In this age of advancement, the financial service sector is no lagging behind and has emerged as a supercharged industry with all its financial products to help out individual consumers and business organizations. The companies providing financial services deal in the management of money via financial institutions. Avant is such a fintech brand that offers online finance, personal loans, technology, and consumer finance. You can discover more about Avant in our Avant review.
What is Avant ?
Avant is a dedicated data-driven online lending platform in the fintech industry. It brings digital banking solutions by lowering costs and removing borrowing hurdles for all its consumers. With avant-garde technology, analytics, and machine learning algorithms, Avant is committed to providing innovative and pragmatic financial products for its customers.
Avant was founded in 2012 in Chicago, IL (U.S), and is also functional in the UK under the name AvantCredit. As a byproduct of the Y Combinator, Avant is all set to achieve its goal which is nothing but to better the borrowing experience of the middle class. Currently, Avant has facilitated over 1,500,000 customers with more than $6.5 billion borrowed amount. Since 2012, Avant is rendering reputable lending services to date as it is endorsed by the most esteemed investors such as August Capital, QED Investors, KKR, RRE Ventures, DFJ, and more.
How Avant Works
If you want to apply for Avant personal loan, the application procedure is simple and straightforward. You just need to touch the “Check Your Loan Options” button on www.avant.com Here, you can check your loan options without affecting your credit score. You will be asked to fill out a form where you have to put all the information about your full name, address, income information, SSN (social security number), and some other details. Avant will do a soft credit check and let you know if you are eligible or not for an Avant personal loan. if you get approved you will be shown a new page with a calculator consisting of individualized loan options with all the details e.g. fixed monthly payments and interest rates. Once you select your desired Avant loan, you will provide repayment information. After deducting the origination fee, Avant will show you your aggregate loan amount. Finally, now you are all set to seal the deal, you will finish up by providing bank details for the deposit and sign the Avant loan papers electronically. Your credit score can go down at this point due to a hard credit check by Avant.
One of the core features of Avant’s personal loans is to empower its middle-class customers. Avant issues loans for such borrowers enabling them to meet their high-interest debt, home improvement, or some unannounced expenses.
Soft Credit Check
Avant allows you to check your loan options along with your potential loan amounts and interest rates. This pre-qualify procedure won’t hurt your credit score and lets you better understand loan repayments.
Avant is quick to act when it comes to serving its customers. You can find your bank account credited with the loan amount as soon as the next business day.
To impart financial education to its customers, Avant has blog posts on various topics i.e. borrowing, spending, saving, earning, and more.
Besides unsecured loans, Avant equips its clients with a secured loan option with comparatively low APR or a higher loan amount.
To keep the payment process seamless, Avant gives your different loan repayment options. You can choose any of the following when applying for an Avant personal loan.
- ACH (Automated Clearing House)
- Credit and Debit Cards
- Paper Checks
- Cashier Checks
- Money Orders
- Remotely Created Checks
Avant is a data-driven company and always relies on customer analytics for any changes or evaluations regarding their products.
Zero Security Deposit
Avant Credit Card needs no security collateral deposit. But, there is an annual fee.
Good Credit Score
The AvantCard Credit Card reports to TransUnion, Equifax, and Experian, which are the main credit bureaus. By making on-time payments, you can easily secure a good credit score.
Many credit cards charge a foreign transaction fee when they are used outside the United States. But The AvantCard does not charge any fee which is an unusual and travel-friendly feature of the AvantCard Credit Card.
No matter where you are or what time of the day it is, you can easily manage your personal loan account, see upcoming payments and payment history, adjust an upcoming payment, and make additional payments. This mobile app is available on Google Play Store and App Store.
Honors and Awards
Avant is a dependable lending platform as it has renowned honors and awards on its credit. In 2015, Avant was in the 6th slot in Forbes America’s Most Promising Companies. Avant also won Moxie Award.
Avant customer service representatives are always busy with providing the best and the fastest services. Avant offers phone and online email form support for its clients. However, the customer care service is not available 24/7.
Avant provides its credit products through WebBank which is an FDIC-insured industrial bank. WebBank is the originator of your loans and Avant has partnered with WebBank to service loan products.
Avant offers two types of products for its consumers.
- Personal Loans
- Credit Cards
Let’s know about them one by one in detail.
- Avant Personal Loans
Avant Personal Loans Review
Borrowers with fair and bad credit can benefit from Avant personal loans. Avant loans have flexible repaying and fixed APRs.
Avant personal loans are of two types:
- Secured Personal Loans
- Unsecured Personal Loans
You can go with unsecured personal loans if you have a good credit score because these types of loans do not require any security collateral. However, borrowers with low credit scores can opt for the secured personal loans.
Let’s have a look at both these loan types.
Secured Personal Loans
Avant secured personal loans range from $5,000 to $25,000 and require your vehicle as security collateral. The repayment terms are 24 to 48 months, and the administrative fee is up to 2.5% of the loan amount which is lower than that of unsecured loans. The state lien fee is $4 to $95 depending on your state where you live.
