If you carry credit card debt at 20%–30% APR but your credit score is too low for premium lenders like SoFi or LendingClub, Avant offers a viable middle-ground. While Avant's rates are higher than top-tier lenders, they can still significantly undercut the 25%+ rates on your existing credit cards — especially if you have multiple cards to consolidate.
When Avant Debt Consolidation Makes Sense
Consolidating with Avant is worth considering when:
- Your credit score is 550–650 (too low for SoFi, may work for Avant)
- Your current credit card APRs are above 28%
- You have $2,000–$20,000 in high-interest card debt
- You want a single fixed monthly payment with a clear payoff date
Sample Savings Scenario
| Scenario | 3 Credit Cards @ 28% Avg | Avant Loan @ 22% APR, 3 Years |
|---|---|---|
| Total Balance | $8,000 | $8,000 |
| Monthly Payment | ~$200 (min payments) | $298 (fixed) |
| Total Interest | ~$5,400 over 5+ years | ~$2,730 over 3 years |
| Time to Payoff | 5–6 years | 36 months |
| Interest Saved | — | ~$2,670 |
Pros & Cons of Avant Debt Consolidation
✅ Pros
- May approve borrowers with 550+ score rejected elsewhere
- Fixed rate provides payment certainty
- Clear payoff timeline eliminates the "minimum payment trap"
- Reduces number of monthly payments from many to one
- Can improve credit score by reducing revolving utilization
❌ Cons
- APR may still be high (15%–35.99%) depending on credit profile
- Origination fee reduces the net loan proceeds
- Risk: if you run up credit cards again, you are worse off
Eligibility Requirements
| Requirement | Avant Standard |
|---|---|
| Minimum Credit Score | ~550 FICO |
| Minimum Income | ~$1,200/month |
| Employment | Employed, self-employed, or benefits income accepted |
| Residency | US citizen or permanent resident |
How to Apply
- List your credit cards: balance, APR, and minimum payment on each.
- Add up total debt — this is your loan amount target.
- Visit avant.com and check your rate without affecting your score.
- Select "Debt Consolidation" as your loan purpose.
- Choose your term and review total cost of the loan including fees.
- Upon funding, immediately pay off every credit card in full.
Frequently Asked Questions
Will Avant consolidation improve my credit score?
Yes — paying off revolving credit card balances sharply reduces your credit utilization ratio, which typically causes a meaningful credit score increase within 30–60 days.
What if I miss a payment to Avant?
Avant has a 10-day grace period before charging a $25 late fee. Contact Avant proactively if you foresee payment difficulties — they have hardship assistance programs.