What Avant Does and Who It's Built For

Avant is an online lender that offers personal loans ranging from $1,000 to $35,000, which you can use to pay off credit cards, medical bills, or other debts in one lump sum. The company focuses on borrowers with fair credit (typically 580 FICO and above), meaning people who have missed payments, collections accounts, or limited credit history can still get a loan when traditional banks would turn them down.

The loan itself is straightforward: you borrow a fixed amount, receive it in your bank account within one to two business days, and repay it in monthly installments over 24 to 60 months. Avant doesn't require collateral — it's an unsecured personal loan — so you're not risking a car or house. The catch is that interest rates are higher than what someone with excellent credit would pay elsewhere, typically ranging from 9.95% to 35.99% depending on your credit profile and the loan term you choose.

Avant makes money by charging you interest, and they market aggressively to people in debt. That doesn't make them predatory — the rates are legal and disclosed upfront — but it does mean you should compare them to other lenders before committing. Avant is one option among many, not the only option.

Key Takeaways

  • Avant lends $1,000 to $35,000 to borrowers with fair credit, and funds loans within one to two business days after approval.
  • Interest rates range from 9.95% to 35.99% depending on your credit score and how long you take to repay, so a lower credit score means a higher rate.
  • You can use the loan for any purpose, including paying off credit cards or medical debt, but consolidation only saves money if your new rate is lower than what you're currently paying.
  • Avant charges an origination fee (typically 0% to 9.95% of the loan amount) that gets deducted from what you receive, so a $10,000 loan might net you $9,000 or less.
  • Paying off the loan early has no penalty, so you can reduce interest by paying faster if your budget allows.

How the process and Approval Process Works

You start on Avant's website by entering your desired loan amount and how long you want to repay it. The site then asks for basic information: your name, income, employment status, and Social Security number. This triggers a soft credit pull, which doesn't hurt your credit score. Within minutes, you'll see a preliminary offer showing the interest rate and monthly payment you'd likely receive.

If you move forward, Avant does a hard credit pull and verifies your income and identity. This is where your actual credit score matters most — the better your score, the lower your rate. The company also checks your bank account history to see how you've managed money over time. Approval typically takes one to three business days, though some people hear back the same day.

Once approved, you sign the loan agreement electronically and the money lands in your bank account within one to two business days. At that point, you're responsible for using it to pay off your debts. Avant doesn't send the money directly to your creditors — you do that yourself. This means you have to actually follow through on the consolidation plan, or you'll end up with both the new loan and the old debts.

What It Costs: Interest, Fees, and the Real Numbers

The total cost of an Avant loan depends on three things: the interest rate you're offered, the origination fee, and how long you take to repay.

Interest rates run from 9.95% to 35.99% APR. Your rate depends mainly on your credit score, income, and debt-to-income ratio. Someone with a 750 FICO might get 9.95%; someone with a 600 FICO might get 28%. Avant doesn't publish exact rate tables, so you won't know your real rate until you explore and they pull your credit.

Origination fees range from 0% to 9.95% of the loan amount and are deducted upfront. If you borrow $10,000 at a 5% origination fee, you receive $9,500 and owe back $10,000 plus interest. This fee is built into your APR, so the 9.95% to 35.99% figure already accounts for it.

There is no prepayment penalty, so you can pay the loan off early without extra charges. There is also no late fee grace period — if your payment is late, you'll be charged a late fee, though Avant doesn't publish the exact amount on their website.

To see whether consolidation actually saves you money, you need to compare your current situation to the Avant loan. If you're paying 22% APR on a credit card and Avant offers you 18% APR, consolidation helps. If Avant offers 28% and your card is 22%, consolidation hurts. Run the numbers before you commit.

When Avant Makes Sense and When It Doesn't

Avant works best when you have fair credit (580 to 669 FICO) and are carrying high-interest debt like credit cards or payday loans. If you can get a lower rate with Avant than you're currently paying, and you commit to not running up new debt on the cards you just paid off, consolidation can reduce your monthly payment and the total interest you pay over time.

