Avant* is a personal loan provider willing to accept borrowers with less than perfect credit scores.
The interest rates are between 9.95% – 35.99% and loans are as small as $1,000 and as high as $35,000.
Avant does not charge a prepayment penalty.
Origination fees range from 0.95% – 4.75%, which may be lower than the competition.
They also emphasize speed, and can get the loan to you by the next business day if you have all of your documentation.
What credit do you need?
Avant does not have a hard FICO score cutoff (it varies depending upon the individual). In general, you will have a much better chance of being approved if your score is above 580, and you can apply for a loan here. Avant is available in all states except Colorado, Iowa and West Virginia.
If you have excellent credit, you may be able to get an interest rate as low as 4.82% with another lender and should definitely shop around.
While Avant* can offer good rates, you should make sure you compare their rates to other providers. And if you are willing to borrow at 35.99%, you should put together a plan to build your credit score over time so that you can get lower cost options. We can help you get started with our debt guide.
Have you tried these lower rate options?
More and more lenders are willing to work with responsible people who have less than perfect credit.
You may qualify for a low rate credit card to pay off your other bills. If your credit score is above 680, you will mostly likely be able to qualify for a low interest rate credit card. You can check to see if you are approved for a credit card without hurting your score. We have a list of where and how to check for your PRE-APPROVED and PRE-QUALIFIED credit card offers.
There are other personal loan companies with lower rates. We keep a list of companies that offer good personal loan rates to people with less than perfect credit. Unlike a lot of other sites, you won’t get calls from a bunch of loan companies.
You only get in touch with the ones you’re interested in dealing with. And many will tell you your rate without doing a hard pull of your credit report or requiring a phone call.
You should apply for several you feel comfortable with so you have several rates to compare and you can get lenders fighting for your business.
Are you trying to build your credit score?
Don’t use a loan through Avant (or any loan) just to build your credit score.
Yes, a loan through Avant is reported to the major credit bureaus and paying one on time is a good thing for your credit report.
But there’s a much cheaper way to improve your credit and have a bigger impact.
Get a secured credit card. Even with really bad credit you can get approved – and some have no fees at all.
Using one to build credit is simple – we have a guide here.
You just charge a small amount on the secured card every month, and pay the bill on time and in full each month. After about a year or so of doing that you could see a substantial rise in your score if you make all your other payments on time.
There is no need to get a loan simply to improve your score.
Done all of that?
Avant can be a very good option for borrowers, given its transparency and speed. You can check your rate without hurting your score by clicking on the link “Apply Now” below.
It’s better than most options you’ll find from payday loan shops because:
It’s a real installment loan. You’re given a real monthly payment, and your payments pay down the loan itself, not just interest, so you have at least a shot at paying it all off if you keep up the payments.
You can check your rate without impacting your credit score. Avant will use a soft pull to provide you with an interest rate. We applaud this, because it enables consumers to shop for the best loan for their needs without worrying about harming their credit score. Many traditional lenders do not offer this.
Reviews of their customer service are decent. No one likes paying high rates, and Avant is not a place for really low rates. But they do get decent reviews online for their customer service and treating people with decency.
But make sure you get a secured credit card as well so you can more quickly build up your credit profile. That will help you graduate to lenders who can offer you much more reasonable rates, or get a lower interest rate at Avant.
The post Avant Loans: Review These Rates Before You Apply for a Loan appeared first on MagnifyMoney.