the past three years and 15 of those complaints filed within the past 12 months. The BBB report stated that the company had made a good faith effort to address the complaints, nonetheless, such a high number of complaints within such a short time frame is unsettling. More Less

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