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Avant Review: Personal Loans For The Typical Middle-Class American

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In 2015, Forbes Magazine named Avant the sixth most promising company in the United States. That comes as no surprise since the lender service has originated $4 billion in loans to over 600,000 borrowers.

Want to see what Avant has in store for you? Below is the good, the bad and my breakdown of personal loans with Avant.

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Avant Pros & Cons

Pros

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to Avant’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. It can take as little as one business day, if approved.
  • Flexible fund use. A personal loan through Avant can be used for debt consolidation, home improvement or unexpected expenses.
  • No prepayment penalty. So you can pay that loan of yours back as quick as possible!
  • Avant tools. With a simple dashboard and mobile app, staying up to date with your loan is easy.
  • Live customer service 7 days a week. In a recent survey, 95% of Avant customer said they left satisfied. Nine out of ten Avant borrowers would recommend this lending service to others.
  • Rebuild your credit. Avant reports to Equifax, Experian and TransUnion, so you can rebuild your credit by making on-time payments.

Cons

  • Not available in all states. You can’t apply for an Avant personal loan if you live in Iowa, Colorado or West Virginia.
  • Origination fee. There is an administration fee which can range from 0% to 4.75%.
  • Rates. Even the low end (9.95%) of Avant’s rates isn’t that low, and most definitely the high end (35.99%) as well.
  • Late payment fee. Miss your payment by more than 10 days, and Avant will charge you a $25 late fee. If your next three payments are on-time, Avant will reward you by refunding the last late fee.
  • NSF fee. If your payment is rejected, you will have to pay $15 per unsuccessful transaction.
  • Online only. Avant does not have any brick-and-mortar branches to make payments or ask questions in person.

Borrower Averages

Avant president, Adam Hughes, says the company focuses on the “typical middle-class American consumer.” About half of Avant’s borrowers take out loans for debt consolidation.

Credit Score 650
Annual Income $40,000

Eligibility Requirements

Applicants must have a minimum credit score of 580 and a gross annual income of at least $20,000. There is no debt-to-income ratio requirement.

Avant Terms & Fees

Loan Amounts $2,000 – $35,000
Loan Terms 2 to 5 years
Repayment Options Monthly
Origination Fee 0% to 4.75%
APR 9.95% – 35.99%
Prepayment Fee None
Late Payment Fee $25
NSF Payment Fee $15
Check Processing Fee None

The Breakdown

Applying for a personal loan with Avant is quick, convenient and easy with no collateral needed. You can receive your funds in as little as one business day. With exceptional customer service and Avant’s app, it’s easy to manage your loan.

Sample Loan

Loan Size $15,000
Loan Term 36 months
Origination Fee (2.5%) $375
Funds Received $14,625
APR 18.0%
Total Interest $4,552.29
Monthly Payment $542.29

Avant rates aren’t the most competitive, with its low end starting at 9.95% APR. Make sure to calculate in the origination fee of up to 4.75%. Plus, there are fees for late payment and insufficient funds. Avant is not available to Iowa, Colorada and West Virginia residents, and you can only communicate with representatives online or via phone.

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About Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Comments

  1. Lori says

    My husband had a few things on his reports. They are loans we had when we were stationed overseas. He was medically discharged but the items went into collections because we were unable to pay them anymore. He had perfect credit until this happened. We wanted to buy a house but his score is keeping us from obtaining his VA loan. I informed one of my co-worker and asked how he got his score improved when he had similar issue. He told me he had to hire a professional with decades of experience who understands FICO (captain spy) I don’t really understand how it works until I contact him via his gmail (captainspyhacker2 @gmailcom) myself, he explained the whole process and promise he would help us solve our credit issue within 3-4 days, my husband was a bit paranoid at first thou but I acted like a man (Lol) we both agreed on a deal and to our greatest surprise he did a tremendous job on his credit. All items/collections were removed and his scores jumped to 810 consider as excellent by FICO. We re-apply for the House and was granted, we have been living happily in our new house for more than 2 years

    Reply

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