Whether you’re looking to pay off high-interest credit card debt. Finance a major purchase. or manage unexpected expenses An Avant personal loan could be a smart solution. See full details!
Avant Personal Loan Overview
Avant is a technology-enabled financial company headquartered in Chicago. Serving each consumer with a wide range of loan products.
Avant offers personal loans through WebBank, an FDIC-insured and state-licensed industrial bank. Although WebBank originates the loans, Avant collects the payments — they are the loan servicer.
How do I apply? Avant personal loan?
Avant has a simple one-page pre-approval application. This makes it easy to see what prices and terms you might qualify for. Follow these steps to get started:
- Go to the website to be redirected to the Avant application page.
- Click “Check your loan options” to begin your application.
- Fill in information about yourself This includes your birthdate, address, and Social Security number. Avant also requires you to create an account and provide information about your income.
- Read the terms of use and other agreements and click
What happens after you apply?
Avant will verify your information. If you qualify You will receive further details on how to proceed with the application process. If not, Avant may direct you to complete your application with one of our partner lenders instead.
To qualify for a loan through Avant, you must meet the following requirements:
- Credit score not less than 580
- Valid bank account
- Proof of stable income
- Live in an eligible state
- US citizen or permanent resident
- At least 18 years old — 19 years old in Alabama.
How to apply for a personal loan with Avant
Avant may be suitable for many borrowers interested in a personal loan. The company’s flexible credit terms can attract people who may not qualify with other lenders.
This is because every lender has its own method of evaluating borrowers. It’s important to request rates from several lenders to see which rate is best for your own unique situation.
Credible makes it easy to request live, pre-set rates from Avant and other lenders that offer personal loans.
It only takes 2 minutes to request an actual rate and conduct a soft credit inquiry. Therefore, your credit score is not affected.
Important Notes of Avant Personal Loan Review
There are no minimum requirements to apply.
Unlike most personal loan providers, Avant has no minimum credit score or household income required to apply for a loan.
This is not a guarantee that you will be accepted. But it’s good news for borrowers with bad credit who are having trouble getting loans elsewhere.
Borrow up to $35,000
Avant loan amounts range from $2,000 to $35,000.* There are some personal loan providers with higher limits, but Avant should be able to accommodate the needs of most borrowers.
Average interest rate
Avant’s interest rates are unreasonable for the online lending industry. But many competitors offer lower interest rate floors for borrowers with high credit scores.
Flexible loan terms
Avant offers loan terms ranging from two to five years. Existing requirements may vary. It depends on your creditworthiness and home state.
Receive money the next business day.
Once your application has been confirmed, Avant will transfer the funds to your account, usually within the next business day. But it can take up to a week.
origination fee
There is an origination fee of 4.75% which comes from your loan. These types of fees are not uncommon among personal loan providers, however, here are some companies, like Discover, that don’t.
Get help seven days a week.
If you have any questions about your credit or having trouble making payments You can contact Avant by phone, email or live chat any day of the week.
The company’s customer support representatives will be able to answer your questions and help you find the right payment solution for you.
No prepayment fees
Avant will not charge any additional fees. to compensate for lost interest If you choose to repay your loan early
Mobile account management
Avant has mobile apps for Android and iOS devices. These allow you to apply for loans. View account details, make payments, and update your payment schedule.
Read more:
Summary of Avant Personal Loan Costs
Your monthly payment will vary depending on the amount you borrow. Loan period and your creditworthiness
You can check your rates on Avant’s website or through one of their mobile apps to see what you’ll be paying. This will create a few inquiries on your credit report. But it won’t affect your credit score.
If your credit score is over 700, you’ll see interest rates close to 10%. Borrowers with bad credit may pay an APR of up to 35.99%.
That’s quite high compared to some of Avant’s competitors, but it’s still reasonable when compared to the 300% interest rate the payday lender charges.
Cheaper or free alternatives
before agreeing to lend Check rates from multiple companies to make sure you’re getting the best deal. Look at Avant Bank and other online lenders. What does your area offer?
View monthly payments and total costs over the life of your loan. Keep an eye on hidden fees And make sure you get a loan with a fixed interest rate. This will keep your payments from increasing unexpectedly over time.
It may seem like it takes a long time. But this effort can save you hundreds of dollars. Let’s say you want a $10,000 loan with a five-year term at a 20% APR. It will cost you $15,896.33 over the life of the loan.
In April, 21% would cost $16,232.02. That’s an extra $335.69 by comparison. Spending an hour getting a quote doesn’t seem like a big investment.
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Bottom line
Avant is a good place to get a personal loan if your credit score puts traditional bank loans out of reach.
If your credit is good You may be able to find better interest rates elsewhere. Before committing to any lender Shop around first to find the best rate possible.
The actual loan amount, term, and loan APR for which a customer qualifies may vary. Subject to credit review and state law. Minimum loan amounts vary by state.
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