Avant Loans Review

Getting a loan can be a stressful time for most individuals. When you want to borrow money, you need to ensure that you are borrowing from a company you trust. One loan option that’s been entrusted to give quick approvals is Avant Loans. They are a company that’s been operating for years and are quickly expanding. They provide multiple loan types and loan amounts. To see if you can get approved, you will need to apply online.

Once approved, you can expect the funds to be distributed into your bank account. This option is perfect for people needing instant cash. However, we want to ensure that you’re getting the most out of your loan. Here’s an overview of the Avant company as a whole.

Unsecured Loans

Avant Loans offer unsecured loans. They are designed for big projects that range anywhere from $2,000-$35,000. While they do have low APR rates, the unsecured loans are paid over 24-60 months. An unsecured loan is mainly based on the borrower’s credit. If you can’t get approved for a standard bank loan or mortgage, you can apply for an unsecured loan. They are also sometimes referred to as signature loans or personal loans.

Secured Loans

On the other hand, a secured loan is backed up by collateral. To get one, you will have to provide either a home or a car as collateral. The lender will offer you a payment plan in return. If you don’t pay back on time, you will forfeit the ability to own your collateral.

Credit Card/Lines

Additionally, they also provide a credit card with a set amount of credit. These are good for smaller projects as the maximum is only $1,000. You can take or use as much as you need. However, there is an annual fee and a variable APR rate of around 26%.

What to Expect From Avant Loans Borrowing

Avant is like any other lender, and they require you to fill out paperwork or an application online. Due to the nature of their loans, most of their clients usually have credit that is between 600-700. Once you fill out an application, you can’t wait to hear back from a representative.

The representative will give you an estimate on how much you can borrow and the repayment schedule. If there are any other terms, they will adjust the contract to match them to a decent repayment schedule. Once you read through the contract, you can sign.

Their company doesn’t have any hidden fees, and their approval rate is high for most clients with proper credit. With over 800,000 customers so far, they work hard on getting you what you need at a decent APR rate. You can expect any funds to be distributed within three days.

Is There a Maximum Amount You Can Borrow From Avant Loans?

Depending on what type of loan you’re applying for, there will be different amounts. The unsecured and secured loans can go up to $35,000. These are designed for big projects like redesigning your home, investing in a business, etc.

Are There Any Associated Rates or Fees for Avant?

Avant does its best to avoid prepayment fees. Although, they still do charge an administration fee. The administration fee is 4.75% of the loan amount. This total will be added to the amount of the loan.

Along with the administration fee, Avant also has a high APR rate. The rate is 9.95% to 35.99%. It doesn’t seem like a high amount at first glance, but you have to remember it’s based on the amount borrowed.

A majority of Avant’s loans are paid back over several months. With this APR rate, you can end up paying a lot throughout the loan. It’s important only to borrow as much as you need. Additionally, only borrow as much as you can afford.

A late fee can affect you in a few different ways. For starters, if you miss a payment, you will be charged a $25 late fee. If you go into a non-payment period, then your credit will take a huge hit.

On top of the late fee, you’re also going to get a dishonored payment fee. The dishonored payment fee is an additional $15. Your bank may also charge you for insufficient funds. So, as you can see, this starts to add up quickly.

What People Have to Say About Avant Loans

Avant is an exceptionally legitimate company that has helped over 800,000 Americans get the loans that they need. They have consistent returning customers who rave about their experience.

We’ve also checked with the Better Business Bureau to see what they had to say. Their information on the company checks out, and only a few bad reviews are listed online. Overall, they are an excellent company to work with.

Avant’s Online Application Process

To even qualify for loan approval, you will need to meet minimum criteria for credit, income, and agree to their repayment schedule. To apply, head to their main website and click the “check your loan options.” From there, you will be redirected to their offers.

Create an account and put your personal information into the fields. You will then have to wait to see if they will approve of you. Generally, you can get approval or deny within 48 hours. The funds should be added to your account after another 24 hours or less from eSigning.

Avant Loan Requirements

Avant makes sure that their borrowers can afford the loan repayment schedule. To qualify, you must have a minimum credit score of at least 600. While this is on the low scale, you may still need a higher credit score for a bigger loan.

Aside from that, you will need to make a gross income annually of $20,000. Providing pay stubs, bank statements, or showing that you have verifiable income can help get you approved faster.

Other criteria need to be met to qualify for a loan;

• Must be 18 years of age
• U.S. citizen or have permanent residency
• SSN

Luckily, Avant does business in all of America. They are a big lending company, which gets them the funding to approve loans in all states. However, some rates may change from state to state. An example of this is the APR rates.

Each state has different terms for interest rates and repayment schedules. So, just be sure to ask them ahead of time for these specific rates and fees.

What Criteria Is Necessary to Get a Secured/Unsecured Loan Online?

To get a loan online from Avant, you must fill out their online form. Their form will require you to fill out basic information such as your name, address, and contact information.

Additionally, they will ask you what type of loan you wish to apply for. After that, you will need to specify collateral or income. From there, you can create your account and wait for approval.

Once you are approved, you’ll get an email for your approval. The approval will specify the loan amount and your repayment options. If you don’t like the terms, you can contact their representative to help get a different rate/repayment schedule.

What Criteria Is Necessary to Get a Secured/Unsecured Loan in Person?

So far, there are no physical stores for Avant. They mainly do business only or through their mobile application. These are good options for people who want to get quick cash funds.

However, communication is a bit skewed. You may find that they are not available to talk on the phone unless it’s during the day. Most tasks are also sent through email, PFD, and online. For those not tech-savvy, this may be an issue.

Hours of Operation and Contact Information for Avant Loans

Avant Loans operates on Central Standard Time. Their weekday schedule is from Monday to Friday between 7 am to 10 pm. For weekends, they are open from Saturday and Sunday between 7 am and 8 pm.

If you have an urgent issue that needs to be addressed, you can send an email. Online, they have a “contact us” option. By clicking it, it will pull up a little pop-up box that prompts you to input your name, email, subject, and message. You can also choose to attach a file if necessary.

You should get a response within 24 hours. If you haven’t, we suggest trying to contact them again. Their email is [email protected] or, you can choose to call 1-800-712-5407.

Would We Recommend Using Avant Loans for Your Next Loan?

So, what’s the bottom line on using Avant? Would we recommend the company to you? We think that they are a good option if you’re planning on getting a big loan. The problem is that they do require decent credit and income. If you don’t make a lot, their APR rates may be too high for you to pay off monthly. It’s best to get a quote for how much your monthly payments will be.

The total loan also increases the interest rates, plus they vary by state. If you’re not able to make payments, you will see a considerable dip in your credit score. You must pay each month on time to avoid late fees and extra charges. Plus, their administration fee does add to the base of your loan.

Lastly, they are only recommended if you need $2,000 or more. Their credit line is a good option for those who need less. The credit line maxes out at $1,000, which can be useful for bills. However, we still want to make sure that you consider all your options before using them. Most customers agree that Avant Loans is an excellent company if you’re planning on being able to repay everything.