How to apply for Avant Personal Loan

A Lender to Consider if You Have a Less-Than-Excellent Credit Score

If you have a credit score of at least 600 and are in need of a loan, Avant may be a viable option for you.

In addition to their lenient credit score requirement, Avant also performs soft credit inquiries during the loan search process, which do not impact your credit score. However, it’s important to note that Avant’s interest rates tend to be higher compared to other lenders.

Even at the lower end of the interest rate spectrum, borrowers can expect an APR of 9.95% or higher.

One of the advantages of Avant is its focus on ease and efficiency. The entire loan application process, from pre-qualification to closing, can be completed online. They also offer a smartphone app for managing your loan, making it convenient for those who are constantly on the go.

Avant provides unsecured loans ranging from $2,000 to $35,000, with the exception of Massachusetts where the minimum loan requirement is $6,400. The loan amount a borrower is eligible for depends on their credit history.

Avant offers flexible repayment terms of 24 to 60 months. The APRs advertised by Avant range from 9.95% to 35.99%, but the final APR offered will depend on factors such as creditworthiness and loan size.

If a payment is not made within 10 days of its due date, Avant charges a late fee of $25 or up to 4.75% of the loan amount for unsecured loans. The late fee for borrowers in Idaho and Oregon is 5% of the unpaid balance of the scheduled payment, up to a maximum of $5.

Eligibility Criteria for Avant Personal Loan

While some lenders have more stringent eligibility requirements, Avant has relatively minimal criteria for loan applications. However, meeting these prerequisites does not guarantee approval.

• Minimum credit score: 550. Avant considers both VantageScore version 3 and FICO score version 8.
• Minimum of one account on your credit report.
• Minimum monthly income of $1,200. Avant accepts various sources of income, such as child support and alimony.
• Maximum debt-to-income ratio, including mortgage payments: 70%.
• Not currently filing for bankruptcy.

According to Avant, the average borrower has a credit score of 644, a monthly income of $4,000, and a pre-loan debt-to-income ratio of 30%.

How to Apply for Avant Personal Loan

To start the application process for an Avant personal loan, go to their website and click on “Loans.” This will take you to the pre-qualification form, where you’ll need to provide your name, address, birthdate, monthly income, rent or mortgage amount, and email address.

You’ll also need to provide your Social Security number, but Avant will not perform a hard credit check at this stage.

Once you’ve completed the form, you’ll be shown any loan offers that are available to you. Avant may take some time to generate loan offers based on your information.

Avant also displays how much their origination charge will impact your loan funds, giving you the option to increase your loan amount.

Finally, Avant will provide you with details on the loan duration, APR, and monthly payments. You may have multiple loan offers to choose from.

After selecting a loan offer, you’ll need to submit a formal personal loan application. Avant may require additional documentation, such as pay stubs and bank records, to verify the information provided during pre-qualification.

During the application process, Avant will conduct a rigorous credit check, which may temporarily lower your credit score.

To ensure timely payments, create a repayment plan. Avant reports payment information to all three major credit bureaus, so making payments on time can help improve your credit score.

You can choose to automate your loan payments or manually monitor your spending to manage your loan.

Avant Personal Loan vs. SoFi Personal Loan

When it comes to interest rates and fees, the SoFi Personal Loan may offer better terms. However, SoFi typically caters to borrowers with excellent credit scores. If your credit score is less than excellent, the Avant Personal Loan may be a more suitable option for you.

Benefits of Avant Personal Loan

• Quick financing
• Pre-qualification option with a soft credit check
• Ability to change your payment date
• Manage your loan using the mobile app

Benefits of SoFi Personal Loan

• No fees
• Possibility of combining loans
• Discounted rates for autopay
• Program for borrowers facing financial difficulties

How to Apply for a SoFi Personal Loan

If you are interested in applying for a SoFi Personal Loan, follow these steps to see if it’s the best option for you.

Written by

Claire Harrison