Avant, previously known as "Avant Credit," based in Chicago, provides access to online personal loans. It was launched in 2012 and operates in the United States and the UK. As of February 2016, the Avant platform reached over $3 billion in loan originations for over 400,000 customers.
All unsecured installment loans issues through Avant are made by WebBank, member FDIC.
What Are the Rates?
APRs vary from 9.95% to 35.99%. The rate you qualify for will depend on which state you live in, your credit history and the terms of your loan.
The Avant platform charges an origination fee of 0.95% to 4.75%.
To illustrate, a $6,500 loan with an origination fee of 3.75% and an amount financed of $6,256,25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $265.40.
How Much Money Can I Borrow through Avant?
Loan amounts vary from $1,000 to $35,000, and loan terms range from 24 months to 60 months. However, there are no prepayment fees. The actual loan amount you qualify for may vary based on credit determination and other factors.
What Is the Application Process Like?
Once you fill in the online application form, you may have your reply within minutes. However, the approval process may take longer if additional documents are requested. If your loan is approved, the money could be in your bank account by the very next business day if approved by 4:30pm CT Monday-Friday. The form requires personal information, such as your full name, address, income and social security number.
How Is Avant Better Than Other Lending Platforms?
As far as APRs go, Avant is a middle of the road credit alternative that targets borrowers with fair to good credit who want access to fast cash. The application process can sometimes take minutes to complete. APRs range from 9.95% to 35.99% This allows a wide range of borrowers with varying credit scores to qualify for unsecured loans. Although the Avant platform does charge an origination fee, there are no prepayment fees for paying off your loan early.
* All unsecured installment loans issued through Avant are made by WebBank, member FDIC. Actual loan amounts, term, and annual percentage rate (APR) vary based on credit history, current income, ability to repay, and other factors.