Personal Loan Reviews Advertiser Disclosure

Avant

4.4 out of 5 stars
2386 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4.5 out of 5 stars

Customer Service

4.5 out of 5 stars

4.5 5

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Most Helpful Positive Review

Sep 26, 2016
Know what you're paying!
btrials Borrower

I currently have a $10,000 loan through Avant.  They were really the only company that considered with my low 600's score initially and knew from the beginning the high 29.97% interest but knowing I had some money coming in sooner or later I knew I can pay this off without paying the full interest.  I see too many complaints about the high interest fee.  You need to know how to calculate the daily interest rate (accured).  For example, if my loan is $10,000, after 30 days, I already racked up $246 in interest alone!  That means my $423 or so in payments, over half will go into interest.  Next month as the principal amount goes down, about $2 go down in interest.  Accrured Interest = (Daily Interest Rate) x (Days Since Last Payment with Interest) x (Current Outstanding Balance).  So this means you pay $177 only for the principal at 30 days leaving you a principal balance of $9,823.  Each day counts here!  But say instead of the $423, you double the payment for $846.  The interest is still $246 but you just paid $600 in principal balance leaving you $9,400.  While still high your interest will go down by $10 the next month.  Even better if you can pay that extra amount BEFORE the end of 30 days when your payment is due.

With that said, if you have means of paying extra each day, week or month, do so.  The more you can knock down on the principal balance the faster you'll be able to pay off this loan.  I would say if your FICO is low but can get approved just know how much it's going to cost you to take out this loan unless you have excellent credit (which you probably wouldn't be looking at Avant).  

I deducted one star for the lack of clear definition and how the interest is calculated as much as the customer service people were nice.  They need to provide examples (both visual and written) so people can see how this loan will benefit them (or not).  When someone (like most people) without a knowledge of how daily interest is calculated it gets confusing really fast.

I'll be paying this off with my bonus but initially did this to pay off my credit card debt (for high FICO) and also Avant's loan is listed as installment loan so it won't show up as one of those debt consolidation loan that "may" affect the way the FICO is calculated.  

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Most Helpful Negative Review

Sep 13, 2016
Avoid like the Bubonic plague.

Difficult approval. And when approved. I recieved $4,700.00. Dismal Customer Service. Switched Dates on Payments. And didn't help my credit score much. Do yourself a favor. Find another online lender with reasonable APR's and interest rates. Avant is for bottom feeders.

LENGTH

30months

APR

59.0%

PAYMENT

$300.01/mo

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These reviews were written by current and former borrowers in the last year.

Jan 24, 2017
Difficult and expensive
nitwhits Borrower

Having to jump through hoops to pay off this balance  with a different payment method. 

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Jan 24, 2017
Personal
Smcar Borrower

Even after paying your monthly installments on time they still won't allow you to refinance your loan. Super high interest. Would not recommend!

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Jan 23, 2017
Quick
Anonymous Borrower

The loan application was an easy process. I can have access to my acount anytime. The only thing that I have noticed is that Avant states they report to the major credit bureaus, however I have checked my credit report with via credit karma and I dont see them reporting my account, I only show the credit inquiry to obtain the loan. I have asked a live chat rep and they informed me that they report every month. NOT TRUE because I have yet to see it.  

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Jan 22, 2017
Applied for a personal via internet
Chief123456 Borrower

The lending process was awesome! Very fast and convenient, all done via internet. Would recommend Avant to anyone, very satisfied 

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Jan 22, 2017
Good loan for people who have bad credit
charlesnla Borrower

The initial loan is great BUT beware of their refinance offers.  I applied to refinance and it has been a week with no answer. I have had 3 different departments contact me saying they needed more information.  BUT when I call them back, they say that my application is complete and I should hear something soon.  They advertise 1-3 days to get the loan BUT then they say that does not apply to refinancing.  

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Jan 22, 2017
Easy to apply
Anonymous Borrower

After approval received funds within a couple of days

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Jan 21, 2017
Best karma that ever happened to me
keemo1745 Borrower

Apply you won't be dissapointed

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Jan 21, 2017
THIS IS THE WORST LOAN EVER
Anonymous Borrower

THIS IS THE WORST LOAN I HAVE EVER IN MY LIFE APPLIED FOR AND I REGRET IT, THE COMPANY WILL NOT WORK WITH ME OR ANYTHING AND I AM DEEPLY SADDENED THAT I EVER APPLIED. Lost my job and they wont even work with me.

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Jan 19, 2017
Easy to apply with decision within minut

It helped me manage my bills by only having 1 payment.

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Jan 18, 2017
Brilliant
Anonymous Borrower

Being able to check your rates and approval prior to your credit being impacted is amazing . The process was quick and I got my money fast !  Definitely recommend !!!

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.