Avant Personal Loan Full Review

When some extra money is need to fulfill a plan big or even to close the budget, turning to personal loans can be a viable option.

Avant was created with this need on mind, currently borrowing up to $35,000 on unsecured personal loans.

Interested? Below, you will find detailed information about Avant’s personal loan rates, advantages, exclusive benefits, loan amounts, and much more.

Who is Avant?

Founded as a startup in 2012, Avant is a financial technology company specialized on providing online and unsecured personal loans.  

Headquartered in Chicago, Illinois, the company issued its first personal loan using its proprietary technology to assess its customer’s creditworthiness.

Initially, Avant’s services were limited to just 16 states in the United States. However, its success and growing reputation for providing accessible and efficient loans led to rapid expansion.

Presently, Avant operates in 46 states across the United States and beyond, entering both the Canadian and United Kingdom markets.

As a result of its continuous growth and expanding reach, Avant’s valuation soared to an impressive $2 billion in 2022.

How Avant’s Personal Loan Works

Avant Personal Loan can serve as a reliable solution for borrowers seeking funds ranging from $2,000 to $35,000.

Its unsecured loan provides the flexibility to address various financial requirements, from consolidating debts to covering medical expenses or pursuing dream weddings.

Since all of its personal loans are unsecured, Avant focuses on simplicity and convenience for its borrowers. The lack of a collateral proof can make the application process easier and the loan approval faster.

Still, Avant has some competitive interest rates, which start as low as 9.95% APR, ensuring affordability and a manageable installments.

When it comes to repayment, Avant’s customers have the final word over the loan terms. The borrower can choose terms ranging anywhere from 1 to 5 years.

Additionally, Avant provides the flexibility to change your payment date, helping you effectively manage your loan and avoid late payments.

Major Advantages

Taking out a loan with Avant comes with several advantages, including the absence of prepayment fees.

That means borrowers can pay off their loans early without incurring additional costs, making it easier to become debt-free sooner and save on interest.

Furthermore, Avant ensures a fast funding process, with funds being deposited into your account on the next business day after approval, providing quick access to the funds you need.

Avant also offers the option to pre-qualify for the loan, allowing you to assess your eligibility without affecting your credit score. This feature is particularly useful for those looking to check others loans options before proceeding with the application.

Major Drawbacks

While the Avant Personal Loan offers numerous advantages, there are some aspects to consider before applying.

One drawback is the origination fee, also known as an administration fee, which can be as high as 4.75%. This fee may increase the overall cost of the loan, impacting your repayment strategy.

Avant’s doesn’t offer any kind of rate discounts for automatic payments, a benefit which has become popular among many lenders.

Even more important, Avant’s lower rates are not available to all borrowers, meaning those with less-than-perfect credit may face higher interest rates, reaching up to 35.99% APR. This could result in increased borrowing costs over the loan’s lifetime.

Unfortunately, Avant does not offer co-signed or joint loans, which could be a good alternative for borrowers with a lower score.

Additionally, Avant imposes a late fee of $25.00 for any scheduled payment not paid in full within 10 days after its due date, potentially impacting your total loan cost and credit score.

Lastly, it is important to note that Avant’s personal loans are not available in the states of HI, IA, MA, NY, VT and WV.

How to apply?

If you’re interested in exploring Avant’s personal loans further, tap the green button below and get in touch with a step-by-step guide on how to apply to this personal loan.

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