Avant LLC is an online lending company that offers personal loans to people who have bad credit scores. Have been around for a while, and they have helped thousands of people get the financial assistance they need. In this post, we will review Avant personal loans, their interest rates, fees, customer service, and more.
What is Avant LLC?
Avant LLC is a Chicago-based online lending company founded in 2012. Provide personal loans to people who have bad credit scores, which can be used for a variety of purposes, such as debt consolidation, home improvement, and unexpected expenses. Avant is known for its easy and quick loan application process, which can be completed entirely online.
Avant LLC. Logo.
Avant personal loans
Avant personal loans reviews
Offers personal loans ranging from $2,000 to $35,000, with repayment terms ranging from 12 to 60 months. The amount of Avant loan and the repayment term you qualify for will depend on your creditworthiness and other factors, such as your income and employment history.
Avant’s personal loans come with fixed interest rates, which means that your monthly payments will remain the same throughout the life of your loan. Interest rates range from 9.95% to 35.99%, depending on your creditworthiness. The higher your credit score, the lower interest rate will be for you.
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Avant loan requirements
To qualify for an Avant loan, a minimum credit score of 580 is required, although most borrowers fall within the range of 600 to 700. Additionally, you must have a personal checking or savings account in your name.
Fees and penalties of Avant
In addition to interest rates, charges an origination fee, and an administration fee of up to 4.75%. This fee will be deducted from your loan amount, this fee will not be refunded by Avant and reduces the total amount you receive, so you will receive less money than you applied for. Avant also charges late fees of up to $25 and returned payment fees of up to $15.
For example, if you were approved for a $10,000 loan t and charged a 4.75 percent management fee, you’ll only receive $9,525. It’s important to factor in this origination charge when determining the total amount you want to borrow since you’ll still have to make payments on the full loan amount.
Additionally, charges a $25 late payment fee if your payment is overdue by 10 days or more. If you don’t have enough money in your bank account to cover your monthly installment, you’ll also be charged an additional $15.
Pros and cons of Avant’s personal loans
Pros:
- Has a quick and easy loan application process that can be done on the mobile app
- Fixed interest rates and monthly payments
- Has loans available to people with bad credit scores
- Does not assess a prepayment penalty if you pay off your loan early
Cons:
- Interest rates are high for people with bad credit
- Fees and Late Returns: still charges a $25 late fee, a $15 return fee, and an administration fee of up to 4.75 percent
- No co-borrowers: does not allow joint borrowers
- Not available in all states: unsecured loans are not currently available in Colorado, Hawaii, Iowa, Nevada, New York, Vermont, and West Virginia.
What Avant doesn’t allow loan funds to be used for
Does not place any restrictions on how borrowers can spend the loan proceeds, giving them complete freedom to use the funds in a legal manner that meets their specific needs.
What we appreciate and what we don’t appreciate about Avant’s services:
We appreciate
- Wide range of loan amounts: Offers loans ranging from $2,000 to $35,000, providing flexibility for various types of financial needs.
- Mobile app: Highly-rated mobile app is available for both Google Play and Apple App Store, allowing borrowers to easily manage their accounts, make payments, and receive alerts.
- Fast funding: Many loans are funded as soon as the next business day.
- No prepayment penalty: This doesn’t impose a penalty for borrowers who choose to pay off their loans early.
We don’t appreciate
- No co-borrowers: Like many online lenders, doesn’t allow joint borrowers, which may limit borrowing options for some customers.
- High APR caps: Borrowers with low credit scores may be offered double-digit interest rates, which may not be competitive with credit card rates for borrowers seeking to consolidate credit card debt.
- Steep fees: Charges a $25 late payment fee, a $15 returned payment fee, and an administration fee of up to 4.75 percent, which may add up over the life of the loan.
- Limited availability: Unsecured loans are not available in Colorado, Hawaii, Iowa, Nevada, New York, Vermont, and West Virginia.
How to apply for a personal loan
Loan applications with Avant are only accepted online. To apply for a loan, borrowers will need to provide personal information, including their address, phone number, email, and Social Security number, monthly net income, monthly housing payments, length of time at their current address, desired loan amount, and intended use, and an estimated credit score.
Customer service and support
Avant has a dedicated customer service team that can be reached by phone, email, or live chat. Also have an extensive FAQ section on their website, which covers common questions and concerns. According to customer reviews, the customer service team is responsive, helpful, and knowledgeable.
Avant has a toll-free number that provides assistance 24 hours a day, 7 days a week: 1-888-681-2999 option 4. Will assist applicants from available Monday through Sunday from 7 a.m. to 8 p.m. CT.
Methodology
We consider 15 key factors to select the top personal loan lenders. These factors encompass various aspects of the loan offer, such as credit requirements, APR ranges, fees, loan amounts, and flexibility to accommodate a wide range of credit profiles and budgets. After evaluating a specific number of lenders, we assign each lender a rating based on three categories:
- Availability: This category takes into account the minimum loan amounts, eligibility requirements, and loan turnaround times.
- Affordability: In this section, interest rates, penalties, and fees are analyzed. Lenders with lower rates and fees and fewer potential penalties receive a higher score.
- Customer experience: This category covers aspects such as customer service hours, online application availability, online account access, and mobile apps.
Avant is a reputable online lending company that offers personal loans to people with bad credit scores. While interest rates and fees may be higher than some other lenders, provide a valuable service to people who have been denied loans from traditional banks. If you need a personal loan and have a bad credit score, may be a good option for you. However, we recommend shopping around and comparing rates and fees from multiple lenders before making a decision.
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