When it comes to personal loans, Avant stands out as a go-to choice for individuals with average to good credit, offering a seamless blend of flexibility and accessibility. Avant’s loans are not just about meeting financial needs; they provide a pathway to consolidate debt and manage major expenses with ease. Whether it’s for home improvements, medical bills, or even a dream wedding, Avant caters to a wide range of financial aspirations.
Their commitment to no hidden fees and fully amortizing loan structures ensures that borrowers can plan their finances without worrying about unwelcome surprises. In this review, we take a closer look at how Avant personal loans can be a strategic tool in your financial toolkit, whether you’re consolidating debt or funding a significant expenditure.
Key Features of Avant Personal Loans
Avant personal loan amounts range between $1,000 and $35,000. However, minimum loan amounts vary by state. Loan rates range from 9.95% to 35.99%. Term lengths are flexible, lasting between 24 and 60 months. In addition, there is no prepayment penalty, and all Avant personal loans are fully amortizing, meaning you won’t have any balloon payments at the end of your loan term.
When you take out an Avant personal loan, you may be charged an origination fee upfront, which is calculated as part of your APR. The administration fee can range between 1.75% and 4.75% of your loan amount and will be deducted from your funds before you receive them.
You don’t have to pay the origination fee with funds from your own wallet, but you do need to factor that money into your budget for the loan amount.
Who benefits most from Avant personal loans?
Avant offers personal loans to borrowers with lower credit scores. There are no minimum credit score requirements. However, most borrowers with fair credit scores ranging between 600 and 700 will qualify, so you don’t need excellent credit history to be eligible for an Avant loan.
Half of Avant borrowers use their loan proceeds for debt consolidation. And over the first six months, the average borrower sees a 12 point increase in their credit score.
Avant also specializes in home improvement loans. With Avant personal loans, you can purchase new furniture, set up a home security system, upgrade kitchen appliances, finish your basement, or even plant a garden.
There is no required minimum income level to qualify, but most borrowers typically earn between $40,000 and $100,000. If you’re trying to eliminate debt and rebuild your credit scores, an Avant personal loan could be a good choice for you. There are no prepayment penalties if you want to pay your loan early and save on interest.
Avant’s Loan Application Process
When it comes to applying for a personal loan with Avant, the process is streamlined and user-friendly. You begin by visiting their website and checking your loan options. This initial step involves filling out a form with some basic information about yourself and your financial situation.
Soft vs. Hard Credit Inquiries
Avant starts with what’s known as a soft credit inquiry to pre-approve your loan. This is great news because soft inquiries don’t affect your credit score. It’s essentially a preliminary check to gauge your eligibility without leaving a mark on your credit report. If you decide to proceed with the loan, Avant then conducts a hard credit inquiry. This is a more in-depth check that can temporarily lower your credit score by a few points. It’s a standard part of the loan application process once you formally apply.
Required Information and Documents
Be prepared to provide some personal and financial details. This includes your full name, address, income information, and your social security number, which Avant uses to verify your identity. It’s a good idea to have recent pay stubs or bank statements handy, as they may be required to confirm your income.
Next Steps After Avant Loan Approval
Once you’ve crossed the application hurdle and received approval, it’s time to understand what comes next.
Post-Approval Process
After your application is approved, Avant presents you with at least one loan option. This will include the loan amount, term, and APR (Annual Percentage Rate). You might see different combinations of terms and rates, allowing you the flexibility to choose what works best for your financial situation.
Selecting Your Loan Terms and Receiving Funds
You’ll have the opportunity to review and select from the loan options provided. The loan terms typically range from 24 to 60 months, and you can choose based on your repayment capacity and financial goals. Once you’ve made your selection and provided your bank account details, Avant will process the disbursement. In most cases, the funds are transferred to your account as soon as the next business day.
