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.
Pros and Cons
Pros
Flexible Credit Options. Avant offers credit cards with clear and transparent credit limits ranging from $300 to $3,000, making it easier for individuals to access credit based on their financial situation.
Wide Range of Loan Amounts. Customers can borrow between $2,000 and $35,000 for various needs, such as medical bills, home projects, or unexpected expenses, providing significant flexibility in loan size.
Partnership with Major League Soccer. The MLS Forward Credit Card powered by Avant allows fans to earn rewards, including 5X points on purchases from MLSStore, and other tiered rewards for spending on gas, dining, and groceries.
Support and Aecurity. Avant uses end-to-end industry-standard encryption and state-of-the-art technology to ensure the safety and security of customer data.
Accessibility. The Avant Credit mobile app allows users to manage their personal loan and credit card accounts from their phones, adding convenience to account management.
Cons
Fees and APRs. The Avant Credit Card has a $39 annual membership fee and a 35.99% APR, which could be high compared to some other credit cards available in the market.
Loan Administration Fee. Loans come with an administration fee up to 9.99%, which is deducted from the loan proceeds. This fee, especially if it's on the higher end, can significantly increase the cost of borrowing.
Limited Credit Limit Increase. After earning 6,000 Extra Points in a calendar year, all transactions revert to earning 1x Points, which may limit the rewards potential for heavy spenders.
How to Apply for an Avant Loan?
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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
Loan Amounts. Loan amounts range from $2,000 to $35,000.
APR. The Annual Percentage Rate (APR) ranges from 9.95% to 35.99%.
Loan Lengths. Loan terms range from 24 to 60 months.
Administration Fee. There is an administration fee of up to 9.99%.
Requirements
Minimum Credit Score. Applicants need a minimum credit score of 580.
Minimum Annual Income. A minimum annual income of $20,000 is required.
Verifiable Income. Proof of income, such as pay stubs or tax documents, is necessary.
Bank Account. Applicants must have a valid bank account.
Residency. Applicants must be U.S. residents.
Age. Applicants must be at least 18 years old.
Additional Resources
- About Avant
- Full Avant Account Review
- How to Apply for an Avant Loan
- How to Repay an Avant Loan
- Avant Mobile App
- Avant Customer Reviews
- All Avant Coupons and Promo for October 2024
