Good for Those With Limited Options
If I had a 750 FICO score or family members willing to lend me 7K, of course I wouldn't have taken out a loan with Avant. But my sore was only 645, and my family is always broke. I am grateful Avant took a chance on me. The application was easy. I received the money in two days, and my payment was only $287/month for the next three years. I never made a late payment, but sometimes I took advantge of the 10 day grace period. However I did that knowing full well additional interest would accrue. That's a loan 101. I read several one star reviews for Avant from people complaining about the extra interest they were charged for extending their due date. I SMH at those people because they clearly lack the financial maturity needed to borrow money. I got myself back on track to pay my loan off on time by paying on the original due date again and increasing my payment a bit. (You can adjust the payment amount just like you can the due date.) Thanks to Avant, I got the cash I needed, and the manageable repayment terms helped to increase my credit score. The only negative thing I have to say about them is their customer service department is terrible. You have ot search for their 800 number, and when you do call them, they speak loosely. You will not get a definite answer from them about anything. They want to profit from customer confusion. It's not right, but it comes with the territory of subprime lending.
But I digress. Avant is a hassle free option for those with no other choices. Just make your payments on time, and you'll have no problems. Easy :).
Beware of their payment practices
I recently got a Mastercard from Avant. A few days after I made my payment I noticed that it was not reflected on my card balance. The payment had already cleared from my bank account. I called Avant to find out why my payment was not showing in my balance. They stated that it takes 1-10 business days to be reflected in your balance. That is ridiculous. If they receive payment, there is no reason to take that long to post the payment to your account. It ended up being almost the 10 business days by the time it showed in my balance. I since made a second payment with the same results. The only reason I am not closing this card is because it will hurt my credit, but this card will be paid off and just sit there. That is such a horrible practice!!
Antiqued Process
I made a payment of $350 on my existing account and it takes them 10 business days to update my balance!! Up until now they have been an ok starter card but this is ridiculous! The only explanation they can offer is that is their process. But they deduct the funds within 24 hours of me making the payment.
It's ripped off don't let them still your money
Ripoff!!
I sent 100 extra dollars when I closed the account they literally told me that I wasnt entitled to the extra 100 back even though it wasnt part of their interest. The rates are as high as a junkie on meth . And when I tried to refinance they only offered me a 1% interest drop from 29 to 28. Do not use this loan to build credit there are better options.
Not great.
I used Avant to consolidate some credit card debt to improve my score in order to qualify for better loans in the future. The interest rate was terrible, worse than the cards I was consolidating actually. They did grant me the loan though so I guess they have that going for them.
When I had improved my score thanks to this loan I refinanced with a credit union. I used the Avant app to get a payoff quote. I followed the steps in the app to get the quote via a pay by check option (as the new lender was mailing payment directly). I used the furtherst date out to obtain the payoff amount seeing as I had no direct control over the check. Check went out and was recieved and processed prior to the date I had chosen, but Avant still decided to accrue $25 in additional interest that I had to schedule myself. I called to see if they would waive it, but no. Predatory till the end I guess...
Got help when I needed it.
Avant can help you like they helped me.
Fast Funds - Used to Consolidate
I only recently used this to consolidate credit card debt but have had an excellent experience. I was approved for 4500 with no issue. I will say the "administrative" fee is high at $250+, but they took a chance on me so I can't complain. Interest rate is high, but I plan on paying this off much quicker than 2 years so that will help. Overall I'm happy with the process and grateful to Avant!
How long did it take for the loan to show up on your credit reports once funded?
Easy to apply for & know on the spot.
You do everything electronically & the system is super user friendly.
Getting the first one was ok until I applied for a second to pay off credit cards. They are not doing anything to help you. I would never recommend it to anyone.
Having the same exact experience with my second application it's been 10 days and no response.
I had a loan they said if i paid it off because i only had 500 left that i could get a new loan after i paid it off in full they denied the new loan and wont give a reason why. If you are a return customer they treat you like crap