Avant is less useful if you have excellent credit (740+). In that case, you'll may have access to for better rates from banks, credit unions, or other online lenders. A 0% balance transfer card might also be cheaper if you can pay off the balance within the promotional period. Avant is also not the right choice if you're using it to borrow more money than you currently owe — that's not consolidation, that's taking on additional debt.

Be cautious if you're consolidating credit cards but plan to keep using them. Many people consolidate, then run up the cards again, and end up with both the new loan and new credit card debt. The loan itself doesn't fix the spending habits that created the debt in the first place.

How Avant Compares to Other Consolidation Lenders

Avant is one of several online lenders offering personal loans for consolidation. LendingClub and Upstart also serve fair-credit borrowers, though their rate ranges and loan amounts differ slightly. SoFi and Marcus by Goldman Sachs typically require better credit and offer lower rates, but they won't lend to someone with a 600 FICO. Credit unions often have lower rates than online lenders if you're a member, and some offer debt consolidation loans specifically designed for fair-credit borrowers.

The main difference between Avant and competitors is speed and marketing reach. Avant funds quickly and advertises heavily, so you'll see their name often. That doesn't mean they're the cheapest option for you. Before you explore, get rate quotes from at least two other lenders. A hard credit pull affects your score for about 12 months, but multiple pulls within 14 to 45 days (depending on the credit bureau) typically count as a single inquiry, so shopping around doesn't compound the damage.

What Happens After You Get the Loan

Once the money is in your account, you're responsible for paying off your old debts. Avant doesn't do this for you. You'll need to log into each credit card or loan account and make a payment, or contact the creditor directly. This is important: if you don't actually pay off the old debts, you'll have a new loan payment plus the old debts, and your situation will be worse.

After you pay off a credit card with the Avant loan, leave the account open (unless there's an annual fee). Closing it can hurt your credit score by reducing your available credit and shortening your credit history. Instead, stop using it or use it for small, regular purchases you pay off when ready.

Your Avant loan payment will show up on your credit report as an installment loan. Making on-time payments helps your credit score over time, especially if you've had late payments in the past. However, taking out a new loan initially lowers your score because of the hard credit pull and the new account. This dip is temporary — your score typically recovers within a few months if you pay on time.

Red Flags and What to Avoid

Don't borrow more from Avant than you actually owe on your current debts. If you owe $8,000 in credit card debt and borrow $12,000, you've created $4,000 in new debt. That defeats the purpose of consolidation.

Don't assume Avant's rate is your only option. The rate they offer you is based on their internal model, not on what you deserve or what you can get elsewhere. Shop around.

Don't close credit cards when ready after paying them off with the Avant loan, and don't run them back up. The whole point of consolidation is to reduce your total debt and interest payments. If you use the freed-up credit to borrow more, you've wasted the opportunity.

Don't miss Avant payments. Late payments damage your credit score and trigger late fees. If you're struggling to make the payment, contact Avant before the due date — they may have hardship options, though the company doesn't advertise these prominently.

Frequently Asked Questions

What credit score do I need to get an Avant loan?

Avant typically lends to people with a FICO score of 580 or higher, though some people with scores in the 550 to 579 range have reported approval. Your exact rate depends on your full credit profile, not just your score. The lower your score, the higher your interest rate will be.

How long does it take to get money from Avant?

Approval usually takes one to three business days after you submit your full process and Avant verifies your information. Once approved, the money reaches your bank account within one to two business days. In some cases, people report funding within 24 hours of approval, but don't count on it.

Can I pay off my Avant loan early without a penalty?

Yes. Avant does not charge a prepayment penalty, so you can pay off the entire loan early or make extra payments toward principal without extra fees. Paying early reduces the total interest you pay over the life of the loan.

Will getting an Avant loan hurt my credit score?

Yes, initially. The hard credit pull and new account will lower your score by a few points in the short term. However, making on-time payments on the Avant loan will help your score recover and improve over time, especially if you have a history of late payments on other accounts.

What if I can't make my Avant payment?

Contact Avant before your payment is due. The company may offer a deferment or hardship plan, though these options aren't may provide and may extend your loan term. Missing a payment will damage your credit score and trigger late fees, so reaching out early is better than waiting.