Yes, you can pay off Avant loans early, which is a smart idea because it will save you money on interest. Avant does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Avant Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
To apply for an Avant personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an Avant personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the Avant website.
Decide which way to apply. You can apply for an Avant personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Avant requires the following personal information on the application: your name, home address, housing situation (own or rent), duration of staying at the current address, date of birth, phone number, email and Social Security number.
Enter your financial information on the application. Avant requires the following financial information on the application: your monthly housing payment, income type, loan purpose, loan amount, own evaluation of credit score (excellent, good etc) and bank account details.
Double check the application for accuracy. To ensure that your Avant personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Avant will typically provide a decision on your application within 1 to 2 business days.
If you are approved for an Avant personal loan, you will generally receive the funds within 1 to 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, Avant does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Avant's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Avant does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Integra Credit, NetCredit and Opploans.
It is not difficult to get a personal loan from Avant because they offer personal loans for people with credit scores as low as 580+. Other Avant personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.
Once you make sure you've met all the requirements for an Avant personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.
You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.
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