Avant Personal Loan full review
Check out our complete review of Avant personal loans, which are a viable choice for obtaining immediate funds even if you have average or poor credit.
Discover an Alternative Lender for Those Without Excellent Credit
If you have less-than-perfect credit and are in need of a loan, you may want to consider Avant, an online lender headquartered in Chicago. Established in 2012, Avant has served over 1.5 million customers and provided loans totaling over $6.5 billion. They offer unsecured personal loans that can be used for various expenses, including debt consolidation.
Operating in 42 states across the U.S., Avant is a reputable lender with positive customer ratings. Their loan options, although limited to a maximum of $35,000 and APR ranging from 9.95% to 35.95%, make it a potential option for individuals with less-than-perfect credit.
Continue reading to determine if Avant is the right choice for your personal loan needs.
How Does Avant Personal Loan Work?
Avant offers unsecured personal loans that can be utilized for debt consolidation and other personal expenses. Some common uses for Avant personal loans include:
- Consolidating existing debts
- Paying for medical expenses
- Funding costly auto repairs
- Home renovations
- Emergency financial assistance
Before applying for a loan, you can request a rate quotation from Avant without undergoing a hard credit pull. This mild credit check won’t impact your credit score. However, if you decide to proceed with the loan application, a hard credit inquiry will be conducted as part of the qualification process.
To be eligible for an Avant personal loan, you must be at least 18 years old. While Avant’s clients typically have fair-to-good credit ratings ranging from 600 to 700, individuals with lower credit scores may still have the chance to get approved.
Main Benefits of Avant Personal Loan
1. Soft Credit Inquiry
Avant allows you to explore your loan options without committing to anything. They provide a soft credit inquiry that reveals your interest rate. Unlike a hard credit inquiry, a soft inquiry doesn’t negatively affect your credit score.
2. Loan Amount Options
Avant’s loan range of $2,000 to $35,000 is appealing, especially if you only need a smaller loan for home or car repairs. This sets them apart from lenders with higher credit limits.
3. No Prepayment Penalty
If you receive extra income or a bonus, you have the flexibility to pay off your Avant loan early without any prepayment penalties.
4. Simple Qualification
Avant may approve borrowers with credit scores as low as 580, as long as they meet the income requirements.
5. Fast Funding
Most Avant loans are funded by the next day, providing quick access to funds in case of emergencies.
6. Loan Conditions
Avant offers loan periods ranging from 24 to 60 months, giving borrowers flexibility. While longer repayment periods result in lower monthly payments, they do incur a higher overall interest cost. This makes it an attractive option for consolidating credit card debt, but it’s important to weigh the total interest paid when repaying the loan.
How to Apply for Avant Personal Loan
To learn how to apply for an Avant Personal Loan, please check out our next article for a step-by-step guide and all the necessary information.
