Avant Personal Loans

About Avant Company

Avant is an online lending platform that enables borrowers to obtain Personal Loans. The peculiarity of Avant is that you can get a loan even if you have a fair or bad credit history. Often the borrowers of the company have a credit score of 600 to 700. As a rule, in order to receive a loan, your FICO must be 689 or lower. It is also worth noting that Avant charges an origination fee. Also, if you miss a loan payment, you will have to face late fees.

Avant offers some interesting advantages to borrowers. For example, you can change your payment date, which is very convenient for some borrowers. Avant also offers to go through a prequalification procedure before applying for funding. This way you will be able to understand what potential interest rates and loan terms you can get. It is worth noting that Avant's interest rates are competitive with other personal lenders. Another interesting feature of Avant is the ability to secure the loan in order to get more favorable interest rates. Of course, in order to do this, you will need to provide a collateral, but this will be a more beneficial solution for you. Avant also reports loan payments to all 3 credit bureaus, so timely debt payments will help you improve your credit history.

Thus, if you are in urgent need of money to meet your personal needs and would like to apply online, then you can consider Avant as a quick financing option. However, remember that the desired FICO score is 600-700 and you will have to face an origination fee.

Avant Personal Loans

Avant specializes in providing Personal Loans for people with fair or bad credit. Although most borrowers applying for an Avant loan have a 600-700 FICO score, the minimum credit score to apply is 550. Thus, even if you have a bad credit history, you are also eligible for financing.

With Avant, you can get a Personal Loan from $ 2,000 to $ 35,000, which is often enough to meet your personal needs. Avant Personal Loan repayment terms vary from 2 to 5 years, depending on the loan amount and other factors. Oftentimes, the longer your repayment terms, the more interest you will pay on the loan.

Avant's interest rates also vary and depend on many factors, the main one being credit history. Thus, people with a good credit history will receive better interest rates. Typically, you can get from 9.95 to 35.99%.

The advantage of the Avant Personal Loan is that you can receive financing the very next business day. This option is very relevant for people who find themselves in a difficult life situation and need funding as quickly as possible. Avant also gives borrowers the ability to change your payment date, which is also beneficial for most people. Avant also offers you prequalification, which only requires a soft credit check. This way you can be sure of your potential interest rates and credit conditions without harming your credit history. If you have been offered unfavorable interest rates, you can apply for a secured loan and get a better offer.

However, remember that you will have to face the origination fee. Also, if you wanted to get a co-sign or joint loan, then you should know that Avant does not offer this opportunity.

Advantages and disadvantages of Avant

Of course, before submitting an application, it is worth examining the advantages and disadvantages of the company in order to make sure whether they meet your wishes and needs.

Benefits:

• Possibility to change your payment date. If you apply for an Avant Personal Loan, you will be able to change the due date. Moreover, you can do this an unlimited number of times. While many other lenders do not have this option, Avant does its best to make borrowers feel comfortable.
• Prequalification. This option gives borrowers the ability to see potential interest rates and loan conditions. What's more, prequalification only requires a soft credit check that won't affect your credit.
• Secured loans. If you want to get better loan terms or a higher amount than you were offered, you can apply for a secured loan. Thus, you will receive the required amount in order to cope with your difficulties. However, remember that if you miss your loan payments, you risk losing your collateral.
• Fast financing. Avant helps you to get your money the very next business day after you have applied.
• Possibility to improve credit. Since Avant reports payments to all three credit bureaus, you will be able to improve your credit. Note, however, that if you miss your loan payments, you run the risk of worsening your credit history.
• Refinancing option. If you have an unfavorable loan offer, you can refinance it with Avant and get better interest rates.
• Mobile app. In order to get a loan and pay off the debt, you don't even need a computer, just have a phone and a mobile application!

Disadvantages:

• No co-signed option. Many people use this option to get a loan even with bad credit. Unfortunately, Avant does not provide you with this option.
• An origination fee. Since not all personal lenders charge an origination fee, you need to consider if this is a good option for you. Typically, the Avant origination fee can be up to 4.75%.
• Availability. Unfortunately, Avant does not offer loans in all states. Thus, you need to pay attention to whether the company provides loans where you live.
• No direct payments to creditors. If you want to consolidate debt, please note that Avant will deposit money to your bank account instead of paying off the debt to your creditors for you.
• Penalty for late payments. Like many other lenders, Avant will charge you a fine if you cannot pay off your debt on time. If your loan is secured, you may even lose your collateral.

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