Avant Personal Loans Review
Top Facts About Avant
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Whereas many lenders narrow their borrower pools with strict requirements and high credit score thresholds, Avant is designed to help those looking to improve their credit and provide reasonable rates and repayment terms to go with their personal loans. Thus, the company’s services are geared around helping you navigate the personal loans market without putting undue strain on your credit.
Avant was founded in 2012, and since then, the company has grown to over 500 employees and has provided over $1.8 billion in funding to more than 600,000 consumers.
The company’s unsecured personal loans are also disbursed quickly, with funds appearing in your bank account as quickly as next day, and with a strong customer support team in tow, Avant is a great solution if you’re looking to rebuild your credit or finance a surprise expense. This includes perks like soft credit checks before approval and interest rates that, while not the lowest, remain competitive for the level of borrower they’re aimed at.
Avant Pros and Cons
- Rebuilding credit is easy with responsible loans
- Get funded in as little as one business day
- Choose the most convenient payment mechanism
- Get late fees refunded with responsible payments
- Origination fees and late fees can quickly add up
- Base interest rate are slightly higher than the top names
Why Get a Personal Loan from Avant?
One of the things that impressed us most during our Avant personal loan reviews is how accessible the company’s loan services are. Avant’s stated goals are to provide better and more funding to users who are usually locked out of the financing market, and to do so effectively. Here, we can say that the company largely succeeds thanks to friendlier qualification requirements and a service geared to help rather than hinder rebuilding your credit score and history after a rough time.
The company even adds small perks that help those finding their financial footing keep up the good work. For instance, if you miss a payment, you’ll have to pay a late fee. However, if you make the next three payments on time, you’ll receive a refund on your fee. Moreover, you also get free access to your VantageScore from Vantage to see how your credit score is improving over time.
What Does Avant Offer?
The biggest selling point for an Avant personal loan is the flexibility that comes with each financing package. Once you’ve received your funds, you can change your due data and future payments up until one day before they are due in the month. Moreover, you can completely manage your finances and loan terms directly from Avant’s mobile app, which is available for both iOS and Android devices.
Additionally, Avant doesn’t lock you into a single payment mechanism, instead letting you choose the one that works best for you. Payment methods include credit cards, auto pay, ACH bank transfer, or even checks and money orders. In terms of loan purposes, you can take an Avant loan for the following:
- Debt Consolidation
- Home Improvements and renovations
- Emergencies and unexpected expenses
What Are Avant’s Eligibility Requirements?
One of our favorite things about Avant online loans is that they’re so accessible to a wide range of borrowers. Unlike many competitors that focus exclusively on those with excellent credit scores, Avant works with borrowers who have credit scores as low as 580—though it’s worth noting that such a score would net you the highest available interest rates. The company also doesn’t have a minimum income level, though most borrowers have earnings of at least $40,000 per year. Avant’s other requirements are that you are a legal US resident with a verifiable Social Security Number, and at least 18 years old at the time when you open an application.
How to Apply for an Avant Personal Loan?
To get started applying for your Avant installment loans, the first step is to provide some basic details about yourself and your finances. At this stage, Avant will perform a soft credit check (which won’t affect your credit score) and show you the loans available for your financial status. Once you find a rate and amount combination that works for you, Avant will perform a final hard credit inquiry, and request some additional documentation to verify your identity and finalize your agreement. Once approved, your funds will be deposited directly into your bank account.
What are Avant’s Rates, Terms, and Fees?
Because it works with a broader range of credit scores and financial histories, Avant’s rates are slightly higher than some of the top contenders in the personal loans market. However, the company’s base rates remain highly competitive, and especially when compared against credit card rates if you’re considering consolidating your existing debt. The company’s lowest APRs start at 9.95%, and can reach up to 35.99%.
In terms of amounts, you can choose anywhere between $2,000 and $35,000—not the highest available, but it’s a great amount that can help you start building a better credit track record. We were happy to see that Avant personal loans have flexibility in terms of repayment, with terms ranging from two years to five years, though longer terms may net higher interest rates.
Finally, Avant does charge some fees, but it also understands that sometimes life gets in the way of plans. All loans have an origination fee that ranges from 0.95% to 4.75%, as well as late fees which can cost $25 if you miss a payment and $15 if your payment is returned. On the other hand, there are no check processing or prepayment fees, and you can get your late fees refunded if you pay on time for the three months immediately following your missed payments.
Avant online loans are an excellent choice if you’re recently starting your adult life or if you’re looking to rebuild your credit after a rough patch. The company’s friendly eligibility requirements mean that you can likely find the financing you require at rates that won’t set you back terribly, and it will also help you build a better financial track record. With great support and an easy-to-navigate website and mobile ecosystem, Avant can help you stay on top of your loans and establish your financial footing.