Avant is a Chicago-based lending platform that targets borrowers with less-than-perfect credit, touting its personal loan platform as an alternative to pricey payday loans and other short-term choices.
Among other services, Avant offers access to debt consolidation, home improvement financing, and emergency loans for sudden, unexpected costs. Read this Avant review for more information.
Avant loans overview
- Has serviced over 600,000 customers
- Offers free online rate check that doesn’t affect credit score
- Fully complete application online
- Fast decisions and next business day funding (if approved by 4:30 p.m. CT, Monday through Friday)
- No balloon payments
- Excellent support and customer assistance
Founded in December 2012 and operational since January 2013, is headquartered in Illinois. This is a lending option designed for the 21st century — the entire application is available online and services are designed around fast customer assistance.
Avant’s loan amounts range from $2,000 to $35,000. Although Avant lends through its platform nationwide, loan terms can vary by state.
Installment loans through Avant are made through Utah-based WebBank, member FDIC.
Payment plans and options
Personal loans through Avant amortize like traditional bank loans, and the company utilizes an easy to understand equal monthly payment plan. Most payments occur via electronic funds transfer, meaning bank accounts are debited automatically. This helps you avoid late fees or missed payments.
If alternative payment methods are necessary, Avant employs account specialists to help you set up convenient plans.
Avant offers toll-free customer service with a live representative, seven days a week. The website layout is clean and simple. The FAQ section links to helpful articles and other resources.
It’s also possible to resolve issues and ask questions through online chat or email correspondence.
The entire Avant process can be navigated online. Some options are also available with a smartphone or other mobile device.
Early and extra payments
If you have a loan with Avant, you can pay it down early to save on future interest. There are no early repayment fees. If you pay off your loan before the scheduled due date, Avant will only charge interest for the amount of time the loan was outstanding (along with any fees and charges incurred on the account). No balloon payments are assessed at the end of a loan.
How to apply for an Avant loan
Avant’s website boasts a 15-minute online application process, which includes a rate check that the company says doesn’t affect the applicant’s credit score. Avant’s site is simple and easy to navigate. If approved, electronic contracts may be signed through the borrower’s device. It is not possible to qualify for a second loan before paying off the first one.
Money is available for deposit into borrower’s account as early as the following business day. Avant says loan terms and approval depend on a variety of factors, including:
- Applicable federal and state laws (minimum loan amounts and maximum APR vary by state)
- Your banking and employment information
Avant personal loan reviews
Avant is Better Business Bureau (BBB) accredited, earning an A+ rating from the Chicago and Northern Illinois chapter.
This accreditation is based on a good faith effort to resolve consumer complaints. According to the BBB, Avant’s responsiveness and resolution of complaints contributed to the firm’s A+ rating. As of December 2015, 112 complaints had been closed during the previous three years.
The 25 customer reviews filed with the BBB website include three positive and 19 negative. Negative reviews tended to focus on unresponsive or uninformed customer service agents or inappropriate or late application of payments to individual loan accounts.
Sean Ross contributed to the reporting of this article.