(PSA: If you’re in need of a quick spot, we’ve got an alternative. Cleo can potentially spot you up to $100. No interest and no credit checks. Eligibility requirements apply.)
What is Avant Loans?
Avant Loans is an online lending company that offers personal loans to borrowers who have fair or bad credit. Avant says the majority of customers have a credit score of 600 to 700.
They’ve been around since 2012 and the head office is based in Chicago, IL 🍕
What Avant Loans offers
Avant Loans is mainly known for personal loans. However, they also offer credit cards and debt consolidation loans.
The estimated Annual Percentage Rate (APR) for an Avant personal loan is between 9.95% to 35.95%, depending on the amount you borrow.
The amount you can borrow usually ranges from $2,000 to $35,000 and the repayment is spread across one to five years. And to be eligible, you’d need a minimum credit score of 550.
But it’s not just the APR you need to take into consideration before committing to a loan, it’s all those extra fees too 🙃
💵 Late fee: Typically $25
💵 Returned check fee: $15
💵 Administrative fee: Up to 4.75% of the loan amount
Avant Loans requirements
So, what do you need to qualify for an Avant personal loan?
✅ Minimum monthly income of $20,000 per year
✅ You’ll need a valid Social Security number and bank account
✅ Minimum credit score of 550
✅ Maximum debt-to-income ratio of 70%
Head over to Avant Loans for a full run down on requirements.
PSA: If you’re thinking of applying for personal loan, run your own credit check first so you can see where you stand before you apply.
Lenders often run a hard credit inquiry before they can provide a final offer which can have an impact on your credit score. If you’re applying to multiple lenders, it might be best to apply over a few weeks or months to help reduce the impact.
If you head over to AnnualCreditReport.com, you can request a free report every 12 months.
We love a freebie ✨
Credit report looking slightly out of shape? Build on it, baby. Here’s How to Build Credit Fast 🚀
So, is Avant Loans legit?
Avant has issued over $8 billion in loans to more than 600k customers since 2012. It’s also a member of the Online Lenders Alliance and the Marketplace Lending Association, which are industry groups that promote responsible lending practices and consumer protection.
So in a nutshell, yes it’s a legitimate company.
PSA: When looking for a loan, always do your own research first to check if it’s a safe and legit company 💖
Avant Loan reviews
Avant Loans has a rating of 3.9/5 on Consumer Affairs.
Need a quick spot? 💙
Cleo’s Cash Advance* is different to a personal loan. It’s there for when you need a quick spot to help cover the bills until payday 💡
If eligible, Cleo can spot you up to $100 straight into your account.
🚀 No credit checks or interest
🚀 Access to budgeting tools
🚀 Personalized tips to help you save
🚀 Get roasted for wasting money
🚀 No need for proof of income
She’s sarcastic and fiery, what’s not to love?
Get your research on 💅
If you’re serious about a personal loan, always shop around first to make sure you're getting the best deal out there. Check out personal loan marketplaces like LendingTree and Credible.
Cleo’s resident financial advisor, Anna, has answered some of your most-searched questions around personal loans. Including Terms and Conditions you need to be aware of.
Here’s How Do Personal Loans work?
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Big love. Cleo 💙
*Eligibility requirements apply. Cash Advance is a feature of the Cleo Builder Subscription.