About Lender
Avant Loan is one of the leading online lending platforms in the United States. It offers personal loans, lines of credit, and other financial products to consumers with good or bad credit almost entirely online. The platform was founded in 2012 with a headquarters in Chicago, Illinois.
Since then, Avant has established a solid reputation in the online loan market. You may now borrow personal loans and acquire a credit card. As stated by the CEO during an interview with CNBC and many newspaper articles, the company's goal is to reduce fees and barriers that middle-income consumers face when seeking credit. You can get a loan with a FICO score of 580 or lower despite earning $20,000 per year.
Avant provides a convenient and straightforward way for consumers to access cash when they need it. The application process is quick and intuitive, and funding can be deposited into your bank account as soon as the next business day. It also offers flexible repayment terms and a wide range of personal loan amounts, so you can find a loan that fits your specific needs.
Avant offers a user-friendly mobile banking system, despite being a technology company rather than a bank. Through Evolve Bank & Trust, FDIC Member, it serves as a technology-focused financial services organization and a Banking-as-a-Service provider. You can use Avant Banking with Venmo, PayPal, and Cash App by linking your Avant Banking. You can learn more about their credit card and mobile banking in the Additional Services section.
Key features
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Avant-branded credit products. Avant offers personal loans ranging from $2,000 to $35,000 issued by WebBank, member FDIC. Borrowers can use the funds for a variety of purposes, including debt consolidation, home improvement, and unexpected expenses.
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Fast funding. Avant offers a quick online application process, and borrowers can receive a loan decision in as little as 15 minutes. Once approved, funds can be deposited into a borrower's account as soon as the next business day.
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Fixed interest rates. Avant offers fixed interest rates, which means that the interest rate will not change over the life of the loan. This can be helpful for borrowers who want to budget for consistent monthly payments.
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Flexible payment terms. Avant Loan lengths vary from 12 to 60 months, allowing borrowers to choose a payment plan that fits their budget.
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No prepayment penalty. Avant does not charge a penalty for paying off the loan early, which can be a benefit for borrowers who want to save money on interest charges.
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Accessible customer service. Avant offers customer support through phone, email, and chat, making it easy for borrowers to get answers to their questions.
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Credit-building tools. Avant offers a credit education section on its website, which can help borrowers improve their credit scores over time.
Pros and Cons
Pros
Cons
Reliability
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Secure and private. Avant emphasizes the protection of customer privacy through the use of end-to-end industry-standard encryption and state-of-the-art technology to ensure data security. The company uses 256-bit SSL encryption to protect borrowers' personal and financial information, and it has a robust fraud detection system in place to prevent unauthorized access to its platform. This commitment to security suggests a reliable approach to safeguarding customer information.
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Customer support. Offering real help from real people, Avant provides clear answers to customer questions via email or phone. This indicates a reliable support system for users to rely on for assistance.
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Informative resources. Avant maintains an extensive library of FAQs to help customers better understand their financial solutions, signaling reliability in educating and assisting users through accessible information.
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Next business day loan funding. For approved loans, Avant states that funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. This quick processing time demonstrates Avant's reliability in providing timely financial support.
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Transparent loan and credit terms. Avant provides clear information on loan amounts, APR ranges, and the specifics of credit card offers, including fees and credit limits. This transparency is indicative of a reliable financial services provider.
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Regulated and licensed. Avant, LLC is recognized with a Nationwide Multistate Licensing System number, and it operates under various state licenses, ensuring compliance with regulatory standards and reinforcing its reliability as a legitimate financial institution. Avant is also accredited by the Better Business Bureau and has an A+ rating, which is a testament to the company's commitment to customer service and ethical business practices.
How to Apply for an Avant?
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Visit website. Start by going to the Avant official page. Choose the financial product you're interested in applying for—either a personal loan or the Avant Credit Card from the main menu.
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Check your eligibility. For the Avant Credit Card, click on "See If You Qualify" to pre-qualify without impacting your credit score. For personal loans, select the "Check Your Loan Options" to see what you may qualify for.
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Complete the application form. Fill out the application form with your personal, employment, and financial information as requested. This may include your full name, address, income details, and social security number. Double-check the information entered for accuracy, then submit your application for review.
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Wait for a decision. Avant will process your application and provide you with a decision. This may happen relatively quickly, depending on their assessment process.
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Accept the offer. If approved, review the offer details carefully. For credit cards, this includes your credit limit and APR; for loans, it includes the loan amount, APR, and repayment terms. Accept the offer if it meets your needs.
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Receive your funds or credit card. For personal loans, funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. For credit cards, wait for your card to arrive in the mail, which may take a few business days.
Conditions and Requirements
Conditions
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Loan amounts and terms. For personal loans, Avant offers amounts ranging from $2,000 to $35,000 with APRs ranging from 9.95% to 35.99%. Loan terms vary from 12 to 60 months, with administration fees up to 9.99%. The specific loan amount, duration, and APR that a customer is eligible for may differ depending on their credit determination and state regulations.
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Credit card limits and fees. The Avant Credit Card offers clear and transparent credit limits from $300 to $3,000. There is a $39 annual membership fee for the credit card, and the APR is 35.99%, which may vary based on different offers provided through different channels.
