Self-Employed Applicants and Income Verification

The following FAQ does not apply to the secured personal loan product through Avant. Please click here to contact us for inquiries related to the secured personal loan product.

I’m not sure if I classify as self-employed. How can I tell?

If your employer automatically deducts taxes, social security, etc. from your paycheck each month, and issues you a W-2 at the end of the year, you would not be classified as self-employed for purposes of our application process. However, if your employer does not take deductions from your paycheck automatically, and you pay your taxes at the end of the year when you file, you are classified as self-employed under our application process.   

What documents do you require from self-employed customers?

For self-employed loan applicants, we require that you submit your two most recent years’ complete, official tax documentation. These documents should be accompanied by any cover pages or leading pages provided to you by your tax preparer. Alternatively, you may send a copy of your Tax Return Transcripts, which are available on the IRS website. We are currently accepting 2017 and 2018 tax documents.

Does Avant accept tax returns filed with a filing service, such as TurboTax or H&R Block?

If you filed your taxes with a tax filing service, we require that you submit, along with your tax return, any leading or cover pages that came with your tax return. If you did not receive these along with your original return, you may be able to attain them from your filing service's website. Alternatively, you can submit your tax transcript.

What is a Tax Transcript, and how do I get one?

A tax transcript is a document issued by the IRS that shows most line items from your tax return (form 1040) as it was originally filed, including any accompanying forms and schedules. This does not reflect any changes you, your representative, or the IRS made after you filed your return. Your tax transcript can be ordered directly from the IRS website,*.

Can I apply with a business account?

Because Avant provides access to personal installment loans, customers are unable to receive loan proceeds in an account used for business purposes.

All applicants must have a personal checking or savings account at the time of application.

* This link is being provided as a convenience and for informational purposes only; it does not constitute an endorsement or an approval by Avant of any of the products, services or opinions of the corporation or organization or individual. Avant bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.
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