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In-depth Analysis

Avant Review

I. Mitic Image
ByI. Mitic
August 19, 2021

Whether you need a loan to fix that annoying faucet leak, pay for your sick pet’s insanely high vet bills, or settle your own medical bills from that freak accident you had, a personal loan could be your personal savior. But how do you go about finding the best provider, especially if you have just fair or even bad credit?

Perhaps you’ve been browsing through some Avant reviews on the net but couldn’t make sense of the service? Don’t worry, here we explore in detail all of the company’s pros and cons. After reading our in-depth review, you’ll have an easy time deciding whether this is your go-to provider for emergency loans or any other fast loan advance.

Loan Amount
$2,000 - $35,000

Minimum Credit Score: 580

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Fortunly Rating

Minimum Credit Score
580
Loan Term
2 to 5 years
Fees
4.75% administration fee
Late Fees
$25
APR
9.95 - 35.99%
Loan Amount
$2,000 - $35,000
Prepayment Fees
$0
pros thumb up Strengths
  • Offers options for secured loans
  • Helps build good credit
  • Wide range of options for all borrowers
  • Quick funds disbursement
  • Performs soft credit check with prequalification
  • Refunds late payment fees
pros thumb up Weaknesses
  • Charges an origination fee
  • Direct payment to creditors with debt consolidation loans is not an available option
  • Co-signer or joint account is not an available option

Avant Overview

Just like any other lender, Avant reviews your credit score when you apply for a loan. It’s no secret that getting loans is easier when you have an excellent credit score. It shows the lenders that you are good for your financial word, and giving you the loan is not going to backfire. The lower your credit, the more difficult it is to secure a loan. This can make legit loans for bad credit as scarce as hen’s teeth. But not always.

There are quite a few lenders that consider the less excellent credit scorers and provide credit facilities for them nonetheless. Avant is one of them. Providing credit facilities for the overlooked, Avant gives loans to lower credit borrowers, with favorable rates and speed.

Avant is an alternative option to the stressful and often fruitless traditional loan application process. Where borrowers have to face serious scrutiny when applying for loans, Avant bridges the gap between them and the credit facilities they need. Partnering with WebBank, a financial institution insured by the Federal Deposit Insurance Corporation, Avant offers a quick online application process, ensuring borrowers can access quick cash loans even with bad credit.

Avant offers an array of financial services, such as Avant personal loans and the Avant credit card. Though this review’s focus is primarily on the loans the company offers, we will touch briefly on the credit card as well.

The Application Process

Before giving you a loan, Avant lets you access what loan options are available to you based on the information you input on the welcome page. The credit card portal is slightly different.

Both portals require users to provide their Social Security IDs. (There’s no need to worry about that, as Avant uses 128-bit SSL protection on its platforms to keep your information safe.) You will also be required to input your financial information, such as net incomes. You can give estimates if you’re not sure of the exact figures. Next, Avant reviews your credit score, which determines your eligibility for certain loan plans, and other factors, such as the purpose for your loan application. The dropdown menu offers purpose categories such as “emergency expenses”, so you don’t necessarily need to be specific with your purpose.

You’ll also provide estimates of your bank balance and other indicators of your financial status. Avant does this because using credit scores alone to determine a borrower’s paying ability isn’t entirely accurate.

The last part of the process is a soft credit check where Avant reviews your credit status. A soft inquiry doesn’t harm your credit. After this is done, you’ll finally have access to the list of available loan options. After agreeing to the terms and choosing a loan option, Avant performs a hard check on your credit score, and this can affect your credit score.

Terms and Fees

Avant Personal Loan Terms

Avant approves loans from a minimum of $2,000 to a maximum of $35,000. With these amounts comes an annual percentage rate which refers to the amount of interest you pay on a credit facility for a year. The APR ranges between 9.95% and 35.99%, depending on the amount borrowed and credit laws in the applicant’s state of residence.

