Avant Personal Loan Review

By: Heather Hanks Oct. 30, 2019

Having bad credit makes it hard to receive the financial help you need. An Avant personal loan can help you get the funds you need to make a major expense even if you have less than perfect credit. You can borrow anywhere from $2,000 to $35,000, depending on your credit score. You’ll also enjoy flexible loan terms that range from 24 to 60 months.

Your interest rate will also depend on your credit score, but you can expect to pay between 9.95% to 35.99%. Avant disrupts your money quickly so that you can get on with your life. Expect to see money in your account within one or two business days. There are also no prepayment fees, which means that you can pay your loan off quicker to save on interest. Here is how an Avant personal loan can help you if you have bad credit.

Who is Avant?

Personal loans can be a useful tool to use in an emergency situation or when you need help funding a major purchase. You might need one when you buy a new home or car. A personal loan can also help you take the trip of a lifetime or fund your wedding. Some people also use personal loans to consolidate their debt and pay it off. The problem is that not all lenders will work with you if you don’t have perfect credit. The ones that will work with you will charge large fees and force you to agree to inconvenient terms. This can end up costing you more money long-term and put you in a worse financial situation than when you started.

Avant is an online lender that was founded in 2012. The company is issued by WebBank, a FCIS member. They are headquartered in the Chicago area and currently serve more than 600,000 customers in two different countries. Avant believes in lowering the cost of barriers and costs of borrowing money. According to their website, their employees love what they do and strive to help their clients benefit from transparent and convenient personal loans. They can help you get the money you need even if you have less than perfect credit. To date, the company has more than 500+ staff members with more than $1.8 billion in funding. They have a loan portfolio of $4 billion and strive to set the bar for other online lenders by helping their clients succeed.

What Does The Avant Personal Loan Offer?

The Avant personal loan offers competitive rates and loan terms for borrowers who have less than perfect credit. The loans are unsecured, which means that you do not need to put down collateral (such as a car or home) to secure it. This is one of the ways Avant puts its clients first. Other lenders might offer unsecured loans, but they hit you with high APRs to make up for the lack of security. Avant strives to make the process of obtaining money easier for everyone, even those with a damaged credit history.

Avant has a high customer service rating of 95%, according to a recent survey. You can contact their customer support line seven days a week. They also offer online banking, which means you can manage your account from any device. You can log into your mobile banking account to pay make payments, talk to customer service, and more. They also have a wide variety of articles on their blog that you can use to learn more about credit and how it works. There are no balloon payments after your loan is paid off, but you’ll need to a late fee if you miss a payment.

Here is the breakdown of the basic rates and terms of an Avant personal loan:

Loan amounts range from $2,000 to $35,000

Loan terms range from 24 to 60 months

Fixed APR varies from 9.95% to 30.95%

You may be charged a one-time administration fee of up to 4.75%

Late payments may be charged with a dishonored fee

Rates and terms are based on the customer’s credit score and the state they live in

Your rates and terms will largely be determined by your credit score and your state laws. You can check this information before you apply by visiting the Avant website and selecting your state. You can also check your rate by entering your personal information. The higher your credit score is, the better your rates and terms will be. You can still apply if you have bad credit, but your rates might be higher and your terms not as favorable.

Below is an example of the terms and conditions of a $5,700 loan of someone with less than perfect credit:

Loan amount

$5,700

Administration fee:

4.75%

Repayment terms:

36 months

APR:

29.95%

Monthly payments:

$230.33

How Does Avant Personal Loan Work?

Avant states that the average borrower has a credit score of between 600 and 700. But you can still apply if your credit is lower than 600. Avant recommends checking your score before you apply so that you can see your rates and terms. This will not hurt your credit score. Avant will look at your financial history and other details to determine your rates and terms. Then you can use this information to determine whether or not you should apply. Keep in mind that once you apply, Avant will pull a hard inquiry on your credit and this will affect your score. This is why it’s a good idea to see your rates and terms before you apply.

Once you are issued your loan, the rates and terms will be fixed until you pay it off. However, you can refinance your loan if you qualify. This allows you to lower your monthly rate by scoring a more favorable APR and earning more money in your pocket. You can also refinance a loan that has already been refinanced, but you’re out of luck after that. Check with Avant to see if you quality for refinancing after a loan has been issued. Your credit limit and other terms are determined by your credit score, income, and other financial information.

