Updated: October 16, 2024
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Avant is a personal loan lender offering loans between $2,000 and $35,000, primarily catering to borrowers with fair credit. Known for quick approvals and an easy-to-use mobile app, it's a good fit for consumers needing funds promptly. Avant also provides flexible repayment options, but keep in mind that it charges fees like administration and late fees.
Avant offers a comprehensive range of features for consumers seeking personal loans. It provides loan amounts from $2,000 to $35,000, meeting a variety of financial needs. The repayment terms are adaptable, with options ranging from 12 to 60 months, allowing borrowers to select a plan that aligns with their financial situation.
A significant aspect of Avant is its eligibility criteria, welcoming individuals with credit scores of 600 or higher. This feature is especially helpful for borrowers struggling to obtain loans from other sources requiring good-to-excellent credit.
The process of applying for a loan with Avant is straightforward and quick. Once approved, borrowers can receive funds as soon as the next business day, benefitting those with urgent financial needs. Avant also provides an efficient online system to manage loan payments, aiding borrowers in maintaining their financial commitments.
Pros
Cons
Exploring Avant's unique features is helpful when shopping for a personal loan. You can use these loans for different purposes, like paying off debts or funding home upgrades. Be aware of potential fees, including those for late payments or loan origination. However, its loan terms offer significant repayment flexibility, which is beneficial for budgeting.
For eligible borrowers, Avant may provide relief if you face payment difficulties. It deserves recognition for its quality of customer service and online tools, as they simplify managing your loan. Familiarizing yourself with these details will guide you in deciding if Avant is the right lender for your financial needs.
Knowing how you can use your personal loan from Avant is helpful, as different lenders have specific rules about this. Awareness of Avant's guidelines ensures you use the funds effectively for your needs.
Choosing Avant means having the flexibility to use your loan for different aspects of your life. Whether improving your home, managing debt, handling emergencies or making big purchases, Avant's loans offer the versatility to cover your financial needs.
Familiarizing yourself with the terms of an Avant personal loan will help you make informed financial decisions. This process will help you understand how much you can borrow, for how long and what it might cost. Here's what Avant offers:
Loan Amounts: You can borrow between $2,000 and $35,000. This range gives flexibility for various financial needs, from small projects to significant expenses.
Repayment Terms: You can choose between 12 to 60 months for repayment. Longer terms can lower monthly payments but may cost more in interest over time.
APR Ranges: Avant's APR varies based on factors like creditworthiness. Lower APRs are typically better, as they mean less interest paid over the life of the loan.
If you need a smaller loan or have a tight budget, Avant's flexible options can fit your situation. However, remember that higher APRs can increase the total cost, so consider your ability to repay before committing.
Understanding the fees involved with an Avant personal loan helps you calculate the total cost, ensuring you can budget effectively. Avant charges specific fees, including:
Administration Fees: An administration fee of 4.75% is charged upfront and deducted from your loan when funded.
Late Fees: A $25 late fee may be applied if you miss a payment.
Dishonored Payment Fees: Avant charges a $15 dishonored payment fee if a payment is returned unpaid.
Preparing for these fees can help you plan your finances better and decide if Avant's loan terms align with your financial situation and needs.
When choosing a personal loan lender, understanding the support available during financial hardships helps you prepare for the unexpected. Avant offers several options to assist borrowers facing challenges during loan repayment.
Loan Payment Adjustments: Avant allows for a 10-day grace period, allowing you to make a late payment without incurring a fee. This flexibility is helpful if you encounter unexpected financial issues.
Automatic Payments: Setting up automatic payments can ease the stress of remembering due dates. Avant offers Automated Clearing House (ACH) autopay to deduct monthly installments from your bank account automatically.
Personalized Support: If you face difficulties making timely payments, Avant encourages you to contact them for potential solutions. It aims to provide flexible management options for your loan.
Avant supports the Servicemembers Civil Relief Act (SCRA) for military personnel. This aid includes:
Capped Interest Rates: Eligible servicemembers receive an interest rate cap of 6% on loans during active service.