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Security and privacy. Avant uses end-to-end industry-standard encryption and state-of-the-art technology to ensure the safety and security of customer data.
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Partnership with Major League Soccer. For MLS fans, Avant offers the MLS Forward Credit Card, allowing users to earn rewards based on their purchases related to the league, gas, dining, and groceries.
Requirements
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Application process. Applicants need to fill out an application form on the Avant website for either a personal loan or credit card. This involves providing personal, employment, and financial information.
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Credit check. For credit card applications, Avant allows potential applicants to see if they qualify without impacting their credit score. For personal loans, checking loan options might involve a credit check to determine eligibility but typically involves a soft pull initially that does not affect the credit score.
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Income verification. Applicants may need to provide proof of income as part of the application process to verify their ability to repay the loan or manage credit card payments.
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Age and residency. Applicants must be of legal age (from 18 y.o.) to contract and be a resident in the U.S. Specific age requirements can vary by state.
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Bank account. A valid bank account is required for the loan disbursement process and for managing repayments effectively.
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Documentation. Applicants might need to provide additional documentation as part of the application process, such as identification, proof of income, or residence verification, depending on the product applied for and the applicant's financial situation.
Ways to Receive the Money
Avant offers a streamlined and efficient way for customers to receive their loan funds, ensuring a quick and hassle-free process. Once a personal loan application is approved, Avant generally deposits the funds via ACH (Automated Clearing House) for delivery as soon as the next business day, provided the approval is completed by 4:30 pm CT from Monday to Friday. This method is direct, secure, and convenient, allowing borrowers to access their funds swiftly without the need for physical checks or in-person visits. Avant's approach to fund disbursement is designed to meet the urgent financial needs of its customers, making it easier for them to manage unexpected expenses or finance personal projects efficiently.
Products
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Personal Loans. Avant's flagship product is its secured and unsecured loans. These loans range from $2,000 to $35,000, with repayment terms ranging from 12 to 60 months. Personal loans can be used for a variety of purposes, including debt consolidation, home improvement, and unexpected expenses.
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Credit Cards. Avant also offers credit cards to eligible consumers. These cards come with competitive interest rates and no annual fees. Additionally, cardholders can earn rewards points for every dollar they spend, which can be redeemed for cash back or statement credits.
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Installment Loans. In addition to personal loans, Avant also offers installment loans. These loans have fixed payments and fixed interest rates, making them a predictable way to finance large purchases or unexpected expenses.
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Home Improvement Loans. Avant offers home improvement loans specifically designed for homeowners who need to repair or renovate their homes. These loans are typically larger than personal loans and can be used for projects such as roof repairs, kitchen remodels, or new windows.
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Emergency loans. These loans can be funded quickly, often as soon as the next business day, and can range from $2,000 to $35,000, depending on the borrower's needs and creditworthiness. Emergency loans from Avant are typically personal loans with fixed interest rates and repayment terms ranging from 12 to 60 months. These loans can be used for a variety of purposes, including medical bills, car repairs, or home emergencies. Additionally, Avant's easy online application process and accessible customer service make it easy for borrowers to get the help they need when they need it most.
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Debt Consolidation Loans. Avant also offers debt consolidation loans, which can be used to consolidate high-interest credit card debt into a single, more manageable monthly payment. These loans typically have lower interest rates than credit cards, making them a smart choice for consumers looking to reduce their overall debt load.
Other Personal Loans
Reasons for Loan Refusal
Avant does not explicitly list specific reasons for loan denial, but based on the information provided, there are several factors that can lead to a loan application being denied at Avant. These factors often include insufficient credit score or credit history, which indicates to lenders a higher risk of default. Other reasons could involve the applicant's income not meeting the minimum requirement, high debt-to-income ratios, or inconsistencies and inaccuracies in the application information. Additionally, failure to meet specific loan product criteria, such as the minimum and maximum loan amounts, or not residing in a state where Avant operates, could also result in a loan application being declined. Avant aims to offer financial solutions tailored to individual needs, emphasizing the importance of meeting their set criteria and providing accurate, verifiable information during the application process.
How to Repay an Avant?
To ensure a hassle-free repayment process for your Avant loan, you have various options available. Firstly, you can opt for automatic payments through Automated Clearing House (ACH), where the installment amount is debited from your bank account on the due date provided your account holds sufficient funds. If you prefer to pay via check, you can mail it to Avant, LLC at the provided address, ensuring to include your customer ID and loan ID in the memo section. For credit card or debit card payments, you can contact our Customer Support team to arrange the transaction. It's important to note that post-dated checks are not accepted, and if you require a payment to be applied on a specific future date, alternative arrangements must be made either through your account portal or by contacting customer support. Additionally, if you opt to send a check overnight, specific instructions must be followed for delivery. Finally, for remotely created checks, Avant can generate them on your behalf with your provided bank account information.
Loans like Avant
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Avant Account Review
- How to Apply for Avant Loan
- How to PayOff Avant Loan
- Avant Mobile App
- Avant Customer Reviews
- All Avant Coupons and Promo for September 2024
- Avant Loans for September 2024
