Avant is a privately-owned financial technology company based in Chicago, IL, offering personal loans in the amounts of $1000-$35000 for 2-5 years. Avant works based on a simple and straightforward loan lending process, with standard APR varying from 9.95-36%. Since the company is based online, Avant uses unique algorithms and analytics in order to determine the loan rate a customer will receive, without affecting the prospective borrower’s FICO score.
Avant has teamed up with WebBank, to issue borrowers with two types of personal loans. The first type of loan comes with an APR of 36% and allows the borrower to receive a loan between $1000-$35000. The second type of loans comes with APR rates that exceed 36%, allowing borrowers to receive a loan between $2600-$6000. The type of loan a borrower is eligible to receive is determined by your credit rating and history. Moreover, Avant also offers flexible repayment options, in the case of payment delay, a borrower should contact company representative to discuss alternate plans.
Unlike loan application processes offered by other banks and companies, Avant’s application process is simple and quick. Prospective borrowers visit the Avant website, apply using an online form and receive their acceptance or rejection immediately. Loan rates are determined by the borrower’s state of residence. After reviewing the loan amount, if a borrower chooses to accept the loan Avant is offering, they must sign a mandatory contract. Once the loan is accepted and the contract is signed, the monetary amount is disbursed to the borrower’s account the following business day. Avant’s quick application process makes applying and receiving money easier than ever, especially for working individuals who don’t have the time to visit a bank or other lenders in person.
Many creditors often refuse to give loans to potential borrowers with low credit scores, Avant however, accepts borrowers with poor credit scores and allows for a chance to build credit. In addition, Avant loans come with many benefits such as no prepayment fees and late fee forgiveness. Therefore, Avant is a good option for borrowers who are seeking immediate loans but don’t have good credit. Furthermore, Avant offers extremely thorough customer service that borrowers can rely on 7 days a week, making it extremely easy to work out any glitches or hurdles in the loan repayment process.