Avant Bad Credit Loans
Avant offers unsecured personal loans varying in amounts from $1,000 to $35,000. What makes them unique is they offer a transparent process by which applicants can apply without damaging their FICO score to see what kind of rates they will receive.
Once they receive their rate, if they want to proceed they can e-sign their contract and receive their funds in as little as one business day. This makes Avant a great option to consider for borrowers that need quick cash.
What's more is that Avant has loans for a wide variety of purposes. They have debt consolidation, home improvement and emergency loans to help its customers have access to the funds they need quickly.
Another advantage to using Avant is their helpful customer service. They have customer service available seven days a week to answer any questions or address concerns borrowers or prospective customers might have. Most importantly, they boast that 94% of its customers enjoyed their experiences with Avant.
Avant gives their customers a few benefits that are worth having, these include:
Build Your Credit Score
Avant helps their customers rebuild their credit score. Since many of their loans are for people who have bad credit, this is certainly apt to be a help for some. Avant notifies the major credit bureaus when payments are made in an effort to help customers raise their credit score. This certainly will be a great help to those who have bad credit and may not be able to do much about it. Of course, each customer can expect a better report when payments are on time and for the minimum amounts.
Choose How Much Money You Want
When it comes time to tell Avant how much money you actually want, you can indicate an amount up to the ceiling that they assign. If you don't need as much as they are willing to give, it works better for you because that means you can pay it off sooner, and pay less in interest.
Paying Back the Bad Credit Loan
As far as paying the loan back goes, you will have more time to pay it back with Avant. They give borrowers between 24 to 60 months to complete their payments. You choose the time period. Of course, if the interest rate is high, you want to make the time period as short as possible, letting you reduce the interest.
The Size of the Bad Credit Loan
Avant makes more money available than many other bad credit loan lenders, which are up to $35,000. Of course, the amount actually given to borrowers will depend on their financial situation. On the low end, they start out at $1,000, but this may be different by state, which often has their own set limits.
Options If There Is Difficulty Making Payments
If you think you might not be able to make the next payment on time, Avant invites you to talk to them. They say that they will work with you to give you more time to make it up, or, under some circumstances, they may set up a new payment plan for you.
Get Rewards from Avant
Avant has a rewards program that encourages people to get others in their circles to sign up for a loan. For each new friend or relative who signs up for a loan, and makes the first payment, borrowers, current or past, will receive a $50 Amazon Gift Card. Each of their customers can get up to $550 per calendar year.
Check Out Avant's Mobile App
If you want an update on your loan's progress and want to check balances, payment history, or anything else, you can download Avant's mobile app. You can also make additional payments or adjust your current one through the app. Alerts are also sent to notify you of an account action – according to your choices.
Home Improvement Loans Available
Even though Avant offers loans for home improvement, a powerful advantage over a home equity loan is that your home is not the collateral for it. All loans from Avant are unsecured, which means that there is no collateral behind it. In order to compensate for this, Avant looks over your present employment and income, as well as requiring automatic withdrawals from your checking account.
Loan Payments Are Fully Amortizing
The bad credit loan payments are fully amortizing. This means that when you finish making the monthly payments that there are no more charges or payments to make. It is completely finished at that time.
If payments are not in on time, there will be fees applied to the overall debt. There is a late fee of $25, which isn't far off from what a bank would charge, and if your check bounces, you will be charged $15. They call it a Dishonored Payment Fee. Avant claims to be transparent on all of their fees and costs. A few other lenders that cater to people with bad credit do not charge any late fees.
A complaint that many seem to have about Avant is that they often charge their highest amount of interest, which is 36 percent. Of course, this may be from those with poor credit scores. While lower than a few others, taking out a large loan at such high interest is certainly going to be very costly, especially if you take the full five years to pay it off.
In spite of its high-interest rates, Avant still has more benefits than most other bad credit loan lenders. This still makes it the place to go for bad credit loans.
Verdict - Very Good
Avant is an excellent lender to consider due to its exceptional customer support, transparent application process and ease of which applicants can obtain their rates without damaging their credit score. With no origination or prepayment fees, this makes Avant a less expensive alternative than what other lenders offer.