Company Profiles

Avant Overview and Alternatives

by Ana-Maria Sanders   Date Published: Oct 31, 2022
Listen minutes

Avant is an online lender that offers personal loans, credit cards, and mobile banking. It is a Chicago, Illinois-based private company in the finance tech industry. It was established in 2012 by entrepreneurs Albert Goldstein, John Sun, and Paul Zhang. Avant works with WebBank to offer middle-income borrowers access to personal loans. These loans are sometimes used to cover mortgages, home improvements, or expenses that may come up out of the blue.

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Avant’s products and services are available in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington.

Products and Services

Avant offers a variety of products and services to address different needs.

Products

Personal loans

Offers fast funding, fixed payments, and autopay options.

Services

Credit cards

Offers an annual fee between $0 to $59, credit limit of $300 to $1,000, and variable APR between 24.99% and 29.99%

Mobile banking

Applying is quick and does not affect your credit score

Rates and Fees

Avant offers personal loans ranging between $2,000 and $35,000. The terms for these loans are between 24 and 60 months. Additionally, APR is capped at 35.99%.

Avant has a nonrefundable administration fee that can reach up to 4.75%. This fee is taken from your loan amount before the funds are disbursed. The company also charges a $25 late fee if you miss your payment by 10 days or more, plus a $15 fee if you do not have enough money in your bank account to pay for your monthly installment.

How to Apply for a Loan with Avant

Avant offers an online application form. Their portal is simple to use.

Step 1. Apply online

Complete the online application form to get started.

Step 2. Verify income

Input your banking and financial information to verify your eligibility.

Step 3. Review agreement

If approved, carefully read and review your loan agreement to make sure you understand the terms, repayment schedule, and fees.

Step 4. Submit

After you submit your signed loan agreement, you may receive the funds in as little as one business day.

Pros and Cons of Avant

There are advantages and disadvantages to look out for, as with all lenders. Here are the pros and cons of Avant:

Pros

Cons

 

  • High-sum loans
  • Fixed APR
  • No prepayment fees
  • Online application
  • Accessible through the mobile app

 

 

  • Up to 4.75% administration fee
  • $25 late fee
  • $15 return payment fee
  • Credit card annual fee of $39
  • Not available without a Social Security number
  • No option for co-signers

 

Frequently Asked Questions (FAQ)

What is Avant?

Avant is a Chicago, Illinois-based private company in the finance tech industry. Avant works with WebBank to offer borrowers access to personal loans, credit cards, and mobile banking services.

What Is the Minimum Credit Score That Avant Will Consider?

Avant does not have a specific minimum score requirement listed on its website, but most customers who receive a loan have credit scores between 600 and 700.

Avant may also require documents to verify your income, including tax returns, pay stubs, or bank statements.

Can I Have a Payday Advance and Installment Loan at the Same Time?

No, you are only allowed to possess one active loan at a time.

What if I Miss a Payment?

Although you should try your best to avoid missed payment, unforeseen circumstances may still cause you to. If you miss your payment by 10 days or more, Avant will charge a $25 fee. Additionally, the missed payment may be reported to the major credit bureaus, which can negatively impact your credit score.

If you know you will be unable to make a payment, immediately contact a representative. They may be willing to offer you an extension.

Is Avant Safe?

Yes. The company has several high ratings on numerous review and rating websites.

How Much Does Avant Charge for Interest?

Avant’s APR ranges between 9.95% and 35.99%. Their loans are capped at 35.99%.

What About Other Fees?

Avant charges administrative, late, and return payment fees. Administration fees are up to 4.75% of your total loan amount. If you are issued a loan, the administration fee is subtracted from your loan before it is disbursed to you.

There is also a $25 late payment fee and a $15 return payment charge.

Can I Get an Avant Loan if I am Not Employed?

Avant does not specify whether they offer financing to unemployed applicants. The lender may verify your income and request documentation. It is best to reach out to a representative from the company to determine whether you qualify as an unemployed borrower.

How Many Times Can You Take Out a Loan?

The number of loans you are eligible for depends on state regulations. It is best to consult Avant directly to discuss these rules.

Alternatives to Avant

Getting a loan from Avant may benefit many borrowers. However, if they do not offer exactly what you need, consider the following alternatives. Depending on your situation, you may be able to find an alternative lender who caters to your financial situation.

Alternatives:

  • If you are looking for in-store options: Check ‘n Go 
  • If you are looking for more services: Cash Express
  • If you’re looking for a damaged credit loan: OppLoans 

Check ‘n Go

If you’d rather complete your loan request in-store, Check ‘n Go has several options. The lender was founded in 1994 and has serviced over 50 million loans. There are more than 1,000 locations in 22 states.

Check ‘n Go provides payday loans, installment loans, check cashing, and prepaid MasterCards. Additionally, the lender has many high ratings on several consumer rating websites. 

Cash Express

Although Avant has several services, you may be looking for others. Cash Express is a great alternative that provides more products and services. These include flex loans, payday loans, installment loans, title loans, check cashing, pawn loans, and cash for gold.

Cash Express does not process loans online. However, they have several locations throughout the country. Additionally, the lender may be willing to work with lower credit. As a result, applicants without stellar credit scores may qualify.

OppLoans

If you suffer from damaged credit, you may turn to OppLoans as an alternative lender that may be willing to work with lower credit types. OppLoans offers online installment and payday loans. Additionally, they provide educational services to help applicants improve their credit and financial literacy.

OppLoans offers financial products ranging between $500 and $4,000. Additionally, they report payments to the major credit bureaus to assist borrowers on their credit-building journey.

OppLoans is available online in Alabama, Georgia, Nevada, and Wisconsin. They also have lending partners who offer other financial products in Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wyoming.

Bottom Line

Founded in 2012, the company has helped fund over 6.5 billion dollars in loans for 1.5 million borrowers through their partner, Web Bank. 

Although Avant charges several additional fees, they cap their APR at 35.99%. Additionally, the lender offers flexible online loan applications. Loan amounts range from $2,000 to $35,000, making it convenient for borrowers looking for larger-sum financing options.

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Ana-Maria Sanders, author at OpenLoans
Financial Analyst
Ana-Maria Sanders writes about consumer and business finance. She has been featured on Business.com, CreditCards.com, FOX News, and FOX 29.
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