If your credit score is not in great shape you should consider applying for a personal loan from Avant. You can borrow as much as $35,000 and at a relatively low starting APR of 9.95%. You can get your cash as soon as the next day and the income requirements are reasonable too. Read on to see what we think of Avant personal loans and read our Avant app review.
In this article:
These are the key facts you need to know about Avant loans:
|Loan range||$2,000 – $35,000|
|Loan term||2 to 5 years|
|Establishment fee||Up to 4.75% of the loan amount|
|APR range||9.95% – 35.99%|
|Approval time||Next day|
|Loan Criteria||Income requirement|
580 and up
Based in Chicago and established in 2012 Avant is a mid-prime lending platform, focusing on lending to customers who have imperfect credit histories. $1.8 billion in loans have been funded through Avant’s platform to over 600,000 customers giving it a long-standing reputation.
Avant does not expect you to have a perfect credit score but does charge a higher than average interest rate to cover any credit risks. Avant gives you the option to choose from a decent range of loan sizes, you can borrow as much as $35,000 if your credit record is good enough. The smallest loan you can apply for is $2,000.
Note that loans through Avant are not free. When you apply for an Avant loan you will be charged an administration fee of up to 4.75% of the amount you borrow. So, if you borrow $10,000 your total loan will be $10,495 including the administration fee. This is amount is built into the annual percentage rate, which can be anything from 9.95% all the way through 35.99%.
You can even download the Avant app directly into your smartphone (on iOS and Android devices). It is a feature-packed app, making it much easier to manage your loan. Some of the top features of the Avant app includes:
- See your payments due
- Check your payment history
- Get push notification about your account
- Change the payment date for your payments
- Make additional payments
- Get a quote to pay off your loan
Because Avant targets borrowers that have average to below average credit scores the company tends to offer APR’s that are on the high side compared to the best rates on personal loans. However, getting a low rate on a personal loan requires an excellent credit score, so you may not have a choice other than to pay a higher APR.
Avant has several competitors that provide access to loans at around the same APR range, and that applies similar credit scoring criteria. Avant stands out from the crowd because its starting APR is only 9.95%, whereas competitors can have starting APR’s from 17.59% and up.
You apply for a loan through Avant on the Avant website. On the Avant website, click the green Check Your Loan Options button. Avant will require you to complete your full personal details. Based on the details you supply Avant may be able to give you a loan quote.
If you like the options presented by Avant you can go ahead and sign your contracts online. You may be required to provide additional verification information. You can also upload any documentation using the Avant app. If approved, you can get the funds in your bank account by the next business day.
You have a lot of options to repay your loan through Avant. When you apply you get to select your payment option. For many people the easiest option would be to set up ACH (Automated Clearing House) payment so that Avant can automatically collect the funds from your bank account every month. Alternatively, you can pay using a pre-created check or with your credit or debit card.
Missing payments with Avant can be costly, but the costs are not as bad as with many other mid-prime and sub-prime lenders. The company gives you a 10-day grace period for a missed payment, before charging you a $25 fee.
If you manage to get a low APR on your loan through Avant you may find that it is a great way to consolidate more expensive debt such as credit cards or instant cash loans. Even at a higher APR, Avant could be a good choice if you urgently need money. Either way, visit the Avant website to get your personal loan quote.
Avant branded credit products are issued by WebBank, member FDIC. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. For example: A $5,700 loan with an administration fee of up to 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. To check how much it will cost you to borrow, click here.