Avant is an online lending company that grants personal loans, even for people with average or bad credit scores. In fact, the company admits most of its clients have a credit score of 600 to 700. Avant does offer flexible payment schemes and fast approval, but is it for you? Read more and find out.
Should You Apply?
We all know it’s not easy to procure quick funding when you have a low credit score, but with Avant, that’s possible. They offer long payment terms, sometimes up to two to five years, and approval for new applications could be as short as one or two days. But in exchange for the lenient requirements and flexible payment schemes, the Annual Percentage Rate (APR) ranges could go as high as 35.99%!
Avant Pros and Cons
- Fast approval
- Lower starting interest rates
- Lenient credit score requirements
- Repayment flexibility
- Allows management of loan online
- Allows soft credit inquiry
- Annual Percentage Rate (APR) is stratospheric
- Charges origination fee of up to 4.75%
- Does not allow joint loans and co-signers
- No payment consolidation
- Could not lend to anyone in Iowa, West Virginia, or Colorado
Qualifying for a Loan in Avant
The company’s minimum requirements for personal loans include:
- A credit score of 550
- Monthly net income of $1,200
- 70% Debt-to-Income ratio
- 500-dollar free cash flow per month
It is also highly recommended that applicants are at least 18 years old and a resident of the United States with a Social Security number.
The Verdict: Should You Apply for a Loan at Avant?
If you have a low credit score and want a personal payable for the next two to five years, Avant is an excellent option. The next-day approval also doesn’t hurt, especially if you need the money for emergency purposes. Of course, the caveat is a notoriously high APR, but that’s the literal price you have to pay.
Another advantage Avant gives is repayment flexibility. They let you manage your loan online through their mobile app and allows you to adjust your forthcoming payments a day before it is due. If that’s what you’re looking for in a lending company, then Avant is a wonderful choice.