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.