Avant Review

Avant Review

Avant Features

-Fast Approvals
-No Prepayment Fees
-Loan amounts range: $1,000 to $35,000
-APR ranges from 9.95% to 35.99%
-Loan lengths range: 24 to 60 months.

 

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Avant, formerly known as AvantCredit (avant.com), has been operating as a personal loan lender since 2012 and is well-known for its experience in the sphere of online lending and working with consumers who have low credit scores. Avant also works with installment loans.

Avant is gaining popularity because they report to three major credit bureaus, which means that if you are a reliable borrower and make payments in due time, it may improve your credit score. Apart from that, Avant was one of a handful of lenders accredited by the BBB in 2015.

The company is located in Chicago. Having made their first loans in 2012, the company had reached over $3 billion in loan originations for over 400,000 customers by 2016. Founders of one of the leading payday companies, CashNetUSA, are part of Avant’s team.

The funding raised by the company is about $130 million (from Victory Park Capital, QED Investors and August Capital). Avant seems to be the right choice for applying for a personal loan, as their team is highly professional and they are a state-licensed company. The process of application is fast and hassle-free, it will not take you more the 15 minutes and the funds are received within 24 hours. Cash is deposited directly into the customer’s checking account. Loan requirements are transparent and lending terms are affordable.

Avant Rates, Terms and Fees

The company’s rates and terms generally depend on the customer’s financial position and are based on data submitted in their application. The factors which are taken into account are as follows: the applicant’s credit history and employment history, loan repayment information. You may have to pay the so-called Administration fee, which depends on your APR and makes from 0.95% to 4.75% of loan amount and which is automatically deducted once the loan is funded.

The Administrative fee is of non-refundable character and gets assessed only in the case a loan is issued. For instance, if you get approval for a $1,000 loan, your Administrative fee will make 3.75% or $37.50. Consequently, the amount you receive is $962.50. There is no pre-payment fee, but there is theso-called late fee: $25 after 10-day grace period.

APRs generally vary from 9.95% to 35.99%. The rate you qualify for depends on the place of residence, the customer’s credit history and the terms of a loan. For example, if a customer applies for a $6,500 loan with an origination fee of 3.75%, the loan (to be repayable in 36 monthly installments) will have an APR of 29.95% and monthly payments will make $265.40.

The Amount You Can Qualify for.

The amount a customer is entitled to varies from $1,000 to $35,000, with loan terms ranging from from 24 months to 60 months. There are no prepayment fees and personal-check processing fee. The amount of loan you may qualify for depends on your credit and employment history, state you live in and repayment information.

What Is the Application Process Like?

The application process is fast, simple and hassle-free. Once your application form is ready, you may get a reply within some minutes. The process of approval, however, takes a little longer, if some additional information is required. Once your loan gets approved, the cash is transacted into into your bank account within 24 hours.


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