Find the Best Personal Loan for Your Needs
If you end up needing a bit of extra cash, or you need some money to purchase something essential, a personal loan can be one of the easiest ways to finance it. With the number of lending products available on the market, it’s often easy to forget about personal loans. You don’t need to use a specific form of financing when you can obtain a personal loan. While personal loans used to take weeks for approval, there are now plenty of online personal loan companies that have streamlined the entire process. You won’t have to worry about waiting for your funds – you can access them in just a few days if you’re approved.
In this review, we’re going to take a look at the online lender Avant. This Avant personal loans review will give you a deeper understanding of what they offer to their customers. There are hundreds of different online lenders available in the modern marketplace, so it’s important that you choose whatever company is in line with what you’re looking for. This is one of the best Avant credit reviews on the internet, so make sure to take in all the information provided on this page. It’s important that you choose the right lender if you’re going to borrow money.
Avant: The Company
Before we get into the specifics of the Avant loan reviews, we’re going to take a look at the company behind the financing. It’s important you understand what type of firm you’re working with – this is the best way to be positive about what type of lender you’re working with. Avant is a lending company that began to help bring online options to borrowers – they aim to streamline and simplify the entire lending process by providing easy-to-use online loans.
The company started in 2012. It has since grown into a large lender with hundreds of dollars in annual revenue. The company also lends money overseas. At present, Avant is located in Chicago, Illinois. They use their own proprietary technology to determine someone’s creditworthiness. They believe this gives them a great advantage for selecting individuals they want to lend money to. They have also acquired other lending companies to help expand their market share and expertise.
Avant Personal Loan Features
If you’re going to apply for a loan through Avant, it’s best to understand the features included with the loan. Not understanding the features of a loan is one of the easiest ways to get blindsided by costs or other problems.
Avant Personal Loan APR: 9.95% to 35.99%
Minimum Loan Amount: $2,000
Maximum Loan Amount: $35,000
All Avant personal loans are unsecured personal loans.
As with most new lenders, one of the primary benefits of working with Avant is the fact that you can obtain the finance through an online application. This makes the entire process much easier and can help you streamline your loan process. You won’t have to worry about waiting weeks to receive financing from a traditional lender.
Great Customer Support
Avant prides themselves on providing great customer support to their customers. If you want to work with a lender that has a large customer care team, this might be one of your best options. They have a team on-hand that is dedicated to helping you enjoy your entire lending experience.
No Prepayment Fees
If you’re worried about having to make prepayment fees, this won’t be an issue at Avant. They don’t charge any prepayment fees at all. They do have other fees involved in their lending though, so make sure to keep an eye out for those.
Aside from interest rates, you’ll also find an administration fee of between 1.50% and 4.75% is charged at one time only. This is something to keep in mind when you do apply for an Avant loan.
What is a Personal Loan?
If you’ve gotten this far in the Avant loan review, you probably know what a personal loan is. But there are still a few things you should keep in mind if you do want to obtain a personal loan. Understanding the type of finance your obtaining is key in ensuring that you have a pleasant experience. Personal loans are one of the forgotten forms of finance – they’ve recently been resurging as borrowers find them easier to obtain than other forms of finance.
The great thing about personal loans is you don’t need the specify what you want the loan for. Unlike other forms of finance, which are for a certain purpose, personal loans can be used for literally anything you see fit. There are two primary forms of personal loans. Loans that are unsecured, and loans that are secured. Unsecured personal loans are loans that aren’t guaranteed against an asset, while secured loans are loans that have an asset such as a property or car tied to them. This is not the same as bad credit loans guaranteed approval you'll find with other lenders. Unsecured personal loans tend to have higher interest rates than secured ones.
Reasons for Obtaining Personal Loans
As mentioned previously, you don’t have to specify a reason to the lender if you want to obtain a personal loan. You’re able to use it for whatever purpose you choose. The lender simply transfers you the funds once you’ve been approved. Below we will take a look at some of the most common reasons people obtain personal loans. These reasons have been supplied directly by Avant, so they appear to be the most common reasons their borrowers use their financing. Check it out:
This is one of the primary reasons that people obtain personal loans. If you have a high amount of credit card debt or student debt, you might be paying a crazy interest rate. But if you can refinance that rate to a much lower cost, you won’t have to worry about spending so much money on interest. You can also combine all the payment for your credit cards or outstanding loans into one. Considering the lowest interest rate at Avant is much lower than your typical credit card interest rate, this could be a good option.
