Are you in need of a loan? While unsecured loans might not be the best idea for everyone, they do have a place for those in need of money to consolidate high interest rate debt. Instead of putting my head into the sand about personal loan lending, I decided I would try and review some of the better personal loan companies out there to help consumers make a good choice. Today, I’m putting together an Avant review. Avant is one of the top rated personal loan companies out there. They used to be called Avant Credit. 94% of their customers rate them highly and recommend them. Their rates aren’t the best of the unsecured loan industry, but they consistently provide top service to those who get loans with them. Their rates aren’t terrible and they still stay competitive. Here is my review of Avant and their lending platform.
Who is Avant (formally Avant Credit)?
Avant is an online personal loan lending company based out of Chicago, Illinois. They were born in 2012 based off a need for a better lending experience than what traditional banks and other personal loan lenders were providing. They have funded over 100,000 loans totaling over $1 billion! That’s a lot of personal loans.
As noted, they were started back in 2012, so they are relatively new to the scene of lending, but they have quickly grown to become one of the top lenders. The reason is their customer service. They have over 500 employees and are rated a 4 out of 5 based on most reviews from their customer base. They are extremely transparent about their processes, rates, and loan information.
This is the best overall experience I have had with any lender of any kind. Avant made me feel like a valued customer and I feel empowered to chart my own path after receiving my loan through Avant. Many many thanks.
Avant offers unsecured personal loans for many borrowers. They have currently funded over 200,000 customers. The basic uses of an unsecured loan focus on three main areas, though you can use them for almost anything.
- Debt Consolidation – This is one of the best uses for an unsecured loan. If you have high-interest debt, then look for a personal loan to serve as a debt consolidation loan. You can pay off all your debt and wrap it under one payment with a lower interest rate.
- Home Improvement – It can be costly to put a home improvement project onto a credit card, so personal loans might be a good option. This is especially the case when you can’t qualify for a home equity line of credit.
- Unexpected Purchases – While I would reserve this spot for emergency funds, many don’t have those funds. If you need to make a purchase in an emergency, like a hot water heater, then you can look to an unsecured personal loan to help in your time of need.
Avant Rates and Terms
Everyone always wants to know the rates for personal loans. Well, they tend to be more than some credit cards and it all depends on your credit rating. A better credit rating, they lower your rate will be. The other factor is where you live. Each state sets a maximum an online loan company can lend you. Luckily, Avant makes it easy to check your rate based on your state and credit rating. Additionally, it doesn’t affect your credit score when they check it. That’s a huge bonus.
Avant is greatly appreciated in every step of the process and continues to do so each time I call. I will be happy to recommend Avant.
In North Carolina, where I’m located, you can look at rates as low as 9.95% all the way up to 36%. You can get loan terms from 12 to 60 months (1 to 5 years). You can also borrow up to $35,000! That is the maximum Avant is allowed to lend anyway, so if you need more than $35,000, then you need to look elsewhere.
Avant states that all loans range from 9.95% to 39.95% with sub-tiers that step up two percentage points. You have to have a minimum FICO score of 680 to get a rate below 20%. Also, if you want to borrow the maximum, you also have to have a FICO score of 680 or greater. While there are some other loan companies that have rates below 9.95%, those are only reserved for those with the highest credit ratings. The rates Avant offers may put off some borrowers, but it is what it is.
Another factor in personal loan lending is how quickly the loan can be funded. In many cases, Avant can have the money in your account on the next business day (24 hours). This means if you apply for a loan on Friday, it could be there as early as Monday. If you do it on Monday, it could be there Tuesday. This is much faster than the traditional lending experience which is about a week or more.
If you want to pay off your loan early, you can do so. There is no prepayment penalty and no fees for paying off your loan at all. There are no balloon payments at the end of the term either. This means that you will be paying your loan as outlined and when you’re done, you’re done. No additional fees. Avant is transparent in their loan offerings.You can also search for the best loan for you, using a service like PersonalLoans.com, a loan aggregation site.
In order to know more about your rate and loan amount, Avant has to check your credit. Luckily, they do this with a “soft” pull, which means you won’t be dinged for applying for the loan. A “soft” pull does not affect your credit score and doesn’t show up on your credit report if your are declined. If approved, the loan will show up on your report though.
It can be hard to stand out in the online personal loan space, but I feel Avant has done it pretty well. While their rates might not be the most attractive, they do provide loans up to $35,000 and you can get them as quickly as a day. That’s fast. Their bread and butter is their customer service. 94% of their customers recommend them or are happy with their experience. That’s a high percentage for a financial product as divisive as personal loans. Their transparency makes them a welcome addition to the online lending space. You know what you’re getting into when you get a loan with them.
Their application process is smooth and relatively easy. You do need to have your full name, address information, income information, and your social security number. These are all necessary for any loan application. If you have questions, you can call them at 1-800-712-5407 or reach out to them on their site. Their customer service agents can help you decide what loan product you need and if you will have any problems in the application process.
AvantCredit is highly rated form their customers because they provide quality customer service. They are transparent about their loans and their process. If you need a personal loan, check out AvantCredit.