It seems that there are thousands of sites out there offering quick loans. Finding one that’ll lend you money isn’t much of a problem. Finding a place that lends responsibly and ethically is an entirely different matter, however.
That’s why SpendMeNot made it our mission to review as many of these sites as possible. We want you to get the very best deal. Today, we look at Avant. Read on for the details in our comprehensive Avant loan review that will give you a good idea if this service is appropriate for you.
(Image source: Avant)
What is Avant?
Avant of Washington, LLC DBA Avant is a wholly-owned and operated subsidiary of Avant, LLC. Founded in 2012, it’s a loan company that offers borrowers in the United States secured and unsecured personal loans to borrowers and credit cards. The company does not lend to businesses.
The company partners with WebBank to provide its financing products. WebBank is an FDIC-registered industrial chartered bank.
Who Is Avant Best For?
Avant loans are for middle-income people with reasonable credit histories. It focuses on smaller, more affordable loan products and credit cards. If your personal credit score is around 600, or, at a push 580, or more, you stand an excellent chance to get credit.
You can choose between secured and unsecured loans of up to $35,000. The company allows one loan type and one credit card per borrower, so if you need to draw down on paid amounts, it’s not the best option.
While we wouldn’t really recommend it as a provider of credit building loans, the company does have the option for smaller, credit builder cards. What does that mean? These cards have lower limits. A new client will get between $300 and $1,000. The advantage is that managing these accounts well helps you improve your credit rating.
Getting Started With Avant
(Image source: Avant)
One thing that Avant.com reviews stress is that the overall process is very simple. We agree. Head over the Avant loans website and scroll down a little.
Click on the “Check Your Loan Options” or “Apply for a Credit Card.” You’ll then go through a fairly simple form. You’ll have to fill in your personal details, like name, address, and phone number. The company also asks questions like how much you pay on rent or for a mortgage, and your net income.
You must list your full name as it appears on your government ID. The company will require proof of address, so match your address as it appears on a utility bill or bank statement. Being accurate is essential if you want to borrow money online instantly.
Once you’ve completed all the details, check the box confirming that you’ve read and understood the terms and conditions. Then click the blue bar to submit your application.
Avant credit reviews the application in minutes, running a soft credit check. They’ll then present you with the Avant offer that best matches your needs.
Terms & Requirements
The company doesn’t have a broad loan range. They provide loans and credit cards. The rates on both range between 9.95% and 35.99% APR. The loan, amount, term, and repayments are explained clearly on the offer.
The loan requirements are that you:
- Have a good credit score – we’d say an average credit score of 600 to be on the safe side.
- Choose the loan amount that you can afford to repay.
- Have a steady stream of income, preferably with a full-time job.
- Be a United States citizen over the age of 18.
- Confirm that you understand all the loan information and terms.
They do not offer business loans, payday loans, or consolidation loans for bad credit. If you’re looking for a company that doesn’t require a credit check, you’re in the wrong spot. Avant doesn’t work with a network of lenders. They work with just one traditional lender. If you’re hoping for more options, you’re better off at a market place that connects through to unique lenders.
On the upside, the application process is fast, and monies are paid out quickly. If you have good credit, this is a good company for quick money loans.
An Avant Personal Loan
(Image source: Avant)
Avant online loans fall into one of three categories:
- SCRA Avant installment loans
All function as standard installment loans to be repaid over 24 to 60 months. The repayment term, amount loaned, and interest rate may differ in different states. The company allows only one active loan at a time. You may, if your circumstances improve, apply for an Avant refinance and an Avant credit increase loan at the same time.
SCRA Benefit Program
Avant has a Servicemembers Civil Relief Act program. The program aims to provide servicemembers with assistance because they’ve served their country.
In addition to the personal loans online approval process, you’ll have to prove that you’re an active member. Avant classifies the following people as being eligible for their program.
- You’re an active duty member or reservist serving on active duty in any of the armed forces
- You’re an active commissioned officer serving in the Public Health Service or the National Oceanic & Atmospheric Administration.
- You are active duty in the Army, Navy, Air Force, Marine Corps, National Guard, or Coast Guard, including reservists serving on active duty, as defined in Section 101(d)(1) of Title 10, United States Code.
- Members of these services not on active duty for lawful reasons such as illness, injury, or leave.
The qualifications to apply are stricter here, but it’s worth the extra work for better interest rates.
Members who feel that they’re eligible should email scra@Avant.com. Members should check on this page to see what supporting documents to attach to their email. If you do qualify, you must start the process within 180 days of completing your service.
Rates on these loans and credit cards are capped at 6%.
For some Avant debt consolidation applications or clients with low credit, Avant may ask for security. For people with good credit, providing security is a viable way to reduce the interest rate. The collateral also allows you to stretch repayments over the longer-term. You may use your car as collateral.
