Avant Review

Avant at a Glance

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Overview

Avant is an online lender offering personal loans in partnership with WebBank, an FDIC-insured bank. Although WebBank is the originator of the loans, Avant is the single point of contact for borrowers. Through Avant’s online service, you can secure personal loans more quickly and easily than you would through a traditional bank.

Best For?

Avant’s service is suited to people with average to low credit who need a personal loan to cover large expenses such as debt consolidation, home improvement, or sudden medical costs. Getting a loan from a traditional bank is typically very time consuming and requires good credit. Avant cuts a lot of the paperwork out of its application process, allowing borrowers with even below-average credit to secure a personal loan within as little as one business day. Most Avant customers have a credit score of between 600 and 700, although scores of as low as 580 are eligible.

Loan Features

Avant offers a wide variety of personal loans to suit customers with different credit situations and histories. All its loans are unsecured, meaning the borrower doesn’t need to put down their home, car, or other property as collateral. Loan amounts vary by state, with a maximum of $35,000. Once approved, loans are delivered within 1 business day, although the exact time it becomes available to you will depend on your bank. Due to various state regulations, Avant doesn’t offer loans to residents of Colorado, Iowa, Vermont, or West Virginia.
Benefits of using Avant include:

• No prepayment fees.
• No paperwork – when your contract is complete, you’ll only be asked to e-sign it.
• A simple dashboard, to stay up to date with your loan application and payments.
• Mobile app for both iOS and Android. Like the dashboard, the app allows you to view your payment history and upcoming payments, make additional payments, view your payoff quote, and receive notifications.

The Application Process

Getting a quote takes just a few minutes and won’t impact your credit score. All you need to do is to submit the following information:

• First and last name
• Phone number
• Email address, plus a password of your choice
• Full residential address, including whether you rent or own your home, and how long you’ve lived there
• Social Security Number
• Your employment status (i.e. employed, self-employed, part-time) and monthly income
• The loan amount you are requesting, and the purpose of the loan
• How you would rate your credit score
• Agreement to Avant’s terms of use

Next, you’ll be taken to a screen with your loan options. If you find one of the loans to your liking, you can officially submit an application. 
The application process typically includes the following:

• Avant will pull a hard inquiry on your credit report, which will affect your credit score.
• You’ll be asked to verify your identity via electronic knowledge-based authentication, which involves a series of questions that only you will be able to answer. 
• In addition, Avant may ask you to confirm additional details, such as your income and banking information. Its Originations team will reach out to you personally if it requires information.

Once Avant approves your loan application, it will ask you to e-sign the contract before it transfers you the funds.

How Much Can You Borrow?

You can borrow as low as $2,000 and as much as $35,000, although the figures vary depending on which state you live in.

Repayment Terms

Avant’s loan terms range from 24 to 60 months. Administration fees ranges from 1.50% to $4.75%. APR usually ranges from 9.95% to 35.99%. The maximum APR is lower in a handful of states that have stricter lending requirements. For example, APR ranges from 9.95% to 15.99% for New York residents.

Fees and penalties also apply for things such as late payment ($25, with 10-day grace period), and unsuccessful payment ($15 for most states).

How Safe Is It? 

Although Avant isn’t a bank, all its loans are originated by WebBank, a state-chartered industrial bank located in Utah. WebBank is insured by the Federal Deposit Insurance Corporation, a US government corporation providing deposit insurance to customers of US banks. Avant promises only to use your personal information to fulfil contractual obligations to you and for legitimate business purposes, and to only share information with its service partners and with any other third parties with your consent.

Help & Support

Customer service representatives can be reached between 7:00am and 10:00pm Central Time, and 7:00am to 8:00pm weekends, via telephone, email or the dashboard on your Avant account. The Better Business Bureau gives Avant an A+ rating for its customer service, with the majority of online reviewers giving positive feedback for its helpful customer service and the speed of applications and approvals.

Summary

Avant’s partnership with WebBank brings borrowers bank-backed personal loans without having to waste time and energy dealing directly with a bank. Its online system is easy to use. Getting a quote takes a couple of minutes and doesn’t require any invasive credit checks. And upon approving your application, Avant promises to transfer the money to your bank account within 1 business day.

Physical Address

Avant, LLC
222 N. LaSalle St., Suite 1700 
Chicago, Illinois 60601

Top10 Personal Loans staff

The Top10 Personal Loans staff is comprised of writers who are passionate about the world of personal finance. We specialize in simplifying the process of choosing a lender and applying for a loan.