How Many Avant Loans Can You Have?

Last Updated on March 6, 2025 by Amrita Das

When considering taking out a personal loan, it is important to understand the limitations and possibilities of each lender. One question that often arises when researching Avant personal loans is whether or not you can have more than one loan with them at a time.

In this guide, we will delve into the details of Avant’s policies and explore their unique options for refinancing and rebuilding credit. Whether you are a self-employed borrower or someone with less-than-perfect credit, understanding how many Avant loans you can have will help guide your decision-making process.

Avant Overview

Avant is a highly regarded online lending platform that offers a variety of loan options and credit cards to its customers. What sets Avant apart from other traditional lenders is its flexibility in loan purposes, allowing borrowers to use the funds for emergencies, debt consolidation, home upgrades, and more.

Additionally, the company also stands out among traditional personal loan lenders for their willingness to work with individuals who have lower credit scores. In fact, they present one of the smallest credit score requirements in the market, making their loans accessible to a wider range of borrowers

This makes Avant an attractive option for those with less-than-perfect credit who require financial assistance. While payday lenders may offer even lower credit requirements, their exorbitant interest rates make them a much more expensive choice. In that case, Avant offers a more affordable solution for those facing financial challenges.

Additionally, with Avant customers can look at their potential loan offers through pre-qualification, giving them peace of mind before committing to a loan.

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Loan details

One of the most striking aspects of Avant’s loan offerings is its lower credit necessities (550 scores), making it a perfect alternative for borrowers with bad credit. With a lowest loan amount of $2,000 and a maximum loan of $35,000, Avant provides flexibility in borrowing options to meet individual needs.

The APR ranges from 9.95% to 35.99%, ensuring competitive interest rates for borrowers. Additionally, the fixed interest rate type ensures predictability in monthly payments throughout the loan term which can range from 24 to 60 months.

However, it is important to note that Avant does charge an origination fee of up to 9.99% and has other fees such as a $25 late fee and a $15 dishonored payment fee. Nevertheless, Avant stands out with its quick turnaround time, often providing funds as shortly as the next business day.

Avant Loan Key Points

Lower Minimum Credit Score Requirement: One of the most attractive features of Avant loans is their low minimum credit score requirement. This makes it a viable option for individuals who have a bad credit history and are usually unable to secure loans from traditional lenders.
Potential Administrative Fees: It’s important to note that Avant imposes an origination charge on some of its loans. This fee can be as high as 9.99% of the loan amount and is deducted upfront before you receive your loan. This is something to keep in mind when considering the overall cost of your loan.
Flexible Loan Terms: Avant offers a range of loan durations, ranging from 24 to 60 months. This is shorter than many other lenders, which can be advantageous for borrowers looking to save on interest by opting for a shorter loan term.
Credit Check without Impacting Your Score: A major plus point of Avant loans is that you can check potential loan terms and rates without undergoing a hard credit pull. This means that your credit score will not be impacted during the initial stages of exploring your options with Avant.
Ideal for Borrowers with Bad Credit: Overall, Avant stands out as a lender for individuals with bad credit. With its low minimum credit score requirement and more inexpensive rates for those with poor credit, Avant is definitely worth considering for borrowers looking raise their credit standing.

Areas where you can use Avant loan

Debt consolidation.
Home repair
Credit card Integration
Crisis
Medical and dental note
Leisure
Marriage
Adoption or Acceptance
Other large purchases

Avant Requirements: What You Need to Know Before Applying

When it comes to getting a personal loan, the eligibility requirements can often be a determining factor for many borrowers. In the case of Avant, a leading online lender, their eligibility criteria may seem straightforward but there are some important details to keep in mind before applying.

Credit Score Minimum of 550

One of the main factors that Avant considers when reviewing loan applications is the borrower’s credit score. The minimum requirement for an Avant loan is 550, which falls under the category of fair credit.

This means that even if you have less than perfect credit, you may still be eligible for a loan through Avant. However, having a higher credit score can increase your chances of getting approved and may also result in better loan terms.

Residency Restrictions

While Avant offers loans to residents of most states in the US, there are a few exceptions. If you live in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, Washington or West Virginia, you will not be able to apply for an Avant personal loan. It’s important to keep this in mind when considering your options for borrowing money.

Additional Documentation May Be Required

Aside from meeting the minimum credit score requirement and living in an eligible state, Avant may also ask for additional documentation before approving your loan.

This could include bank statements, pay stubs, or other forms of identification to verify your income and identity. It’s important to have these documents ready when applying for a loan through Avant.

Administrative Requirements

Another important requirement for obtaining an Avant personal loan is having a valid US bank account. This is where your loan funds will be deposited and also where your payments will be withdrawn from.

Learn More: Credit Cube Loan Reviews: A Comprehensive Guide

Avant personal loan Application Process

Pre-qualification Process on Avant’s Website

Avant offers a convenient and hassle-free pre-qualification process for potential borrowers on their website. To get started, simply click on the “Loans” section and select “Check Your Loan Options”.

This will take you to a form where you will need to enter personal information such as your name, contact details, date of birth, proceeds, and mortgage payment amount, etc. You will also be required to provide your Social Security Number; however, rest assured that this stage does not involve any hard credit checks.

