Personal loans can be a smart financing option for a wide range of purchases.
From refinancing student loans, to paying for a move or even a wedding, a personal loan can be more accessible and affordable than other credit options.
So if you’re considering a personal loan, take a moment to check out Avant. They’re an online lending platform providing personal loans with competitive terms for a range of borrowers and needs.
Avant personal loan review
Avant personal loans products
Personal loans are the sole product this online lender offers. And funds from these personal loans can be used for any expense.
What’s more, Avant advertises various personal loans that can pay for major purchases like home improvements, emergency expenses, or debt consolidation.
With a wide range of terms, funding and interest rates offered on Avant’s personal loans, this lender can also meet many borrowers’ needs.
Personal loan sizes can be as small as $1,000 and range up to $35,000. And Avant offers repayment periods between 24 and 60 months, although terms can vary by state.
Avant’s loans are “standard consumer installment loans.” Unlike credit cards, borrowers get all the loans upfront instead of borrowing as they spend.
Additionally, Avant personal loans are funded through its partner WebBank, a FDIC financial institution. They also repay over a set length of time with payments that are the same each month.
Avant personal loans are unsecured, so borrowers don’t need to put up collateral. They also have flexible borrower requirements, so even those with lower credit scores can qualify.
The best part about Avant personal loans is that borrowers might be able to more easily get approved for an Avant personal loan. Even with bad credit.
However, there is a verification process for Avant personal loans. The lender verifies your identity and ensures the loan is authorized. Avant may ask applicants for additional information during this process, including employment and bank account details.Start Your Avant Loan Application Here
Using the Avant personal loan online platform
Avant is an online-only lender. So to apply for a loan, borrowers will have to visit their site Avant.com. Applicants will also be able to find important information regarding all of their loan products.
Potential customers can apply for an Avant loan by clicking on the green button that says “Check your rate.” This is located on the Avant.com homepage and throughout the site.
This button will take you to an application page, which includes creating an Avant online account with login information. You’ll also be required create a password for your Avant login.
Creating an Avant personal loan application is the first step in the process. You’ll then be required to provide personal information including your Social Security number, income information, email and mailing address.
Keep in mind you’ll also be asked to authorize Avant to pull your credit report to process the application. However, Avant says this will not affect your FICO score.
Using the information you submit, Avant may pre-approve you for a personal loan. This will generate a screen with loan options that you can modify to the terms you wish.
Additionally, Avant will outline one or more loan offers you’ve been approved for. The term offers will have different lengths, interest rates, and monthly payments.
After selecting a loan, you can continue to the loan agreement. Here, you can review the final terms of your personal loan, e-sign it, and provide your account details so the loan can be funded to you.
Once the application is finalized, your Avant personal loan is funded to your account as soon as the next day.
Avant personal loan interest rates and fees
Avant personal loan rates are fixed. So once you sign your loan agreement, they can’t be changed.
In contrast, credit cards and some personal loans carry variable rates that lenders might adjust upwards. With a fixed rate, you know exactly how much interest you’ll pay on your loan.
Interest rates on Avant’s loans, which can be seen in our Personal Loan Marketplace, fall within a wide range. Avant outlines its personal loan rates on its Rates & Terms page after you select the state in which you reside.
The rates offered by Avant depend on the borrower’s creditworthiness — their credit history and ability to repay the loan. This is calculated on the information you provide, including your income. Essentially, lower rates are secured by higher quality borrowers.
Interest rates offered might also be tied to the length of the loan and other terms. Shorter loans typically have higher monthly payments but lower interest rates. Whereas longer loans will cost less each month but carry higher rates.
Lastly, as unsecured loans, Avant personal loan interest rates are typically higher than rates for secured loans like mortgages or car loans. Yet, Avant’s personal loan rates are competitive with other lenders and often lower than those offered on credit cards
Additional Avant fees
Avant also has some limited, clear fees that it may charge to borrowers. Their biggest one is an origination fee, which Avant calls an administration fee. This is a one-time charge for taking out a loan.
Avant’s origination fee is between 0.95 percent to 4.75 percent to refinance existing loans, or 1.75 percent to 4.75 percent for new loans.