Our reviews on Avant lending indicate that the APR range is a double-edged sword. While the maximum APR is higher than that of other lenders, the lowest rate is still fair, although most lenders start at 6% or 7%. There is a perfectly reasonable explanation for these high rates. Avant’s credit score requirements are much more liberal than those of other lenders, with the company accepting applications from borrowers with credit scores classified as bad. Fortunately, Avant’s APRs are fixed, so whatever rate you get at the beginning will not change. The loans themselves have a tenure range of two to five years.

Fees

Every Avant loan attracts an administration fee ranging between 0% to 4.75%, also known as a one-time origination fee. It is included in the APR payment, and the actual percentage to be paid depends on the length of the loan, the amount loaned, and the applicant’s score.

Late payments cost borrowers an additional $25, but only after a 10-day grace period. When payments are rejected, they cost an extra $15.

Avant doesn’t charge for early payments. Even the late payment fees can be refunded if you make three consecutive payments on time.

Interest Rates

While the APR on Avant’s loans is fixed, holders of the Avant Card, however, should be aware that their APRs change with the market.

Terms of Repayment

Avant installment loans require that you make only one fixed payment each month. It’s a great advantage to borrowers who take out multiple loans from different providers. Avant also offers some free ground with repayments. With their automatic billing, you don’t have to make a payment manually every month; the amount can be deducted from your account or cards. Loan repayments typically begin a whole month after the disbursement of funds.

Eligibility Requirements

What makes an applicant eligible for a loan isn’t spelled out directly by the company. However, we know that before granting an Avant loan, it reviews the following requirements. The applicant:

  • Must provide their Social Security number
  • Must be a citizen of the United States
  • Must be at least 18 years of age
  • Must have a minimum credit score of 580

While Avant’s requirements are easily met, it’s pretty limiting that the company doesn’t accept alternatives to the SSN like a passport or the Individual Taxpayer Identification Number.

Features

Cash Loans for Bad Credit

Avant’s trump card over other loan providers is the fact that it offers these credit facilities to bad credit scorers. The majority of Avant borrowers take out debt consolidation loans even with bad credit, and the company is particular about helping people in complex financial situations. Avant credit is actually structured to help these borrowers improve their credit scores, which is only possible if the loan payments are timely.

Broad Reviewing Scope

Loan applications can be challenging. Banks and lenders take time to scrutinize every application for signs not to disburse funds in a bid to avoid bad debts. Having bad credit is already a red flag for most lenders, but Avant overlooks that metric. Additionally, the company tries to consider other factors beyond credit scores, like account balances. This is because credit scores can be inaccurate metrics of judgment when assessing an applicant’s ability to pay back a loan.

Debt Refinancing

Many Avant offer reviews on loans, including ours, show that Avant provides debt refinancing for some debts and even lower APRs. It does require special circumstances, however, and this can only be done once.

Fast Loans for Bad Credit

The next point of issue after getting a loan approved is when the funds can be disbursed. Regular loans can take three to seven business days to be disbursed, and that kind of defeats the concept of an emergency loan. On the other hand, Avant’s loans are dispersed almost as soon as you sign the agreement. Funds should get to you the very next business day.

Credit Cards

Another great feature from Avant is the AvantCard. From our Avant credit card reviews, we found that the AvantCard has an APR average of 25.49% and credit limits of $300 to $1,000. It charges an annual fee of $29. There is also a late payment fee of about $35. These may seem somewhat high, especially as many credit card providers don’t charge an annual fee. Keep in mind that AvantCard is an unsecured card, so if you are looking to build your credit, it might not be your best option.

On the plus side, the AvantCard doesn’t require holders to pay a security deposit, so you can save money at the start of the plan. There are other reasons to consider Avant credit cards as well. AvantCard reviews credit records and reports your payment history to three major credit bureaus: TransUnion, Equifax, and Experian. If your payments are timely, this could significantly improve your credit score. The card is also great for traveling, as it’s an Avant Mastercard, and it doesn’t charge fees on foreign transactions.

Lastly, holder’s limits are periodically reviewed and could increase based on credit utilization. This could work well for building credit: A high credit limit in comparison with total debt equals better scores.

Debt Consolidation Loans for Bad Credit

The service of Avant debt consolidation reviews your obligations and helps you combine all debt into a single payment made every month. This way, you can follow your budget much easier than having to track multiple debt payments. The debt consolidation also offers just one fixed interest rate, so there is no need for multiple calculations at the end of the month. Moreover, the loan’s easy schedule can help borrowers get back on the side of good credit scores.

