In a Nutshell
- Get a quote in minutes without your credit score being affected
- Payment usually within 1 business day of approval
- High fees for borrowers with bad credit
- Relatively high APR rates
Avant at a Glance
Avant is an online lending platform offering access to personal loans in partnership with WebBank, an FDIC-insured bank. Although WebBank is the originator of the loans, Avant is the single point of contact for borrowers. Through Avant’s online service, you can apply for a personal loan more quickly and easily than you would through a traditional bank.
Avant’s service is suited to people with average to low credit who need a personal loan to cover large expenses such as debt consolidation, home improvement, or sudden medical costs. Getting a loan from a traditional bank is typically very time consuming and requires good credit. Avant cuts a lot of the paperwork out of the application process, allowing qualified borrowers with even below-average credit to secure a personal loan within as little as one business day. Most Avant customers have a credit score of between 600 and 700, although scores of as low as 580 are eligible.
Avant offers access to a wide variety of personal loans to suit customers with different credit situations and histories. All the loans are unsecured, meaning the borrower doesn’t need to put down their home, car, or other property as collateral. Loan amounts range from $2,000 to $35,000, but can vary by state and creditworthiness. Once approved, loans are delivered as soon as 1 business day if approved by 4:30pm CT Monday-Friday, although the exact time it becomes available to you will depend on your bank.
Benefits of using Avant include:
- No prepayment fees.
- No paperwork – when your contract is complete, you’ll only be asked to e-sign it.
- A simple dashboard, to stay up to date with your loan application and payments.
- Mobile app for both iOS and Android. Like the dashboard, the app allows you to view your payment history and upcoming payments, make additional payments, view your payoff quote, and receive notifications.
The Application Process
Checking your loan options takes just a few minutes and won’t impact your credit score. All you need to do is to submit the following information:
- First and last name
- Phone number
- Email address, plus a password of your choice
- Full residential address, including whether you rent or own your home, and how long you’ve lived there
- Date of birth
- Social Security Number
- Your employment status (i.e. employed, self-employed, part-time) and monthly net income
- The loan amount you are requesting, and the purpose of the loan
- How you would rate your credit score
If you pass the first portion of the application, you’ll be taken to a screen with your loan options. If you find one of the loans to your liking, you can continue with the process.
The application process typically includes the following:
- Avant will pull a hard inquiry on your credit report, which will affect your credit score.
- You’ll be asked to verify your identity via electronic knowledge-based authentication, which involves a series of questions that only you will be able to answer.
- In addition, Avant may ask you to confirm additional details, such as your income and banking information. Its customer service team will reach out to you personally if it requires information.
How Much Can You Borrow?
You can borrow as low as $2,000 and as much as $35,000, although the figures vary depending on which state you live in and your creditworthiness.
Avant’s loan terms range from 24 to 60 months and administration fees are up to 4.75% for new loan applicants. APRs range from 9.95% to 35.99% and vary based on credit determination and other factors. For example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. The maximum APR may vary by state.
Fees and penalties also apply for things such as late payment ($25, with 10-day grace period), and unsuccessful payment ($15). Late fees may vary by states and products.
Privacy & Security
Although Avant isn’t a bank, all its loans are originated by WebBank, a state-chartered industrial bank located in Utah. WebBank is insured by the Federal Deposit Insurance Corporation, a US government corporation providing deposit insurance to customers of US banks. Avant promises only to use your personal information to fulfill contractual obligations to you and for legitimate business purposes, and to only share information with its service partners and with any other third parties with your consent.
Help & Support
Customer service representatives can be reached between 7:00am and 10:00pm Central Time, and 7:00am to 8:00pm weekends, via telephone, email or the dashboard on your Avant account. The Better Business Bureau gives Avant an A+ rating for its customer service, with the majority of online reviewers giving positive feedback for its helpful customer service and the speed of applications and approvals.
Avant’s partnership with WebBank brings borrowers bank-backed personal loans without having to waste time and energy dealing directly with a bank. Its online system is easy to use. Getting a quote takes a couple of minutes . And upon approving your application, Avant aims to transfer the money to your bank account as soon as 1 business day.
222 N. LaSalle St., Suite 1700
Chicago, Illinois 60601