By Top10 Personal Loans staff
|Loan types||Personal loans|
|Loan amount||$2,000 to $35,000|
|Repayment terms||24 to 60 months|
|APR||9.95% to 35.99%|
|Best for||Low credit borrowers who need flexible payments|
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.
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.
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:
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:
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:
Once Avant approves your loan application, it will ask you to e-sign the contract before it transfers you the funds.
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.
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).
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.
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.
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.
222 N. LaSalle St., Suite 1700
Chicago, Illinois 60601