If you want to use your car as security for the Avant application:
- It must be less than ten years old and should be at least drivable.
- It must be paid off in full. Financed cars already have a lien on them, and this lien takes preference over all others.
- You’ll have to agree to a lien on it and pay the lien fee, but this is explained in the document laying out your estimated annual percentage rate of the loan.
- The company will hold on to the title until you repay the loan. You can sell the car, but only with the permission of the company. The loan will have to be repaid before they’ll remove the lien, so sales in the interim are tricky.
Whether or not you can refinance the loan depends on the value of your car. The company does work the depreciation of the car’s value into the equation.
The company’s unsecured personal loan services are straightforward. There’s no revolving credit, and you may not run two loans simultaneously. The loan amount will depend on the state’s laws, affordability, and your credit history. All you need do is fill out a free application, and the company will tell you how much you can borrow.
(Image source: Avant)
The MyAvantcard Program
Avant prequalifies some consumers for Avant credit cards. Those customers receive a personalized offer in the mail and are given instructions on how to activate their cards, along with an Avant card login.
If you don’t prequalify, you can apply for a card. If you’ve got no credit, consider these cards a way to build Avant credit karma.
The limits are small to start with, ranging between $300 and $1,000. You may not transfer debt onto these cards, but you may opt for a cash advance of up to 25% of your credit limit. You may not use your card to pay your loan account at Avant.
You’ll pay interest of between 9.95% and 35.99%. Avant credit card reviews are generally positive, with most clients agreeing that it’s an excellent way to build up your credit history.
(Image source: Avant)
What’s Avant Loans BBB rating? The BBB rates the company as A-. It also shows that the company hasn’t always been so upfront with it’s clients. The company paid a fine from the FTC of $3.8 million in April of 2019.
The issue was the system that they used to accept payments from clients. Clients complained of being debited twice in the same month, getting inaccurate payoff amounts and debit orders continuing despite loans being repaid.
That ruling caused Avant to rework their collections system. They’ve now ironed out these issues, and now keep things on the straight and narrow. They’ve rebuilt their BBB rating to an A- as a result.
For this Avant loans review, we’ll rely instead on TrustPilot. The company scores 4.7 out of 5 on Trustpilot. People seem to have great experiences with the Avant lending options. Most find the process simple and appreciate the fast turnaround times.
Avant loan reviews over the last year have been overwhelmingly positive. One sticking point does seem to be the credit limits offered. The company is very strict about how much credit one client qualifies for. It takes a long time to build up a sizeable limit with them.
If you’re looking for emergency funding, their fast turnaround times make up for this. If you want to build up a larger credit limit, this is frustrating. That said, making it harder to qualify for credit increases, isn’t necessarily a bad thing.
This is a lender that errs on the side of caution, as further confirmed by the Avant loan reviews we went through. In other words, a responsible lender. People are less likely to get themselves into financial trouble as a result.
About Using the Site?
Users agree that requesting and signing in for a loan is easy. The form is simple enough if long to complete and other Avant reviews seem to confirm this too. The upside is that if your information is accurate on that form and you get an approval in principle, it’s similar to a final approval elsewhere.
You’ll have to give the information to them at some stage anyway. It’s better to get it over with.
Pros & Cons
(Image source: Avant)
- Fast process
- Easy access to funds
- Avant loan reviews are mainly positive
- Transparent pricing
- Responsible lending practices
- They offer special rates for armed services personnel
- Small range
- You can’t compare multiple lenders because they only work with one
- Qualifying for a higher credit limit can be difficult
- They don’t offer bad credit loans at all
Avant boasts with some pretty favorable features.
Rates & Fees
There are no fees to apply. You’ll pay between 9.99% and 35.99% APR when you borrow money from Avant. They don’t charge an origination fee, but you’ll pay a once-off admin fee of up to 4.75% when your loan is funded.
The advantage of the company not working with an extensive network of lenders is that they’re able to keep a better handle on costs.
Aside from the administration fee, you only pay fees if a payment is late, or dishonored. These fees are charged in accordance with state law, so they may differ from one state to the next.
The credit card is a branded product, and so the issuer may collect fees. Avant doesn’t charge any processing or transaction fees, but the issuer may.
You’ll be made aware of all the relevant charges in the loan agreement. Read the document carefully. If you change your mind about taking up the loan, there are no penalties. There are also no early-payment penalties for settling a loan early.
Privacy & Security
Avant uses Amazon Web Services to host its servers and further uses 128-bit encryption to secure sensitive data. The company does not sell or distribute your information unless you give consent to hear from marketing partners.
Clients must opt-in to these programs because the permission default is “No.”
Avant reviews rave about customer support being fast and friendly. You can contact it in several ways.
For All Accounts:
- Leave a message by logging into your account and starting a support ticket.
- Email a request through the contact form on the site.
- Through instant chat on the website.
