Avant personal loan review: Personal loans that take your whole credit history into account

Whether you need a few thousand dollars to cover the cost of an upcoming move or up to $35,000 to consolidate credit card debt, a personal loan can sometimes serve as a handy tool.

While personal loans aren't exactly free money, when you can score a low interest rate, they can help you get out of debt faster or pay for a large purchase affordably over time.

The best personal loans offer APR as low as 2.49% APR. But usually, you need a good to excellent credit score to qualify for such rates.

If your credit score is in the fair or average range, you might struggle to find a lender. That's when you need to be extra careful of predatory lending companies offering payday loans or title loans that charge sky-high interest rates and steep fees for missing payments. Such lenders may not even check your credit score to make sure you're a good candidate to borrow in the first place, putting you in an impossible spot if you fail to make a payment.

With Avant, you can borrow $2,000 to $35,000 as soon as the next business day and pay interest ranging from 9.95% to 35.99% APR. These interest rates aren't the lowest out there, but the process is a little more transparent, and there's an interest cap below 36% (compared to the exorbitant 500% interest rates that some payday lenders charge).

Ahead, Select reviews Avant personal loans, taking into consideration APR, perks, fees, loan amounts and term lengths. (Read more about our methodology below.)

• APR
• Perks
• Fees
• Loan amount
• Term length
• Bottom line

Avant's APRs range from 9.95% to 35.99%, which is slightly higher than industry averages. At the time of writing, the average two-year personal loan interest rate is 9.58%, according to the Fed.

The lowest APRs are available to borrowers and co-borrowers with excellent credit. If you have a stellar credit score, you should consider applying through more affordable lenders like LightStream or Happy Money. In every loan application, factors like credit score, income, loan amount and loan term are all considered when determining your APR.

Avant's perks lie in its accessibility and flexibility. Not all lenders will accept borrowers with credit scores lower than 600, but Avant will consider such applicants. If you're worried about qualifying, the lender provides an option to do a soft credit check on its website, so you can see what rates and terms you're eligible for.

There are no early payoff fees for Avant loans, meaning you won't be penalized for knocking your loan out faster by paying a little extra every month. And if you miss your payment due date, there is a 10-day grace period before getting charged the $25 late fee.

However, Avant charges some borrowers a steep origination fee of up to 4.75% of the total loan amount. If you borrow $20,000, you could see $950 get deducted from the loan amount deposited into your account.

Avant personal loans range from $2,000 to $35,000.

Terms range from 24 to 60 months and depend on your application, loan amount, interest rate and monthly payment.

Avant is a comparable option to other lenders that cater to borrowers with fair credit scores, like OneMain Financial. If you have damaged credit, you probably won't qualify for the best rates, but you still might be able to find a loan that offers better interest rates than if you were to carry a large balance on your credit card.

To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs. When possible we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list. Some of those options have origination fees.

When narrowing down and ranking the best personal loans, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, debt consolidation and refinancing, small loans and next-day funding.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 3 years would result in 36 monthly payments of $313.32.

Editor's note: An earlier version of this story said that Avant offers secured personal loans in some states. It does not. This story has been updated to correct that mistake.