The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
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.”
- Loan amount range$2,000 – $35,000
- Interest rate rage 9.95%-35.99%
- Terms24-60 months
- Origination/Administration feeup to 4.75%
- Late payment fee $25
- Returned payment fee$15
- Check Processing feeNone
- Prepayment feeNone
- Minimum credit score580
- 1st payment 30 days from issued funds
- Personal information (including address, phone number, email, and SSN)
- Monthly net income
- Monthly housing payments
- Loan reason
Quick turnaround times – Avant has a quick process and many borrowers are approved with money in their account by the end of the next business day
Prime Credit Only – Avant targets borrowers who do not have perfect credit scores. They are a great alternative to payday loans, which are wildly expensive
Late Fee Forgiveness – Avant will refund your late fee if you make 3 on-time payments in a row
Easy to Use – Avant site is easy to use and the application process is quick
Talk to Someone 7 days a Week – Avant has customer service agents you can speak with 7 days a week
Job-Loss Support – Payoff states they will work with borrowers who lose their jobs by making adjustments to the payment
No Prepayment Penalty – The borrower can pay off their loan early without any fees
Soft Pull Inquiry – Avant allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify
Higher Interest Rates –Avant services those with less-than-perfect credit, therefore the interest rates tend to be on the higher end. If your credit score and history are good, you may want to look elsewhere
Administration Fee –Avant administration fee is very high and should be considered in the pricing of your loan when you apply
Not Available in All States –Avant does not operate in Iowa, Colorado and West Virginia
One Loan at a Time –Avant does not allow borrowers to have multiple loans with them at a time
Unable to Use For Business Use –Business purpose loans cannot be funded through Avant
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
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
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.
Avant Application Process
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.
Banking information for the verification process
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.
Income is a must
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.