After applying a few times with Avant and getting denied I pretty much gave up on trying to get a personal loan as they were the last option. However, Credit Karma stated I had "good approval odds" so I figured why not give it one more try. To my surprise, I was approved for $8,400. However, the interest rate was about 36%.... or about $4800 in interest over 36 months. The monthly payment was LESS than the amount of all the credit cards that I had opened. I did have prior bankruptcy so I was not expecting a low-interest rate by any means. I just find it easier to have one payment for all of the credit card debt. Besides the interest rate, the process was pretty simple. After being approved and selecting you desired loan amount (base on what you are approved for) the next step is verification of your identity and income. You upload your state ID or passport to verify your identity. You have the optioning of linking your bank account so they can quickly verify your income stated (this would also be where they would deposit the funds). I was approved on a Thursday and completed all the verification steps Thursday night and then followed up with customer service on Friday.. was in final approval by mid-day then in the late afternoon got email that loan was in final approval stage and funds has been sent to my bank account. On Monday AM the funds were there for me to pay off my credit cards. A good thing about Avant is that you can either just pay the monthly payment you agreed to and just continue paying your loan, or if you choose you can make additional payments. Additional payments will take more off your principal thus reducing total interest. Please note any accrued interest will be paid first then the remainder will go towards principal. Please note, they do retain an Administrative Fee" off the total loan amount requested. I requested $7,800 and only got $7500 so they kept about $300 . Not sure why we are paying an administrative fee when they are getting a very high amount in interest payments. Overall it was a easy process and I got what I wanted in the end. Best advice let the high APR be a motivator to through any extra money onto the loan to reduce total interest. If your credit score does not meet the "strict" requirements of SoFi, Prosper and Lending Club,....., give Avant a try!!
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Not long after receiving this loan I was in a life changing accident that forced me to claim, and apply for, a hardship adjustment on my loan. I was approved for the adjustment, which lowered both my interest rate and monthly payments. This should have been a relief and to my stress and financial situation, unfortunately, it has been a nightmare that has added unneeded stress and anxiety, as well as ruined my credit rating. Immediately after receiving the hardship adjustment, I began receiving emails and calls telling me that I was behind on my payments, and in danger of losing my hardship status. Upon calling customer service (the FIRST time), I was assured this was an error on Avant’s part, and everything would be corrected. Everything was fine for one month, and then the harassment began again. Upon calling customer service the SECOND time, I demanded to talk to a supervisor. I explained the entire situation to the supervisor, who then spoke to someone in the company’s “resolution” center, and at this time they told me there was a system/computer/software upgrade that was causing this problem, but everything would be fixed and they were very sorry for the entire situation. Things were “fixed” again, for only one month. So I called again for a THIRD time. This time, when I immediately told the customer service person who was given my call that I would have to speak to a supervisor because of the difficulty of the situation, I ended up talking to the most hateful and awful customer service person that I think I’ve ever had to deal with. She argued with me for an extended amount of time, and told me that she would be capable of dealing with my problem, and that I didn’t need a supervisor. I asked her a second time if she would give me a supervisor, and she actually told me no, that she would handle my call. I ended up hanging up on her and called back once again, and this time was able to have my phone call given to a supervisor. Once more we went through this entire discussion about how this was a computer problem and that it would be straightened out, and this supervisor actually promised to call me back the next business day to assure me that he had spoken with the correct people to get things taken care of. Guess who NEVER called back... So right now I am at the point where I need to call this awful company back for a FOURTH time. And as if this situation isn’t awful enough as it is, I found out by a complete accident (because I was checking for a different reason) that this piece of crap company has let this problem.... THEIR internal problem, be reported onto my credit report this entire time! And I’m not talking a short amount of time... This entire nightmare situation began back in October of last year, 2017. So when I looked at the Avant summary within my credit report, the summary indicates that this problem has been a negative report on my credit for over 180 days. I don’t know how innthe hell to get this entire nightmare with Avant solved, but I would urge anyone looking into requesting a loan from Avant, to look somewhere else. It is not worth the hassle, stress, rude customer service, etc, to get a loan from this company!
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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.