For Personal Loans
The Avant loans number and email address depend on whether your loan is secured or unsecured.
For unsecured loans:
- Call: 800-712-5407
- Email: support@Avant.com
For secured loans:
- Call: 888-685-5917
- Email: Avant@wpmservicing.com
For credit cards:
- Call: 888-685-5917
- Email: Avant@wpmservicing.com
The customer service lines operate from 7:00 am to 10:00 pm Central time on Mondays through Saturday and from 7:00 am to 4:00 pm Central time on Sundays. (Some departments are open longer on a Sunday, as indicated by some Avant loans reviews).
Let’s check out some possible alternatives to Avant.
Avant vs. Bad Credit Loans
If bad credit has harpooned your chances at Avant, Bad Credit Loans could offer a solution, being one of the best personal loan companies for people with less-than-stellar credit. They’re a loan aggregator company with a big network of lenders, so it may provide unsecured loans for bad credit. It’s expensive to borrow when you’ve got bad credit, but sometimes there’s no option.
Avant vs. Prosper
Avant and Prosper offer a similar range of products. Both operate nationally. Prosper has a slick platform, but we like the idea that Avant gives a breakdown of interest rates, loan terms, and amounts per state, in accordance with state regulations.
If you already know all that information, the Prosper app beats the Avant online loans experience. Either choice is a good option for personal loans for good credit.
Avant vs. Monevo
The Avant minimum credit score isn’t publicized. They, however, note that the average client has a FICO score of between 600 and 700. While 600 is lower than average, it still cuts out people with bad credit.
Monevo looks for a credit score of 450. The rates will be higher than Avant interest rates, but it’s an option.
Avant vs. Lending Club
Lending Club is a peer-to-peer lending site, so you might want to look here if you need personal loans for bad credit. Peer-to-peer lenders tend to be less strict about lending criteria because they’re willing to take more of a risk. Be warned, Avant financial interest rates and administrative rates are lower.
Avant vs. Fundera
If you need a large business loan rather than a personal loan, Fundera could be the better option, so make sure to check our lending platform review for that provider. They offer loans of over $1,000 000 and various forms of long and short-term financing. They’re a reputable company linked through to the best available lenders.
It’s time to wrap this Avant loan review. Overall, the company is reliable, offers excellent service, and charges reasonable rates. They are stricter with credit limits than most and require clients to have a fair credit record.
Overall, if you’ve got a decent income and a responsible credit history, you’ve got an excellent chance to get a loan. All you have to do is to go to Avant, apply, and take it from there. They’ll give you an idea of what lending option you qualify for fast.
Once you’ve signed the documents, payment is fast. The types of loans may be limited, but there’s no arguing with the turnaround time for payments.
Commonly Asked Questions About Avant
How long does Avant take to approve a loan?
- The application takes a few minutes. You get a list of offers and loan approval within minutes as long as your information is valid. It’s then up to you to accept an offer. If you do, the company verifies the information fast. The money is generally in your bank account within the next business day.
Does Avant do a hard inquiry?
- Not initially. When you apply, they do a soft check. They’ll only make a hard inquiry if you opt to proceed with the application.
Is Avant loans safe?
- The company doesn’t engage in reckless or bad credit lending, so yes, it’s safe to apply through them. Their interest rates are reasonable, with no hidden fees.
Does Avant affect your credit score?
- The Avant prequalify check doesn’t impact your score. If you go forward with the loan agreement, this will register on your credit report. That’s why it’s essential to be honest on your application. The loan itself does impact your score, in that it increases your ratio of debt to income. This can have a small negative effect initially. Once you settle into paying on time every month, however, your credit rating will improve. Overall, improving your credit score centers on how well you pay your debt.
Is Avant safe?
- Avant is a safe and secure way to borrow money online.
Is Avant a good lender?
- Avant approval odds are not as high as with other lenders because their lending criteria are stricter. They’re not a company that’s going to pile on debt while you’re already drowning. They focus on borrowers with fair to excellent credit.
Does Avant Loans have a grace period?
- The company doesn’t officially offer a grace period. Clients experiencing difficulties may, however, approach the company. They do have different payment plans. According to one Avant loan review we read, however, those plans might not be a huge improvement.
Can you pay off Avant loan early?
- There are no penalties for doing so.
How long does it take to get approved for an Avant loan?
- It takes only a few minutes to get an approval in principle. From there, the company may need to verify some details, but they usually pay the money within a day or so.
Is there an Avant payday loan?
- No. Read any payday loan reviews, and you’ll soon find out why it’s not a helpful form of lending.
Is Avant loan legit?
- Avant is a legitimate company that made mistakes and rectified them. Its products are issued by WebBank and WebBank is a member of the FDIC. With these credentials, it’s stricter lending procedures, and transparent processes, our Avant loan review calls this company legit.