Avant

6.9 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

6.9Expert Score
Support
7.5
Affordability
6
Benefits
6.5
Application Process
7.5
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Good For Bad Credit
  • May Be Eligible to Borrow More Based on Solid Repayment History
CONS
  • High Interest Fees
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Average Score 6.9
PROS:
  • Good For Bad Credit
  • May Be Eligible to Borrow More Based on Solid Repayment History
CONS:
  • High Interest Fees

Introduction

APR 9.95% – 35.99%
Loan Amount $2,000 – $35,000
Loan Duration

2 to 5 Years

About
Avant Personal Loans are originated by WebBank Inc, a state-chartered industrial bank that provides a wide range of financial products for commercial and personal needs. They partner with leading brand partners to originate loans. They also engage in other banking activities like issuing credit cards and taking deposits. WebBank was founded in 1997 and is headquartered in Salt Lake City, UT.

Ideal Borrower
Avant Loans are great for borrowers with less than stellar credit looking to consolidate debt. Most personal loan lenders focus on borrowers with good credit, but Avant will lend to borrowers with lower scores, even as low as 580. Most borrowers have credit scores in the 600 to 700 range. Also, if you need more credit later on, Avant allows borrowers with 9 months of on-time payments the option to refinance to get a larger loan and possibly a better rate.

Best For
Avant is a great choice for borrowers with lower credit scores who might not qualify for other personal loans who want to consolidate their debt. Another great reason to take out a loan and make the payments on time is the effect that it has on raising your credit score. Also, by securing a lower interest rate on debts like credit cards, you are likely to save money in the long run.

How to Qualify
Qualifying for an Avant personal loan can be much easier than many personal loans, the company is dedicated to serving more “middle class” consumers. Your credit score can be as low as 580, but the better your credit score is the better your interest rate will be. Minimum income to get qualified is $20,000. After you are notified that you qualify for a loan, you could get funded as soon as the next business day.

Additional Fees
Avant loans are subject to more fees than many other personal loans. There is an origination fee that Avant calls an administrative fee. There are late fees and fees for payments that do not go through. Paying off your loan early doesn’t incur any fees, however.

 


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