If you're looking for Avant Loan reviews, you will get informed about the good and the bad right here. No stone will be left unturned.
But first, let's get one simple answer out of the way... Many people ask "Is Avant Loans legit?"
To answer simply, Yes.
But more in-depth, here are the facts. As of October 2014, Avant has funded over $500 million in loans for over 100,000 customers, it has a current portfolio of $310 million in loan assets, and over 450 employees.
Avant Loans have become a legit & popular option for people with less-than-stellar credit. But the bad Avant Loan reviews with the BBB and other review websites are scary to some people. But should they be?
Honestly, Avant loan complaints are common, just like complaints about other leading lenders are common. So we need to look at what kind of complaints are being made, are they legitimate and are you likely to make the same types of complaints.
Very simple. So, let's break it down. Starting with...
Are The Majority of Avant Loan Reviews Bad?
When we analyze Avant loans reviews overall, we find that they are overwhelmingly positive. For example Avant loans are ranked 4.5 out of 5 with over 1800 Avant Loan reviews on LendingTree's loan ratings and reviews board, that's a 94% percent positive ranking. And LendingTree offers various types of loans and is a competitor of Avant, but they are known to be very unbiased when allowing customers to leave reviews of other online lending companies on their website.
Avant Loans also has a 4 out of 5 star rating with SuperMoney.com from over 128 reviewers, an 8 out of 10 ranking from TrustPilot.com with nearly 2,000 Avant personal loan reviews.
So, is Avant Loans safe as an online lender? Yes, they certainly are.
The vast majority of Avant personal loan reviews are positive, all across the most trusted review websites.
But let's get behind the reasoning of some negative Avant Loan reviews because unfortunately this company does have some negative customer reviews, many of which have to do with borrowers being denied for reasons they didn't like or understand. Some customers even complained that they were pre-approved and when they went to sign their contract and collect their loan they were suddenly told they were now denied.
So let's analyze the Avant Loan complaints...
Analyzing Negative Avant Credit Reviews
While studying AvantCredit reviews, we've noticed a pattern. Although some complaints are legitimate, many are basic misunderstandings of what to expect when seeking a loan for bad-to-fair credit borrowers.
One of the most common complaints from Avant Loan reviews is "high APR".
But let's be realistic about this complaint for a second. Avant Loans services borrowers with fair and even bad credit, Avant touts their online personal loans as an alternative to “expensive payday loans or other short-term credit options", your APR is relative to whether you have a history of paying your debts off or not.
A person with a 580 FICO Score cannot realistically expect to get the same low rate APR as a borrower with a credit score of 700+, this should be well understood.
Yes, Avant loans to high credit score borrowers too of course and these aren't the ones complaining about "high APR" because their APR is set lower according to their track record of paying back their debt.
Many of the positive reviews for Avant Loans are from people thanking the online lender for giving them an opportunity for a loan when no other lender would risk it. So with Avant Loan reviews, it's really a matter of perspective and whether people think they deserve better rates and more money than their track record shows is warranted.
- Here are some facts about Avant Loans...
Avant offers two types of personal loans: one has a maximum APR of 36% and loan amounts ranging from $1,000 to $35,000, which is provided by WebBank: a Utah-chartered industrial bank that also issues the loans for Lending Club. The other loan type has interest rates higher than 36%, and loan amounts ranging from $2,600 to $6,000 and is offered directly through Avant. Your credit rating will determine which loan you qualify for, with the minimum FICO score accepted at around 580. In some states, such as Colorado and Connecticut, only WebBank loans are available due to state interest caps on loans.
[Related Article: Lending Club Reviews]
However, you’re subject to higher APRs with Avant Loans if you have poor credit. If you have excellent credit, you may want to look towards a different lender.
Like most bank loans, personal loans through Avant.com amortize over time with simple, equal monthly payments.
Borrowers can take advantage of their late fee forgiveness, an easy online application process, and the potential to improve their credit rating with timely payments over time! Among other services, Avant offers debt consolidation, home improvement financing, medical loans, and “emergencies loans” for sudden, unexpected costs.
Some Have Issues With Avant Loan Requirements - But Why?
Some people simply don't like the Avant loan requirements, for example, if you're wondering "Can I have two Avant loans per household?", the answer is NO.
That is a complaint you may run into when reading Avant Loan reviews, for example, look at this complaint by "Anonymous" from the SuperMoney website.
"Applied for a loan and was denied solely because apparently my roommate has a loan through Avant Credit--they have a one loan household rule. I can understand if this was a spouse or family member but to be penalized for this reason is beyond me. They have lost any future business from myself and my roommate."
You'll also see from some Avant Loan reviews that some potential borrowers took offense at being rejected for a loan.
As understandable as that is, they let their emotions get away from them and make greatly negative claims like "fraud" or "scam" that simply aren't a true description of their situation.
Look at this Avant Loans complaint by "1 Hot Mama" on the TrustPilot website and the response from the Avant Loans customer support team.
The Avant Loans customer support team does a good job of responding to Avant loan reviews and their customers all over the internet, diligently trying to solve the problems of those with complaints. Something all loan companies should try to do, but unfortunately is not the case.
As we discussed earlier, some Avant Loan reviews are from poor credit borrowers that don't fully understand that a low credit score often calls for a lender to give you higher than normal APRs, IF they lend to you at all.
More Avant Loan Reviews...
Look at this Avant Loans complaint by "Angel Martinelli" and the response from the Avant Loans customer support team.
Angel, did appreciate the speedy loans from Avant, they are known to pay out your loans in up to 24 hours. This is a huge help for people in emergency situations.
Here's another Avant Loans borrower that has a problem with not being able to skip a month of payments because of financial hardships, it was explained to him by customer support that such an option is not possible. In his eyes, being told no equals "poor customer relations"... Take a look below.
Positive AvantCredit Loan Reviews
As noted earlier, most customers of Avant Loans that leave reviews are positive. So it would only be fair to show a couple positive Avant Loan reviews as well.
You'll see in the Avant Loans review below that the borrower got less money than he asked for, but instead of feeling entitled and complaining, he appreciated the positive aspects of his loan. He enjoyed that the loan was almost instant and not complicated to apply for.
And there are many Avant Loan reviews like this one from Lois from Chicago appreciated that she was able to get her loan quickly when she had an emergency, check out her loan review from the Avant Loans website...
Are Avant Loans The Answer You Need?
So what about you? Now that you've had a chance to evaluate Avant Loan reviews for yourself. Could getting Avant Loans in 24 hours help your situation?
If you have 700+ credit you should likely look somewhere else for a fast loan. But if you're looking for quick loans for people with bad credit then AvantCredit Loans could be exactly what you need. Most of their borrowers have a FICO® Score of 600 to 700, but Avant Loan reviews show that people with credit as low as 580 are getting funds quickly. Avant also allows your loans to be paid off early with no additional penalties.
Avant Loans Highlights for Potential Borrowers
- Serviced 450,000+ customers
- Free online rate check — does not affect credit score
- Complete online application, approval, and customer service
- Potential for late fee forgiveness
- No balloon payments
- Excellent human support and customer assistance
- Loans funded in up to 24 hours
If you are interested in checking your loan rates (checking your rates does NOT affect your FICO Score), check right now and get funded quickly after getting approved.