Avant Review | Compare Loan Options | Credit Raters us-lenders

Avant Review 

If you’re having trouble identifying the right personal loan lender, you should try your luck with Avant. Unlike most online lenders, Avant rates are affordable and have very basic requirements. When you apply for a loan, you can receive the funds as soon as the next business day. 

To qualify for a loan, you must have a credit score of 580 or more. As for the repayment terms, they are flexible and you can borrow a maximum loan amount of up to $35,000. As well, you’ll get an excellent chance to build your credit profile with loan limits from $300 to $1,000.

To identify whether Avant is a good place to get a personal loan, here is an in-depth review of everything you should know about it. 

Costs

All Avant credit facilities are provided by WebBank, which is a member of FDIC. Unlike most lenders who will charge you high APRs of as much as 1300%, the APRs here range between 9.95% and 35.99%. Below is a summary of the rates and terms that you are likely to get;

  • Maximum Loan amount – $35,000
  • Minimum loan amount – $2,000
  • APRs – 9.95% to 35.99%
  • Origination fee – 0.95% to 4.75%
  • Returned payment fee – $15 
  • Late repayment fee – $25
  • Prepayment penalty – None 
  • Loan term – 2 to 5 years 
  • Repayment term – Monthly & fixed
  • Dishonest payment fee – $15 
  • Minimum credit score – 580

Here is a quick example, if you qualify for a $5,700 loan, you’ll be charged a 4.75% upfront. The amount that will be deposited in your account will be $5,429.25. With a repayment plan of 36 monthly installments and APR of 29.95%, you will be required to pay $230.33 per month. 

The rates, loan amounts, and terms that you’ll be offered may vary based on factors such as the state law and credit profiles. 

Key features

Avant is an excellent choice for borrowers with good credit score with credit scores of 600+ and has a steady monthly income. As well, the repayment terms are flexible. The terms are fixed and payable monthly. For a loan of $35,000, you can repay within it 2 to 5 years. 

Unlike most lenders, Avant won’t charge you any extra or reduced fees based on repayment term chosen. As well, you can manage your payments through a mobile app or the website. 

Like most lenders, you will be charged a penalty of $25 for late repayments. However, if you make 3 consecutive timely payments after 1 late payment, the late penalty fee is fully refunded. Also, there are no prepayment penalties. In fact, you can pay your loan balance early and avoid additional interest charges. 

You can repay your loan by autopay, bank account, a personal check, money order, credit or debit card, or a cashier’s check. 

Pros 

  • Fair credit score limit 
  • Flexible repayment terms 
  • Offers refinancing option

Cons

  • Not available in all states 

FAQs 

How much can I qualify for? 

The loan amounts range between $2,000 and $35,000. The specific amount you qualify for will depend on a variety of factors such as your income, states rules, and credit score. So, there’s no guarantee that you can qualify for the maximum amount, especially if you’re a 1st-time borrower. 

However, you have better chances of qualifying for a high amount is your credit score is excellent, and you have a good source of income. 

Does Avant perform a credit inquiry? 

Yes, it performs a soft credit check. However, it won’t hurt your credit score. This option only allows you to determine the specific rates and repayment terms that you qualify for. 

If you wish to proceed with the application, a hard credit inquiry is required, which can have an impact on your credit score. 

What’s the minimum credit score required? 

To qualify for a loan, you must have a credit score of 580 or above. Most here, borrowers have credit scores ranging between 600 and 700.

Eligibility Criteria

Like with most lenders, to qualify for a loan, you must fulfill some basic eligibility requirements. For Avant, you must;

  • Be US resident 
  • Have a Social Security Number 
  • Be 18 years old 
  • Have Verifiable identification 
  • Have an active bank account – must accept ACH transfers

State Availability

Due to various state rules and regulations, not all states can apply for loans through Avant. Borrowers from the following states aren’t eligible;

  • Colorado 
  • West Virginia 
  • Iowa 
  • Vermont 

Customer support

The Avant customer support team is lively and dedicated to offering you only the best and timely possible solutions. You can contact them through the email address – support@avant.com or call them at 800-712-5407. 

Application process

To determine whether you qualify for a loan, Avant allows you to check your credit score online. While the credit check doesn’t initially hurt your score, if you proceed to apply for a loan, a hard credit inquiry is performed which could impact your credit profile. 

To apply for a loan, 

Step 1 – Visit the Avant application page and click your desired loan option.

Step 2 – Fill out your personal information and submit your application. You will be required to provide the following details;

  • Name
  • Date of birth 
  • Residential address 
  • Social Security Number 
  • Employment information 
  • Monthly income 
  • Bank account number 
  • Phone number 
  • Email address 
  • Driver’s license number 
  • Estimated credit score
  • Desired Loan amount 
  • Loan purpose 

Step 3 – If you qualify for a loan, you will be offered several loan offers. If you accept an offer, you may be requested to upload specific support documents to verify your identity and income information. 

Step 4 – Once your loan is approved, you be presented with a loan agreement. Read through the contract thoroughly and then accept if you’re satisfied with the terms. 

Step 5 – The funds are deposited through ACH, and you’ll access them on the next business day. 

Conclusion

Avant is indeed an excellent online lender for you if you have relatively good credit and are looking for affordable lending rates and repayment terms. 

The application process is easy, and you’ll have your funds as soon as the next business day.