Avant Review: Is It Legit Or Is It A Scam?

Are you considering using Avant for your financial needs but unsure if it’s a legitimate option or a potential scam? Read our comprehensive Avant Review to get the inside scoop and make an informed decision!

When it comes to borrowing money, there are many options to choose from. One of these options is Avant, a lending platform that offers personal loans to help consumers consolidate debt, make important purchases, and more. In this article, we will take a closer look at Avant, its features, and its customer reviews, so you can decide if it’s the right choice for you.

What is Avant?

Avant, now known as AvantCredit, is a lending platform that offers personal loans to consumers in the United States. The company was founded in 2012 with the mission of making borrowing easier and more accessible for middle-income consumers. Avant has helped over 2 million people get the funding they need, and it is headquartered in Chicago, Illinois.

The loans offered by Avant range from $2,000 to $35,000 with APRs ranging from 9.95% to 35.95%, and loan lengths can vary from 12 to 60 months. The loan amount, term, and APR vary based on creditworthiness and state law. After a loan is approved, the money is usually deposited into the borrower’s account within one business day.

Loan Features

Avant offers several loan features to make borrowing easier and more accessible for middle-income consumers. Here are some of the loan features of Avant:

• Loan Amounts: Its personal loans range from $2,000 to $35,000, which can be helpful for borrowers who need a larger amount of money than what is offered by some other lenders.
• APR: The APR on its loans ranges from 9.95% to 35.95%, depending on creditworthiness and state law. This can be competitive compared to other lenders, especially for borrowers with less-than-perfect credit.
• Loan Length: The length of their loans can vary from 12 to 60 months, giving borrowers the flexibility to choose a repayment plan that works for them.
• Administration Fee: It charges an administration fee of up to 4.75%, which is only assessed when the loan is approved. This fee can be lower than what some other lenders charge.
• Fast Funding: After a loan is approved, the money is usually deposited into the borrower’s account within one business day. This can be helpful for borrowers who need funds quickly.
• Soft Credit Inquiry: It uses a soft credit inquiry to help borrowers check what rates and terms may be available to them. This step is important and will not affect the borrower’s credit score at all. Once the borrower sees the options that are available, they can decide whether or not to continue with the application process. Keep in mind that a hard credit inquiry will be performed only if the borrower chooses to move forward with the application.
• Access to both Secured and Unsecured Loans: It offers access to both secured and unsecured consumer installment loans, giving borrowers more options to meet their borrowing needs.

Avant’s loan features are designed to be more inclusive and accessible to borrowers with less-than-perfect credit. While the APR and administration fees can be higher than what some other lenders charge, Avant’s fast funding and flexible loan terms can make it a good option for borrowers who need a larger loan amount or a more lenient approval process.

How Does Avant Work?

Avant works by offering personal loans to consumers who meet certain eligibility criteria. To apply for a loan, a borrower must provide information about their credit score, income, and other personal details. Based on this information, they can pick a loan amount that falls within their approved amount or state limit. Once the loan application is filled out, the borrower will need to provide confirmation of additional details, such as income and banking information, to Avant’s Originations team.

To review the status of their loan application, the borrower can log into their application’s dashboard, where they can review any tasks that need to be completed in order to verify their progress. After the loan is approved, the money is usually deposited into the borrower’s account within one business day.

The loan amount, term, and APR vary based on creditworthiness and state law. Avant charges an administration fee of up to 4.75%, which is only assessed when the loan is approved. Depending on the state the borrower lives in, late fees may apply if they miss a scheduled payment. Dishonored payment fees may also be charged when a scheduled payment is not paid and returned unpaid.

It also offers access to both unsecured and secured consumer installment loans with its own unique twist. Like most bank loans, personal loans through Avant.com amortize over time with equal monthly payments.

Minimum Requirements to Qualify for a Loan

As part of the application process, they may need to verify the information you have provided, including your identity, employment history, income, and bank account details. Here are the minimum requirements to qualify for a loan. Note that meeting these requirements doesn’t guarantee approval.

