You need money now.
If you have bad credit, it can be tough to get a loan. Avant Loans can help. It’s a personal loan platform that accepts borrowers with poor credit scores.
Loans range from $2,000 to $35,000. You might be charged a steep interest rate for your loan but Avant has advantages to offset the cost. A lot of their borrowers wouldn’t get approved anywhere else.
The platform is swift. Loans are sometimes funded within 24 hours.
Choosing the right loan company is an important decision. Keep reading to learn more about Avant and if their loans would be right for you.
What is Avant?
Avant is quite simply an online lender. Borrowers can ask for an unsecured personal loan, which means that they don’t have to put up any collateral. Repayments are split into monthly payments.
The terms are more generous than those attached to most payday loans.
There are a lot of reasons why you may be interested in a personal loan. You can use the money to pay your medical bills or finance your education. You can pay off your credit card bills.
A personal loan is a great way to consolidate your debt if you’re trying to improve your credit.
“Avant has achieved massive growth while staying focused on our mission of expanding responsible access to credit for middle-class consumers. More than 480,000 loans have been issued,” CEO Al Goldstein said.
“Our core focus on middle-class consumers can be attributed to much of our growth and success. Few financial institutions are catering to this demographic..”
What Kind of Credit Score Do You Need?
Borrowers need to have a credit score of at least 580 to apply for a loan. Your chance of being approved is higher if your score is over 600, however. This would not necessarily classify Avant Loans as bad credit loans, but if you are monitoring and working to improve your credit score, you are likely to qualify. There’s no minimum income requirement.
Make sure to review your interest rate before you accept your loan. If you have a decent credit score, you might be able to get a lower rate on another platform. Note, as your credit score does get checked, these are not personal loans with no credit check, that might be available elsewhere.
Here’s who should consider applying for a loan:
- Someone who is struggling with their credit.
- Someone who has credit card debt they need to pay off
- Someone who wants a flexible repayment plan
24-hour Loan Process
The online lending process works quickly. If you have your documentation ready your loan can be funded within 24 hours of your application being received.
First, Avant performs a soft check on your credit to see if you’re eligible for a loan. Your interest rate depends on your credit score. If you agree to the terms, you’ll be able to sign your contract immediately.
If you’re approved a loan, the company will present you with an offer.
Why Get a Personal Loan?
Sometimes you just need cash. If you have a pressing bill you need to pay, you might be tempted to look in getting a personal loan.
A huge benefit to getting a loan is the ability to pay your debts and strengthen your credit score. You’ll be able to build credit faster with a personal loan than you would with a credit card.
The biggest disadvantage to using Avant Loans is the hefty interest rate. It’s up to you to determine if the convenience of fast approval and generous borrower requirements are worth the expense.
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Credit Score Loan Size/Amount Loan Term APR Origination Fee All can apply $100 - $15,000 1 - 60 4.99% - 1.386% Varies by lenderCredit ScoreAll can applyLoan Size/Amount$100 - $15,000Loan Term1 - 60APR4.99% - 1.386%Origination FeeVaries by lender
Benefits of Using Avant
If you need a personal loan, there are lots of things that you might love about the platform. Advantages include:
- There are no minimum requirements to apply.
- You can borrow up to $35,000. There are only a handful of online lenders that are willing to give borrowers more.
- You’ll receive your funds quickly.
- You’ll have a flexible repayment plan – generally these would be categorized as installment loans, as you pay over a certain time period.
- There’s no early payment fee. You can pay your back early and the company won’t try to recover its lost interest payments.
What Are Borrowers Saying?
Customers love them. Trusted websites give the company high ratings.
Borrowers have left nearly 5,000 reviews on TrustPilot. “Quick and efficient!” one reviewer wrote.
The majority of the TrustPilot reviews are overwhelmingly positive. People with poor credit love the fact that a personal loan is an option for them.
How to Apply for a Loan
If you’re thinking about applying for a loan, you should start getting your necessary documents in order. You will need to prove your identity and your income.
Create an account. Submit your information, including your Social Security number and monthly and income, and wait until you’re approved. You will be able to review your loan terms immediately.
Approve your loan. If you think the terms are reasonable, you will be able to electronically sign your contract.
Verify your identity. You’ll answer identifying and questions and submit your bank information and pay stubs. You might be asked to submit additional information.
Receive your money.
Frequently Asked Questions
If you haven’t applied for a loan online before, you might have a lot of questions.
1. How many loans can I apply for?
You can only have one Avant loan out at a time. However, you might be able to refinance your loan if your credit score improves or if you make all of your payments for a year.
2. What happens if you can’t make your payment?
The company offers limited forgiveness. If you’re 10 days late on your monthly payment, you’ll be charged $25. You can get the money back if you pay your bill on time for the next three months.
3. Does applying for a loan affect my credit score?
You can see if you’re approved and review the terms of your loan after the company performs a soft check on your credit. This shouldn’t harm your score.
However, if you decide to apply for a loan your credit will be checked.
A loan from Avant is a reasonable option for borrowers who might be denied by traditional lenders.
Obtaining a personal loan and making timely payments can improve your credit, but it’s not your only option. We can provide you with useful information about your financial options.
Getting a loan doesn’t have to be a scary process. We can help you find options when you need cash.