Avant Personal Loans Review
Borrow up to $35,000 with APRs ranging from 9.95% - 35.95% with Avant Personal Loans.
In today’s world, it’s becoming increasingly common to seek out funding through online personal lenders. Whether it be to cover emergency expenses or help you pay for a home improvement project, personal loans can help you with fast funding in varying amounts. If you’re in the market for a personal loan, you might be considering Avant as they are a popular lender. This article goes over the pros and cons of the service to help you decide if you should use it.
Avant Personal Loans At a Glance
- Loans between $2,000-$35,000
- Best for those with fair to good credit scores
- Offers extremely fast funding
- Mobile app support
- Great for debt consolidation
What is Avant?
Avant is an online lender that has partnered with WebBank to provide middle-income borrowers with access to personal loans for things like high-interest debt, home improvements, and unforeseen needs. They strive to make sure that borrowing is possible for most people and that those borrowers are able to afford the experience as well.
Avant Rates and Fees
2 - 5 years
$2,000 - $35,000
Origination fees in some cases, late fees when applicable
Minimum credit score required
Ability to change your payment due date twice during repayment term
In most situations, funds will be available within one business day
How Does Avant Work?
Avant analyzes your personal data to offer you the best possible loan for your situation. After completing a brief online application, you’ll find out if you’re accepted soon and receive your funds shortly after. Their customer service offers a personal touch and they aim to make borrowing a good experience that improves your life instead of placing you into a stressful situation.
What Type of Personal Loans Does Avant Offer?
Personal loans with Avant can be used for the following:
- Debt consolidation
- Home improvements
- Medical expenses
- Emergency costs such as a broken laptop or broken down car
Avant Pros and Cons
Who Should Use Avant?
Avant is the best fit for any borrower who has a credit score that is between 600 and 700. It’s also a great option for anyone who wants to manage every step of their loan application and repayment process completely online as Avant offers a seamless website and mobile app.
If you need fast funding, Avant may also be the best fit for you as the personal loans they offer are typically funded within a day, possibly two. The repayment term schedule ranges between two and five years so you can find something that fits your needs.
What Are Some of the Benefits of Using Avant?
One of the best features of using Avant for your personal loan needs is how fast the funding is - usually you get your money within a business day. There may be certain situations where it may take longer such as if your application is submitted on a bank holiday, but the fast funding is a huge draw.
Avant offers a well-designed and easy to use mobile app. This app is an easy way to check your balances, due dates, and make your payments. It’s also easy to set up autopayments so you don’t need to worry - the fixed amount will be deducted from your connected bank account on your due date.
Payment Date Adjustment
You have the ability to change your payment date twice during your repayment term. This might not seem like a big deal but if you’re down to the wire and won’t be able to afford your monthly payment, it can be the difference between proceeding with or without a late fee.
During your loan term you may be eligible to refinance your existing unsecured loan. You can do this twice at most during your loan repayment term. Refinancing can be a great option for anyone whose credit score is improving and may be interested in seeing if they now qualify for a lower APR.
What Are Some of the Downsides to Using Avant?
Like many lenders, Avant charges an origination fee upon the acceptance and implementation of a loan. The origination fee with Avant does not exceed 4.95% and they do say that this fee will not be necessary for all borrowers. For example, any borrower with a great credit score may not need to pay this.
No Secured Loan Option
Secured loans are a type of loan that requires collateral such as a house or a car. When you take out a secured loan the lender will have the ability to take those assets if you default on the loan. Secured loans may be the less desirable option but they typically come with lower interest rates and a larger variety of uses.
No Discounts for Auto Payments
Although some lenders will offer you a discount if you set up autopayments for your monthly charges, Avant does not. Usually these discounts will be under 1% so you won’t be missing out on significant amounts of cash but a dollar is still a dollar and you may prefer a lender where you can get some kind of discount.
Do I Need a Credit Check to Take Out a Loan With Avant?
Avant will run a hard credit check when you are ready to accept an offer, but that does not need to happen until you are committed to taking out a loan with them. During the prequalification process they will run a soft check which does not hurt your credit score.
Does Avant Cost Any Money?
Although it is completely free to apply to Avant, there are some costs to be aware of. Firstly, you may have to pay an origination fee which will not exceed 4.75% of the total loan amount. However, this is not the case with all borrowers as many are able to take out a loan without needing to pay any kind of origination fee. They also charge late fees when applicable but of course that can be avoided by paying your monthly amount on time.
Where Does Avant Operate?
Avant offers personal loans and credit cards to residents of the United States except for those who live in Hawaii, Iowa, New York, Vermont, or West Virginia. When you visit their website you can see the specific loan terms for each state as factors such as APR may vary depending on where you are located.
How Is Avant’s Customer Service and Support?
If you need to contact Avant’s customer service you will need to either fill out a form on their website, use the automated chat function on their website, or place a phone call during their customer service hours.
Avant’s customer service hours may vary but generally are:
- Monday through Friday: 8:00 AM - 11:00 PM EST
- Saturday and Sunday: 8:00 AM - 9:00 PM EST
How to Qualify for a Avant Personal Loan
There are several requirements you must achieve before you can qualify for an Avant personal loan.
- Credit score of 550 or more, although the average borrower has a score of around 640
- Monthly income of at least $1,200
- Debt-to-income ratio of 70%
- Monthly free cash flow of at least $500
How to Apply for a Avant Personal Loan
When you’re ready to apply for a personal loan through Avant, you’ll simply head to their website and fill out a form that provides them with all the basic information they will need to make their decision. It won’t hurt your credit score to see what they can offer you so you can get all of the information you need to make your decision. They will let you know what their decision is within minutes and you will get your funds within 1-3 business days.
Is Avant Legit and Trustworthy?
Yes! Avant is a well-regarded lender who is accredited to practice business in each of the states they operate in. It’s also accredited with the Better Business Bureau which has assigned it an A- rating which is based on transparency, effective complaint resolution, and a demonstrated ability to run an honest business. Avant also has a large current and former customer base so you can easily find reviews from those who have used the service and learn about the specific experience they have had.
Avant is a great online personal lender that offers fast funding for anyone with a credit score of at least 550. Borrowers who use Avant should be wary of origination fees although Avant states that these are not required and are not applicable to a majority of their loans. Approved borrowers will get their funds within a day on average and have access to tools such as their mobile app to manage your loan effectively.
Borrow $2,000 - $35,000
APR ranges from 9.95% - 35.95%
Super fast funding
Loan term: 2-5 years
Origination fees may apply
Minimum credit score: 550+
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