Elevate Credit, Inc.
Avant
4
Avant makes personal loans accessible to borrowers with fair credit, offering quick online approval and funding for those seeking alternatives to payday loans.
The Bottom Line
Avant provides personal loans with APR rates from 9.95% to 35.99% and loan amounts from $2,000 to $35,000. The platform emphasizes speed, offering funding as fast as one business day. Avant welcomes borrowers with credit scores around 580 and higher. While rates can be higher for poor credit, Avant avoids the predatory pricing of payday lenders, making it a legitimate alternative for borrowers in the bad-credit space.
At a Glance
| APR Range | 9.95% - 35.99% |
| Loan Amount | $2,000 - $35,000 |
| Repayment Terms | 24 - 60 months |
| Origination Fee | None |
| Credit Range | Poor to Good |
| Funding Speed | 1-3 business days |
| Late Fee | Up to $50 |
| APR Range | 9.95% - 35.99% |
| Loan Amounts | $2,000 - $35,000 |
| Term Lengths | 24 - 60 months |
| Origination Fee | None |
| Funding Speed | 1-3 business days |
| Prepayment Penalty | No |
| Co-Signer | Not Allowed |
Accessible Alternative to Payday Lenders
Avant's primary market is borrowers with fair to poor credit who need cash quickly. While rates can reach 35.99% APR for the poorest credit, this is dramatically better than payday loans charging 400% or more APR. Avant offers longer repayment terms (24-60 months) compared to payday loans' typical 2-week terms. For borrowers in financial distress, Avant represents a more sustainable borrowing option.
Speed and Convenience
Avant processes loans quickly, with funding possible within 1-3 business days and sometimes as fast as one business day. The entire process is online, and you can check your rate with a soft credit inquiry. Once approved, funds are transferred directly to your bank account, providing fast access to cash when needed.
Simple, Fee-Free Structure
Avant charges no origination fees or prepayment penalties. If you pay off your loan early, you save money on interest without additional costs. The only fees are late fees of up to $50 if you miss a payment. This makes the cost structure clear and avoidable if you stay current.
Who Should Choose Avant
Avant is designed for borrowers with fair to poor credit who need to borrow $2,000 to $35,000 and value fast funding. If you've been rejected by traditional lenders or are considering a payday loan, Avant is worth exploring. The platform is also suitable for debt consolidation if you're paying off multiple payday loans or other high-interest debts.
Ready to get started with Avant?
Avant makes personal loans accessible to borrowers with fair credit, offering quick online approval and funding for those seeking alternatives to payday loans.
Get Elevate Credit, Inc.Pros & Cons
Pros
- Accessible to borrowers with fair to poor credit (580+)
- Fast funding (1-3 business days, often 1 business day)
- No origination or prepayment fees
- Soft credit inquiry for prequalification
- Straightforward online application
- May allow credit-challenged borrowers to build credit
Cons
- APR rates can be high for lower credit scores (up to 35.99%)
- Maximum loan amount of $35,000 is moderate
- No co-signer option
- Late fees apply (up to $50)
Frequently Asked Questions
What's the minimum credit score for Avant?
Avant typically approves borrowers with credit scores as low as 580. While that's considered fair credit by most standards, Avant is more willing to work with lower scores than premium lenders. Your actual rate depends on your credit profile and income.
How fast can I get the money?
Avant offers funding as fast as one business day, with most loans funding within 1-3 business days. This rapid turnaround makes Avant convenient for those needing quick access to funds, though funding speed can vary based on your bank.
What are the fees?
Avant charges no origination fees and no prepayment penalties. However, if you miss a payment, late fees up to $50 may apply. It's important to make your payments on time to avoid these fees and protect your credit.
Can I borrow if I've had a bankruptcy?
Avant may approve borrowers with past bankruptcies, depending on how long ago it occurred and your current financial situation. It's worth applying and checking your prequalification to see if you're approved without affecting your credit score.
Is Avant better than a payday loan?
Yes, significantly. Avant's rates (9.95% - 35.99% APR) are far better than typical payday loans (400%+ APR). Avant also offers longer repayment terms (24-60 months), making monthly payments much more manageable. For those who would otherwise turn to payday lenders, Avant is a much healthier alternative.