Unsecured Personal Loans
An unsecured loan means that there is no collateral required to get this loan. Avant is determined to present to its customers an easy-to-understand fee structure. The typical credit score for Avant personal loans is 600 to 700. Avant performs a soft credit check facilitating its customers to check out available rates and terms. This soft check will not damage your credit score and only you can see it on your report. If you agree to continue, there is a hard credit inquiry that may affect your credit score, and third parties can also view it. The loan amount ranges from $2,000 to $35,000 with APRs 9.95% to 35.99%. the loan length is from 24 to 60 months. The administration fee is up to 4.75%.
Avant unsecured personal loans can be subdivided into:
- Debt Consolidations Loans
- Emergency Loans
- Home Improvement Loans
Debt Consolidation Loans
- Avant debt consolidation loan can save you from multiple credit card bills as you can manage your monthly budget by combining all your debt in one single payment.
- With an Avant consolidation loan, you get a single, fixed interest rate. There is no confusion to keep track of your monthly payments. So, you can easily get rid of multiple schedules, rates, and lenders.
- Avant personal loans offer you a great chance to build a good credit history as you have a simple schedule of predictable payments.
- Emergencies happen, but don’t let them intrude on your finances. With Avant, you can apply in minutes and get a fixed-rate loan as soon as in one business day. Customers really like fast decisions and funding time that are the specialties of Avant.
Home Improvement Loans
- Avant personal loans can help you cover the surprise costs of owning a home. Avant loans require your creditworthiness and not the equity in your home. Whatever you do to improve your home e.g. repairing HVAC or replace plumbing, you always get single monthly payments and clear terms.
Applying for Avant Personal Loans
To apply for Avant secured loan, you have to use your vehicle (car) as collateral. Avant requires a car that must be paid in full. Besides, other standard eligibility requirements, the value of your car is also calculated before issuance of a secured loan, and you also have to provide information about your vehicle. There is no online form available on the Avant website to apply for a secured loan. Avant asks you to contact them for inquiries about their secured personal loan product.
For an unsecured loan, there is a prescreen loan form. By filling out the form, you can have a pre-approved loan offer.
If you opt-out of pre-screen offers, you can go with the full application. Once you provide all the required information, Avant will do a soft check for the available loan options based on your provided information. During the application process, you have to undergo a standard application verification process. Avant will assess and verify the information you provided i.e. identity, employment, income, and bank account details. The easiest identity verification process is electronic KBA (knowledge-based authentication).
Avant has flexible repayment terms. There is no penalty on early repayments.
Payment via Credit or Debit Card
You are not allowed to repay your Avant personal loans thru AvantCard. Avant accepts some certain like MasterCard and Discover. Avant does not consider Visa credit card payments. For a debit card payment Avant go with only major debit card brands e.g. Visa, MasterCard, and Discover.
Other Payment Methods are:
- Automated Clearing House (ACH)
- Paper Checks, Cashier Checks, and Money Orders
- Remotely Created Checks (RCC)
Avant Personal Loans Pros and Cons
- Fast funding
- Fixed payments
- Real folks to talk about inquiries
- Convenient autopay option
- Competitive rates
- Secured and unsecured loan options
- Refinancing option for unsecured loans
- No prepayment penalty
- Cosigners are not allowed
- Fees are charged
- High APR for lower credit scores
- Small maximum borrowing amount
- Not available in all U.S. states
- Avant Credit Cards
AvantCard Credit Card is a simple and transparent product of Avant. With no hidden fees and a fast & easy application process, you can build your credit score with ease.
How to Apply
Before going for a hard check, Avant offers you a soft check for eligibility without hurting your credit score. Just provide all the required details in the online application form. The soft check process is so quick and you can get the results in even 60 seconds.
Steps to Apply for AvantCard
- Fill out the online form
- Review offers
- Verify personal information
- Provide required documents
Points to Remember
- AvantCard allows one applicant per credit card application
- You are not allowed to use your PO Box to apply for AvantCard. Only use your most recent residential address
- Avant will consider your credit history, income, and other debt obligations before approving your application
- Avant examines your credit line at regular time intervals to determine your qualification for a credit limit increase
- Annual Fee: $0 – $59
- Credit Limit: $300 – $1,000
- Variable APR: 23.99% – 25.99%
AvantCard Credit Card Pros and Cons
- No hidden fees
- No fraud liability for unauthorized charges
- Zero deposit required
- Zero fees outside the U.S
- 24/7 payments thru an online portal
- Credit rebuilder
- Low credit limit
- Annual fee
- No rewards or on-time perks
- Due date for payments
- Administration Fee
- Late Fees
- Dishonored Payment Fees
- Administration Fee
This is a non-refundable upfront fee that is automatically subtracted from your loan amount. The fee amount is up to 4.75%.
- Late Fees
A late fee is charged when a scheduled payment is not paid within 10 days when the due date is over. The late fee amount is $25.
- Dishonored Payment Fee
You have to pay a Dishonored Payment Fee when a scheduled payment is returned unpaid. The Dishonored Payment Fee is $15.
- Lending Club
- Light Stream
- OneMain Financial
- Cream Finance
- Bond Street