Most detailed review you'll get!
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 !!
quick and easy.
While it does have higher interest rates it still saves you for consolidation of credit cards. Quick and easy app and funds available next business day.
Easier than excepted
I got a $5000 loan with a 602 score, never would have thought I would get it.
Great Company!
This company is great if you need cash to consolidate debts. It is unbelievalbe how fast the funds were deposited into my account. Rates are high, but they are according to credit scores. The process was extremly simply and the contract terms were clear. So for this purpose it was great. I would recommend to others. I also like that the payments are the same and will be automatically debited from my account on the same day each month makes it easy to budget.
HURT MY CREDIT MORE THAN EVER
Stay away if you can, these people are crooks! I was paying them on time for 6 mos until there was a change of my employment.
I had informed them that I will be late for only about 1 month and representative said okay. After 1 yr, I finally paid off my debt and out of my curiosity I tried to re-apply and I was denied??? Checked my credit and this darn company reported delinquent on my account. I wrote them a letter stating that you had messed with the wrong person. I am in sales and got thousands of clients on my dashboard, I will make sure to relay bad negative reviews against your company.
Horrible company; horrible experience
Communication with the company sucks; the emails stop to remind you; your payment schedule is messed up online when you look. Don't get a loan from them!!!!!!
open & on time
Avant does not offer or allow access to the loan details nor provide a link to the loan doc"s
Easy application process
The process was easy to apply for this loan. I then waited about a week for the loan to be approved. The associated costs are high and if your credit score is low (as mine is) your interest rate will be high. Neede to get a loan and my bank had denied my loan application. I will definitely be trying to pay this loan off early in order to save on the interest being paid.
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.
Thank You For That Understanding! About The Principle On The Loan ....
LIARS SAYING THERE IS NO CREDIT CHECK
Look on Avants facebook page.They are saying there is NO CREDIT CHECK. THey do a soft pull first to see if you qualify which is still checking credit. Then they do a hard credit pull . They ask forunreasonable ducumentation, horrible interest rates.Go to Prosper instead. I am reporting Avant to the FederaL trade cOMMISSION AND bbb FOR FRAUDULENT ADVERTISING.
Wonderful
This was a fast and painless process.