If you have emergency or surprise expenses pop up, it can often be too hard to cover them without notice. For this reason, you might find that a personal loan is one of your best options if you want to ensure you can cover costs in the case of an emergency. Whether it be a flooded car or a hospital bill, a personal loan can help you out if you need assistance.
Another popular reason that people seek personal loans is home improvements. If you want to improve your home but you don’t think you have the money to do so, a low-interest personal loan can be a good option. This is also an option if you can afford the repairs, but prefer to spread the cost of the improvements over a longer period of time. You’ll find that many American families use financing to perform home improvements.
Pros and Cons of Avant Personal Loans
You can read as much information as you want about a lender, but sometimes it’s best to look at things in a more precise manner. By examining the pros and cons of Avant personal loans, you can get a better understanding of whether they’re the right loan company for you and your family. Check out a list of the advantages and disadvantages below:
Avant Personal Loans Advantages
- Quick Application – If you want to have a quick application process, you’ll be pleased to know that you’ll have this through Avant. You can apply entirely online and you won’t have to wait weeks for a decision.
- Great Customer Service – Avant has an excellent customer service number that you can use to get in touch with a variety of different people. If you need help with your loan, you can use this customer service number to get assistance.
- No Prepayment Fees – You won’t have to pay any prepayment fees when you use Avant personal loans.
- Multiple Payment Options – If you do decide to obtain a loan through Avant, you have multiple ways that you’re able to pay. You can set up automated payments, phone payments, or even written check payments. If you are particular about the way you want to pay for your loan, this is a good option.
Avant Personal Loans Disadvantages
- No Brick-and-Mortar Locations – There are no brick-and-mortar locations for Avant, which some lenders might find frustrating. You’ll have to deal with this company entirely online or via phone if you need help. Keep in mind, this does help speed up the whole process.
- Administrative Fees – Avant has quite a lot of fees, including and administrative fee at the beginning of the loan that can end up being over 4.5% — a considerable cost given how large your loan may be.
- Small Maximum Loan Amount – The highest amount you can borrow from Avant is $35,000 – this is a small loan compared to some of their top competitors. If you’re looking to borrow a large amount of money, this won’t be the right lender for you.
- High Rates – At the end of the day, some of Avant’s rates can be higher than credit cards – around 30% is the top rate bracket. If they’re only willing to offer you a high rate, you might want to forgo this lender.
Preparing for an Avant Personal Loans Application
As with any credit or finance application, it’s important to be ready for an Avant personal loan application. You don’t want to end up being rejected for a loan – this can damage your credit score and make it hard to apply for financing in the future. Below are some top tips to ensure you have a better chance of being approved via Avant.
Check Your Score
It might go without saying, but it’s important to check your credit score if you want a decent chance of being approved for a loan. Make sure that your credit score is up to the standard the lender is looking for. If you can’t find the type of score they require on their site, check online forums to see what score other people were approved or rejected with.
If you have mistakes on your credit repair, you can have them removed by submitting forms to the credit reporting agencies. You can also use a credit repair company to do this for you if you want an expert’s help.
Pay Down Credit Card Debt
While you might not be able to afford to do this, it is a good option if you have some funds. Paying down your revolving credit balances is one of the quickest ways to improve your credit score.
If you want to work with a company, it’s important to know how other consumers have enjoyed their services. If a company has bad reviews, it’s likely that you won’t enjoy working with them either. There are several consumer watchdog groups that work with consumers to rate companies and provide reliable review platforms. You can view Avant loan reviews on these sites. We’ll check out what they think of Avant below:
Better Business Buraeau (BBB)
The BBB is one of the most reputable consumer watchdog groups in the country. They help rate companies to provide consumers with the information they need to make informed purchases and agreements. They’ve given Avant an A+ — the highest rating they offer to businesses. There are still some bad reviews on the BBB site for Avant, but it appears the BBB still finds Avant to be a trustworthy company. Check out some of the Avant credit reviews on their site.
Consumer Affairs is also a large consumer watchdog group. Avant is not officially registered with them, so they don’t have an official score. The Avant personal loan reviews on the Consumer Affairs site give the company just under 3/5, but keep in mind the company is not officially registered so you must take the rating with a grain of salt. Check out some of the Avant lending reviews on their site.
