Avant Loans Review
As a prominent online lender, Avant is known for catering to customers with below-average credit looking for a personal loan.
About Avant Loans
Avant is an online personal loan supplier that prides itself on providing a simple process that is easy to pay back and caters to those whose credit is not good enough to get a prime loan.
Avant has provided loans to more than 500,000 borrowers, and offers equal monthly payments, no prepayment fees and late fee forgiveness.
Part of Avant’s appeal is their online rate check tool which allows you to see what your personal rate would be without dinging your credit score.
That transparency has been well-received by customers.
Avant operates in every U.S. state except for Colorado, Iowa and West Virginia.
222 N. LaSalle St., Suite 1700
Chicago, Illinois 60601
U.S.: Chicago & Los Angeles U.K.: London
Avant offers personal unsecured loans from $1,000 to $35,000.
All loans are secured at a fixed rate for 12-60 month terms, with no prepayment penalty and a late payment forgiveness program.
Avant also reports repayments to the Credit Bureau so it makes a great option for those looking to build or rebuild their credit.
Types of Loans
Used to pay off multiple debts in one monthly payment
Home Improvement Loans:
Used to remodel, repair or build additions to a house including buying furniture, home security systems, kitchen appliances, finishing a basement or landscaping
Home and Auto Repairs, including roof damage and burst or leaking water pipes
Vehicle Repairs, including labor, repairing or replacing parts
Medical or Health Bills: Medical treatments, procedure or medication
Lost Valuables including technology that has been lost or stolen
Avant’s Terms of Service
- The minimum loan offered by Avant is $1,000 and the maximum is $35,000.
- Terms of the loans are from 12-60 months.
- The interest rates run from 9/95% to 36%, and the origination fees are between .95% to 3.75%.
- There are no prepayment penalties (meaning it does not cost you more if you pay off your loan earlier than the agreed term), and they also offer some late payment forgiveness.
- Fees may vary state-to-state.
Avant offers a late payment forgiveness program in which a borrower is charged $25 if their monthly payment is over 10 days late.
However, if the borrower pays the next three payments on time, Avant will refund the $25.
Avant also encourages customers to contact them if they are having difficulty paying their loan.
They may be able to adjust the monthly due date.
Avant will work with borrowers to try and find an individualized loan suitable to their needs, but the average customer has a credit score around 600-700, and have an annual income in the $40,000 range.
Eligibility is also based on other factors including credit check, employment and loan repayment history.
Borrowers can check their loan rates by entering their information into the “Check Your Rate” tool on the Avant website before applying so they can decide whether or not to apply without affecting their credit score.
Avant will, however, check their credit score after they have submitted their application.
Avant’s online application is quick and easy two-step process, taking about five minutes.
The form is self-explanatory and clearly indicated all applicant documentation required.
If an applicant is approved, they can expect to receive funds the next day.
The “Check Your Rate” Tool
In order to check your rate online, you must create an Avant password-protected account. You will be required to submit the following information to create your account:
- Contact information
- Income type
- Social security number
- Monthly net income
Review Your Loan Options
After submitting the information in the “Check Your Rate” tool, you will be immediately presented with the loan options available to you. Review your options and if they are suitable, complete the form with your electronic signature.
Standard Verification Process
All applicants are required to verify their identity and Avant provides an electronic knowledge-based authentication (KBA) tool to achieve this efficiently. The KBA asks applicants a number of individualized questions to verify information like employment and bank account details.
Additional Verification Process
Some applicants maybe asked to provide further confirmation through documentation. In this case, a representative from the Avant Originations team will make contact to complete the verification process.
Avant Loan’s Ratings
- Better Business Bureau rating: A+
- NextAdvisor: 4.5 out of 5 stars
- LendingTree: 4.6 out of 5 stars
- SuperMoney: 4 out of 5 stars
- Consumer Reviews: 1.5 out of 5 stars
- NerdWallet: 4 out of 5 stars
- BestCompany: 7.1 out of 10
- TopTenReviews: 8.95 out of 10
Avant’s User Friendliness
Avant’s “Check My Rate” tool provides an algorithm that customizes rates easily for customers they can see their loan options without it affecting their credit score.
This transparency is extremely useful for applicants.
Avant use of the electronic knowledge-based authentication (KBA) tool provides straight-forward verification from the convenience of home
The application process is very smooth and takes about five minutes.
After approval, funds can be released by the next day.
Avant Mobile App
Avant also offers an app that allows customers to manage their loans through their device, including payments and push notifications.
Avant has consistently rated high on their customer service.
They seem to offer a positive corporate culture which is reflected in the knowledge, courtesy and effective customer service staff.
Customer service is available seven days a week by phone (800.7112.5407).
The hours of operation are Monday to Friday, 7am to 10pm, Central time, and Saturday to Sunday, 7am to 8pm, Central time.
Is Avant safe and legitimate to use?
Although relatively new, Avant has a great rating with the BBB.
All the loans are distributed by an FDIC-insured industrial bank called WebBank.
The bank is accredited with the BBB and also scored an A+.
This proves the assurance that Avant is a legitimate and safe lending option.
- Can apply with a low credit score
- Excellent customer service 7 days per week
- Late fee forgiveness
- Reports to Credit Bureaus
- High APR
Can I defer a payment with Avant?
Avant offers Late Payment Forgiveness.
If you are over 10 days late on a monthly payment, Avant will charge you a $25 fee.
However, if you pay on time for the next three months, they will refund the late fee.
If you are having difficulty paying your monthly bill, contact Avant as they can adjust your due date to provide you with extra time to make your payment.
Can I pay an Avant loan off early?
Avant loans can be paid off early without penalty.
Can I have more than one loan at the same time?
You cannot have more than one loan at the same time with Avant, but you may be able to refinance your loan at a lower interest rate.
Will I get multiple calls/emails after signing up with Avant?
Most likely no.
There does not seem to be any customer complaints about Avant making contact more than once after loan approval.
What is Avant’s rating by the Better Business Bureau (BBB)?
Avant’s Better Business Bureau Rating is A+.
Does Avant run my credit score? Or affect my credit score?
Avant’s process allows you to “Check Your Rate” upfront so that you can see your loan options without running your credit score or affecting your credit.
They will, however, check your credit if you then decide to apply for a loan.
What are the most common complaints about Avant?
The most common complaints about Avant involve non-approval or everyday banking mistakes.
Those who are not approved for loans have many questions about why, but luckily, Avant endeavours to respond to public complaints about their service.
That is not true of most lenders.
What credit score does Avant credit require?
Avant does not require a minimum credit score, but your best chances for loan approval are if you credit score is over 580.