Answers to the most common questions about Avant personal loans — from rates and approval to funding and repayment.
Getting Started
Yes. Avant, LLC is a legitimate, licensed online lender founded in 2012 and headquartered in Chicago, IL. The company has funded over $12.5 billion in personal loans to more than 4 million customers. Loans are originated through WebBank, a Utah-chartered federally regulated bank. Avant holds lending licenses in all states where it operates.
they offer unsecured personal loans ranging from $2,000 to $35,000 and the AvantCard, a credit card issued by WebBank. the lender does not offer secured loans, business loans, student loans, or mortgages. They also have a personal financial management tool for existing customers.
the platform is available in 42 states and Washington D.C. It is NOT available in: Hawaii (HI), Iowa (IA), Maine (ME), Massachusetts (MA), New York (NY), Vermont (VT), Washington (WA), or West Virginia (WV).
Eligibility & Approval
Avant accepts credit scores as low as 580 FICO (some sources cite 550). Most approved borrowers have scores between 600 and 700. The higher your score, the lower your APR. You can check your rate with a soft pull that won't affect your score.
they require a minimum monthly net income of $1,200 (approximately $14,400 annually). This is one of the lowest income thresholds among major online lenders. Self-employed income, gig income, benefits, and alimony may all count.
Yes, if your credit score is 580 or above. the platform is specifically designed for fair-credit borrowers. However, if your score is below 550, approval is unlikely. For scores in the 550–580 range, it depends on your overall financial profile. See our bad credit guide for more details.
No. Avant requires income — not employment specifically. Self-employed individuals, freelancers, retirees with pension income, and people receiving disability benefits or alimony may qualify as long as their monthly net income meets the $1,200 threshold.
No. their prequalification uses a soft credit inquiry that does not affect your credit score. You only receive a hard inquiry on your credit report when you formally accept an offer and submit a full application.
Rates, Fees & Terms
their APR ranges from 9.95% to 35.99%. Your rate is fixed for the life of the loan and depends on your credit score, income, loan amount, and term. Most fair-credit borrowers receive rates in the 18–30% range.
Avant charges an administration fee of up to 9.99% of your loan amount. This fee is deducted from your loan before funds are deposited. For example, if you borrow $10,000 with a 5% admin fee, Avant deposits $9,500 but you repay $10,000 (plus interest) over the loan term. This is important to account for when deciding how much to borrow.
No. Avant charges no prepayment penalty. You can pay off your loan early at any time and save on the remaining interest. This is one of the strongest borrower-friendly features.
Avant may charge a late payment fee of up to $25. There may be a grace period — check your specific loan agreement. If a scheduled payment is returned due to insufficient funds, there's also a $15 dishonored payment fee.
Funding & Repayment
the platform is known for fast funding. If your application is approved before 4:30 PM Central Time on a business day, you typically receive funds via ACH the next business day. If Avant needs to verify additional documents, the timeline may extend to 2–3 business days. Weekend and holiday applications wait until the next business day.
Avant deposits funds via ACH transfer directly to your checking account. This is why an active checking account in your name is a required qualification. Some prepaid debit cards or savings-only accounts may not be eligible.
Yes. Avant allows you to refinance your existing loan for a higher amount up to two times, provided you still meet eligibility requirements. If your credit has improved since taking the original loan, you may also qualify for a lower APR. You receive the loan difference minus the new admin fee.
Yes. they have a hardship assistance program for borrowers experiencing financial difficulties. Options may include payment deferrals, loan term extensions, or temporary monthly payment reductions. Contact Avant customer service to discuss your options.
Yes. Avant reports payment activity to all three major credit bureaus: Equifax, Experian, and TransUnion. Consistent on-time payments can help rebuild your credit score over time — one of the additional benefits of an Avant loan for fair-credit borrowers.
the mobile app and online portal allow you to manage payment dates. Contact Avant customer service for specific date change requests. Availability of this feature may vary.
Avant vs. Competitors
Both have similar APR ranges (9.95–35.99% vs. 9.99–35.99%). Upgrade offers larger loans (up to $50,000 vs. $35,000) and requires a higher minimum credit score (600 vs. 580). Avant funds faster (next day vs. 1–4 days for Upgrade). See our full comparison.
It depends on your situation. OneMain has no stated minimum credit score and offers secured loan options, but its minimum APR starts at 18% vs. Avant's 9.95%. OneMain max loan is $20,000 vs. Avant's $35,000. See our full comparison.