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Avant Personal Loans Review

Avant is a great choice for people with less-than-stellar credit, as you may be able to qualify for a personal loan with a credit score as low as 580. Plus, you can use the funds for many purposes, like paying for unexpected expenses or consolidating existing debt into a single payment. However, you may be required to pay an origination fee.

Pros Explained

  • Low credit score requirements: Even people with poor credit may be eligible for a personal loan from Avant. This sets Avant apart from the competition, as many lenders require that borrowers have good credit. 
  • Android and iOS apps are available: Not only can you manage your Avant loan account by logging into your online dashboard, but an app is also available for iOS and Android devices. With the Avant app, you can manage your account, make payments, and receive notifications. Personal loan providers don’t typically offer mobile apps.
  • Personal loans can be refinanced: If you decide you want to borrow more money, or if your financial situation has changed and you might qualify for a better rate, you may refinance your loan with Avant. Many lenders don’t refinance personal loans, making Avant stand out from the competition.

Cons Explained

  • Origination fee may be charged: You may be required to pay an origination fee as high as 4.75% (average is 0.5-1%) if you get a personal loan from Avant. Many personal loans don’t carry any origination fees, making this a key drawback.
  • Income documentation may be required: Unlike some lenders who don’t require income documentation, Avant may ask you to provide documentation to verify your income. For example, you may need to provide tax returns, pay stubs, or bank statements.
  • Loan amount is relatively low: You can only borrow up to $35,000 with a personal loan from Avant. This max loan amount is smaller than average versus the competition. Even so, this may be an excellent option for people who can’t qualify for other personal loans, such as individuals with bad credit. 

Introduction

Avant is an established online lender that has a good reputation with its customers. It offers an unsecured personal loan that can be used to cover many personal expenditures. For example, you can use an Avant personal loan to make home improvements, cover large personal expenditures, pay for unexpected expenses, and consolidate existing credit card debt. What’s more, this lender offers repayment terms up to five years long.

While Avant’s APR range of 9.95% to 35.99% is relatively high and its maximum loan amount of $35,000 is low compared to its peers, Avant is still a potentially great personal loan choice.1 This is because people with less-than-perfect credit may be able to get approved for this loan. Plus, a review of many sources suggests the company has a good reputation with its customers. 

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Company Overview

Avant is an online lender that was established in 2012 and is headquartered in Chicago, Illinois. Since its founding, the company has issued over $6.5 billion in loan funds to more than 1.5 million people. Avant offers unsecured personal loans that can be used to cover various expenses and to consolidate existing debt. The company is licensed to do business in 42 states across the U.S.

Types of Personal Loans Offered by Avant

Avant offers an unsecured personal loan that can be used to pay for various personal expenses and for debt consolidation. Some of the eligible uses of Avant personal loans include:

  • Consolidating existing debt.
  • Paying for a wedding.
  • Covering medical expenses.
  • Funding expensive automotive repairs.
  • Making home improvements (e.g., replacing home plumbing, repairing or replacing HVAC systems, finishing basements).
  • Covering the costs of emergencies (e.g., replacing a broken computer, paying vet bills to care for your family pet).

Avant lets you get a rate quote without undergoing a hard credit pull. It conducts a soft credit check during this process, which won’t impact your credit score. If you decide to move forward with the loan application, a hard credit inquiry will be performed as part of the qualification process. 

You need to be at least 18 years old to apply for an Avant personal loan, and most of Avant’s customers have fair-to-good credit scores ranging from 600 to 700. Even so, you might be able to qualify for an Avant personal loan with a lower credit score.

Time to Receive Funds

Once you’ve been approved for a personal loan from Avant, you may receive your funds as soon as the next business day. Your loan funds will be delivered directly to your bank account via an ACH transfer. To receive a next-day funds transfer from Avant, your loan needs to be approved by no later than 4:30 p.m. (CT) on weekdays (Monday through Friday). Avant’s time to receive funds is better than average, relative to its competitors.

Avant Personal Loan Features

A great feature of an Avant personal loan is that you can use the loan to consolidate some of your existing debt into a single loan with a fixed interest rate. 

Debt Consolidation

If you’re approved for an Avant personal loan, the funds can be used to consolidate some of your debt into a single fixed-rate loan. This can simplify the repayment process since you’ll only have one payment to make and a single loan to manage. Plus, you’ll know exactly how long you’ll have to repay the debt. Furthermore, you won’t have to worry about the interest rate on your loan changing since your rate will be fixed upfront.

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Apply for an Avant Personal Loan

To apply for a personal loan with Avant, complete the following steps:

  1. Check your loan options online. The first step in the application process is to check your loan options by submitting a form online. This starts by providing basic personal information, including details about your monthly housing costs and income. Also, you’ll disclose how you plan to use the funds and the loan amount you’re requesting.
  2. Review your loan options and complete your application. Once you’ve submitted the first step, you’ll review your loan options and finish your online loan application. After you’ve submitted your application, Avant will review and verify the information you provided. This will include verifying your identity and bank account details. It will also include verifying your employment and income.
  3. Obtain documentation required for the verification process. During the verification process, Avant may require documentation to verify your bank account, employment, and income. Someone from Avant’s origination team will contact you directly to let you know what additional documentation, if any, is required. 
  4. Submit the required documentation. You can also review your Avant account dashboard to confirm which supporting documentation you’re required to submit. There are several options for submitting the documentation, including uploading them directly to your account, emailing the documents to [email protected], or faxing them to 866-625-0930. 
  5. Receive loan funding. Once your loan is approved, the funds will be distributed to the bank account you specified in your loan application as soon as the next business day. 

You can expedite the approval and funding process by quickly responding to requests for documentation. The faster and more accurately you respond to these requests, the quicker you may be able to get approved and receive funding.

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