Financial contingencies can be a real toughie, especially when there’s limited access to the desired funds. Since traditional lending processes can be long and filled with exhaustive procedures, the lender undoubtedly needs a quicker and more efficient way out of their problem. However, all hope is not lost as those who need quick money can consider applying for a loan online.
In today’s world, online loaning is the quickest and most efficient way to get the money you need. Unfortunately, many companies claim to give the best services, making it hard for borrowers to decide. As one of the companies that stands out from the crowd, Avant.com is the perfect guiding light to quick, reliable cash.
Table of Contents
- Overview of Avant
- Pros of Avant
- Cons of Avant
- Overall Reputation and Reviews for Avant
- Questions and Answers About Avant
- Conclusion
Overview of Avant
Founded in 2012, Avant’s vision was to make the borrowing experience an interesting ride for those with financial holdups. With its dedication to customer satisfaction over the years, the company has risen among the ranks and made a name for itself in the industry.
With its headquarters in Chicago, IL, Avant has been a major help to over 1,500,000 people looking for fast funding. It is supported by some of the most reputable investors in the fintech space. The company also created a well-developed app to make sure the process is easily accessible to everyone.
Also, clients who have questions are not left in the dark. Avant is known for giving fast responses and thoroughly guiding every potential client through everything they need to know. It’s also worthy to note that answers and important updates can be found in their blog.
No doubt, the goal of the company was to break down any wall that might be between a client and getting a loan. With their consistent success over the years, they have been keeping their word. To paint a clearer picture of what they have to offer, here’s a list of the pros and cons that come with choosing Avant.
Pros of Avant
Since Avant is one of the best online loaning companies in the United States, it no doubt has a ton of benefits that set it apart from its competitors. Take a quick look:
- Personal loans for every borrowing
- Transparent credit for everyone
- Speedy funding and convenience
- Fixed payment
- Mobile app
- Responsive customer care service
Personal Loans for Every Borrowing
AvantCredit is in partnership with WebBank. This collaboration gives lenders quick access to personal loans and makes sure that they can choose between high-interest loans, unexpected loans, and home improvement loans.
The best part is, it’s possible to borrow between $2,000 to $35,000 in less than two days. Also, one can easily apply for the loan in minutes through a clear and transparent form-filling process. Checking eligibility scores will also not affect the credit score in the long run.
Transparent Credit Available for Everyone
Avant helps their clients pay for exactly what they need with the Avant Credit Card. They boast of having no hidden fees, no fraudulent liability for unauthorized charges, and no deposits required.
The credit card application process is also fast and smooth-running, providing round-the-clock payment on their website portal and giving clients opportunities to use the card responsibly.
Speedy Funding and Convenience
Several traditional lending methods are known for being time wasters. For example, a bank might take a long time to perform thorough credit checks that will no doubt leave lenders on the edge of their seats. On the other hand, Avant will deposit quick funds that will meet whatever contingency the client needs to pay for in due time.
The clients can receive funds the very next day, making the online loaning system the most advisable option today.
Fixed Payment
The loan lengths stretch between 24-60 months, giving borrowers all the time they need to get their bearings. However, when paying back loans, it’s a bad idea for borrowers to pay back at a different schedule than what they originally selected. Doing so can make it difficult for the borrower to readily meet their payments.
Avant will aid borrowers in consolidating their debt into one single monthly payment, making it super easy to maintain a stable stream of payment. There’s also the aspect where borrowers get to make extra payments or even pay off their loans earlier than planned without having to pay any fees or fines.
Mobile App
Several online lenders don’t have mobile apps. Avant, however, has set itself apart by embracing this modern approach. With their app, borrowers can easily make payments, view their history, and adjust due payment dates. They have access to their account, allowing them to keep track of everything going on and always receive updates about new developments.
Responsive Customer Care Service
The worst that could happen to someone looking to access loans from an online company is not being able to get across to customer care representatives. Not only is it discouraging, but it also pushes them to make uninformed decisions that could affect them negatively in the long run.
Avant boasts of having a team of patient and responsive customer care representatives or specialists who will guide the individual every step of the way.
