Avant Personal Loan Review

Avant Personal Loan Overview

Chicago-based Avant offers online unsecured personal loans to the “typical middle-class American consumer,”. They are one of the largest online lending platforms in America. This loan is ideal for consumers with fair credit as the minimum credit score required is 580.

An Avant personal loan can also be used to cover home improvements, fund unexpected expenses but is most commonly used for credit card debt consolidation. The length of Avant personal loans are between 2 to 5 years.

Pros

• Able to fund loans within one business day.
• Soft credit check with pre-qualification.
• Option to change your payment date.

Cons

• Charges origination fee.
• No option to include co-signer.

Avant Personal Loan Features

Choose your payment options: Borrowers can change their payment date during the lifetime of the loan and are also able to make additional monthly loan payments to pay off their loan faster.

Refinancing option: With Avant, borrowers with at least six months of on-time payments on a loan to qualify for refinancing. This allows borrowers to increase the amount of their loan or possibly lower their rate.

Credit reporting: Avant reports payments to all three major credit bureaus. Paying off your loan on time can help increase your credit score.

Customer service: Avant offers excellent customer service. Customer service representatives are available by phone (800-712-5407).

• Monday - Friday: 7 am - 10 pm Central
• Saturday - Sunday: 7 am - 8 pm Central

Customer support can also be reached by email 24/7 at support@avant.com.

Mobile app: Avant has an iOS and Android mobile app that borrowers can use to make payments, see upcoming payments and their payment history.

No co-signed loan option: Avant doesn't offer the option for borrowers to add a co-signer.

Lender fees:

• Origination fee: up to 4.75%.
• Late fee: $25 after 10-day grace period.
• Unsuccessful payment fee: $15.

Requirements:

• A minimum credit score of 580.
• At least $20,000 in gross annual income.

The average Avant borrower has:

• A household income of $40,000 to $100,000 (varies based on loan purpose).
• 650 credit score.
• Used loan for a debt consolidation loan for $6,800 with a 3 year term.