• Minimum credit score: 550 (using FICO score version 8 and VantageScore version 3)
• A minimum number of accounts on the credit report: 1
• Minimum monthly income: $1,200 (income from alimony, child support, and other maintenance income is allowed)
• Maximum debt-to-income ratio: 70%, including mortgage payments
• Cannot be in active bankruptcy

How does Avant differ from traditional banks?

Avant differs from traditional banks in that it offers personal loans to consumers with less-than-perfect credit scores. While traditional banks may require high credit scores or collateral, Avant’s lending model is designed to be more inclusive and accessible.

How long does it take to get approved for an Avant loan?

The time it takes to get approved for an Avant loan can vary depending on factors such as the completeness of the loan application and the verification process. However, according to the company’s website, most borrowers can expect to receive a decision within minutes of submitting their application.

What happens if I can’t pay my Avant loan?

If you are unable to make payments on your Avant loan, you should contact their customer service team as soon as possible to discuss your options. Depending on your circumstances, you may be able to negotiate a payment plan or other arrangement to help you stay on track.

Avant BBB Reviews

Avant is a company that has been accredited by the Better Business Bureau (BBB) since 2015. The company has an average of 171 customer reviews and 860 complaints closed in the last 3 years. Unfortunately, the company has a 1.2-star rating due to the large number of negative reviews it has received. Many customers have complained about high-interest rates, hidden fees, and poor customer service.

FAQs

Does Avant target vulnerable populations with their high-interest loans?

Some critics argue that Avant and other lending platforms like it target vulnerable populations, such as those with poor credit scores, with high-interest loans that can be difficult to pay back. They argue that these loans trap people in a cycle of debt and perpetuate inequality.

Does Avant charge hidden fees?

Some customers have complained that Avant charges hidden fees, such as origination fees, that are not clearly disclosed upfront. They argue that this can make it difficult to understand the true cost of the loan.

Does Avant provide adequate customer service?

Many customers have complained that Avant provides poor customer service, including long wait times and unhelpful representatives. Some have even accused the company of intentionally delaying or denying loan applications.

Does Avant adequately disclose the risks of taking out a loan?

Critics argue that Avant and other lending platforms do not adequately disclose the risks of taking out a loan, such as the potential for high-interest rates, penalties for late payments, and the impact on credit scores. They argue that this lack of transparency can lead to borrowers taking out loans they cannot afford.

Is Avant Legit or a Scam?

Avant is a legitimate lending platform that provides access to credit products for consumers in the United States. WebBank partners with Avant to provide these services. Despite this, the company has a lot of negative reviews from customers. Before taking out a loan, it’s important to understand the different types of loans available, as well as the interest rates and repayment plans. By doing your research and comparing rates from different lenders, you can find the best option for you. Reading customer reviews can also help you avoid taking out a loan that you can’t afford.

Tips for Managing Debt

If you are struggling to keep on top of your finances, there are a few things you can do to get your finances back on track. First, stop using credit cards and commit to spending only what you can afford. This will help you stay on budget and make better spending decisions.

Another option is to speak with a financial advisor who can help you understand your options and develop a plan that fits your unique circumstances. A financial advisor can help you create a budget, prioritize debt payments, and negotiate with creditors.

If you have multiple debts, you may also consider debt consolidation, which involves combining multiple debts into a single loan. This can make it easier to manage your debt since you will only have one monthly payment to make. Debt consolidation may also lower your interest rate, which can help you save money in the long run.

If you are struggling to make payments on your debt, you may be able to negotiate with your creditors. Many companies are willing to work with customers to create a more manageable payment plan, especially if you are experiencing financial hardship. So reach out to their customer service team for more information.

Conclusion

Avant.com is a lending platform that offers personal loans to help consumers consolidate debt, make important purchases, and more. While it is a legitimate company, it has received a lot of negative reviews from customers. Before taking out a loan, it’s important to understand the different types of loans available, as well as the interest rates and repayment plans. By doing your research and comparing rates from different lenders, you can find the best option for you. Reading customer reviews can also help you avoid taking out a loan that you can’t afford.

If you are struggling with debt, there are a few things you can do to get your finances back on track. These include creating a budget, speaking with a financial advisor, consolidating your debt, and negotiating with your creditors. With the right strategies in place, you can take control of your finances and achieve your financial goals.