When you apply for Avant personal loans, you can choose from a repayment term from 24 – 60 months. Choosing a longer repayment term can result in higher APR interest rate. Shorter repayment term can reduce the APR interest rate that you pay but the monthly repayment amount will be higher. If possible, you should always opt for shorter loan term as it enables you to pay off the loan faster.
There is an administration fee, about 3.75% of the loan amount. The loan amount you receive is already deducted of the administration fee. You also have to take into account the origination fee when calculating how much loan amount to apply for. The origination fee is 0.95% of the loan amount for refinancing customers. New customers usually get charged with an origination fee that is about 4.75% of the loan amount.
Besides, there is a late fee of around $25 if you wait until after the due date to make the repayment. The actual late fee varies depending on which state you comes from. Avant has a late fee forgiveness program in which they will refund the late fees if you make on time repayment for at least 3 consecutive months. If Avant approves your loan, you can expect to see the funds in your bank account in 1 – 2 days.
If there is not enough money in your bank to cover the loan repayment, you will be charged with a penalty fee of $15. Avant personal loans can be repaid early without the hassle of having to pay any prepayment fee.
Avant allows you to borrow $2,000 – $35,000 for the personal loans. Statistics show that most borrowers take out $8,000 of loan from Avant. The average income of the borrowers who get approved is from $40,000 – $100,000 per year. Avant does have a minimum credit score requirement which is in between 600 -700.
The average credit score of the borrowers who get approved is 650. If you are employed, they will call your employer to confirm your employment status and monthly salary. People who are self employed must submit the previous income tax to prove that you have enough income to pay for the loan.
Avant loan is suitable for consolidating a large amount of credit card debts into a single payment. You can use the funds from the loan to cover the cost of your home improvement project. It can also be used to cover any emergency cost that you are facing.
To apply for Avant loans, you simply fill in the form on the Avant site for them to perform a soft credit check. If you get preapproved, they will show you a rough estimate on how much you will pay each month for different loan length along with the preapproved APR interest rate.