Avant Avant
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Avant Review

Avant
Rating:
Bottom Line:
Good choice for those with fair to average credit; excellent customer service and reporting to the credit bureaus are a plus

Full Review:
Avant offers personal loans to customers in most states across the U.S. as well as the District of Columbia. Although the rates aren't quite as low as others, the service has an excellent reputation and highly responsive customer service. Avant is a great choice for those who might not have the best credit but still want to take out a loan.


Types of Loans Available

Avant offers personal loans, distributed by Utah-based WebBank. Most of Avant's loans range in amounts from $1,000 to $35,000 with interest rates ranging from 9.95% to 36%. However, some states have different minimum amounts that you can borrow or maximum APRs; such as Massachusetts which has a minimum loan amount of $6,100, or New York which has a maximum APR of 24.99%.


Detailed information on each state is available on the website. The amount you can borrow and what your interest rate will be is determined by Avant's analysis of your application and financial information. Borrowers can open a loan to consolidate debt, plan a home improvement project or fund an unexpected life event, such as a medical expense.


Qualifying

To qualify for a loan with Avant, you must be 18 years old or older and have a bank account that can accept ACH transfers. It is also important to have a valid driver's license or government-issued ID in case proof of identification is necessary. When evaluating your application, the service will look at a variety of factors, including your credit score, current income, debt-to-income ratio and credit history. Avant boasts itself as a smarter alternative to payday loans or credit cards, and is thus open to accepting applications from those who are less than creditworthy, although it does have a minimum of 580. Keep in mind, though, that the poorer your credit, the higher your interest rate is likely to be.

Loans through Avant are not available to residents of Colorado, Iowa, and West Virginia at this time




Application Process

The application process is done entirely online. First, you will need to submit a form to check your rate quote. This is free to do and does not affect your FICO® score. To receive a quote, you will need to provide your full name, address, income information and social security number. If approved, you will be presented with your options for borrowing. After deciding on an amount to borrow, you will complete your application and e-sign the loan contract. As soon as this is done, your money will be deposited. Funds are generally deposited via ACH for delivery next business day if approved by 4:30 p.m. CT Monday through Friday.


Repayment and Fees

Repayment periods for Avant's loans are anywhere from 12 to 60 months, depending on the amount you borrow. The service prefers customers make automatic electronic payments, debited from their bank accounts each month. However, if you would prefer to pay in another way — such as by check — you can call Avant's customer service to work that out. Avant reports your payment history to the three major credit bureaus, which is a plus for borrowers with less-than-perfect credit who are looking to boost their credit score.


Like most other personal loan services, the only additional money you will have to pay back on top of the amount you borrow is the interest incurred. Avant's loans are fixed-rate, which means all of the interest you pay is calculated at the time of your loan and each payment will be detailed from beginning to end. A $25 late fee will be charged if you are 10 days past due on a payment. Additionally, any failed payment will be charged a $15 "Dishonored Payment" fee. While these fees are more or less the same for most states, some differ. It is a good idea to check your state on the Avant website to be sure what the policies are.

If you should run into financial hardship, Avant offers assistance. Eligible borrowers can receive a courtesy due date adjustment for extra time making a payment.


Trustworthiness

Launched in 2012, Avant is a relatively new personal loan business. The company currently has an A+ rating with the Better Business Bureau and is accredited with the organization. Each individual state page on the rates and terms section of the website prominently displays a viewable copy of Avant's license as a money lender in that state — which is always nice to see.

Loans not distributed through Avant itself are through WebBank, which is an FDIC-insured industrial bank located in Utah that has been in business since 1997. WebBank currently has an A+ rating and is accredited with the BBB.




Customer Support

Avant really shines when it comes to customer service. In addition to a phone service staffed by representatives that are pleasant and informative, the company offers live chat that is fast and easy to use. Avant's live chat is available as a black pop-up box labeled "Questions? Just ask!" that sits at the bottom of your screen at all times. Each time we tested it, we received a response almost instantaneously. When no one is available for live chat, it provides a phone number you can call instead. Avant also has an email address you can use for support. All three customer service methods are available seven days a week.


Conclusion

Although Avant is new to the personal loan game, it has a lot to offer to potential customers — especially those with average or lower credit who will benefit from having payments reported to the credit bureaus. While interest rates are a little higher than other services, Avant is transparent in its terms and offers some of the best customer service we've seen from a personal loan service.

Compare to other Personal Loan Services

If you have a question or concern we haven't answered on our site, please let us know. Your question will be added to the NextAdvisor Forums so that we and other experts in our community can answer it. Due to volume, we aren't able to respond to every question, but we answer as many as we can.



Service Details

Minimum/Maximum Loan Amount:$1,000 - $35,000
APR:9.95% - 36%
Terms Available:12 - 60 months
Required Credit Rating:580+
Secured/Unsecured:Unsecured
Local Branches:No

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