Managing Your Loan
Avant makes it easy to manage your loan through their online dashboard and mobile app. Here, you can check your balance, make payments, and track your repayment progress. Staying on top of your loan is crucial, and Avant’s digital tools are designed to make this as convenient as possible.
Avant Loan Refinancing Options
Avant offers refinancing options for its personal loans, providing borrowers with flexibility and potential financial benefits.
When and How to Refinance an Avant Loan
Refinancing is available to borrowers who have maintained a good repayment record on their existing Avant loan. The process is similar to applying for the initial loan: you’ll need to go through a new application, which includes a credit check and review of your current financial situation. To start the refinancing process, check your eligibility on Avant’s website or contact their customer service for guidance.
Benefits of Refinancing for Eligible Borrowers
Refinancing with Avant can be advantageous if your credit score has improved since you took out your original loan, as you may qualify for a lower interest rate. This can lead to lower monthly payments or a shorter loan term, ultimately saving you money over the life of the loan. Additionally, if your financial needs have changed, refinancing can provide an opportunity to adjust your loan amount or terms to better suit your current situation.
Avant Personal Loan Reviews
Gauging real customer experiences is key to understanding what Avant truly offers. Reviews of Avant personal loans often center around several important themes:
- Customer service excellence: Borrowers frequently highlight the professionalism and helpfulness of Avant’s customer service team. Many appreciate the swift responses and the team’s ability to clearly explain loan details and answer queries.
- Simplified application process: Many reviews commend Avant for its straightforward and user-friendly loan application process. Customers appreciate the clarity and speed of getting pre-qualified, especially noting the minimal impact on credit scores during the initial stages.
- Loan management and flexibility: Users often mention the ease of managing their loans through Avant’s online platform and mobile app. The flexibility in terms of loan amounts and repayment options also receives positive feedback, helping borrowers tailor their loans to their specific needs.
- Overall satisfaction: A common sentiment among many reviewers is a sense of satisfaction with the loan terms and the overall experience with Avant. Borrowers mention that Avant’s loans have helped them manage their finances better, especially in terms of debt consolidation.
Avant’s Special Features
Avant stands out with some distinctive features that enhance the borrower’s experience and provide added value.
Late Fee Forgiveness Program
If you happen to miss a payment, Avant offers a unique feature: the late fee forgiveness program. If you incur a late fee but then make three consecutive on-time payments, Avant refunds the late fee. This approach encourages responsible borrowing and offers a reprieve for those rare slip-ups.
Access to Credit Score Tracking
Keeping an eye on your credit score is essential, and Avant makes this easy. As an Avant customer, you get free access to your VantageScore. This tool is particularly helpful for tracking how your credit score changes over time, especially as you make regular payments on your loan.
Customer Service Availability
Avant prides itself on excellent customer support. They offer assistance seven days a week through email or phone. This means you can get help and answers to your questions any day of the week, ensuring a smooth experience throughout your loan term.
Avant’s History and Track Record
Since its launch, Avant has made a significant impact in the personal loan market.
Brief History Since Inception
Avant began its journey in 2012 with the mission to lower the barriers and costs of borrowing. Over the years, it has grown rapidly, adapting to changing market needs and leveraging technology to streamline the lending process.
Customer Satisfaction and Awards
Avant’s commitment to customer satisfaction is evident in its track record. It has served over 450,000 borrowers and extended more than $3 billion in loans. The company has consistently high ratings for customer satisfaction based on surveys. Additionally, Avant has earned recognition from industry observers, including a notable mention by Forbes Magazine in 2015 as the sixth most promising company in America.
Bottom Line
Avant stands out as a viable choice in the personal loan market, especially for individuals with average to good credit. Known for its simple application process, flexibility in loan terms, and unique features like late fee forgiveness and credit score tracking, Avant caters well to those seeking to consolidate debt or fund home improvements.
While it’s crucial for potential borrowers to review their financial situations and loan terms carefully, Avant’s approach to personal lending offers a practical solution for those aiming to improve their financial health.
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