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Avant – About The Lender
Avant, LLC, established in 2012 out of Chicago, is an online mid prime lender that targets borrowers with less than perfect credit. They promote themselves as an alternative to payday loans, which on average cost about 400% in interest.They offer personal loans and credit cards through their platform to most of the United States.
They pride themselves on the speed at which they can get customers their money and the fact that they have customer service representatives who will help you 7 days a week, unlike a traditional bank. They have lent over 4 billion dollars to over 600,000 customers. Avant is one of the fastest online lending platforms today. e their goals.”
Here are the basic specifications & requirements of Avant Personal Loan :
|Feature||Avant Personal Loan|
|Loan Amount Range||$2,000 - $35,000|
|Interest Rate Range||9.95% - 35.99%|
|Origination/Administration fee||up to 4.75%|
|Late Payment Fee||$25|
|Returned payment fee||$15|
|Check Processing Fee||None|
|Minimum Credit Score||580|
|1st payment||30 days from issued funds|
|Documents To Provide|
Avant Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can a Personal Loan Be Used For?
Avant loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Avant loans are personal installment loans and cannot be used for business purposes.
Avant debt consolidation is to take one or more prior unsecured loans and pay them off with the new Avant loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan with Avant is that the payment and term are fixed so you know exactly when you’ll be out of debt. They do not send payments directly to creditors.
Avant home improvement is for home repairs or projects. The advantage of using an Avant home improvement loan is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home. You can use an Avant loan to start your home improvement project immediately. Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home.
Avant emergency loans get you needed cash quickly for unexpected expenses. This can include car repairs, medical bills, or any urgent home repairs.
The Avant application process includes verification of information, such as identity, employment, income, and bank accounts. The application process takes about 15 minutes. Around 50% of loans issued from Avant do not require any human interaction. You fill out a short form with some basic questions about yourself.
Then Avant does a soft pull inquiry to see what options they have for you. You can get an idea of how much you’ll be paying before they do a hard pull inquiry on your credit. If you decide to move forward you will need to answer more verification questions, and allow a hard credit pull. Depending on the information you submit, you may need to speak with an Avant representative. You will need to sign loan documents. It is often possible for the loan to be closed and money sent to your account before the end of the next day.
Avant uses a knowledge-based authentication process to verify your identity. This is a series of questions that a borrower must answer to prove the loan is not being sought under fraudulent pretenses, or that you are not trying to use someone else’s identity.
Avant requires borrowers to have a personal or checking account on file. Avant uses banking information for the verification process. You may need to submit your bank account information to verify account information and income deposits. The bank account on file with Avant needs to receive the majority of your income.
Avant requires all applicants to provide information regarding their sources of income. They have an online verification tool you can use to verify your employment. Sometimes additional documentation is required.
For example, those who are self-employed or receive some type of supplemental income may be required to provide additional documentation. Avant can also use banking information to verify income. Avant may call your employer just to verify employment.
Avant dashboard can be used to see what information is required and submit that information. If documentation is sufficient, Avant will send out confirmation information through dashboard. If there is additional information needed, Avant will reach out within 24 hours.
Avant Loan is Best for..
Avant services borrowers that many big banks would not. If you have trouble getting credit from other places, Avant may be the place for you. If you have used payday loans in the past, this may be an alternative for you.
Take advantage of the soft pull inquiry and see what type of terms you could get through an Avant loan. You should also be open to shopping around for other personal loan providers.