No, Avant is not a direct lender, so they do not handle the full loan process. Instead, Avant will consider your loan application and decide if you're approved, then their partner, WebBank, will actually fund the loan. You will still make your monthly payments through Avant, though.
If you're interested in borrowing from a direct lender, you may want to look into LightStream or LendingPoint. You can use WalletHub's free pre-qualification tool to see which lenders may approve you and what rates may be available to you.
Yes, an Avant personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, an Avant personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How an Avant Personal Loan Affects Your Credit Score
Hard pull: When you apply for an Avant personal loan, Avant will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out an Avant personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting an Avant personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how an Avant personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Avant personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
It takes 2 to 4 business days to get money from an Avant personal loan, in most cases. The Avant loan timeline includes around 1 to 2 business days to get approved for an Avant loan and another 1 to 2 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Avant as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Avant having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for an Avant personal loan once your credit score exceeds the minimum requirement of 600. That will make it easier for Avant to decide whether you qualify, which could lead to a quicker decision.
Once you get approved for an Avant personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 2 business days.
You can get Avant personal loan pre-approval through the Avant website. Avant pre-approval allows you to see your odds of approval for a personal loan from Avant, as well as your potential interest rate, and the process will have no impact on your credit score.
Enter your name, home address, housing situation (own or rent), monthly housing payment, duration of staying at the current address, date of birth, phone number, email, social security number, income type, loan purpose, loan amount, own evaluation of credit score.
Click Agree and Check Your Loan Options.
Once you receive your Avant pre-approval status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you're guaranteed to be approved if you apply, but your approval odds will be very high.
If you want to consider more options first, you can try out WalletHub's free personal loan pre-approval tool, which checks for pre-approval with multiple personal loan providers at the same time.
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