Avant Loans

Avant is an online lender that specializes in offering personal loans and credit card products designed to meet the financial needs of a wide range of borrowers. Founded in 2012, Avant has quickly established itself as a reliable and accessible option, particularly for individuals with fair to average credit scores.

Borrower Requirements for Avant Personal Loans

• Age: Must be at least 18 years old.
• Citizenship: Must be a U.S. citizen or permanent resident.
• Credit Score: Minimum credit score of 580.
• Income:
  • Must have a verifiable and stable income.
  • Required to provide proof of income (e.g., pay stubs, bank statements).
• Employment: Must provide information about employment status.
• Housing: Must provide details about type of residence and monthly housing costs.
• Bank Account: Must have a valid U.S. bank account for fund disbursement.
• Identification: Valid ID required (e.g., driver’s license, passport).
• Residency: Avant personal loans are not available in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, and West Virginia.

Loan Terms and Conditions

Key Features of Avant Personal Loans

1. Loan Flexibility:

Loan Amounts: Avant offers personal loans ranging from $2,000 to $35,000, providing flexibility for various financial needs, whether it’s for debt consolidation, home improvements, medical expenses, or unexpected emergencies.

Loan Terms: Borrowers can choose repayment terms from 24 to 60 months, allowing for tailored repayment plans that suit individual financial situations.

2. Accessibility:

Credit Score Requirements: Avant is accessible to a broader audience, including those with fair to average credit scores. A minimum credit score of 580 is generally required, making it an attractive option for those who may not qualify for loans from traditional banks.

Prequalification: Avant offers a prequalification process that uses a soft credit inquiry, allowing potential borrowers to see conditional loan terms and interest rates without impacting their credit score. This feature is particularly beneficial for rate shopping.

3. Competitive Interest Rates:

APR Range: The Annual Percentage Rate (APR) for Avant loans ranges from 9.95% to 35.99%. While the upper end of this range is higher compared to some competitors, it reflects the risk associated with lending to individuals with lower credit scores. Borrowers with better credit profiles can secure more favorable rates closer to the lower end of the spectrum.

4. Fee Structure:

Origination Fees: Avant charges an origination fee, which can be up to 9.99% of the loan amount. This fee is deducted from the loan proceeds at the time of funding.

No Hidden Fees: Apart from the origination fee, Avant does not charge prepayment penalties, allowing borrowers to pay off their loans early without incurring additional costs.

5. Speed of Funding:

Quick Disbursement: Avant is known for its fast funding process. Once a loan is approved, funds can be disbursed as soon as the next business day, making it a viable option for those in need of quick financial assistance.

6. Customer Support:

Accessibility: Avant provides robust customer support through various channels, including phone, email, and online chat. Their customer service team is available to assist with the loan application process, answer questions, and provide ongoing support throughout the life of the loan.

How to Apply for a Avant Loan?

Avant offers a quick and easy online application process for personal loans. Here’s a step-by-step guide to help you understand how to apply for a loan with Avant:

1. Prequalify

Information Required:

• Personal Details: Provide your name, address, email, date of birth, and Social Security number.
• Residence Details: Type of residence and housing costs.
• Financial Information: Income type and amount, loan purpose, desired funding amount, and credit quality.

Process:

• Soft Credit Inquiry: During prequalification, Avant performs a soft credit check, which does not impact your credit score.
• Conditional Loan Terms: Based on the information provided, Avant will offer conditional loan terms within minutes.

2. Receive Loan Terms

Review and Documentation:

• Conditional Terms: Carefully review the conditional loan terms provided by Avant.
• Supporting Documents: You may need to submit additional documentation, such as proof of income or residence, to move forward with the application.

Hard Credit Check:

• Credit Evaluation: If you decide to proceed with the application, Avant will conduct a hard credit check to pull your credit score and credit report, which may impact your credit score.

3. Approval and Funding

Approval Process:

• Final Approval: If you prequalify and agree to the loan terms, you are likely to receive final approval for the loan.
• Funding: Once approved, Avant can disburse the loan funds by the next business day.

Funding Details:

• Administration Fee: If your loan includes an administration fee, the amount deposited into your bank account will be slightly less than the total loan amount, as the fee will be deducted upfront.

Avant Loans FAQs: Detailed Information