Individuals take out personal loans to cater to certain needs that require urgent attention. Avant offers personal loans to individuals who seek a loan amount that would help offset financial constraints and cater to the cost of bills. Whatever your goal is, Avant is one of the best lenders to get a personal loan from.
In this article, we will provide detailed and comprehensive information about Avant personal loans. Exploring its loan terms and conditions, eligibility requirements, application process, and other valuable tips that would help broaden your knowledge. In order not to miss out on quintessential information, ensure you read to the end of this article.
What You Need to Know About Avant
Avant is a lending platform that offers personal loan services to consumers who seek a loan amount to cater to a specific need. They also offer credit cards issued by WebBank in various states; however, there are a few exceptions.
The personal loans offered by Avant can be accessed by low- or middle-income borrowers who have a fair credit score below 670. Also, the minimum loan amount a borrower can access is $2,000 in every state, excluding Massachusetts. Let’s also note that the loan terms from Avant Personal Loans range from 24 to 60 months.
A Quick Glance at Avant Personal Loan Amount and Terms
| Loan Amount | The loan amount an applicant qualifies for largely depends on his or her credit history. However, Avant personal loans range from $2,000 to $35,000, except in Massachusetts, where the minimum loan amount is $6,400. |
| Loan Terms | The personal loan term offered by Avant is usually between 24 to 60 months. |
| APR | APRs for personal loans are between 9.95% and 35.99%. This is dependent on several factors, such as loan amount and credit worthiness. |
| Administrative Fee | Up to 4.75% for unsecured loans, which would be deducted from the disbursement amount. |
| WebBank Late Fee | Avant charges a late fee of $25 to those who do not make their payments within the scheduled date. |
| Prepayment Penalties | There are no prepayment penalties for borrowers who pay off their loans prior to the end of the loan term. |
| Dishonoured Payment Fee | Avant charges a dishonored payment fee of $15 if a payment is returned unpaid. However, this fee varies by state. so it is important to check and review the loan fee attached. |
Pros of Avant Personal Loans
Avant offers a wide range of benefits to individuals who seek to take out a personal loan from them. These benefits include:
- Low credit score requirement.
- Loan terms are available for up to 60 months.
- Fast funding.
- Wide range of repayment term options.
- A mobile app to manage and track your loan status.
- Availability of customer service.
- Option to prequalify with a soft credit check.
In addition to all of these benefits, Avant also allows applicants to use the income of other members of their family to qualify for the loan.
Cons of Avant Personal Loans
While we look at the advantages of taking out a personal loan from Avant, it is important to also consider its downsides. The drawbacks of Avant personal loans are as follows:
- It does not allow co-signers and co-borrowers.
- High starting APR for prime borrowers
- The interest rate is on the high side for some borrowers.
- Charges an upfront administrative fee.
- Charges a late fee of $25.
When taking out a personal loan from Avant, ensure you factor in its disadvantages alongside the benefits you get to enjoy. This enables you to have a better understanding of how it works and its downsides.
Who Should Consider Getting a Personal Loan from Avant?
If you have a fair credit score as low as 580 and wish to rebuild your credit, Avant personal loan is an ideal option for you. Unlike other lenders who require a credit score of at least 670, you can access Avant personal loans if you have a fair credit score.
However, it is essential to note that individuals whose credit score falls on the lower end of the specified requirement for Avant would most likely not receive Avant’s minimum annual percentage rates, as this is reserved for applicants who are highly qualified.
Who Avant Personal Loan is Not Right For
Those who have a credit score below 580 or above 620 should reconsider getting a personal loan from Avant. You can shop around to get a personal loan lender that will approve your credit score. If your credit score is above 620 or below 580, you may be able to access other terms that would reduce the cost of your loan from other lenders.
How to Apply for Avant Personal Loan
The application process for Avant personal loan is straightforward and relatively easy. All you have to do is provide detailed and accurate information about your income, debt, and creditworthiness.
Nevertheless, before applying for Avant personal loan, the first step to take is to review the eligibility requirements specified by Avant to be sure you qualify for the loan. Part of the eligibility criteria for Avant personal loan include having a social security number and having a fair credit score; applicants must also be a US citizen of at least 18 years of age.
If you’re eligible to take out a personal loan from Avant, then you can proceed to the verification process, where you will be asked to provide information and confirm details during the prequalification stage. The prequalification stage typically involves an assessment of your credit history to determine your eligibility.
Also, you may need to provide supplementary documents to support your loan application. Ensure you provide authentic and accurate documents alongside your application.
