Avant branded credit products are issued by WebBank. Avant offers personal loans to help you consolidate debt, make important purchases, and more. The company advertises its services at avant.com.
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
- BBB A+ Rating
Avant Summary
There are many different lenders available when it comes to taking out a loan, which can make the process of finding the right one quite difficult. Avant is one option that has recently been receiving a lot of attention. But is this lending platform the right choice for you? Here is a closer look at what they have to offer so that you can make an informed decision.
After doing some research on their website and reading through their terms and conditions, I found a few interesting things that I want to share. Below are some of the highlights.
- Loan amounts range from $2,000 to $35,000.
- APR ranges from 9.95% to 35.95%.
- Loan lengths range from 12 to 60 months.Â
- It charges an Administration fee of up to 4.75%.
- Â Minimum loan amounts vary by state.
- A loan’s amount, term, and APR vary based on creditworthiness and state law.
- After your loan is approved, the money will usually be deposited into your account within one business day.
What is Avant?
Avant (now known as AvantCredit) was founded in 2012 with the mission of making borrowing easier and more accessible for middle-income consumers. With the backing of some of the most respected investors in the fintech industry, the company has helped over 2 million people get the funding they need.
It is a business with multiple locations, with its headquarters situated at 222 N La Salle St Ste 1600, Chicago, IL. You can get in touch with them by phone at (800) 712-5407.
Avant is a company with an A rating from the BBB, Accredited since 3/1/2015. They have an average of 171 customer reviews and 860 complaints closed in the last 3 years. Unfortunately, the company has 1.2 stars out of 5-star ratings since most of its reviews are negative.
How does Avant work?
There are a few things that go into determining your eligibility for a loan, like credit score and income. Based on this information, you’ll be able to pick a loan amount that falls within your approved amount or state limit.
It offers access to both unsecured and secured consumer installment loans with its own unique twist. Like most bank loans, personal loans through Avant.com amortize over time with equal monthly payments.
In order to review the status of your application, log into your application’s dashboard. There, you can review any tasks that need to be completed in order to verify your progress.
How to qualify for Avant?
As part of their application process, they may need to verify the information you have provided, including your identity, employment history, income, and bank account details.
One way they can do this is through electronic knowledge-based authentication (KBA), where you will be asked a series of questions that only you should be able to answer. This type of verification is a standard part of the application process.
The next step after you fill out your loan application is providing confirmation of additional details, such as income and banking information, to their Originations team. This team will reach out to you directly to request any needed information before approving your loan application.
Here are the minimum requirements to qualify for a loan. (Meeting these requirements doesn’t guarantee approval.)
- Minimum credit score: 550. Avant uses FICO score version 8 and VantageScore version 3.
- A minimum number of accounts on the credit report: 1.
- Minimum monthly income: $1,200. This lender allows income from alimony, child support, and other maintenance income.
- Maximum debt-to-income ratio: 70%, including mortgage payments.
- Cannot be in active bankruptcy.
Most of Avant‘s customers that receive loans have a credit score of 600 to 700.
Avant BBB Reviews
Avant is a company that has been accredited by the BBB since 2015. They have an average of 171 customer reviews and 860 complaints closed in the last 3 years. However, the company has a 1.2-star rating due to the large number of negative reviews they have received.
Here are some reviews:
Trinika D 11/18/2022
Michael D 11/16/2022
Adam F. 11/11/2022
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Avant FAQs
How much does Avant charge?
Avant offers interest rates that vary from 9.95% to 35.95%. It also charges a non-refundable administration fee of up to 4.75%. This fee is only assessed when your loan is approved. Depending on the state you live in, late fees may apply if you miss a scheduled payment.
Dishonored payment fees may be charged when a scheduled payment is not paid and returned unpaid.
Are there any pre-payment penalties?
Avant does not provide any information about prepayment penalties.
How does Avant affect your credit?
Avant.com uses a soft credit inquiry to help you check what rates and terms may be available to you. This step is important and will not affect your credit score at all. Once you see the options that are available, you can decide whether or not to continue with the application process. Keep in mind that a hard credit inquiry will be performed only if you choose to move forward with the application. Hard inquiries can negatively impact your credit score and are visible to third parties reviewing your credit report.
How to cancel Avant?
You can cancel your loan application at any time by emailing them ([email protected]) or calling them at 1-800-712-5407. You can also resume your loan application within 30 days of the date it was originally submitted by logging into your account on avant.com. After 30 days have passed, they will need to perform a new credit inquiry and begin the process again.
If your loan has already been funded and you would like to return the funds, you can do so at any time with no prepayment penalties by scheduling a full payoff on your dashboard. Please be aware you will be responsible for interest that accrues on the outstanding principal balance as of the funding date listed on your loan agreement.
Are you struggling to keep on top of your finances? Here are some helpful tips to get you back on track.
Debt can be a heavy burden, but it doesn’t have to ruin your life. There are a few things you can do to get your finances back on track.
- First, stop using credit cards and commit to spending only what you can afford. This will help you stay on budget and make better spending decisions.
- Another option is to speak with a financial advisor who can help you understand your options and develop a plan that fits your unique circumstances.
- And finally, don’t worry too much about debts that have already been accrued. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.
Is Avant legit or a scam?
Avant is a lending platform that provides access to credit products for consumers in the United States. WebBank partners with Avant to provide these services. Avant has been in operation for 9 years and has an A rating from the BBB. Despite this, the company has a lot of negative reviews from customers. 861 complaints have been closed in the last 3 years on the BBB, and customers have given Avant a 1.2-star rating.
Before taking out a loan, it’s important to understand the different types of loans available, as well as the interest rates and repayment plans. By doing your research and comparing rates from different lenders, you can find the best option for you. Reading customer reviews can also help you avoid taking out a loan that you can’t afford.
Do you know avant.com? Leave your experience and review below!
Thank you for reading!
Avant
Avant Review
Avant is a lending platform that provides access to credit products for consumers in the United States. WebBank partners with Avant to provide these services. Avant has been in operation for 9 years and has an A rating from the BBB. Despite this, the company has a lot of negative reviews from customers. 861 complaints have been closed in the last 3 years on the BBB, and customers have given Avant a 1.2-star rating.