Waived Fees: Certain fees, like late fees and non-sufficient funds fees, are waived during active military service.
Avant's commitment to supporting borrowers during tough times, including specific provisions for military members, is an important consideration. This assistance can provide a safety net, ensuring you have options to manage your loan effectively, even in challenging circumstances.
Good customer service is a fundamental factor to consider when selecting a personal loan lender. It ensures you have reliable support for any concerns or questions about your loan. Avant provides several ways to get in touch, ensuring you can easily reach assistance:
Its customer service is available Monday to Friday, from 7 a.m. to 10 p.m. CT, and Saturday and Sunday, from 7 a.m. to 8 p.m. CT.
These contact options provide peace of mind, knowing you can reach out to Avant easily whenever you need help with your loan. This accessibility contributes to a smoother and more secure borrowing experience.
When selecting a personal loan lender like Avant, consider the resources it provides. A lender should offer more than just financial support; it should also provide tools and information to help you manage your loan effectively.
Avant offers several resources to assist borrowers:
Mobile App: Avant's app, available for iOS and Android, lets you manage your loan, view your payment history and receive account notifications, making loan management convenient and accessible.
Educational Resources: Avant provides information on how it calculates loan payments, helping you understand the financial aspects of your loan. Knowing these details can help you make more informed financial decisions.
These resources lead to a more well-rounded borrowing experience. They not only assist in loan management but also empower you with knowledge and tools to handle your financial obligations wisely. Avant's commitment to providing these resources highlights its dedication to supporting borrowers beyond just the financial aspect of the loan.
Before applying for a personal loan, familiarize yourself with Avant's borrower eligibility criteria. Knowing these specifics helps you gauge your chances of approval and ensures you meet the lender's requirements.
Bank Account: You must have a bank account in your name that's in good standing.
Social Security Number: Avant requires a valid SSN for your application.
Credit Score: Avant looks for a credit score of at least 600.
Income: You must present proof of income, which can come from various sources like employment, alimony, retirement, child support or Social Security payments.
Note that Avant does not allow co-signers or co-applicants on its personal loans. This requirement means you can't improve your loan application by adding someone with a stronger credit profile or higher income. Understanding this can guide you in evaluating whether Avant's loans suit you, especially if your credit or income is borderline for its requirements.
Knowing if Avant is the right lender for you before applying for a personal loan will impact your current and future financial standing. Considering these factors ensures you're applying for a loan that matches your financial situation. Evaluate the profiles of borrowers Avant serves best and decide if it's the most suitable lender for you.
Like any lender, Avant may not be the perfect fit for everyone, but it offers unique advantages that can benefit certain types of borrowers, including the following:
Homeowners With Substantial Equity: Avant's loan amounts up to $35,000 can be ideal for homeowners looking to leverage their home equity for improvements or significant expenses.
Borrowers Seeking Quick Funds: With Avant's swift approval and funding process, individuals in urgent need of funds can benefit from its efficiency.
Individuals With Good Credit: Avant's APR ranges and fee structure may be more favorable for those with good credit, making it an attractive option for such borrowers.
Technologically Savvy Individuals: Avant's user-friendly online platform and mobile app appeal to borrowers who prefer managing their finances digitally.
You can make a more informed decision by aligning your financial situation and preferences with what Avant offers.
While Avant offers many advantages, it's not ideal for every borrower, particularly for certain groups. Understanding which borrower profiles might not find Avant suitable will narrow your search for the right lender.
Individuals With Poor Credit: Avant typically works with borrowers with fair to good credit scores. If your credit history is less than stellar, Avant's loan terms and interest rates might not benefit you most.
People in Non-Serviceable States: Residents of Hawaii, Iowa, Maine, New York, Vermont or West Virginia are outside Avant's service area. You'll need to consider other lenders if you're in these states.
Borrowers Seeking Larger Loan Amounts: Avant's maximum loan limit is $35,000. For consumers requiring larger sums, Avant may not fulfill their financial needs.