Our only problem with the Avant debt consolidation loan was that there are no direct payments to creditors. Instead, Avant pays the money into your account. This could be simplified.

My Avant Offer Reviews

With 95% of their 600,000+ customers satisfied with their services, Avant has disbursed over $4 billion to borrowers. My Avant Offer gives potential borrowers a chance to see what loan options are available to them based on their individual data.

Avant vs. Other Loan Providers

Avant Logo Avant
APR:

9.95 - 35.99%

Loan Amount:

$2,000 - $35,000

Credible Logo Credible
APR:

4.99% and up

Loan Amount:

$1,000 - $100,000

OneMain Financial Logo OneMain Financial
APR:

18.00 - 35.99%

Loan Amount:

$1,500 - $20,000

Customer Support

There is a dedicated customer support platform for Avant reviews and complaints. Avant’s customer care representatives can be reached through an email ticketing system on their website.

Customer Service Hours

Avant’s customer support is available from these times and days:

  • Monday to Friday, 7 a.m. to 10 p.m. CT
  • Saturday and Sunday, 7 a.m. to 8 p.m. CT

Customer Satisfaction

As customer reviews are an essential indicator of customer satisfaction, we make sure to analyze them for any recurring issues. Avant’s customer reviews cite the company as an excellent loan provider. We personally had no problems getting through the prequalification and loan option stages, and the customer support was exceptionally helpful. Many other customers were thankful for the credit facilities provided despite their lackluster scores. The same favorable consensus applies to the Avant credit card, especially when it comes to building credit and increasing credit limits.

On Trustpilot, the company has 4.7 out of 5 stars, based on more than 15,000 reviews, which is an excellent score. As for Avant’s reviews on BBB, the company has been an accredited business on the Better Business Bureau since 2015. It’s current rating on the accreditation website is an A, a very good rating for a loan provider of its status.

Transparency Issues

Today, Avant is one of the most transparent loan companies in the industry. Their terms on personal loans are straightforward and easily accessible on the website, and all other minimum requirements are stated clearly. The company’s rating with BBB, as well as its rating on Trustpilot, show that it is a reputable company to transact with.

There is, however, one more thing we need to address in this section. You may have read some Avant reviews that mention a Federal Trade Commission complaint against Avant. It’s true, Avant’s track record hasn’t always been impeccable. In 2019, the company was charged with making unauthorized withdrawals from customer’s accounts, giving inaccurate repayment quotes, and collecting payments even after repayment schedules had lapsed. Avant settled the FTC charges in April 2019 and reports that it has stopped these practices altogether.

Benefits for Military Service Members

From our in-depth review of the company and its processes, we have positively determined that Avant is worth everything it offers. It’s a suitable option for borrowers with bad credit and debt consolidators, but not just them. What many other Avant loans reviews don’t mention is this online lending company’s Servicemembers Civil Relief Act program. The SCRA discount means military service members get 6% off interest rates on loans and credit cards and exemption from fees. Its quick and straightforward processes make it a top recommendation.

Further Reading

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FAQ
Does Avant Hurt Your Credit? +

When you apply for a loan, Avant loan company reviews the application and your eligibility by performing a soft check on your credit. Soft credit inquiries don’t harm your credit score and give you the chance to check your rates and loan options with Avant. Should you decide to accept a loan option, Avant will perform a hard check on your credit. Hard checks can have an impact on your credit if there are multiple checks at the same time and will be attached to your history. Also, any third party reviewing your account will be able to see this inquiry.

Does Avant Increase Credit? +

Avant reviews credit lines for borrowers and cardholders over a period of time, based on their repayment performances, especially on how timely the payments are. Credit scores can also be increased if credit limits are increased. Regular payments improve the chances of borrowers seeing credit increases.

How Long Does It Take for Avant To Approve? +

Borrowers who qualify for a personal loan don’t have to wait long before their applications are approved, and access is granted to the funds. It takes Avant one to three business days to approve and disburse funds for loans.