Avant is a technology-based finance company based out of Chicago serving individual consumers with a variety of lending products. There’s a lot to learn about Avant Personal loans and in this article, we have all the information you need about the Avant Personal Loan.
In this article:
- How do I apply?
- What Happens After You apply?
- How to take out a personal loan with Avant
- Avant Personal Loans Review Deep Dive
- Cost Rundown
- Cheaper (or Free!) Alternatives
Whether you’re looking to pay off high-interest credit card debt, finance a major purchase, or take care of unexpected expenses, a personal loan can be a smart solution.
Avant provides loans from WebBank, an FDIC-insured, state-chartered industrial bank. Although WebBank is the originator of the loan, Avant collects the payments — they are the loan servicer.
How do I Apply?
Avant has a simple one-page preapproval application that makes it easy to see what rates and terms you might qualify for. Follow these steps to get started:
- Click Go to Site to be redirected to Avant’s application page
- Click Check Your Loan Options to start your application.
- Fill out the information about yourself, including your date of birth, address, and Social Security number. Avant also requires you to create an account and supply information about your income.
What Happens After You apply?
Avant will then verify your information. If you qualify, you’ll receive more details on how to proceed with the application process. If not, Avant may suggest you fill out an application with one of its partner lenders instead.
To qualify for a loan through Avant, you must meet the following requirements:
- A credit score of at least 580
- Valid bank account
- Proof of steady income
- Live in an eligible state
- US citizen or permanent resident
- At least 18 years old — 19 in Alabama
How to Take Out a Personal Loan with Avant
Avant may be a good match for many borrowers who are interested in a personal loan. The company’s flexible credit requirements can be particularly attractive to those who might not qualify with some other lenders.
Because every lender has its own methods for evaluating borrowers, it’s always a good idea to request rates from multiple lenders to see which is the best fit for your own, unique circumstances.
Credible makes it easy to request actual prequalified rates from Avant and other lenders who offer personal loans. It only takes 2 minutes to request actual prequalified rates and only a soft credit inquiry is conducted so your credit score isn’t affected.
Avant Personal Loans Review Deep Dive
1. No minimum requirements to apply:
Unlike most personal loan providers, Avant doesn’t have a minimum credit score or household income required to secure a loan. This isn’t a guarantee that you’ll be accepted, but it’s good news for borrowers with poor credit who are having a hard time getting a loan elsewhere.
2. Borrow up to $35,000:
Avant’s loan amounts range from $2,000 to $35,000*. There are a few personal loan providers with higher limits, but Avant should be able to accommodate the majority of borrower’s needs.
3. Average interest rates:
Avant’s interest rates are not unreasonable for the online lending industry, but several of its competitors offer a lower minimum interest rate to borrowers with high credit scores.
4. Flexible loan terms:
Avant offers loan terms from two to five years. The available terms may vary, depending on your creditworthiness and home state.
5. Get funds the next business day:
Once your application has been verified, Avant will transfer the money into your account. Usually, you’ll receive it by the next business day, but it could take up to a week.
6. Origination fee:
There is an origination fee of 4.75%**, which comes out of your loan. These types of fees aren’t uncommon among personal loan providers; however, here are a few companies, like Discover, that don’t have them.
7. Get help seven days a week:
If you have any questions about your loan or you’re struggling to make payments, you can contact Avant by phone, email, or live chat any day of the week. One of the company’s customer support representatives will be able to answer your questions and help you come up with a payment solution that works for you.
8. No prepayment fee:
Avant won’t charge you any additional fee to make up for lost interest if you choose to pay your loan back early.
9. Mobile account management:
Avant has mobile apps for Android and iOS devices. These enable you to apply for your loan, view account details, make payments, and update your payment schedule.
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Your monthly payments will vary depending on the amount you borrow, the length of the loan term, and your creditworthiness.
You can check your rate on Avant’s website or through one of its mobile apps to get some idea of what you’ll pay. This will generate a soft inquiry on your credit report, but it won’t impact your credit score.
If your credit score is over 700, you could see interest rates closer to 10%. Borrowers with poor credit could end up paying as much as 35.99% APR.
That’s pretty high compared to some of Avant’s competitors, but it’s still reasonable when you compare it to the 300% interest rates payday lenders charge.
Cheaper (or Free!) Alternatives
Before committing to a lender, check rates from multiple companies to make sure you’re getting the best deal. See what your local bank, Avant, and other online lenders have to offer.
Look at the monthly payments and the total cost over the lifetime of the loan. Keep an eye out for hidden fees, and make sure you’re getting a fixed-rate loan. This will keep your payments from rising unexpectedly over time.
This may seem time-consuming, but the effort could save you hundreds of dollars. Say you wanted a $10,000 loan with a five-year term. At 20% APR, that’s going to cost you $15,896.33 over the lifetime of the loan.
At 21% APR, it’ll cost $16,232.02. That’s an extra $335.69. By comparison, an hour of your time spent getting quotes doesn’t seem like such a huge investment.
Avant is a good place to turn to for a personal loan if your credit score puts a traditional bank loan out of reach.
If your credit is good, however, you can probably find a better interest rate elsewhere. Before committing to any lender, shop around for quotes first to find your best possible rate.
The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state.
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