Avant is an online lender offering consolidation loans and several other loan products. The terms vary between 24 and 60 months, and interest is calculated based on an applicant’s credit score and history. The interest rate is fixed for the life of the loan. The purpose of the loan is to provide customers with one single payment per month instead of multiple payments on accounts that accrue interest at higher rates than the loan.
Avant Company Reputation
This company is based in Chicago but operates within the USA online. Avant has been accredited with the Better Business Bureau since 2015 and maintains an A+ rating. There have not been adverse actions against the company. On most third-party review boards, Avant earns positive ratings for their business practices.
Avant Customer Service Reviews
Avant earns good overall reviews for customer service. Several borrowers reported short waiting times and being able to resolve their issues in a timely and satisfactory manner. Most reports about customer service for Avant stated that the representatives were helpful and friendly. Also, they were good about asking for numbers to call people back in the event of an accidental disconnection and following through with a return call as well.
Pros Of Avant Consolidation Loans
Loan agents typically receive excellent feedback for their helpfulness, courteousness and explanation of loan details. Those who reviewed the loan application process said that it was simple, and most people said that it was fast. According to Trust Pilot, many customers said that Avant’s loan agents were efficient. The majority of customers reported a quick approval time after applying for a loan. In comparison with a typical bank loan, the process was much faster.
Cons Of Avant Consolidation Loans
One of the main cons of this consolidation loan is true of any consolidation loan, and that is the effect on a credit score. The drop is temporary but is to be expected with a loan. Also, credit inquiries for loan applications lower credit scores temporarily. Reviewers on Credit Karma were unhappy about the amount of time it took to raise their credit scores again after receiving a loan. Some people also reported being approved for less than what they needed to pay off their debts. Others said that the approval process seemed to take too long.
Another complaint that was voiced several times on Consumer Affairs was the interest rate of the loan. This varies from person to person, and those who have poorer credit are assigned higher rates. However, some people are able to refinance their loan after a couple years for a lower interest rate and payment.
Is Avant The Best Choice For A Debt Consolidation Loan?
Most people who are approved for a loan from Avant have credit scores ranging between 600 and 700 and earn between $40,000 and $100,000 annually. The loan rates and fees are similar to those of other companies offering the same type of loan.
Avant may be the ideal choice for some individuals. The lender offers a convenient app and platform that makes it easy to make payments and track progress with a few taps of a screen. However, it is still important to compare at least five different options. Compare the reputations, terms, fees and loan rates of several lenders to find the best deal. Keep in mind that multiple credit inquiries usually lower a credit score temporarily. For this reason, people should apply only when they are ready to accept a loan offer.