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Avant (formerly, Avant Credit) is one of the largest online lenders in the United States, having served over 450,000 consumers.
Why We Like Them
Avant offers great flexibility in its loan payment, in the event that a borrower may miss a payment. While they do charge a fee, they also have a highly touted “late fee forgiveness program.” After missing a payment, this allows the borrower to still avoid fees if the next three payments are on time. They also have no penalties for early payments, unlike many lenders.
• Loan Amount: $1,000 - $35,000
• APR: 9.95% - 36.00%
• Loan Term: 24-36 months
• Min. Credit Score: 520
Half of the borrowers that come to Avant take out a loan in order to consolidate other debt. Avant borrowers typically have credit scores in the 600-700 range with an annual income between $40,000 - $100 USD. Also, Avant says that the typical borrower that takes out an Avant loan raises their credit score by an average of 12 points in the first six months. There is no set minimum credit score to be approved or an Avant loan, but typically, borrowers with less than a 580 FICO will probably be denied. However, if you have a FICO score lower than this, you might be approved if you have years of credit history. Avant operates in nearly all 50 U.S. states as well as the United Kingdom. They typically have a small origination fee at the start of the loan, which can be as little as <1% of the loan’s value and is typically much less than that of the competition. Avant has been one of the fastest growing companies and has over a $1 billion valuation.
Help and Support
If customers need assistance with their loan, they can contact Avant at firstname.lastname@example.org or call their toll-free help line at 1-800-712-5407. They are open from 8am-11pm EST on Mon-Fri and 8am-9pm EST on Sat-Sun.
Avant is a good option for the borrower who doesn’t have a perfect credit history, may have other debt at higher interest rates and is looking to save some money each month. Not only do they make receiving money easy, but they reportedly have solid customer service. In a survey conducted by Avant, 95% of their customers left satisfied and 9 out of 10 would recommend the service to a friend.
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Is a Personal Loan Right for Me?
If you do not have access to funds to make a purchase or pay down debt on your own then taking out a personal loan may be right for you. Personal loans can help consumers with a variety of needs in different credit situations. Paying down debt with a personal loan is a great solution for many Americans. They can help those stuck carrying large balances on credit cards making small or minimum payments-especially if the interest rates on your credit cards are higher than you would have with a personal loan. Consumers with good and excellent credit (720 and above) frequently see rates between 6% and 10% which is significantly lower than credit card rates and competitive with other methods of financing. Personal loans can make it easier to finance home improvements, purchase a car, or cover unexpected expenses.
Pros of Personal Loans
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