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Avant Review

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Nathan J. Lee
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Briefly About Avant Lender

Loan Amount
$2.000 - $35,000
Loan Length
24 - 60 months
Loan Rate
9.95% - 35.99% APR
Better Business Bureau Rating
A-
Time to Funding
Same day - 1 business day

Table of contents

    Avant Installment Loans Review

    Avant installment loans are offered by a company that first started out in Chicago in 2012, with a bold vision to change the lending industry. The co-founders are Al Goldstein and Paul Zhang, who remain important as CEO and chief architect, respectively. They have been joined by an ever-growing team as the business has expanded. The company’s stated mission is to “lower the barriers and costs of borrowing”. To do this, they use an analytics-based approach that allows them to offer attractive rates on installment loans for bad credit cases or low credit scores.

    The growth of Avant can be seen in the impressive numbers that they report. For example, they now have over 500 employees and have raised funding of $1.8 billion to date. Their loan portfolio currently sits at $4 billion, with more than 600,000 clients using their services. Since they started, this company has received widespread recognition for its successful business model, and has linked up with highly-respected names such as JP Morgan, Morgan Stanley, and Credit Suisse to meet their goals. Avant now operates in the US and the UK, with their registered head office still based in Chicago.

    Avant Website lobby

    Why get an installment loan from Avant?

    There are several reasons why the Avant loan company has been so successful. The most important is that it gives customers an accessible way of getting hold of the money that they need. The following are some of the reasons why you might consider Avant online loans.

    • Easy online application process guides you from start to finish and shows you options tailored to your own situation
    • Low interest rates ensure that you get the Avant personal installment loan that you need without having to pay too much in interest
    • Even clients with low credit scores can apply, which is ideal for someone who has run into financial problems and needs to find a solution
    • Avant installment loans offer a smart approach to refinancing that allows you to get your finances back on track
    • Fast approval times mean that you don’t need to sit around waiting to find out if you have been accepted

    What does Avant offer?

    The main reason for using this company is to take out Avant installment loans. Everything is done online and their loans use simple daily interest and equal monthly payments to make everything easy to understand.

    You can take out an Avant loan for any reason, such as an auto loan or to pay for a vacation. They are particularly popular for refinancing existing debts or where the applicant’s credit score has been damaged. Once you are set up, you can fully manage your account and track your repayments online. Early payments are accepted, with no charge made for paying back the loan fully or partially before the due date.

    Another product that they offer is the AvantCard. This is a credit card that can be used to make purchases online or in stores, and that also offers the possibility of withdrawing cash advances.

    Eligibility criteria?

    Can anyone apply for Avant loans? Since loans are tailored to meet the client’s needs and situation, there is no strict set of eligibility criteria listed. It is worth noting that the Avant site mentions that most of their clients have a credit score of between 600 and 700. This doesn’t mean that you can’t apply with a different score, though.   

    The verification process guides you through a series of questions where you need to confirm details such as your employment and income. You also need to prove your identity, which can be done online by answering a series of questions.

    Pros & Cons

    There are some powerful reasons for looking into an Avant loan application. The following are some of the positive factors.

    • Easy to apply online
    • Low interest rates
    • Applicants with a low credit score are welcome

    In terms of negatives, you might want to take the following into account.

    • Only unsecured loans are available

    How to apply for an Avant installment loan?

    The application process is carried out on the Avant online loans website, under the “Check Your Loan Options” button. You begin by typing in your personal details such as name, address, and current income.

    As you progress, the system works out your own situation. This means that it tailors the process to fit, so the question asked and the information requested vary from one applicant to another. Overall, it is a fast and smooth approach to applying for a loan.

    The site points out that finding out about your loan options doesn’t affect your credit score. If you go ahead, the money could be in your account as soon as the next working day.

    Rates, terms, and fees

    One of the most important points is the interest rate that you will be paying. Example Avant interest rates can be seen on their site, although the figures could vary depending upon your own situation.

    To see the Avant installment loans rate you might be offered, go into “Rates and Terms” and then select your state. For instance, at the time of writing, Alabama has rates that begin at 9.95%. Administration fees start at zero for this state and potentially rise by 4.75%. This is for loans for amounts between $2,000 and $35,000 and a length of 24 to 60 months. A check of several other states showed that the same figures also apply in different parts of the country.

    As is typical with loans, there are fees applied if you miss a payment. The late fee is $25 and the dishonored payment fee is set at $25. As mentioned earlier, there is no fee for full or partial early repayment.

    If you decide to check out your options, you will be given a quote that fits your circumstances. You should check this fully so that you understand the terms and conditions that you have been offered.

    Bottom line

    Looking for personal loans has traditionally been a stressful and time-consuming process. Thankfully, the arrival of Avant installment loans makes this a lot easier than it used to be. You can easily check your personalized options on their site in a few minutes and without it affecting your credit score.