You can only take out one loan at a time with Avant. If you want to take out a second loan, you must first pay back the current loan in full. However, you may be eligible for a second loan if you want to use the second loan for the purpose of refinancing an unsecured loan.
With Avant, you can take out a loan in between $2,000 – $35,000 and pay back the loan in an installment over a period of 2 – 5 years. The typical APR that the borrowers pay ranges from 9.95% – 35.99%. Avant personal loan is targeted towards people with a low credit score of 580 and above. Most borrowers at Avant have credit score of around 700 and they receive an income of at least $40,000 per year.
Avant reports to the credit bureau so making repayment on time will have a positive impact on your credit score. Avant offers a grace period of over 10 days for those who are unable to make the repayment on the due date. If you delay the payment past the 10 days grace period, you will pay a $25 late fee. Avant charges an origination fee of 4.7% on the loan amount. They don’t charge any prepayment fee if you want to pay off the loan early.
Avant has a decent customer support and they provide fast reply to all the customers’ inquiries. Avant provides a transparent application process. There are just 3 simple steps to complete when you apply for Avant loan. The first step is to check your interest rate. To check your interest rate, you must fill in some basic information in the online loan request form. The soft inquiry feature prevents a hard inquiry from being performed which can affect your credit score. This is a feature that many traditional lenders like bank don’t offer.
You will get an email on the estimated interest rate shortly after you have submitted the application. You may get a few options on the loan with each one differing in the lending terms such as APR interest, number of installment and monthly amount. You should select the loan term that suits your budget. After you have selected an option, you can proceed to put down your signature on the agreement.
Avant allows you to put down an electronic signature on the loan agreement at its web documentation have signed the agreement, you can expect to receive the funds as fast as the following business days. Sometimes, you may be asked to provide additional documentations after you have selected the loan option. In this case, it may take up to 1 week for the funds to be released.