Avant is a great option compared to other online direct lenders if you’re looking for a company that can get you money quickly. They have established a decent reputation for themselves in the industry – they streamline all their processes online. They also offer low rates if you’re someone who has a decent credit score. Their website also has plenty of resources to help you better understand the lending process. There are also plenty of Avant reviews on major consumer watchdog sites.
Make sure to check out some of our other personal loan reviews if you want to see other companies in the industry. We’re a great resource for anything related to personal loans.
Basic Information on Avant Personal Loan
This section discusses the basic information consumers need to know about Avant Personal Loan. Use this as guide when you are interested in applying for a personal loan from the company.
What is Avant loans?
Avant Loans is a personal loan company that offers loan products for individuals who might not qualify with traditional banks. It is also better than payday loan providers which might offer high interest rates.
How does Avant loans work?
Avant offers personal loans to qualified individuals. The application process can be done online and you can ensure quick approval (if you qualify). In fact, you can get the money the next day.
Is Avant loans legit?
Yes. Avant Loans is a legitimate company that provides personal loans that are targeted specifically for borrowers with low credit scores. People use these loans to pay medical bills or finance a pool or any number of things.
Is Avant a good loan company?
If you have a low credit score, Avant is a good loan company to consider ensuring that you are qualified. Another comparable company would be Best Egg loans.
Is Avant loans safe?
Yes. They offer legitimate online loans and you can rest assured that you will get the funding you need for whatever purpose you see fit.
Can I pay my Avant loan off early?
Yes. Avant also does not impose charges when you decide to pay off your loan early.
Can I refinance my Avant loan?
Yes. You may refinance your Avant Loan. If you are qualified, you will get additional funds and the loan will be re-calculated to have a lower APR. You are more likely to get low interest rate loans by having good credit.
Is Avant a payday loan?
No. Avant is not a payday loan company; instead, it is a personal loans provider.
Can additional funds be added to an Avant loan?
Once your loan has been issued, the loan amount and terms for that loan will be fixed until you are able to pay it off. You are unable to add funds to your loan. So if you need some additional fast loans funding then you may have to get a loan somehwhere else.
Can I pay my Avant loan with a credit card?
No. As of September 2018, Avant has removed visa credit card payments on personal loans obtained through them.
Can I put my Avant loan payments on hold?
No. Once the loan has been approved and issued, the term of your monthly payments is set, too. You are unable to put payments on hold.
Can I increase my loan amount with Avant?
No. The approved amount is the one that will be issued to you. Once that amount is approved, you won’t be able to change (increase) it.
Does Avant do loans in Iowa?
You can apply for a personal loan through Avant, regardless of your location. This is made possible by the fact that the company accepts online applications. This can be a great long or short-term loans option.
Does Avant loan take Amex?
Avant currently accepts payments through MasterCard and Discover cards. It does not accept payments from Visa and Amex cards.
How to settle Avant loans?
To settle your Avant personal loan, you must be behind on your payments. Talk to them about options available for your situation. They might be able to offer a hardships program wherein you can reduce your monthly payments (by extending your loan term).
Is Avant loans connected with Opp loans?
No. Avant Loans is not affiliated with Opp Loans. They are companies that offer nearly the same loan products but they are different from each other.
What happened to the Avant loan site for the US?
The Avant Personal Loan site for the US is available for those who are interested to learn about the company’s loan products.
What happens if I stop my Avant loan payment?
If you miss payments, this will be added to your credit report. Make sure you do not miss or stop loan payments with Avant Loan. But if you think you will have difficulty making payments, you can contact them directly to learn about your options.
Where is Avant loans located?
Avant Loans is a personal loan company that is located in Chicago, Illinois.
Who owns Avant loans?
Avant Loans is a Chicago-based company established by entrepreneurs Albert Goldstein, Paul Zhang, and John Sun in 2012.
Is Avant BBB credited?
Yes. Avant Loan is a BBB accredited company since 2015.
How to refinance my Avant loan?
It is possible to refinance your Avant loan but you must be eligible to be able to do so. If qualified, you can re-structure your loan to lower the APR.
Is Avant credit safe?
Yes. Avant is a legitimate company with BBB accreditation. Therefore, you can guarantee that dealing with them is safe. Take a look at more of the best personal loans 2020 has to offer.
Will Avant sue me?
