Online lenders offer affordable financial options to borrowers with fair to good credit scores or even bad credit. Fintech lenders have a quick pre-approval process and faster funding at lower APRs than payday loans or most credit cards if you have a solid credit profile. Today, we’re going to review Avant, a fintech lender that offers personal loans.
Based in Chicago, Avant is an online lending company that offers unsecured personal loans to borrowers with fair credit, or better. The company joined the online lending game in April 2012 and uses WebBank to facilitate its loans.
Avant loans range from $2,000 - $35,000 with repayment terms of 1 - 5 years. Most borrowers that receive Avant personal loans have a credit score between 600 and 700. Avant loans APRs range from 9.95 - 35.99%. Once you get approved, you’ll receive funding as soon as the next business day.
Their loan offerings are available in most US states except Iowa, Vermont, Nevada, Hawaii, Colorado, West Virginia, and New York.
Avant Loan Types
Avant's personal loans include:
- Home improvement loans: You can get a home improvement loan from Avant to finance home improvement projects like kitchen or bathroom remodel, among others.
- Debt consolidation loans: You can get a debt consolidation loan from Avant to combine multiple debts (credit cards, medical bills, etc.) into one. Then, instead of making multiple payments to different lenders, you’ll only make a single monthly installment to Avant.
- Emergency loans: Whether you want to pay an emergency medical bill or unplanned car repairs, getting an emergency loan from Avant can help you avert the financial stress.
You can apply for the following types of loans: home improvement, debt consolidation, emergency loans.
|APR||9.95 - 35.99%
|Amount||$2,000 - $35,000
|Term||1 - 5 years
As you can see from the table the maximum loan amount is $35,000, and the APR starts at 9.95% for the best graded borrowers. The loan period varies from 1 to 5 years.
Avant Pros and Cons
|Simple pre-approval: Avant performs a soft credit check for a quick pre-qualification to allow you to see eligible loan offers without affecting your credit score.
||Fees: Avant charges an administration fee of up to 4.75%, a dishonored payment fee of $15, and a late fee of $25 if payment is 10 days past the due date.
|Reports to all 3 major credit bureaus: Your loan repayments are reported to Equifax, Experian, and TransUnion. It makes it easier to build credit if you make on-time payments.
||No discount for auto-pay: No discount when you put your monthly repayments on autopay. Other lenders, like Upgrade, offer an autopay discount.
|No prepayment fees: You can pay your loan faster than the original term and save money on interest.
||No joint loans: Avant doesn't offer secured loans or joint loans with a cosigner. You have to qualify on your own.
|Quick Funding: Once you pre-qualify and get approved, you could get the funds as soon as the next business day.
||High APRs: Avant’s APRs start at 9.95%, which is somehow high compared to other personal loan lenders. For instance, Upgrade’s starting APR is 7.46%.
|Easy loan management: The Avant mobile app helps you manage your loan account right from your mobile phone.
|Transparency: Avant’s website is informative. Interest rates/loan terms are disclosed on the website.
Applying for Avant Loan
Like any other lender, Avant sets minimum loan qualification requirements for its borrowers. So before you dive into the application process, you need to cross-check your credit profile and plan accordingly. Avant Loan minimum Requirements include:
- Be at least 18 years old.
- Be a US citizen or a permanent resident
- Have a Social Security Number (SSN)
- Even though Avant does not disclose the minimum credit score required, most of its customers have a score between 600 and 700.
How to apply for an Avant loan
Avants provides a simple loan application process on its website. The loan application process begins with the borrower submitting an application form with their email address, phone number, SSN, monthly income, estimated credit score, loan amount, and purpose.
Once you submit your details, Avant performs a soft credit check for a quick pre-approval without affecting your credit score. This helps you see eligible loan offers and their terms before the actual application. Once you select your loan offer and accept the terms, you’ll be prompted to provide your verification documents and your bank account number.
Then a hard credit check is performed to complete the application process. After approval, money is deposited in your bank account through ACH transfer within a day or two. Unfortunately, Avant doesn't offer the option to transfer loan funds directly to creditors.
Avant is a good company for borrowers with a fair credit score who need cash quickly. The lender has a quick approval time, an informative website, and transparent interest/loan terms. Avant interest rates and the score needed for a loan are comparable to other lenders who offer loans to similar borrowers.
That said, Avant doesn't offer a discount for autopay, and you'll have to contend with an origination fee of up to 4.75% of the borrowed amount.
What is the Avant Customer service phone number?
You can call their customer service number (800) 712-5407
for any complaints or inquiries.
Is Avant (company) legit?
Yes, Avant is a legitimate lender with its headquarters in Chicago. Plus, the lender has a straightforward, secure website where they fully disclose interest rates/loan terms.
Can I get a second loan from Avant?
Yes, you can get a second loan from Avant to refinance a personal loan. If you qualify, you'll receive additional funds, and you may be eligible for a lower APR.
Is Avant a Payday loan?
No Avant isn't a payday loan provider but a safe fintech lender offering personal loans to people with fair credit.