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- Charges upfront admin fee.
- Reports to credit bureaus.
- State Licensed. Based in Chicago, IL. Since 2012.
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Avant entered the personal loan space in 2012. The team, including some of its investors, have deep experience in credit and lending to consumers.
Avant makes installment loans to individuals with poor or damaged credit. The application process generally takes less than 15 minutes and funding can be as quick as 24 hours. They get cash to you by depositing cash directly into your checking account.
Rates and terms will vary based on your application and will depend on your financial situation. Some of the factors Avant considers include credit history, employment history and loan repayment history. They may charge an Administration Fee, which is defined on their website as an upfront fee automatically deducted from your loan proceeds at the time the loan is funded. The fee is non-refundable and, if applied, is only assessed if your loan is issued. The fee depends on your APR and is set between 1.75% and 3.75% of your loan amount (or 0.95% if you are refinancing an existing loan). This means that if you are approved for a $1,000 loan and your Administrative fee is 3.75% then your fee will be $37.50. This fee will be deducted from your loan proceeds so you will received $962.50 from a $1,000 loan. This fee is in addition to any interest you will owe on the loan which is $1,000 (not $962.50). They also have a late-fee forgiveness policy where if you are late and get charged a late fee they will refund the fee after three consecutive on-time payments. This seems like a pretty neat and fair policy.
Avant reports to the three major credit bureaus. This means that responsible use of credit with Avant, i.e. paying your loan off and making on-time payments, may impact your credit score. (Net Credit is the only other lender in this space who reports to the bureaus. Avant is also one of the few lenders who is accredited by the BBB. They received this accreditation in March 2015.
Avant is based in Chicago. The team started working together in 2012 and made their first loans in early 2013. By early 2014, according to Built in Chicago, they had made over 25,000 loans. The team includes the founders of CashNetUSA, a payday lending company. CashNetUSA was acquired by Cash America International in 2006 and continues to be one of the leading players in this space offering payday, installment, and title loans.
Avant has raised close to $130 million in funding from August Capital, Victory Park Capital, and QED Investors. Most likely these funds are a mix of debt and equity. More specifically, some of these funds are designed to be used as loans versus used to build operations which would explain the relatively large amount of capital raised. QED Investors joined in their Series C round. QED Investors was founded by one of the founders of Capital One.
Avant is a solid choice for a personal loan. Their application process is clean and streamlined; rates are transparent and competitive; the team has strong credit experience; and they are state licensed.