Here are some ways you can use your personal loan from Avant:

Debt consolidation

You can use a personal loan from Avant to pay off your debt. You’ll first need to consolidate your loans to get them down to one monthly payment. Consolidated loans are easier to manager because they combine all of your loan payments into one. You’ll be less likely to forget a payment, which allows you to pay your debt off quicker. Avant offers a fixed interest rate for your loans, which means that your rate won’t change as the prime rate does. You can expect to pay the same balance each month without fluctuations.

Home improvements

Home owners aren’t always given the choice when an improvements needs to be made. An unexpected broken water heater or sewer pipe can leave you scrambling for the money to fix it. A personal loan from Avant can help you make improvements to your home. Otherwise, you might have to dig into your savings or use your home’s equity to fund these upgrades.

Funding a trip or a wedding

The trip or wedding of your dreams is within reach when you use a personal loan. The Avant personal loan allows you to borrow up to $35,000, which should get you to your destination with plenty of cash leftover to have the time of your life.

Emergencies

The Avant personal loan allows you to borrow as little as $2,000. This is the perfect amount to cover you in an emergency situation. Use your money to pay rent when money is tight or help with groceries. You can use this opportunity to boost your credit by taking out a small amount and then making timely payments each month.

Major expenses

Not everyone has the money to buy a home or a new car even if they find a good price for one. A personal loan from Avant can help you if you need to put a down payment on a car or a home. Avant does not charge a prepayment fee. This means that you can overpay on your balance each month until your loan is paid in full. You can pay your car or home off quicker and save money overtime on interest.

Avant Personal Loan: PROS and CONS

The Avant personal loan can help you get back on your feet during rough times or help you find a trip, even if you have less than perfect credit. You can use your money however you want. Avant also offers flexible terms and conditions with competitive fees. Other lenders might not work with you if your credit is lower than 600. Avant believes in making the borrowing process as easy as possible. They show you all of your options upfront by allowing you to check your rate for free online without impacting your credit score. Many people find that they are approved with rates that are better than expected.

The company uses your current credit score, income, and other financial information to determine your rates. You can do all of your banking online without ever having to step foot in a bank. Avant provides customer service seven days a week and allows you to log into your account from any mobile device. You can also expect fixed APR fees, which means that they won’t go up or down as the prime rate changes. This can help you stay on track and budget for each balance. You can also use your Avant personal loan to build credit by taking out a small amount and paying on time monthly. Here are some pros and cons of the loan.

Avant Loan PROS

  • There are no fees for using a credit card to make payments
  • Customer service is available seven days a week
  • The company has a customer satisfaction rating of 95%
  • Fixed rate APR that doesn’t go up or down as the prime rate changes
  • Online mobile banking means that you can log into your account anytime, from any device
  • Borrow anywhere from $2,000 to $35,000, depending on your credit score
  • APRs range from 9.95% to 30.95%, depending on your credit score
  • You can get approved even if you have less than perfect credit
  • There are no prepayment fees, which allows you to save money by paying your loan off earlier
  • You can check your rates on the company’s website without affecting your credit score
  • The Avant website contains financial tools on their website to help you understand how credit works
  • Easy to use online platform

Avant Loan CONS

  • APR fees start at 9.95%, which is higher than average. However, keep in mind that Avant works with people who have less than perfect credit. They also offer an unsecured loan that does not require collateral. Most lenders would not issue an unsecured loan to someone with bad credit because it’s too risky. For this reason, many lenders raise their APR fees. The Avant personal loan uses your credit score to determine your APR. This means that the better your credit score is, the better your APR will be. You might be issued a rate that you don’t like, but we doubt you will find more favorable terms with another company.

How To Apply Avant Personal Loan

Avant makes the application process as easy as possible. The company recommends that you first check your rates for free on their website. This will help you determine whether or not you will be approved and what terms you will receive. Checking your rate won’t affect your credit score. Once you decide to apply, Avant will do a hard inquiry on your credit, which may affect your score.

After you are given your terms and conditions, you’ll be asked to sign an electric contact. You can be sure that your information is safe and secure using the Avant portal. The company promises not to share your information with anyone. It’s a good idea to have all of the necessary documents ready when it’s time to apply. This can help speed up the process so that you get your funds as quickly as possible. If you are approved, you should expect to have your funds electronically transferred into your bank account the next day (as long as you submit your paperwork before 4:30 pm).

Here is some of the information you’ll need to provide to apply:

Full name

Address

Social security number

Income information (and proof of income)

Applications must be 18 years old and live in a state where Avant provides service. Visit the website to see if your state qualifies.

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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