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Types of Personal Loans Offered by Avant
The best thing about Avant personal loans is that you can use them for nearly any expense. When life happens, know that an Avant personal loan can help you fund home repairs or cover medical expenses. You can also simplify your outstanding accounts with an Avant debt consolidation personal loan.
|Common loan uses||Prohibited uses|
|Consolidate debt||Business purposes|
|Unexpected auto and home repairs|
Avant Personal Loans Review: Key Features
Avant offers a single personal loan product that can be used for a variety of expenses. The lender offers a longer repayment term if you need it. In this Avant personal loans review, we break down the loan terms further below.
|Loan terms||12 to 60 months|
|Loan amount||$2,000 to $35,000|
|Loan use limitations (i.e. only home improvements or only debt consolidation)||No small business use|
Avant Loans Interest Rates and Fees
The major downside of using Avant is its various fees. Avant makes it clear that an administration or borrowing fee is charged upfront for some borrowers. On the bright side, there are no prepayment fees if you wish to pay your Avant personal loan off early to save money on interest.
|Borrowing/origination fees||Up to 4.75%|
|Late payment fees||$25|
|Other fees||$15 returned payment fee|
|Interest rates||9.95% to 35.99%|
Avant Personal Loan Requirements
Most Avant customers have a credit score ranging from 600 to 700, but the lender may accept a lower score if you meet other qualifications.Alimony, child support, and other forms of income, such as social security, can be included in your application.
|Membership requirement||Not disclosed|
|Minimum credit score||550|
|Income requirements||Not disclosed|
|Co-signer/joint application requirements||Co-signers are not allowed|
Avant Personal Loan Application Process
Getting a personal loan through Avant starts with an online application. Click on ‘Check Your Loan Options’ in the upper righthand corner to access the digital form and add your personal information. Avant will ask for your address, income, type of income, purpose of the loan, and amount you need to borrow.
Avant will also require your social security number. At this stage of the application, your credit score won’t be affected. The lender will do a soft credit pull and then offer you quotes for your loan.
Next, Avant will ask for your net income (not gross). This means the money that you take home after taxes and other deductions.
After submitting the form, you’ll create an account that you can log into to check your application status and update any information.
Avant will provide loan options including interest rates and repayment terms. From there, you can select which option you’d prefer and complete an application.At this stage, Avant will do a hard credit pull. You’ll also need to send in supporting documents. Full bank statements must be dated within 30 days of your application. Check stubs from the past 30 days are also required to verify your income.
Once you are approved for a loan, Avant can provide funding as soon as the following business day.
Avant Customer Support
Being able to talk to a real person when you need help completing your loan application or checking your application status is important. Luckily, Avant offers a range of customer service options including:
- Email support:email@example.com
- Phone support: 800-712-5407
- Dashboard support: https://avant.com/login
Customer service phone hours are from 7:00 am to 10:00 pm CT Monday through Friday and 7:00 am to 8:00 pm CT on Saturday and Sunday.
Avant also offers a mobile app. The mobile app is available on both iOS and Android devices. You can use the app to manage your loan, view upcoming payments as well as payment history, and view your payoff quote.
Here’s what some customers had to say about customer service in their Avant reviews on Trustpilot.
“Most enjoyable experience! Totally trustworthy, simple and has amazing customer service! I would recommend doing business with Avant in a heartbeat!”
“Great customer service! I had no problems my loan was done in a timely matter. Worked with me with a low credit score. Always make my payments on time was happy they set up draft. I will recommend you to friends and family.”
Avant Perks and Bonuses
Getting a personal loan doesn’t have to be a tedious and overwhelming process. Avant has set itself apart from competitors by offering more flexibility and transparency to better serve those who need a loan fast. Here are some perks and bonuses you could gain by using Avant for your next loan.
- Avant loan funds are often available the next day after your application is approved.
- You can’t choose your payment date initially, but you can change it up to two times during your repayment term.
- Avant has a 10-day grace period to make payments without a late fee.
- Avant allows you to refinance your loan to save on interest.
- The lender does not have prepayment or early payoff penalty fees.
- Avant loans are available in most U.S. states, except Colorado, Hawaii, Iowa, Nevada, New York, Vermont, and West Virginia.
- The website clearly displays loan terms including APR ranges, fees, and loan terms.
- The lender reports payments to the three major credit bureaus.
- There is no history of customer complaints regarding poor sales practices.
- The website has a FAQ section to further explain how its personal loans, other financial solutions, and application process.
- Avant has a mobile app that allows you to manage your account, make payments, and view your remaining balance.
- Borrowers have the ability to make loan payments online through the website and mobile app.
- Avant offers auto-pay options.
- Avant has a virtual chat feature on its website.
Avant Compared to Other Lenders
Avant is just one of many companies that provides personal loans to people who don’t have the best credit or tons of options. What can you expect from some of Avant’s competitors?
- Marcus by Goldman Sachs.When you take out a personal loan through Marcus, there are no fees. You can also save on your interest rate when you enroll in auto-pay. Borrowers can skip a monthly payment when they make on-time loan payments for at least 12 months.
- LightStream. LightStream lowers your APR by 0.5% when you enroll in auto-pay. They also have no fees and higher loan limits than Avant.
- Upgrade. Upgrade offers personal loans for amounts up to $50,000 and has no prepayment fees. You can also check loan rates online with no obligation or impact to your credit score.
|Loan terms||12to 60 months||36 - 72 months||24- 144 months||24- 84months|
|Loan amount||$2,000 to $35,000||$3,500 - $40,000||$5,000 - $100,000||$1,000 - $50,000|
|Interest rates||9.95% to 35.99% APR||6.99% to 24.99%||4.99% - 20.49%||7.46% - 35.97%|
|Min. credit score||550||660||660||560|
|Co-signer Requirement||No co-signers||No co-signers||No co-signers||No co-signers|
If your credit score is less than perfect but you have a stable income, you could qualify for an Avant personal loan with flexible terms. The interest rates and fees are higher with Avant when compared to other lenders so it may not be your first option.
However, the company tries to make up for this with its efficient application process and quick funding. Avant also offers strong customer support. In addition, you can pay your loan off with no prepayment penalties, which can also save you some money long-term.