Avant Debt Consolidation Loans Review
Terms, Rates and Fees May 2020
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We know that the feeling of having various payments coming out of your account at different times of the month can be stressful. It can make managing your finances more challenging than it needs to be. You could miss payments and cause unnecessary damage to your credit score.
Companies like Avant aim to help you by consolidating your debts into one.
This allows you to make one monthly payment at one rate.
We will take an in-depth look at what Avant can offer you so you can decide if they are the right choice for your financial needs.
Pros and Cons of Avant
- Low origination fee
- Good for low-income borrowers
- Good for average or below-average credit scores
- Offers payment flexibility and will forgive a late payment if the borrower is usually on time
- Good for consolidating payments
- The entire process is online
- Rates aren’t great if your credit score is high
- Doesn’t allow co-signers
- No face-to-face experience
Why Should You Consolidate Your Debt With Avant?
Consolidating your debt is much better than making a lot of small payments everywhere. If you have a few open debts that you’re trying to get rid of, consolidating them in one chunky amount is undoubtedly going to make your life easier and spare you a lot of headaches.
Here are some benefits from Avant’s offering:
- Consolidate your debt and live stress-free
- Good if your income is modest or your credit score is low
- No late payment fees if you’re consistent
- Fixed rates with APRs as low as 9.95 - 35.99%
- No prepayment penalty
Avant is kinder in its acceptance policies, and you will have your funds transferred within a couple of days. You don’t even need to go anywhere or talk to anyone because the whole process is done online.
They’re not only trustworthy, but they are also forgiving. If you’re late on one payment, you will not pay a late payment fee, considering you were on time for three consecutive payments prior to the late one.
Furthermore, their origination fee is quite low, considering they take no guarantees and no prepayment penalty.
Their online application is super user-friendly, their website is smooth, and their instructions and requirements are easy to follow. It’s a friendly lender that gives you an entirely online process and helps you get your life back into your hands as soon as you’re ready to take it.
Last but not least, if you want to prepay your loan and get it over with, they will not charge you a prepayment fee.
What Are the Eligibility Requirements?
To be eligible for a personal loan, you have to meet certain requirements. You cannot get a loan if you do not have a steady income, or the required credit score.
- A minimum credit score of 580
- A fair credit history that isn’t too short
- A non-specified debt-to-income ratio
- Citizenship to the USA
- A good household income
- The applicant has to be at least 18 years old
The minimum credit score of 580 is lower than much of the competition and doesn’t require a co-signer. If your credit history is short, then you may have some issues getting approval and could look at other options that offer you the chance to use a guarantor.
If you have most of the above already, then there is a good chance you will gain the required approval from Avant.
How to Apply for an Avant Consolidation Loan
The application for an Avant loan is made 100% online. There are no branches, and you don’t have to go anywhere. If you have your banking info at hand, all you need to do is visit the website and fill out the form. Follow these steps to get your application completed.
Step 1 - Enter your email address, billing address, and phone number
Step 2 - Provide loan requirements such as amount needed and term length
Step 3 - Add your income details, social security number, and current financial commitments.
Step 4 - Approve loan offer and accept the terms
Step 5 - Credit check and payment into your bank account after the stated waiting period.
Once that’s done, the website will give you the rates and amounts you’re eligible for. If you find the rates and conditions acceptable, you will need to enter some more information to receive your funds.
Avant has a 24/ 7 customer service team available to answer any questions you might have. That’s an unrivaled level of customer care. Borrowers can visit the FAQ page or talk to the customer service agents any time, any day of the week.
Their simple dashboard and mobile app should make customer service staff unnecessary, yet they still provide that. The staff is friendly and experienced and always willing to help. If you become their customer, you will never feel frustrated with their team.
What Types of Debts Can Be Consolidated With an Avant Personal Loan?
There are two kinds of debts: secured debt and unsecured debt. Secured debts are basically debts that have collateral, like your house or your car. Unsecured debts are debts that have no collateral. You can consolidate any debts without collateral with a personal loan.
A lot of the loaners have connections with banks and lending institutions, and can probably negotiate better rates for you. These debts include store cards, credit cards, gas cards, and other unsecured loans.
You can even cover unpaid payday loans and medical bills with personal loans. A lot of financial institutions tend to agree to debt consolidation deals because they worry that the borrower will otherwise file for bankruptcy, and they will never get a cent back.
The situation gets a little bit more complicated, however, with debt collectors. Debt collectors don’t always have a good relationship with the borrower or anyone who wants to help them to reduce their debts.
You can’t pay off student loans with a consolidation program. Student loans have a specific consolidation program just for them.
So if your debts haven’t gone to the collectors yet, or they’re not student loans, rest assured that an Avant debt consolidation program is going to help you pave your way to financial stability and will get you back on your feet in little to no time.
The Bottom Line
Finding an online lender that will accept a lower credit score than its competitors, give you leeway on late payments, and don’t take collateral is hard to compete with. Avant could lead you on your way to better finances. Have the system run a soft check on your information to give you your rates today, and enjoy a more debt-free life, where you don’t have to worry about too many payments.