I currently have a $10,000 loan through Avant. They were really the only company that considered with my low 600's score initially and knew from the beginning the high 29.97% interest but knowing I had some money coming in sooner or later I knew I can pay this off without paying the full interest. I see too many complaints about the high interest fee. You need to know how to calculate the daily interest rate (accured). For example, if my loan is $10,000, after 30 days, I already racked up $246 in interest alone! That means my $423 or so in payments, over half will go into interest. Next month as the principal amount goes down, about $2 go down in interest. Accrured Interest = (Daily Interest Rate) x (Days Since Last Payment with Interest) x (Current Outstanding Balance). So this means you pay $177 only for the principal at 30 days leaving you a principal balance of $9,823. Each day counts here! But say instead of the $423, you double the payment for $846. The interest is still $246 but you just paid $600 in principal balance leaving you $9,400. While still high your interest will go down by $10 the next month. Even better if you can pay that extra amount BEFORE the end of 30 days when your payment is due. With that said, if you have means of paying extra each day, week or month, do so. The more you can knock down on the principal balance the faster you'll be able to pay off this loan. I would say if your FICO is low but can get approved just know how much it's going to cost you to take out this loan unless you have excellent credit (which you probably wouldn't be looking at Avant). I deducted one star for the lack of clear definition and how the interest is calculated as much as the customer service people were nice. They need to provide examples (both visual and written) so people can see how this loan will benefit them (or not). When someone (like most people) without a knowledge of how daily interest is calculated it gets confusing really fast. I'll be paying this off with my bonus but initially did this to pay off my credit card debt (for high FICO) and also Avant's loan is listed as installment loan so it won't show up as one of those debt consolidation loan that "may" affect the way the FICO is calculated.

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!