I was approved for a $7k loan on Dec 18th of 2015. My details: credit score pulled was Transunion at 612 at the time, but I had 100% payment history between 5 revolving credit card accounts along with a high interest car loan in good standing (100% on time payments as well) for the last 2 years, with 2 years remaining on it. Monthly income of $5k after taxes for those who are curious. Now, my interest rate is rather high at 35% for this particular loan with Avant, but I can afford well over my $400 monthly payment, and if anything plan to pay it off in about 12 months, if not refiniance the loan with them or another company for a lesser rate now that loan has helped me bring up my score to a near 700! It's the price you pay for bad credit, but be sure you can afford it whether or not you plan to refinance! Okay .... Details about the process now! Application process was unbelievably easy. I used the prequalifying tool, and was approved for up to $15k. I decided to only request a $7k 24-month loan to consolidate some debt while still leaving me a good amount to put away. I had the money the following business day - yes, the NEXT business day. I applied on a Monday around 6pm and received an approval email at 7:15pm, which amazed me considering it was after hours. Applying took less than 15 minutes and it was so easy, clear and concise that I had more questions answered than I could think to ask prior to even officially applying. The prequalifying tool asks you simple serious of questions like full name, address, income, DOB , job type, social - you know, the usual, but it stopped there. Then it lets you know how much you're prequalified up to, and you can move the amount scale to whichever amount you want, which automatically adjusts your interest, loan term, and payment amounts. This is neat, as you can move it around to adjust to your payment/amount needs. Personal advice - try to stay at or under 24 months to save yourself the interest you'll pay. Upon selection, you're able to see your "loan dashboard," so to speak. Even if you aren't yet approved. To your left you'll see a serious of steps you need to complete to speed up the process. First step is to verify your email. The next few are to sign into your online bank account for them to verify your income, then followed by a multiple question identity questionnaire that you have to answer - I advise to have your parents on the line in the event it asks for random family members' ages and addresses (my parents helped BIG time on a few questions like was not at all familiar with regarding aunts and uncles). From there, you wait for an approval email if not a phone call for additional documents/information. In my case, the online steps were enough. I never spoke to anyone. I love that there are no prepayment penalties and no "finders fee," as they are a direct lender. Be sure you are over a 600 credit score. Additionally, my BF got his own loan with a 652 credit score and rather low income (not much above minimum wage), however, he has two car loans both around 2 years of repayment so far with 100% payment history, so I'm sure that helped. Try their prequalify tool, it won't hurt your score. Hope this helped !!
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Difficult approval. And when approved. I recieved $4,700.00. Dismal Customer Service. Switched Dates on Payments. And didn't help my credit score much. Do yourself a favor. Find another online lender with reasonable APR's and interest rates. Avant is for bottom feeders.
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