Yes. Avant could sue those who refuse to pay their loan, especially those who do not act on alternatives such as debt settlement.
Are Avant and lending club related?
No. These are two similar companies in terms of providing personal loans but they are not related or affiliate with each other.
Can I pay more than minimum payment Avant?
Yes. There are no charges for paying your loan off early so you can always pay more than the required minimum.
Can you pay Avant loan with credit card?
Yes, but only certain credit cards are allowed. As of 2018, Visa credit card payments are no longer accepted.
How do I stop autopay on Avant?
You must cancel your autopay option on Avant before the start of your next statement period. Otherwise, it will apply for the next statement period.
Applying for Avant Personal Loan
Want to apply for a personal loan from Avant? In this section, you will get information through answers for frequently asked questions on about qualifying for a loan.
Can I get a second loan from Avant?
No. You must pay off your existing loan in full before you can add to your loan. You could always compare personal loan rates of other companies and see if you could get a second loan elsewhere while you pay off Avant.
How long does Avant take to approve loan?
Avant Personal Loans understand how important it is for consumers to get the loan funding as soon as possible. For this reason, they work towards fast approval – in some cases, the fund is deposited to your account the next day.
How many loans can you have with Avant?
You can only have one loan at a time. Before you apply for a new loan, you must pay off your previous loan in full.
Can an Avant personal loan be done completely online?
Yes. You can send in and process your application for an Avant personal loan online. Check out our Prosper Loan review too as they can also be done completely online.
How long to get approved for loan from Avant?
The application process can take about 15 minutes online. For the application to be reviewed and approved, it can take no more than 24 hours.
Can you cosign an Avant loan?
Yes. Getting a co-signer on your loan application for Avant will boost your chances of getting approved, especially if you have bad credit.
How long does Avant loan review?
If you meet the qualifications for an Avant personal loan, the time to review and funding can be as soon as the next day.
Should I call Avant about the status of my loan?
Avant typically notifies you about the approval of your loan application within 24 hours. There is no need to call them about the status of your loan.
What does closed application mean for Avant loan?
Closed application means that the application is either approved or rejected, or those loans wherein the status is completed.
Will I need paystubs for Avant loan?
Avant Loan requires its applicants to provide proof of income. If you can provide paystubs as supplementary document, then it can help boost your chances of approval.
Does Avant call my employer?
Avant may call your employer as part of the income verification process. However, Avant will require your authorization before they do so.
What credit bureau does Avant pull?
Avant pulls report from all three major credit bureaus. This will give a more accurate reporting of your credit score for evaluation.
Does Avant require proof of income?
You must have an annual income of $20,000 (at least) before you are approved for a loan. This is why proof of income is one of the requirements for loan application.
Can I count spouse's income for Avant?
No. Avant does not allow joint borrowers so only the applicant’s income will be considered during the verification process.
Does Avant email you when approved?
You can log into your account dashboard to check the status of your loan application. From there, you will know if you are approved or not.
How many times can I apply for Avant?
There is no limit to the number of times you can apply for a loan through Avant. But since they report the hard check on your credit report, this can cause a negative impact on your score if you apply too frequently. If you score is lower then you make want to look at easy money loan options with less stringent requriements.
Impact on Credit Score
Since Avant is geared towards people with low credit score, it is one of the factors to consider when applying for a personal loan. You can also learn about how your activity with Avant can impact your credit score.
What credit score do you need for Avant loan?
Avant Personal Loans are offered for individuals with a credit score of 580 or higher. If you're lower than that then you may need to find a secured loan bad credit direct lender.
Does Avant loans report to credit bureaus?
Yes. Avant Personal Loans report the soft credit check done on your account to the three major credit reporting bureaus: TransUnion, Equifax, Experian.
Will Avant loan to credit score under 550?
Avant Loans are geared towards people with bad credit. The qualification states that you must have at least 580 in credit score, but you can get a co-signer if you have a credit score of 550. An instant cash advance online may approve lower scores too.
Can I stop payment to Avant?
If possible, it is best to avoid this because it can seriously hurt your credit score. After all, Avant reports to all three credit bureaus.
Do Avant loan do hard or soft credit checks?
If you are checking your loan options at Avant, a soft inquiry is done on your credit report. But if you pursue the application, a hard inquiry is performed.
Does Avant show up on credit report?
Yes. Since Avant performs soft and hard inquiries, it will show up on your credit report.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.