Comparing Loan Offers

After filling out an application with Avant, qualified applicants will be presented with multiple loan offers. These offers will include the approved loan amount, origination fee, and how much that fee will reduce the total amount of the loan.

In addition to these details, Avant also provides a breakdown of the loan period, APR, and monthly payments for each offer. This allows applicants to see exactly what they are signing up for and compare it to other lenders.

Completing a formal loan application with Avant

This process involves confirming your earnings and bank account data. It is important to note that Avant will also perform a hard credit check, which may cause a slight decrease in your credit score.

However, Avant prides itself on making quick decisions and most applicants receive an answer within minutes. In rare cases where additional documentation is needed, it may take longer to process your application.

Receiving your loan proceeds and starting to repay

Avant offers a speedy process for receiving loan proceeds, with the possibility of funding the approved loan by the next business day. However, timely repayment is pivotal, as missed or delayed payments could negatively hit your credit score.

Consider setting up automatic payments and closely monitoring your budget to ensure on-time payments. Additionally, the Avant platform reports all loan repayments to major credit bureaus, providing an opportunity for building or rebuilding your credit score through responsible repayment.

How many avant loans can you have?

One of the most frequently asked questions about Avant Loans is whether or not you can have more than one loan with them at a time. The answer to this question is no. Avant only allows its customers to have one loan at a time, which means that you cannot take out a second loan before paying off your current one.

However, there is an option to refinance your existing loan with a larger one if needed. This allows you to access more funds without having to apply for a completely new loan. Just to let you know, refinancing may result in extending your loan term and ultimately paying more in interest.

So, it is essential to carefully consider your options before you choose to refinance with Avant.

What sets Avant apart from other lenders?

While many traditional lenders require high credit scores in the 600s or above, Avant only demands a minimum score of 550 to be allowed. This makes it an engaging choice for borrowers who may not meet the strict requirements of other lenders.

One of the standout features of Avant is its willingness to work with self-employed individuals. Unlike many other lenders, Avant does not automatically disqualify self-employed borrowers. This flexibility allows entrepreneurs and freelancers to also take advantage of Avant’s loan options.

But what truly makes Avant shine is its focus on helping borrowers reconstruct their credit. With competitive rates, Avant loans can be used to pay off high-interest credit cards or even payday loans and more.

Plus, with a quick approval and distribution process of one to three business days, borrowers can access their funds quickly. This streamlined process sets them apart from other lenders who may take longer to approve and disburse funds.

Areas where Avant personal loans may not meet your needs

Origination fee: One potential drawback of Avant personal loans is their origination fee, which can be as high as 9.99%. This fee is deducted from the loan size before it is disbursed, reducing the total funds available to you. While not all lenders charge an origination fee, those that do typically have fees in this range.
Limited options for co-signers, joint borrowers, and collateral: Unlike some other lenders, Avant does not offer the option to add a co-signer or joint borrower to your application. They also do not allow for secured loans using collateral.
No rate discounts: Avant does not offer any discounts on their annual percentage rate (APR). This means that even if you set up automatic payments, you will not receive any benefits such as a lower interest rate. Many other lenders do offer these types of discounts.
Maximum loan amount may not meet larger financing needs: With a maximum loan amount of $35,000, Avant personal loans may not be the best option for those looking to finance major projects or consolidate significant amounts of debt.

Avant Customer Contact

Avant is committed to providing exceptional customer service for all their clients. Their committed team is available to assist you with any questions or worries you may have through various contact channels.

You can avail them by phone at 800-712-5407 during their extended business hours of 7 a.m. to 10 p.m. CT on weekdays and 7 a.m. to 8 p.m. CT on weekends. For those who prefer electronic communication, they are also available via email at support@avant.com or through their social media accounts on Facebook at @avantforward.

Avant platform value open and transparent communication with their customers, and they are always happy to assist you in any way that they can.

FAQs:

Q. Is Avant a trustworthy lender?

Avant is a legitimate and reliable lender that operates through WebBank, an FDIC member. The company protects your personal information through SSL encryption and offers privacy settings that allow you to control how your information is shared. These factors make the Avant platform a reliable option for those in need of financial assistance.

Q. Is it possible to have multiple loans with Avant?

Unfortunately, no. Avant only allows one loan per customer at a time. However, once your current loan is fully paid off, you are welcome to apply for another loan with them. Alternatively, you can also consider getting a second loan through a different lender.

Q. Is proof of employment necessary for Avant loans?

Avant may request proof of earnings and employment from loan applicants. This may include contacting your employer to verify your current employment status. Should Avant require further documentation to confirm your income, a representative from their team will contact you directly.

Bottom Line

In conclusion, while Avant Loans may not permit customers to have multiple loans at one time, they do offer the option to refinance an existing loan for a larger amount. This flexibility allows borrowers to access more funds without having to go through the process of applying for a completely new loan.

However, it is essential to carefully consider the potential drawbacks of Avant’s personal loans, such as their origination fee and limited options for co-signers and collateral. Nevertheless, Avant Loans stands out from other lenders with its willingness to serve self-employed individuals and focus on helping borrowers reestablish their credit.