When you have bad credit, getting approved for a personal loan is tough. Most lenders won't even consider you. Avant is one of the few that will—but is it worth the high rates and fees? We analyzed 85+ real experiences to help you decide.
Quick Answer:
Avant is one of your best options if you have bad credit (below 600). They actually approve people others reject, and funding is fast. But expect high APRs (often 25%-35.99%) and admin fees up to 4.75%. Only borrow what you truly need and have a clear repayment plan.
Overview: Avant for Bad Credit
Avant was founded in 2012 specifically to serve borrowers who don't qualify for prime lending rates. Unlike lenders that target excellent credit borrowers, Avant focuses on people with credit scores from 580 to 700.
✅ Why People Choose Avant:
- •Bad credit accepted
- •Fast funding
- •Mobile app
⚠️ The Trade-offs:
- •Admin fees
- •Higher rates
Credit Score Requirements
Avant officially states they accept credit scores as low as 580. Based on real borrower reports, here's what we found:
| Credit Score | Approval Likelihood | What Helps |
|---|---|---|
| 580-599 | Possible but difficult | Steady income, low debt-to-income |
| 600-640 | Likely with income proof | Bank statements, pay stubs |
| 640-700 | Very likely | May qualify for better rates |
"I have a 585 credit score from medical bills I couldn't pay. Avant was the only lender that approved me. Rate is high but at least I could consolidate everything."
— Reddit User, r/borrow
APR Rates and Admin Fees
Here's the hard truth: Avant's APRs range from 9.95%-35.99%, and most bad credit borrowers get rates on the higher end. Plus, there's an admin fee of Up to 4.75% admin fee.
Real Example:
Borrow $5,000 at 28% APR for 3 years with 4.75% admin fee ($237.50):
- • You receive: $4,762.50 (after fee deduction)
- • Monthly payment: ~$178
- • Total repaid: $6,408
- • Total cost: $1,645.50 in interest + fees
These costs are high, but if you're consolidating credit card debt at 25-30% APR, Avant might still save you money—especially if it helps you get organized with one payment.
The Approval Process
Avant's approval process is straightforward:
- Soft credit check: No impact to your score. See if you pre-qualify.
- Application: Basic info about income and expenses. Takes 5-10 minutes.
- Decision: Most applicants get a decision within minutes to 24 hours.
- Funding: If approved, money arrives in 1-2 business days.
How Fast Is Funding?
One of Avant's strongest points: they fund fast. Most borrowers report receiving money in 1-2 business days.
"Applied Monday morning, approved by afternoon, money in my account Wednesday. Needed it for car repairs and Avant came through."
— Trustpilot Reviewer, Avant customer
Avant vs Other Bad Credit Lenders
| Lender | Min Credit | APR Range | Best Feature |
|---|---|---|---|
| Avant | 580 | 9.95%-35.99% | Fast funding |
| Upstart | 600 | 6.5%-35.99% | AI approval |
| Credit Unions | Varies | Often better | Personal service |
The Bottom Line
Avant serves a crucial market: people with bad credit who need money and have limited options. Yes, the rates are high. Yes, there are fees. But if you're stuck in a cycle of payday loans or maxed-out credit cards at 29% APR, Avant can be a step forward.
Our Recommendation:
Before choosing Avant:
- 1. Check if your local credit union has better rates
- 2. Compare with Upstart if your score is 600+
- 3. Only borrow what you absolutely need
- 4. Have a plan to improve your credit and refinance later at a lower rate