Your origination fee will also be displayed in your loan agreement at the time of signing. Therefore, make sure the final payout you’re getting is enough to cover the purchase you’re planning.
Avant might also charge a late fee for late or missed payments. The conditions for this fee, such as the grace period allowed before it’s incurred, along with the amount, varies by state, according to Avant’s site.
In addition to a late fee, Avant might also charge a “dishonored payment fee” for returned payments.
There are also fees that Avant doesn’t charge.
For instance, borrowers can make extra payments or prepay their loan without fear of incurring prepayment fees or penalties. This is usually a smart route for borrowers looking to save on interest.
Avant personal loans eligibility requirements
Among lenders, Avant’s eligibility criteria for borrowers is on the more flexible end.
What’s more, Avant advertises that it evaluates creditworthiness on an individual basis. And, “each loan is tailored to each person’s individual credit situation and history.”
Avant loans are available to many borrowers, including those with fair to average credit. FICO scores of typical Avant loan holders fall between 600 and 700, the lender says.
Besides credit history, income is another significant factor Avant weighs for loan approvals and offers.
Although there are no minimum income requirements, the higher your income the more likely Avant believes the borrower can afford a loan. Employment history may also be a consideration.
Additionally, your state of residence can also affect the terms you qualify for.
Avant personal loans customer service
Avant’s personal loans come with responsive customer service that is well-reviewed. They currently boast a 4.5 score out of 5 for customer service on Credit Karma.
Among positive reviews, borrowers cited the ease of application and quick approval process, as well as customer service representatives who were helpful and efficient.
Avant has a FAQ section on its site where customers might be able to get some clarification on issues they are facing. And, if you still need help, you can contact customer service by email or phone.
Their service team is available during these hours:
- Monday to Friday: 7:00 am to 10:00 pm Central Time
- Saturday and Sunday: 7:00 am to 8:00 pm Central Time
There is also a “Contact us” link in the upper right hand of the web page that brings up a contact form to reach the Avant team.
More about Avant
Avant was founded in 2012, is headquartered in Chicago, and currently employs over 400 people. Since it started, Avant has served over 450,000 customers and funded $4 billion in loans. To date, it has received over $1.8 billion in investor funding.
Another interesting feature Avant offers is the Avant Referral Rewards program.
Existing borrowers can get both themselves and a friend each a $50 Amazon.com gift card when the friend opens a new loan. The gift cards will are sent after the referred borrower receives the funds and makes their first payment.
In addition to Avant’s online platform, it also has a mobile app for iOS and Android. Customers can use the Avant mobile app to manage their loan account. They can also view their current balance, review payments made, and set up a new payment.
Current and potential customers can contact Avant in a number of ways. Here’s some contact information for the Avant customer service team:
- Email: firstname.lastname@example.org
- Phone: 1-800-712-5407
- Twitter: @Avant_US
- Mailing address: 222 N. LaSalle St., Suite 1700, Chicago, Illinois 60601
Overall, Avant’s personal loans can be a smart credit option for many customers. While the lender does not necessarily lead the field for lowest personal loan rates, it makes up for it with flexible borrower requirements and loan terms.
Avant personal loans’ fixed rates, transparent fees, and loan agreements also make it straightforward and easy to evaluate loan costs. Most importantly, Avant’s reviews underline good customer service and fast approval.Get Your Avant Personal Loan Today
Interested in a personal loan?Here are the top personal loan lenders of 2017!
|Lender||Rates (APR)||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Important Disclosures for Citizens Bank.
Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Citizens Bank Disclosures
Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2017, the one-month LIBOR rate is 1.22%. Variable interest rates range from 6.01% - 15.96% (6.01% - 15.96% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% - 16.24% (5.99% - 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
|5.67% - 29.99%||$1,000 - $50,000||Visit Upstart|
|5.17% - 14.24%1||$5,000 - $100,000||Visit SoFi|
|8.00% - 25.00%||$5,000 - $35,000||Visit Payoff|
|5.99% - 16.24%2||$5,000 - $50,000||Visit Citizens|
|5.99% - 35.89%||$5,000 - $50,000||Visit LendingClub|
|5.25% - 12.00%||$2,000 - $50,000||Visit Earnest|
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.