VIDEO: Avant Featured On Mad Money (CNBC)
Cons of Avant
No company is 100% percent perfect. Despite being one of the best online loan companies in America, even Avant suffers a few drawbacks. Here is a quick run-through of the cons that come with choosing Avant.com as your online loan company:
- Too many fees
- High APR disadvantageous to borrowers with good credit
- Low maximum borrowing limit
- Creditors don’t get directly paid
- No joint loan or co-signed option
- No Credit Card Rewards
Too Many Fees
One of the things that make potential borrowers wary is the amount that Avant charges in the long run. They charge borrowers an administrative fee that is a whopping 4.75%, which will ultimately be deducted from how much they loan. Avant also charges returns and late payment fees.
For those who are trying to cut costs, the heavy fees just might be a major discouraging factor.
High APR Disadvantageous to Borrowers With Good Credit
The APR for Avant’s personal loans begins at 9.95%, automatically making it disadvantageous to borrowers with good credit. In the end, borrowers with credit rates higher than 700 may qualify for better rates at another online loaning company, forcing them to opt out of Avant’s services.
Low Maximum Borrowing Limit
Avant is proving to be a little tight-fisted with their low maximum borrowing amount. At $35,000, borrowers with higher financial needs will undoubtedly get forced to look somewhere else, especially since some companies go as high as $100,000 or more.
Creditors Don’t Get Directly Paid
In the event that a borrower is consolidating high-interest cards or credit cards, Avant deposits the cash right into their account instead of helping them pay the debts. Other competitors offer direct pay features, making the consolidation process a rather simple one.
No Joint Loan or Co-Signed Option
With Avant, borrowers are not allowed to include co-borrowers or co-signers in their loan applications. However, competitors are known to include both features as a way to help borrowers qualify without having to use collateral.
No Credit Card Rewards
Avant credit card offers no rewards or incentives to its users. This might not be a turn-off for those after building fair credit. However, people who are all about stacking up points with their credit cards will be sorely disappointed.
Another downside to the credit card is that it charges a $39 annual fee. So, those already wary of this particular card might balk at the thought of having to pay that amount at the end of every year on top of the high interest rates.
Overall Reputation and Reviews for Avant
With a 4.7 star rating on Trustpilot, Avant online loan company has made a good name for itself. Most borrowers are satisfied with the loaning system and pleasant customer service. It is, however, impossible for a company to have a stellar slate without a few bad reviews.
However, despite their relatively high Trustpilot rating, they suffer a bit on the Better Business Bureau website. While they aren’t BBB accredited, they do have consumer reviews, which average at 1.35 out of five stars.
There are those who have had unfavorable experiences with the company’s payment policy. Also, complaints have streamed in about how slow the website can be. In other instances, bad reviews about the credit cards were also recorded.
Questions and Answers About Avant
Of course, you may still have questions about an Avant review. Let’s answer some of the most frequently asked questions!
What State Does Avant Operate In?
Ever since starting in Chicago in 2013, Avant has spread its wings all over the U.S.. Clear as day, the company is making a deliberate effort at being the most popular online loaning company in the country. Now it fully operates with a license in the following states:
- Alabama
- Arizona
- Arkansas
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Minnesota
- Missouri
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
What Type Of Loans Does Avant Offer?
Avant has a wide spectrum of loans for people with different needs, making them easily accessible. For a clearer picture, here are the different loan types the company offers anyone willing to trust them to deliver:
Debt Consolidation
The most common reason why borrowers take out unsecured loans is debt consolidation. In this situation, the borrower takes two or more loans and pays them off with the Avant loan. Here, the repayment process is streamlined, giving the borrower only one payment to worry about instead of several in each month.
Emergency Loans
When an unexpected bill shows up, it becomes an overwhelming weight to handle. However, the affected person can apply for an Avant loan to pay off the financing contingency and later repay it with the company’s repayment plan. Emergency loans can be used for a number of things, such as home repair, lost valuables, medical or dental bills, and many more.
