Avant is a leading online lending platform that targets on borrowers with fair or bad credit. You only need to have a credit score 580 to considered for the loan. Most of the borrowers who get approved have credit score in the 600 range. Many other online lenders like One Main Financials have higher minimum credit score from 620 – 680.
Founded in 2012, they have already approved more than 600,000 loans and funds a total of $4 billions in loans. Avant lets their customers manage their loans through a mobile app. When you sign into the app, you will be able to see how much balance you have, payment history, and submitting a new payment. Avant has a late fee refund forgiveness program where the late fee is refunded to you if your diligently make repayment for 3 consecutive months. The late fee is only charged with you are late for over 10 days.
With Avant, you can borrow from as little as $2,000 and up to $35,000. For the installment period, you can choose from 24 months – 60 months. The customer will receive all the funds upfront and not little by little as they spend. All Avant loans are funded via WebBank. Avant loans are unsecured which means they don’t require the borrowers to provide a collateral.
If your application meets the eligibility criteria, they will release the funds in 2 days. Avant is flexible in that it offers several repayment options for customers. Autopay is not the only option they offer. If you prefer not to make repayment through autopay, you can choose to make repayment through check, credit/debit card, and money order.
Additional Lenders To Consider For Bad Credit Loans
Applicants must be us residents, be at least 18 years of age and have a social security number (SSN) to qualify for an Avant loan. Many of the borrowers that take out personal loans with Avant use them for the purpose of debt consolidation. Avant is only available to certain states in the USA including Iowa, Colorado and West Virginia. Through the Avant Referral Rewards program, you and your friend whom you refer can earn a $50 rewards card.
Avant interest rate can be a bit expensive. They charge an interest rate in the range of 9.95% – 35.99%. In addition, they also charge an origination fee of up to 4.75% depending on the amount that you borrow and which state you reside in. The origination fee is automatically deducted from the funds prior to being released to you.
Avant has mostly positive reviews because their customer service is friendly and responsive. They are fast in reviewing the application and release the funds. Avant loans can only be used for personal purposes for example paying utility bills, home improvement and consolidate credit card debts. It is not intended for use to fund business expenses.