Avant is a real online lender based in Chicago, founded in 2012, offering personal loans and a credit card. Its own page lists loan amounts of 2,000 to 35,000 US dollars, APRs of 9.95 to 35.99 percent and an administration fee of up to 9.99 percent. The catch is that rates and fees depend on your application, so read the loan terms before you sign.
Borrowing money is one of those moments when a bit of suspicion is healthy, and lenders that only exist online can feel faceless. So I understand why people ask whether Avant is legit. I'm not a financial adviser and I can't say whether a loan is right for you. What I can do is set out what Avant's own page discloses, what Wikipedia says about the company, and the regulator action on record.
Who is behind Avant
According to Wikipedia, Avant was founded in 2012 by Albert Goldstein, John Sun and Paul Zhang, and is headquartered in Chicago, Illinois. It describes Avant as an online-only lender with no physical branches, offering lines of credit and personal loans. It is a private company, and the investors Wikipedia names include August Capital, Tiger Global and Victory Park Capital.
So Avant is a real, identifiable company with a long track record, not a pop-up site. Avant's own site also mentions a mobile app for managing a personal loan and credit card account.
Avant loan amounts, APR and terms
Avant's personal loans page lists loan amounts from 2,000 to 35,000 US dollars, APRs from 9.95 to 35.99 percent, and loan terms of 24 to 60 months. Each of those figures carries an asterisk on the page. The footnote text wasn't displayed when I read it, which is why I'd treat these as headline ranges and look for the full disclosure in your own application.
- APR is the yearly cost of borrowing, shown as a range because it depends on your application.
- The loan amount and term you're offered may differ from the headline range.
- The page says funds may be deposited as soon as the next business day if approved.
- Compare the APR and any fee together, because the fee changes what you receive.
I haven't confirmed Avant's minimum credit requirements or which states it serves, so I won't state them. Check its application pages for your own situation.
Avant fees to read before you sign
Avant's personal loans page says there is an administration fee of up to 9.99 percent. Many online lenders take a fee like this out of the loan, which can mean you receive less than the headline amount. Read how Avant describes it in your loan agreement, and look at the exact figure offered to you.
It also discloses a late fee of 25 US dollars if a selected payment is not paid in full within 10 days after its due date, and a 15 US dollar fee each time a payment is returned unpaid. The page adds that late fees may vary among products serviced by Avant. I'm not telling you whether those amounts are fair, only that they're written down, and that a payment calendar is a sensible habit with any loan.
What the FTC alleged about Avant in 2019
Wikipedia says that in 2019, Avant agreed to pay 3.85 million US dollars to settle Federal Trade Commission charges. According to that account, the FTC alleged deceptive loan servicing practices and violations of the Telemarketing Sales Rule and the Electronic Fund Transfer Act. I couldn't reach the FTC's own release, so I'd read it on ftc.gov if you want the exact wording.
A settlement like this is part of the public record, and it shows regulators were watching. Today's practices may be different, and I can't say how. If you're comparing borrowing options, how a line of credit differs from a loan is a useful contrast, and the checks to do before applying for a business loan apply to personal borrowing too.
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Checking a lender like Avant for yourself
- Read the full loan agreement, not just the summary page.
- Check the APR, fees and monthly payment together before you accept.
- Note when payments are due and how late and returned payment fees work.
- Look up the company on your state's financial regulator website.
- Talk to a qualified adviser or a free debt charity if you're borrowing to cover other debts.
Spotting fake lender messages that use Avant's name
- Be wary of anyone who asks you to pay a fee before they will release a loan.
- Don't click links in unexpected texts or emails; go to the lender's website yourself.
- Never give your login, one-time codes or bank details to someone who contacts you first.
- If an offer sounds too easy, step back and verify it independently.
- Report scams to the FTC at reportfraud.ftc.gov or the equivalent in your country.
Avant at a glance
| What I checked | What Wikipedia and Avant's page say |
|---|---|
| Founded | 2012, Chicago |
| Type | Online-only lender, personal loans and credit card |
| Loan amounts | 2,000 to 35,000 US dollars, asterisked |
| APR | 9.95 to 35.99 percent, asterisked |
| Terms | 24 to 60 months, asterisked |
| Administration fee | Up to 9.99 percent |
| Funding | As soon as the next business day if approved |
| FTC settlement | 3.85 million US dollars, 2019, per Wikipedia |
Is Avant worth using?
Avant is a real lender with disclosed ranges and a documented regulatory history. Whether it suits you comes down to the rate and fee in your own offer, your budget and the alternatives available to you. I'd never call any loan 'best', and I'd check the terms for your situation with a qualified adviser before you borrow.
Frequently asked questions
Is Avant legit?
Yes. Wikipedia describes Avant as an online-only lender founded in 2012 and based in Chicago, offering personal loans and lines of credit. Always read your own loan terms before signing.
What APR does Avant charge?
Avant's personal loans page lists APRs of 9.95 to 35.99 percent, marked with an asterisk. Your own rate depends on your application, so check the exact figure offered to you.
Does Avant charge fees?
Avant's personal loans page says there is an administration fee of up to 9.99 percent, a late fee of 25 US dollars and a 15 US dollar fee for returned payments, with late fees varying among products.
How fast can Avant fund a loan?
Avant's page says funds may be deposited as soon as the next business day if approved. Timing can differ for each applicant.
Has Avant had trouble with regulators?
According to Wikipedia, Avant agreed in 2019 to pay 3.85 million US dollars to settle Federal Trade Commission charges about deceptive loan servicing practices and breaking two rules. Read the FTC's own release for the details.
How long are Avant loan terms?
Avant's personal loans page lists terms of 24 to 60 months, marked with an asterisk. Check your loan agreement for the exact term offered to you.
