Avant Personal Loans Reviews
When unexpected financial challenges hit, finding a lending partner that offers flexibility and quick access to funds can be a game-changer. Avant Personal Loans, in my experience, ticks many of the boxes I look for when seeking financial assistance, especially when dealing with not-so-good credit.
One of Avant’s standout features is its commitment to accessibility. Unlike many traditional lenders, Avant is willing to work with borrowers who don’t have stellar credit scores. This inclusivity opens the door to financial assistance for many individuals who might otherwise struggle to secure a loan.
What I appreciate most about Avant is the lightning-fast approval process. When you’re facing a financial emergency, time is of the essence, and Avant understands that. This quick turnaround can be a lifesaver when you need funds urgently.
- Quick Approval
- Easy to Qualify
- Flexible Loan Amounts
- Transparent Fee Structure
- Dedicated Customer Support
- Origination Fee
- Does not allow co-signers
Avant Personal Loans Information Overview
| Minimum Credit Score | 550 |
| APR | 9.95% to 35.99% |
| Loan Amounts | $2,000 to $35,000 |
| Loan Terms | 1 to 5 years |
| Fees | * Origination fee: 0% to 4.75% * Late fee: Typically $25 *Returned check fee: $15 |
| Funding Time | As soon as the next business day |
| Loan Availability | Loans are not available in Hawaii, Iowa, Maine, New York, Vermont or West Virginia |
Where Avant Personal Loans Stand Out
Accessibility for Not-So-Good Credit: Avant stands out as an excellent choice for individuals with less-than-ideal credit scores. While many traditional lenders turn away such applicants, Avant offers a lifeline to those in need.
Soft Credit Check to Pre-Qualify: Borrowers can pre-qualify to see the potential loan amount, annual percentage rate (APR), repayment term and monthly payments for an Avant loan. This process won’t affect your credit, and doing so can help you understand how your loan payments will fit into your monthly budget. If you go ahead and apply for a loan, the lender will perform a hard credit pull, which may temporarily lower your score.
Option to change payment date: Avant customers cannot choose an initial payment date, but they can change it up to two times during the repayment period. Other lenders may let you choose an initial payment date or change dates more frequently, but personal loans typically have two changes.
Mobile App: Avant has a mobile app where borrowers can make payments and view their payment history. Many other lenders have mobile apps, but some online lenders still don’t.
Quick Funding: Avant’s promise of funding as soon as the next business day is a significant advantage, especially in emergencies where time is of the essence.
Clear and Transparent Terms: Avant’s commitment to transparency means borrowers can clearly understand the costs associated with their loans, helping them make informed decisions.
- Related Reading: What Is a Co-Signer?
- Related Reading: How to Get a Free Credit Score
- Related Reading: How to Create a Debt Repayment Plan in 6 Steps
Where Avant Personal Loans Fall Short
Origination Fees: Avant may charge an origination fee of up to 4.75%. The lender deducts this fee from the loan amount before sending you the funds, thereby reducing the loan size. Not all lenders charge an origination fee, but you may find that other lenders with bad credit have higher fees.
Limited Loan Terms: Avant offers relatively limited loan terms compared to some competitors, which may not suit all borrowers’ needs.
No Co-Signers: Avant does not allow co-signers, which can be a disadvantage for borrowers seeking to secure a lower interest rate by involving a co-borrower with better credit.
Is Avant reputable?
Avant has an A rating from the Better Business Bureau, and in 2021, the Consumer Financial Protection Bureau received 22 complaints related to Avant personal loans. Avant responded promptly and provided an explanation. Trustpilot rates Avant 4.6 out of 5 stars based on over 23,000 reviews.
Qualifications for Obtaining an Avant Personal Loan
You don’t need good credit to qualify for an Avant personal loan, but lenders often reserve the lowest rates for people with good credit and income.
- You must be at least 18 years old.
- U.S. citizen or permanent resident.
- Minimum credit score: 550.
- Minimum monthly net income: $1,200. This lender accepts income from employment, alimony, retirement benefits, child support, and Social Security.
Before Applying
Check Your Credit Report: Obtain a copy of your credit report to understand where you stand. You can request a free annual credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion.
Create a Budget: Carefully evaluate your financial situation and determine how much you can realistically borrow and repay without straining your budget.
Compare Loan Offers: Don’t rush into the first loan offer you come across. Take the time to compare rates, terms, and fees from multiple lenders, including Avant.
Gather your documents: Avant may require proof of income, which can be a pay stub or bank statement, as well as proof of address and Social Security number. Having these documents on hand can speed up the application process.
- Related Reading: Personal Loan Requirements
How to Apply for an Avant Personal Loan
Once you’ve prepared yourself, applying for an Avant personal loan is a straightforward process:
Online Application: Visit Avant’s website and complete the online application form. You’ll need to provide personal information, including your name, address, date of birth, and social security number.
Loan Details: Specify the loan amount you’re requesting and the purpose of the loan, such as debt consolidation, home improvement, or medical expenses.
Income Verification: You’ll need to provide proof of income, such as recent pay stubs or bank statements, to demonstrate your ability to repay the loan.
Review and Submit: Review your application carefully for accuracy and completeness, then submit it.
Approval and Funding: If you meet Avant’s criteria, you may receive approval within minutes, and the funds could be deposited into your bank account as soon as the next business day.
Bottom Line
Avant personal loans can be a valuable resource for individuals in need of quick and accessible financing, even if they have not-so-good credit. With a flexible range of loan amounts, quick approval, and a transparent fee structure, Avant caters to a broad spectrum of borrowers. However, it’s crucial to weigh the advantages and disadvantages carefully.
If you value accessibility and speed over slightly higher interest rates, Avant could be an excellent choice for your immediate financial needs. The ability to receive funds as soon as the next business day can be a lifesaver in emergencies.
On the other hand, if you have a good credit score and can secure a lower interest rate elsewhere, you might want to explore other lending options. Additionally, if you require longer loan terms or prefer the option of co-signing, Avant’s limitations in these areas may not align with your preferences.
In summary, Avant personal loans can be a valuable tool for those with not-so-good credit in need of quick funds. However, borrowers should carefully consider their specific financial situation and preferences before committing to an Avant loan.
Frequently Asked Questions
Is Avant a reputable lending company?
Yes, Avant is a reputable online lending platform with a track record of providing loans to individuals with various credit profiles. They have a substantial customer base and positive reviews.
Are there any hidden fees with Avant personal loans?
Avant is transparent about its fee structure. While some borrowers may be subject to an origination fee of up to 4.75%, these fees are clearly outlined during the application process, so you’ll know exactly what you’re paying for.
How long does it take to receive funds from Avant after approval?
Avant prides itself on quick funding and often disburses funds as soon as the next business day after approval, making it an excellent option for those in need of immediate financial assistance.
Can I pay off my Avant loan early without penalties?
Yes, Avant does not charge prepayment penalties. If you wish to pay off your loan ahead of schedule to save on interest costs, you’re free to do so.
What happens if I miss a payment with Avant?
If you miss a payment, Avant may charge a late fee, and it could have a negative impact on your credit score. It’s essential to communicate with Avant’s customer service if you encounter difficulties to explore possible solutions.
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