Avant is a Chicago-based company that has been offering personal loans to its customers since 2012.
Personal loans are unsecured loans, which means they are not backed by collateral, such as a vehicle or a home.
A personal loan can be used for any reason and many people use them to make large purchases, pay for unforeseen expenses, or consolidate their debt.
Avant’s personal loan option comes in the form of an installment loan, meaning it is to be repaid by the borrower in fixed, monthly amounts for the duration of the loan.
The monthly payments include both the principal and the interest accrued.
Interest rates with a loan from Avant sometimes run a little higher than companies offering similar products, but Avant is also willing to work with customers whose credit is less than perfect.
Loan terms will vary from person to person and state to state, so it’s a good idea to compare Avant with other loan companies to make sure you get the best terms for you.
The following Avant review will help you determine if a personal loan from them is the right choice for you.
Checking Rates and Loan Availability from Avant
A personal loan from Avant may be used for any purpose and rates vary based on several conditions as will the amount you are able to borrow.
In order to check the rates and terms available to you, Avant will ask in what state you reside.
Be aware that Avant loans are available throughout much of the United States; however, they cannot serve customers who live in Colorado, Iowa, Vermont, or West Virginia.
Avant looks at a variety of factors in an effort to give you the best rate.
This includes your state of residence, credit score, and income.
To see what rates are available to you, Avant asks you to fill out a questionnaire and they then perform a soft credit check.
A soft credit check is only visible to you on your credit report and won’t affect your credit score.
Avant then creates a personal loan package for you based on your credit worthiness and ability to repay the loan.
Based on the factors you’ve input, your APR could vary from 9.95% to 35.99%.
Applying for a Loan with Avant
Once you’ve checked your rates and are happy with the terms and conditions, Avant verifies your information.
They may have some additional questions for you and finally will run a hard credit check.
From there you can select the amount of money you would like to borrow, up to the approved limit or state limit.
More often than not, the full amount of the loan gets deposited in your account within one business day.
The whole process is designed to be fast and easy!
When the funds are actually available depends on your individual bank.
Avant Review of Benefits & Drawbacks
The details of your personal loan with Avant vary based on state law, your income, and your credit score.
Whether an Avant loan is right for you comes down to the details.
If you’re approved, your interest rate will be determined by several factors, but are typically a little higher than other companies that offer similar loans.
However, many companies won’t even consider you for a loan if your credit score is below 640.
Fees are also a consideration when choosing a personal loan.
Avant does charge an administrative fee between 0.95% and 4.75%, which is fairly standard for these types of loans.
They also charge you a $25 fee if you miss a payment or pay late.
Avant will consider you for a personal loan even if you have a lower credit score.
Typical customers fall within a credit score range of 600 to 700.
And while a fee is charged to your account if you are more than 10 days late on a payment, Avant does offer a late-fee forgiveness policy where you’re refunded the full amount if you make your next three payments on time.
Unlike some other personal loan companies, Avant won’t charge you for early payment either.
These fees can add up with other loan companies if you’re trying to pay off your loan early.
Avant also allows eligible customers to refinance their loans in order to receive additional funds or lower their interest rate.
Benefits such as these may make Avant an attractive choice for you when considering a personal loan.
Repayment schedules last between two and five years, and Avant offers loan amounts up to $35,000 for qualified customers.
The Final Word
If you’re considering a personal loan, Avant is a company with a history of helping customers with debt consolidation and other financial needs.
The online application process is fast and easy too!
Avant is also transparent, with no hidden fees, and very clearly spells out the terms and conditions of your personal loan.
If you have a credit score of at least 580 and earn at least $40,000 a year, you might consider a personal loan from Avant.
Compare their offer with an offer from other preferred lenders here: