Avant Loans Review

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Lendgreen rating
Easy to apply
4.5
Approval time
5.0
No hidden condition
4.0
Renewal rules
3.5
Service quality
3.0
Customer support
2.5
Contact information:
Schedule:
Working hours:
8-22
Saturday:
Day off
Sunday:
Day off
Phone number:
1-855-832-7227

21000

issued loans

2800

satisfied customers

170

testimonials

20000

issued loans

2500

satisfied customers

150

testimonials
Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
Avant loans are the best when people have poor credit scores. However, there are many good alternatives to other places. Income on minimum credit specifications does not apply in Avant loan. People can borrow from two thousand dollars up to thirty five thousand dollars.

More about Avant loan

An origination amount of 4.75 percent is charged however there is no other extra cost if a person repays the loan too early. The interest rates are between 9.95 percent and 35.99 percent depending on a person’s credit history and banking information. The above rates are good but they are quite high compared to what other companies provide when a person has an excellent credit history. Many lenders’ rates are five or six percent to people with good FIFO scores. So, if you have good credit, you should not consider Avant, consider other options. For instance, you can have a loan of 5,700 dollars whose administration cost is 4.75 percent and an amount financed at 5,429.25 dollars, payable in thirty six monthly installments. The APR here will be 29.95 percent and 230.33 dollars monthly repayments.

Details

  1. Application rules There are no minimum expectations such as earnings and credit history in Avant loans. However, this does not guarantee that anyone will be given the money. It is just a relief to anyone that has poor credit and is finding it difficult to get money in other lending companies.
  2. Borrow a maximum of 35,000 dollars The loan amount ranges from two thousand dollars to thirty five dollars which implies that most borrowers’ needs are accommodated.
  3. Interest rate The rate of interest is reasonable but other lenders provide lower rates to people with excellent credit scores.
  4. Loan requirements The duration of repaying is from 2 to 5 years. However, the terms can differ as per a person’s credit and location.
  5. Fast process After applying for Avant loan, a borrower gets verified and the money is sent to his or her account the following day. However, it may take up to one week at times.
  6. Origination cost The origination cost is 4.75 percent and it normally gotten from the borrower’s loan.
  7. Support Anyone who wishes to inquire something about Avant loan can contact the customer care team through email, telephone or live chat. The support representatives are available throughout.
  8. Prepayment charges Customers are not charged any money to cover the lost interest when they repay early.
  9. Mobile account There are mobile apps which allow people to request for a loan, review their account information, pay their loans and edit their transactions.

The costs

Avant monthly payments differ as per the sum borrowed, the specified duration of repayment and one’s credit. People may find out what their rates are on the company website or by using the company apps. People whose credit score is above 700 will have interest rates of almost ten percent. Those whose score is poor might, later on, pay up to 35.99 percent APR. This is quite high compared to most companies.

What people say about Avant

Bankrate They wrote about the rapid growth of Avant. They have gotten more than three billion dollars in loans within 3 years. This makes them the quickest lending company in the country. Wall Street They wrote about Avant’s latest reductions because of the issues regarding the availability of capital. Avant is said to be planning to lower the volume of their lending by 2 thirds. A spokesperson of the lender stated that they are moderating the amount to dwell on the instant profit of their offers. Chicago Tribune They wrote about the growth of Avant within the previous 3 years and what it is planning to do in the future. They intend to expand the company and make it a multiproduct entity which meets the requirements of most customers. Avant intends to move to vehicle refinancing loans, home equity lines of credit, mortgages and credit cards.

Rivals

Onetime Financial This is a popular lender that expects so little from applicants looking for loans. A borrower’s credit history is not checked and one can borrow a maximum of thirty thousand dollars. The interest rate is from 16.05 percent to 35.99 percent. This is a great solution for people whose credit is bad and is finding it hard to receive money from other lenders. Prosper This is a peer to peer company which provides loans of a maximum of 35,000 dollars. The interest rate for this lender range from 3 to 36 percent which makes it a perfect option for people with good credit scores. The company has a minimum credit score of 640 which means that people with poor credit score should look for other alternatives. And just like Avant, Prosper has an origination fee and there are no charges incurred when people pay their loan early. Prosper additionally offers 3 and 5 year loan terms. Lending Club This is also a peer to peer loan provider which requires having a 600 credit score. People may receive as high as forty thousand dollars. So, if you require a big amount and your credit history is perfect, you should consider it. The interest rate is from 6.95 percent to 35.89 percent.

Bottom line

Avant is one of the perfect places to go to if your credit score is too low. But if you have an excellent credit history, it is better to get the best offers from good companies. And before deciding on where to borrow your loan from, inquire about all the existing alternatives in order to determine which one will suit you best. And as you analyze Avant and any other loan provider, pay attention to the hidden costs and ensure that you always receive an exact-rate loan. With that, you can prevent the charges from going up unexpectedly with time. All that may consume a lot of time but it will save you a lot of money in the end.