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 under the trade name SpringCoin. As of February 2016, Avant reached over $3 billion in loan originations for over 4400,000 customers.
All unsecured installment loans issues through Avant are made by WebBank, member FDIC.
What Are Avant Interest Rates?
Interest rates vary from 9.95% to 36.00%. The rate you qualify for will depend on which state you live in, your credit history and the terms of your loan.
Avant charges an origination fee of 0.95% to 3.75%.
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 from 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 penalties, so you can pay the loan earlier and save money on interest. For example, a $6,500 loan with an administration 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.
What Is Avant Application Process Like?
Once you fill in the online application form, you should have your reply within minutes. However, the approval process may take longer if additional documents are requested. Once your loan is approved, the money could be in your bank account by the very next business day. 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 interest rates 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 and the transfer of funds can sometimes take just a few hours. Avant’s interest rates range from 9.95% to 36.00% This allows a wide range of borrowers with varying credit scores to qualify for unsecured loans. Although Avant does charge an origination fee, there are no prepayment penalties for paying off your loan early.