Start-Ups
Avant is great at helping out people who want to start up their business but lack the funds to do so. The company will help out with funding the new business or refinancing ongoing businesses that need financial turnarounds. The best part is, the funds will be disbursed with immediate effect, so borrowers wouldn’t have to worry about being kept waiting.
Home Improvement
When people want to refurbish parts of their homes, Avant loans are the perfect go-to. They can be used to renovate areas of the house without having to take up refinancing or getting approved using equity. The loan can be used to purchase furniture, plant gardens, purchase new security systems, and so much more.
VIDEO: Avant Founder Discusses His Business Model
How Do I Qualify for Avant Loans, and Do They Require a Service Check?
There are several things that can make a borrower qualify for Avant loans. Nonetheless, if they have very good credit, then it’s best they walk away as the loan company only awards those with average credit scores. For more insight, here is a list of things that will make borrowers qualify:
Average/ Below Average Credit
Avant loans are perfect for people with low credit scores. The company has made it clear that potential borrowers are required to have an average credit rating, ranging from 550 or 600 to a 700 credit score.
Modest Source of Income
Avant also weighs the borrower’s credit history, expenses, and monthly net income before they can qualify for a loan. Also, annually, borrowers who have an average of $40,000 will be able to get a loan.
A Borrower Without the Help of a Co-Borrower
Borrowers cannot qualify for an Avant company loan if they bring in other parties to be on the loan. The company only allows one person who has qualified with their personal credit rating and history.
Note: For borrowers who do not have a credit history, it’ll be hard for banks to decipher how risky they may be as borrowers. Though there are occasions when it’s possible, there are a number of risks involved. In the end, it is advisable for borrowers to build a solid credit history before applying for a long-term loan.
As usual, Avant performs a soft credit check, allowing borrowers to check what terms and rates will be available. However, the fast check will not affect credit scores and will only make the results visible to the borrower only. If they go on with the application, Avant will perform a hard credit fast check, which ultimately affects the credit score and makes it more visible to third parties.
How Much Do Avant Loans Cost?
The Avant loan company allows their customers to borrow anywhere between $2,000 to $35,000. The yearly interest they pay, which includes the fee, is called the Annual Percentage Rate (APR), and it ranges from 9.95% to 35.99%. The specific numbers solely depend on the borrower’s credit score and the existing laws in the state.
The loan company takes in a vast range of credit scores than other competitors, making their APRs run pretty slow. It results in borrowers with lesser credit scores being forced to pay more interest than they should. The loan terms also last between 24-60 months, making payment a rather hectic process.
If the borrower pays late, Avant will charge close to $35 in fees. Also, a dishonored payment will rack up a fee close to $15. However, it’s important to note that there are no payments or penalties, so borrowers can pay back their cash loans early if they want or are able to.
In the end, the best way for people to stay in the loop for Avant loan payments is to keep an updated eye out. The late and returned payment fee has the tendency to add up in the long run, causing the borrower to pay a ton of money.
VIDEO: Lengthy Q&A With The Founder Of Avant
Conclusion
The Avant loan company is one of the best online lending platforms today. With an ever-growing reputation, they give the very best services to people looking to give their financial situation a major boost. The best part is they’re accessible to pretty much everyone.
The application process is also simple to follow. All potential borrowers need is to fill a form with their:
- personal information
- monthly net income
- monthly house payments
- loan amount
- credit score
- reason for the loan
The potential borrower must be over 18 years, have an up-to-date identification and also have a bank account that receives ACH or electronic transfers. Once the application is approved, it’s left for the borrower to select a fixed monthly repayment option, electronically sign the application form and provide their bank details.
Another thing that sets Avant apart is that borrowers also get to receive funds with immediate effect. Also, they get to manage their loan with the all-encompassing Avant app. In addition, customer care representatives are more than ready to help anyone who has further questions about the loan application process.
Seeing that there are several online loan companies, it is not a surprise that settling on the best might be a tough decision to make. Avant, with their ability to give close to 100% satisfaction, has made every borrower’s decision-making process a lot easier. No doubt, the company has everything they’d need for that much-needed financial boost.