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Avant is a Chicago based lender that markets to those with less than perfect credit. In the words of Adam Hughes, the company’s president, they focus on the “typical middle-class American consumer”. Read our Avant loans review to see if you fit the bill.
Avant Quick Info
|APR Range||9.95% - 35.99%|
|Loan Amounts||$1,000 - $35,000|
|Origination Fee||0.95% - 4.75%|
|Loan Duration||2 - 5 years|
|Time to Fund||Around 2 days|
|Soft Credit Check?||Yes|
Who Is the Typical Avant Borrower?
- They have a credit score of 580 or higher. The average Avant borrower has a credit score of 650.
- They make at least $40,000 per year. There is no minimum income requirement but 40k seems to be the average.
- They want flexibility in their loan repayment terms.
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Avant Loans Review
Avant is one of the major lending platforms for individuals with low credit scores. Their rates are similar to other low credit score lenders like Peerform and OneMain Financial. When you apply with Avant they will do a soft credit check, just like the other lenders. This will not impact your credit score. If you are approved and decide to move forward with the loan they’ll need to do a hard credit check.
If you are approved and decide to move forward with the loan they’ll need to do a hard credit check. While this can have some effect on your credit it’s generally minimal and not something you should be too concerned with.
Like many of the lower credit score lenders, Avant loans are used primarily to consolidate other forms of debt. Higher interest loans, often credit cards, are all paid off then paid down with one lower interest Avant loan. Over half of Avant loans are used for this purpose.
Avant is more flexible with payments than many of the other lenders. You have a 10 day grace period before you’ll receive a $25 late fee. And after that, if you make 3 payments in a row on time they will refund the late fee. We’re not saying you shouldn’t be on time but it’s nice to know they aren’t going to hit you with fees right away.
Avant Loans Reviews From Around the Web
|Better Business Bureau||3.8/5 - 98 Reviews|
|Credit Karma||4/5 - 973 Reviews|
Avant Fees and Penalties
- Origination fee: 0.95% to 4.75%
- Prepayment fee: None
- Late fee: $25 after 10-day grace period
- Check processing fee: None
- Declined payment fee: $15
Business Contact and Profile for Avant
|Address:||222 N La Salle St
Chicago, IL 60601-1101
|Type of Business:||Financials Services, Loans|
|Principal:||Mr. Adam Hughes, President|
|BBB Accreditation:||This business is accredited with the BBB and has an A+.|