Understanding these limitations can guide you toward a lender that better aligns with your specific financial requirements and circumstances.
Knowing the steps to secure a personal loan from Avant can make the process smoother and less daunting. This clarity can help you prepare better and approach the application with confidence.
Visit Avant's website to check your loan eligibility. This process involves filling out a form with basic information like your income and credit score. Avant performs a soft credit check, so it won't affect your credit score. This step lets you know whether you qualify for a loan and what terms you might get.
If you're eligible, the next step is to complete the full application. This requires more detailed information, including your employment status, financial details and personal identification. Make sure to fill in all the information accurately to avoid any delays.
After submitting your application, Avant will review it and make a decision. This process usually takes a short time, and you'll receive a notification regarding your approval status. Stay available during this time in case Avant needs additional information from you.
If approved, you'll get a loan offer with specific terms, including the loan amount, interest rate and repayment period. Review these terms carefully to ensure they fit your financial situation. If you agree, accept the loan offer to proceed.
Once you accept the loan offer, Avant will deposit the funds into your bank account. The time frame for receiving funds can be as quick as the next business day. After receiving the funds, your repayment plan starts per the agreed terms.
Remember, Avant does not allow co-signers or co-applicants. This limitation means you alone are responsible for meeting the loan requirements and repaying it. Understanding these steps and preparing for repayment can help you secure a personal loan from Avant with ease.
Being turned down for a personal loan by Avant can be disheartening, but it's important to remember that it's not the end of your financial journey. There are constructive steps you can take to address this setback and improve your chances for future success.
Understand the Reasons for Denial: Avant should provide reasons for your loan denial. This information might include a low credit score or insufficient income. Knowing these reasons helps you identify what areas of your financial profile need improvement.
Boost Your Financial Profile: Work on enhancing your credit score by paying bills on time and reducing debt. Improving your income through a higher-paying job or additional work can also strengthen your application.
Look for Alternative Financing Options: If Avant isn't right for you, other lenders might be. Consider credit unions, other online lenders or peer-to-peer lending platforms. Each has different criteria and might be more suited to your financial situation.
Seek Professional Financial Advice: A financial advisor can offer personalized advice to improve your financial standing. They can help you develop a plan to boost your credit score and manage your finances more effectively.
Remember, a loan denial isn't a final verdict on your finances. It's an opportunity to reassess and strengthen your financial position. By understanding the reasons for denial, improving your financial profile, exploring other lending options and seeking professional advice, you can put yourself in a better position for future financial success.
If you're considering Avant for a personal loan, you might have several questions about its services and requirements. We answered some frequently asked questions to provide more insights about Avant as a lender.
Avant personal loans are versatile, and you can use them for various purposes like debt consolidation, home improvements, emergency expenses or major purchases. However, checking if your intended use aligns with Avant's terms is always best.
Avant typically requires a minimum credit score of 600. This makes it accessible for borrowers with fair credit scores but might not be suitable for individuals with lower credit scores.
Avant is known for its quick approval process. Once your application is submitted, approval can occur within a few hours to a few days, followed by prompt funding, often as soon as the next business day.
Yes, Avant offers a mobile app that is available on both iOS and Android platforms. The app allows you to manage your loan, view payment history, make additional payments and receive account notifications.
Avant provides unsecured personal loans. This means the loans are not backed by collateral like a home or car.
You can borrow amounts ranging from $2,000 to $35,000 with Avant. This range allows flexibility depending on your financial needs and qualifications.
Avant's fees include an administration fee, late fees and potentially a dishonored payment fee. Avant deducts the administration fee from the loan at funding and applies late fees for missed payments.
Applying for an Avant loan involves a soft credit check for eligibility, which does not impact your credit score. However, this lender conducts a hard credit check during the final application process, which might temporarily affect your credit score.
Avant does not currently offer an autopay discount. However, setting up automatic payments can be a convenient way to ensure timely payments.
Avant does not allow co-signers or co-applicants on personal loans. Loan approval depends on the individual applicant's creditworthiness and financial profile.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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