Avant Personal Loan Review: Key Features & Considerations
Considering an Avant personal loan? Here’s a summary of what Avant offers to help you decide if it’s the right borrowing option for you.
Key Avant Loan Features:
- Loan Amounts: Avant provides unsecured personal loans ranging from $2,000 to $35,000.
- Repayment Terms: Loan terms are available from 1 year (12 months) up to 5 years (60 months).
- Note: Given potential interest rates, carefully consider if a 5-year term is right for you. Choosing a shorter term or making extra payments can save significant interest over the life of the loan.
- Credit Requirements: Avant primarily caters to borrowers with Fair to Good credit. They may approve applicants with credit scores starting around 620.
- Beyond the Score: Avant evaluates more than just your credit score. They also consider your income, employment details, debt-to-income ratio, recent payment history, and the requested loan amount during the approval process.
- APRs (Annual Percentage Rates): Expect APRs ranging from 9.95% to 35.99%. Your final rate depends heavily on your creditworthiness and financial profile.
- Fees to Expect:
- Origination Fee: An administration fee of up to 9.99% of the total loan amount may be charged. This fee is deducted from the loan proceeds before the funds are sent to your account.
- Unique Fee Refund: Avant stands out by potentially offering a prorated refund of the origination fee (if it was 5% or higher) should you pay off your loan early.
- Late Fee: A $25 fee may apply if you miss your monthly due date.
- Dishonored Payment Fee: A fee may be charged if a scheduled payment attempt fails due to insufficient funds in your linked account.
- Application & Funding Speed: The online application process typically takes only a few minutes. You can often receive a loan decision the same day. Once approved, funds can be deposited into your bank account as soon as the next business day.
Is Avant a Good Fit?
Avant can be a viable option, particularly for individuals with fair or good credit who need relatively fast access to funds between $2,000 and $35,000. The potential for origination fee reimbursement is a unique plus. However, the maximum APR and the origination fee itself are significant factors to weigh.
Crucial Step: Always Compare Loan Offers
Even if Avant provides a good offer, never accept the first loan offer you receive. It’s essential to shop around. Every lender uses a unique algorithm to assess risk and determine rates. You might be denied by one lender but approved by another, or find significantly better terms elsewhere.
Simplify Shopping Around with The Yukon Project:
We’ve designed our lending marketplace at The Yukon Project to make comparison easy.
- Apply once through one of our featured lending partners.
- Behind the scenes, we securely check your eligibility and potential rates with up to 40+ other lenders.
- This uses a soft credit check, so exploring your options won’t hurt your credit score.
- We present all approved offers clearly, allowing you to compare and confidently choose the best personal loan for your needs.
Ready to see your options? Visit The Yukon Project lending marketplace today!
Share Your Experience & Support Our Channel!
Have you used an Avant personal loan before? Please leave a comment below and share your experience! Your insights could greatly help others considering Avant.
If you found this summary useful, we’d appreciate it if you’d like this video and subscribe to our channel. Your support helps us create more helpful content like this.
