Know what you're paying!
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.
Profesional costumer service
I applied for a loan. The process took only 24hr. The next day I got the money in my bank.
Fast and easy. Approved in 10 minutes
Very fast and easy process. ❤️this company
They helped me when I was in a need.
Not mush it all straight forward, and they are fast at their job.
Fast and easy.
Helps when you need it.
awesome
so far it is good
It was a easy process a quick answer money was transferred on the day promised.
I was in a situation where my car broke down and needed to take out the loan to avoid having to purchase a new car. The process was easy. I was approved fast. Didnt really think anything of it until I went back to read the fine print. I took out a 6000.00 loan, over the course of 36 months. The interest on that is almost 4000.00. They told me there was like a 225.00 bank processing fee. So I actually only got 5775.00. But expected me to pay the whole 6000.00. So I basically paid the bank to take the loan out on top of 4grand in interest. No worries. I will pay it off in the next year to avoid as much interest as I can. If you need a loan in a pinch......this is the one for you. However, dont be fooled by how easy it is to take the loan out. I feel like I got in bed with mobsters but that is the credit game in general. My credit is 675. So maybe it wasn't good enough for the risk or maybe they seen me coming a mile away. You will find this funny. I took the loan out in June. Im paying 300 towards my loan. I wanted to see what the pay off was in August.....with 600.00 applied..... it was 6066.00. Lmaoooooo Got to love that. Do not take this loan out unless it is the last of the last resort for you.
Don't even bother this is a waste of time
They had me jumping throw hoops and wasted my time and also it drop my credit score a lot. I'm very very disappointed I'll never ask Avant ever again they're bad.
Quick and Easy
I needed a small personal loan to help with deposits, etc. on obtaining a new rental home. Trying to save up the amounts it takes to do so is difficult for us. After receiving some pre-qualifying offers in the mail for personal loans, I decided to do a little research online and decided to go with Avant. The application process was quick and easy and the funds were in my bank account the next morning. I am extremely happy with the entire process, including the monthly payment amounts. Thanks Avant! You have helped a family start creating new memories in their new home!
My account has been closed almost 2 months now. Credit Karma and Avant are working together. Why is it still showing as an open account. Wouldn't that help improve my score