Avant Reviews - What Is It?
DO NOT USE Avant!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Avant is a lending website where anyone can apply for personal loans and get the funds on their account within 24 hours of approval. The annual percentage rates of the company are similar to credit card rates, but, according to the official website, the advantage of a personal loan is that there is no need to wait for it to come in the mail like with a credit card. You are not expected to face big fees or high APR's like in case with a payday lender. The Avant Company is based in Chicago. It was founded in 2012 by John Sun, Al Goldstein, and Paul Zhang. Currently, the company's CEO is Al Goldstein, a graduate of the University of Illinois at Urbana-Champagne's College of Business. He is also a former investment banking analyst of Deutsche Bank. There is a long story about how the company started but it is more important to discuss what the company offers, its rates and fees, what real clients say about them and what differentiates this lending companies from others.
We are going to focus on each of these topics further in this review, providing you with unbiased information about Avant's reputation and loans. Now, let's take a look at what Avant does. As it was already mentioned, the company deals with providing consumers with personal loans. There is one big difference between personal loans and auto loans. Based on our research, personal loans are unsecured. It means that you are getting a loan without giving anything to the company. If you were getting a car loan from a bank you would be required to have a lien on your car's title. It means that, if you don't do regular payments, the company can take your car. As Avant's website says, they offer three types of personal loans: Home improvement, Debt consolidation and Emergency. Let us take a deeper look at how the process works.
Customer Reviews - Does Avant Really Work?
First of all, it is necessary to discuss Avant debt consolidation. It means to take a number of parts and bring them together as one. When it comes to money issues, it means allowing a lender gather your debts and condense these into one payment. In this way, you will make only one payment to Avant, instead of paying five different credit cards on a monthly basis. This provides an easier way to pay your debts since you pay to only one company, not many companies. But, you will pay interest and fees and there is high risk that you will spend more money on your debt through consolidation. This is the main drawback of this method of paying. Your debt consolidation may stretch out payments on a one-year loan to several years. The payments on that debt may be lower, but you will have to pay more in interest over time. Take into account that there are also administration fees and interest rates you will pay to Avant.
The process of applying for an Avant loan is the most important part in the process. It is started and completed on the official website of the company. First, the website asks you to check your rate. Remember that the initial rate you are quoted will probably change during the application process. The advantage of checking your rate is that it will not have any impact on your credit score and you will get an idea of what can be expected from Avant. But don't assume that you will get what you see when checking your rate. You will know your loan terms only after you fill out an application and the company checks your credit. After your application is complete, you will be informed whether your application is accepted or rejected. If it is accepted, you will be told the details about your administration fee, interest rate, and other aspects of your loan. You have the right to deny Avant even if after you have filled out an application and received a loan approval. You can shop around more if you wish.
Avant has customer reviews on several websites, as well as reviews from experts. NerdWallet's Jeanne Lee and Amrita Jayakumar reviewed the company's activities in March 2017, giving the lending website four stars. It was concluded that their loans are beneficial for borrowers who need money for essential expenses or to consolidate debt due to their low credit scores. Credit Karma contains more than 1100 reviews from users with an average rating of 4.1 stars. 13% were one star, 17% were four stars and 62% of those reviews were five stars. The site contains positive and negative reviews. One 5-star review says that Avant is the only company who deals with clients having low 600's score. The most common negative reviews report that it is very difficult to get approval and when approved, you receive a small amount of money. The customers are also not happy with the customer service. Better Business Bureau (BBB) gave Avant a B rating that derived from such factors as how long the company has been in business, how quickly Avant responds to the customers' complaints and questions, as well as how many complaints have been filed against the company. Their BBB page has 91 reviews, 78 of which are negative. The average score is 3.81 stars. At present, 248 customers have filed complaints with the BBB about the company. Let us take a look at some of the actual customer reviews available online.
"Avant is a scam. I saw an advertisement about them that was sent to me by my bank. I filled out an app, but I was denied credit. Ten minutes later I received a phone call from Avant and I was asked to verify my identity with different questions. I informed them that I was denied so why they are calling to me. Finally, I asked them to contact me with their supervisor (Axel) but he didn't even tell me his last name. I asked for their company's address, and it took long before they told me that they were based in Chicago. No specifics for that address were told. They never give straight answers."
"I applied for a loan with avant and I was approved. Then I saw that they wanted me to approve a "hard credit check." I didn't want to do this, to tell you the truth, but the company's representative told me that I had been approved. I gave in and after that I received an email informing that the loan had been denied. I have a 653 score. Now it will probably go down. I regret giving Avant the ability to "hard pull" my credit score. I thought that company would pull from Trans Union only. I am frustrated!"
"Avant is a very strange company. There are all signs that they are a scam. My application was intercepted, so I think that they need to fill in the blanks. It is not a legitimate company. I will try to investigate this question and report them to the government office. But currently this company has all signs of being an ID scam. Stay away from this company!"
My Final Summary
If you are considering debt consolidation, Avant seems to be a bad option for you to choose. There are many situations when real customers of the company were disappointed with their activity. Your loan can be denied, so you can have your rate go down significantly. Avant's high fees are another drawback to this company';s lending model. The company is associated with a great number of complaints, the most common of which are saying that this company is a scam. If you want to get better rates, don't be afraid to shop around and go with another lender. We have done reviews of many different lenders and there are worthy ones including SoFi, LendKey and Prosper. With such strong competitors and terrible customer testimonials, Avant cannot be recommended.
Where To Buy Avant In Stores?
While the company presents their loan options in three forms, all of them follow the same schedule of fees and rates. Loan amounts are equal to $2,000-$35,000. Administration fee is from 0.95% to 4.75%. Annual percentage rate (APR) is from 9.95% to 35.99%. Late fee (more than 10 days late) is $25. Loan length is from 24 to 60 months. Returned payment fee is $15. It should be remembered that the better the scores, the better the rates you will get. The average credit scores of the company's borrowers range from 600 to 700, with the national average credit score of 673. It can be said that if your scores are less than 600, you will most probably get the highest rates and the worst rate.