Avant Loans Reviews
Avant Loans is a state licensed and regulated online lender founded in 2012. It is among the most popular loans providers with fast loans and competitive APR. They have served over half a million people and given out billions of dollars in loans. The lender focuses on people with near-prime credit scores who may have a difficult time accessing a loan from traditional financial institutions.Website: https://www.avant.com
Avant is an online personal loans lender that has been in operation since 2012. Although it’s relatively young, the company has offered billions of dollars in loans to more than 500,000 people. The lender is licensed to operate both in the US and the UK. According to the company, they are the best option for people with a less than perfect credit history.
The lender is among the service providers that conduct a “light” credit check upon application. Although it’s a good way of safeguarding your credit score, all approved applicants will undergo a thorough credit check before receiving the funds.
The online application is simple and takes a few minutes to complete. As long as you have all the needed information and support documents, a loan status update is received in a few minutes. However, the process may take a longer if additional documents are required. To complete the online application form, you are expected to provide some personal information which may include:
- Your full names
- A valid social security number
- Income details and contacts
If your loan is approved before 4:30 pm CT Monday through Friday, the funds will be deposited in your account on the next business day.
The online platform has a calculator that displays your loan options once an application is approved. It will show several fixed payments at different times as well as the interest rates for each scenario. Here, you can choose the most suitable option and the calculator will display the total loan amount plus the fees and the net amount that will be available in your account.
Avant does not provide information on the minimum credit score or the exact monthly income ideal for applicants. However, the average credit score for successful applicants is 600-700. The lender relies on your current employer to verify your income but for self-employed clients, the company asks for tax returns documents for verification. After e-signing the loan, you’ll receive the funds in 24 hours.
To qualify for a loan with Avant, you must fulfill the following requirements:
- Have a minimum credit score of 600
- Have a stable source of income that is verifiable
- Although it’s not stated directly on the website, an annual income of $40,000 is the average for successful applicants
- Have a valid bank account through which you will receive the money and make payments
Avant offers loans that are between $1000 and $35,000 and the term can be anywhere between 24 months and 5 years. The exact amount that an applicant will qualify to borrow will be determined by the credit score, income levels, and the overall financial history.
Although the company charges a late payment fee, the forgiveness program will refund the fee if the next three consecutive payments are paid on time.
The debt consolidation loan lets you bring together your credit to Avant. Instead of paying several debts to different companies, you only deal with Avant. The program is good for people trying to climb out of debt and need a flexible plan. For instance, a one-year loan can be spread over three years and low amounts are made on every billing cycle. Although this makes credit an easier burden to bear, you will probably pay more than the initial amount.
The home improvement loans are meant for people seeking to fund a home improvement project.
Avant emergency loans are developed with a focus on the Americans living from paycheck to paycheck. According to research findings, at least half of the American families are not adequately prepared for an emergency expense. It’s this population that has been targeted by the emergency loan.
If you encounter financial difficulties during the repayment period, the lender encourages you to contact them immediately.
The fees and charges applied by Avant will vary depending on the states of residence. After application, the lender will provide a rate that is specific to your current state.
However, the typical APR for the loans is 9.95%-35.99%. Individuals with a credit score of around 700 can easily get the low rates indicated on the website. However, people with damaged credits are likely to be charged around 30% APR.
Company has several charges and penalties applied on the loans where applicable. The administration fee for the loans is 0.95%-4.75% of the total loan amount. If your bank account has insufficient funds by the time the loan is due, the lender will charge you $15 for insufficient funds. Normally insufficient fees are accompanied by other charges from your bank.
The company offers a 10-day grace period from the loan due date after which a fee of $25 will be applied.
The application process is fast with a straightforward online application. The approved loans are funded quickly, typically in 24 hours.
For people with modest credit scores, the APR is a good bargain considering their credit score is not good enough to qualify for better deals.
The loans are flexible and they offer huge amounts of money. With repayment periods of up to 5 years and a loan limit of up to $35,000, there is enough time to plan for a repayment.
In addition, the loans can be repaid early without any additional fees and late fees can be forgiven through consistent payments.
The customer service is excellent and operates on a 24/7 basis. Apart from email, you can choose to call or have a live chat with the courteous sales representatives and have your queries answered.
Avant has its headquarters in Chicago but offers its services in 46 states as well as the UK. At the moment, their services are available in the District of Columbia and all the states in America except Iowa, Colorado, and West Virginia.
Company offers discount codes to their customers constantly. A $50 in Amazon gift card is given in a referral program. If you refer a friend and they successfully take a loan, both of you are eligible to receive the gift card. But for you to receive the reward, the referred person must make the first repayment.