What You Need to Know
Avant works to have your loan amount transferred into your bank account quickly. After loan approval, the funds could be in your account as soon as the next business day. The actual fund time does depend on your bank and your Avant loan.
There are a variety of ways to make your Avant loan payments. You can make payments through ACH transactions. This method will automatically withdraw money from your linked bank account. You can make payments with debit or credit cards, except Visa credit cards. They do accept Visa debit card payments. There are no fees for making extra payments to your loan.
Avant customers must have a personal checking or savings account on file. As part of the application, you may need to submit your bank details. In some cases, the bank account on file with Avant must be the account where you receive most of your income.
Avant loans do not come with the option of joint loans or cosigner loans. If you apply for a loan with Avant, the approval is based entirely on your personal information. You cannot add any one else’s income.
Qualifications to Apply for Avant Loans
- Annual Income: DOSCC
- Job History: Current
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: >600
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: Depends on time
- Past Loan Denial: >30 days
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Avant Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 9.95-35.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, checks, credit cards, debit cards
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $2,000
- Largest Loan: $35,000
- Loan Term Lengths: 24-60 months
History and Achievements
Avant is a Chicago company that began in 2012. The team who started the company wanted to change the way people received online loans. They issued their first loan in February 2013, and by May, they had 28 employees. By October, Avant launched in the United Kingdom. In May of 2015, Avant reached $1 billion in loan originations.
Forbes listed Avant as one of "Americans Most Promising Companies" in 2015. They were number six on the list.
In February of 2017, Pitchbook named Avant the fifth fastest startup to reach a valuation of $2 billion.
Today, Avant has:
- Over 500 employees
- Over $4 billion in loans funded
- Over 600,000 customers
They have an operations center in Tennessee. Avant serves customers across the United States through online services. They are an accredited business with the BBB.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. Avant loans are completely online.
What is the lowest my credit score can be?
Typical Avant customers credit scores are around 600. You may qualify with a lower credit score. It depends on your other qualifications.
What is the smallest loan amount available?
The smallest Avant loan amount is $2,000.
What is the largest loan amount available?
The largest loan amount, if you qualify, is $35,000. You must qualify to receive this amount.
What are the loan term lengths?
Avant term lengths range from 24-60 months.
Are the interest rates competitive?
Avant interest rates are competitive with other online lending options. The rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. Avant loans offer fixed rates for the life of the loan.
What types of loans are available?
Avant offers personal loans for home improvements or debt consolidation. They offer loans for medical expenses, home or auto repairs, and for trips. You can also use the money for lost valuables like a phone or laptop. Avant offers credit cards as well.
What information do I need to apply for a loan?
Avant requires your full name, address, income information, and if you rent or own your home. A valid social security number, bank information, and income information is also required. You may need to provide other documentation, including a driver’s license.
How long does approval take?
Applying for an Avant loan only takes a few minutes. Approval may take longer based on credit, state laws, or if more documents are necessary.
How long will it take the money to enter my account after approval?
Funds from Avant loans are generally deposited the next business day. This may take longer depending on your loan and your bank.
If I have been denied a loan before, how long do I have to wait to apply again
If your loan application is declined, you must wait at least 30 days before you reapply.
What are the payment options to repay my loan?
Avant requires loan repayments monthly. You can make payments through automatic withdrawals or sending in a check. You can also make your payment with a debit or credit card. They accept Visa debit cards, but do not accept Visa credit cards.
Can I pay my loan off early?
Yes. There is not a fee if you pay your Avant loan off early.
Is my information secure?
Avant offers security measures that comply with federal laws. Their computers have safeguards. Their buildings and files are secure. They restrict the personal information employees can see about customers.
Does this loan company offer a mobile app?
Yes. Avant has a mobile app for iOS and Android. With the app, you can make payments, see account history, and receive notifications.
How do I contact customer service?
Reach Avant customer service through phone or email. Business hours are Monday through Friday from 7 a.m. to 10 p.m. CT. Saturday and Sunday they are available from 7 a.m. to 8 p.m. CT. You can follow Avant on Facebook and Twitter.
Bank Contact Information
Avant
222 N. LaSalle St., Suite 1700
Chicago, Illinois 60601
800-712-5407
