AvantConsumerAffairs Unaccredited Brand
I acquired a personal loan from Avant on November 3, 2014. The loan was for $3500 for 30 months and my interest rate was within their advertised rates between 9.95% and 35.99%. My payment amount was $245.96. I made this payment for several months until I was no longer able to work due to a disability so I requested my payment be lowered. My loan was redone and I was told it would be extended for 6 months with a payment of $175.00. On December 21, 2017, I was curious as to why I was still getting my payments deducted from my checking account so I contacted Avant and they emailed me a statement of my account. After 37 months I had only paid $40.81 toward my principal and $4591.32 was put toward interest.
The paperwork also showed I was paying 64.5% interest on this loan and the term was 50 months. I called customer service and told them I never agreed to a loan with an interest rate of 64.5% and a 50 month term. They said considering my excellent payment history a modification could be made to the loan to get it paid off. They had me contact the resolution department so for the past month I have been going back and forth with the customer service department and the resolution department, however, they will not assist me in adjusting this loan. I have requested documentation of me agreeing to this high interest rate and 50 month loan term numerous times to no avail.
They keep sending me an email stating they are within their legal right which I find unbelievable. I do not understand how a company can do this without the consumers' approval. I do not understand and cannot believe it is legal to charge 64.5% interest and misrepresent my loan agreement. I never agreed to a 50 month loan at 64.5% interest. I cant believe after 37 months of paying $175.00 per month and missing no payments they only applied $40.81 to my principal. They indicated my pay off amount on December 21, 2017 would be $4566.49. If I continue paying this at the rate they are expecting my total of payments for a $3500 loan will be over $9000. I am not sure you can do anything to assist me but I wanted to at least file this complaint. Thank you for taking the time to read this.
My husband and I filled out for a loan to be pre-approved. There was info we still needed to be verified. My husband stop at the point where he needed paystubs. We felt the interest rate was high we did not finish the application. 2 days later I have 11,050.00 in my bank account. Shocked I called Avant. I was on the phone for an hour explaining I did not want this loan. I was told I needed to pay 450.00 processing fee to send the loan back. I can't believe I have to pay 450.00 for their mistake. This loan operation is a joke. I could barely understand the 4 people I had to talk to. I was told I needed to email the resolutions department to get answers. I was also told I would have to pay interest daily on this loan. I am forced to pay money to this company to take the money out of my account. No matter how desperate you are find another lender or you too will regret your decision.
I’m set up on a monthly payment plan with Avant - to make payment automatically. But you have the options to make your payment early so I do. I have been doing this day 1 of my loan with AVANT and so now they do double payment for the month of January!!! On no biggi. Just call and get this cleared up. RIGHT!!! WRONG!!!! They're like, "Sorry we can’t give the my payment back!!!" So long story short stay away if you can’t be straight with your customers!! The one who make your business!!! You should not be in business!!
I went Online to get help and a Loan to Help me after the Hurricanes. After receiving PRE-APPROVED Letter I went to my accountant and Paid to have last two years pulled and 3 months of bank statements. Then went to my mailbox to send documents and was denied before sending to them. Waste of my time.
Consolidation loans - The interest rate is Actually higher than the debt itself Plus hundreds of dollars in administrative fees. Wow! People actually get loans from you. This is abhorrent usery. I'm totally yelping this. I have a good credit score. I can't even begin to imagine how you ripoff people with serious debt.
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I love this company. I applied for a loan I think in 2014 because I needed an operation. The representative who worked with me was very knowledgeable. He made me feel like family. Needless to say I received the funds in a prompt no hassle way. Thank you Avant for trusting me.
STAY AWAY FROM THIS COMPANY! I applied for a loan through Credit Karma after being told I was QUALIFIED for a $2000 loan. I filled in all the required information and hit send. Then the problems began. I was next asked to provide a standard list of documents, which I provided immediately. Then the phone calls started. Two to three a day asking to verify additional information on my account.
After the first few days of providing, bank statements, pay stubs, a driver's license, etc. I began to hear that my birthdate was inaccurate. Mind you, I had provided my driver's license with my birthdate on it which matched the date on my application. I spoke to someone personally FIVE TIMES over the course of TWO DAYS, reminding them that the date I just told them matched both the date on my application and the date on my driver's license. Then they started asking for a copy of my driver's license, again. Each time I would be put on hold anywhere from 5-10 minutes while they checked their records.
In the end I flat out told them that their customer service was awful, that they should really take better notes for their files, and that I hoped they used the recordings of our conversations to improve the service. I was told that everything looked good and I would receive an email with the funding details. Five minutes later I got an email declining my application. I guess they didn't appreciate my candor regarding the horrid process. DON'T WASTE YOUR TIME!
Whatever you do, please don't waste your precious time dealing with Avant Loan Company, a division of Web Bank. My nightmare began with Avant offering me a personal, unsecured loan of $10,800. It started easy enough, applying online, giving them information, etc. As the days went on, Avant wanted more and more information. I spent over $50.00 in faxes at Staples and the UPS Store. I had to send a 20 page bank statement twice because the first wasn't clear enough, according to an Avant Clerk. Each day for over a week, they requested more and more documentation. Documentation that was previously sent, they wanted it again. Phone calls daily explaining things that I already explained to another person.
As time went on, my loan EXPIRED and I had to reapply. Keeping up with the torture test, I reapplied and was told by a Loan Approver, Raven, that the only document they needed, that was holding up my loan, was page 2 of my bank statement that I had previously sent twice. I immediately uploaded it to my account. Sure enough, the next day, another loan processor called to talk about income and income verification. That was after I sent copies of bank statements, payroll checks and award letters. These did not seem to be good enough for Avant. They wanted to re-hash old business and talk about banks I had income going to and apply more torture.
Honestly, folks, you really don't want to get involved with this process. If you need money that bad, please try another source. YOU DON'T NEED THIS TYPE OF TORTURE!!! YOU ARE TREATED LIKE A CRIMINAL UNDER FEDERAL INDICTMENT... The bait and switch of Avant is another story. They initially offered me 10,800 for 36 months at a total APR of 25.99%... After a week of going back and forth, the new loan was $7500 at almost 30%... Notice how the principal went down and the APR went up. Thievery.
I am completely frustrated and cannot believe Web Bank allows this painful process to go on and on and on... The customer service people are very difficult to understand at times with a harsh dialect and they have no problem putting you on hold for 5 or 10 minutes with music on hold that sounds like the background of a naughty movie. I CANNOT STRESS ENOUGH TO STAY CLEAR OF AVANT... They will suck the living life out of your soul, bait and switch you and aggravate you beyond your wildest imagination. They are not in the business to treat customers like customers. They are in the business to treat applicants like criminals. I am so mad at myself for getting involved with this process. I should have known better.
They did a credit check on me without my consent. I started a application did not finish it with all information and they sent a email requesting more info to continue and I responded back not to. Basically stating not to do it and to destroy all info on me. Below is the email and my response. VERY UNPROFESSIONAL AND ILLEGAL. I feel they violated my right and plan on contacting state attorneys in Florida where I reside and well as Illinois where they operate. There is a hard inquiry on my credit score now.
I took out a 2-year 24 month loan from Avant at absurd interest rate. I was granted two or three courtesy extensions. Only to find out the courtesy actually cost you money. I've tried to pay this off more than once and they won't process it so they can charge you more interest. Curtain and turning this over to my attorney for review. I have several documentation from them stating what my payoff date is and when I needed to pay it by. What they keep coming up with a different number each time I try to pay it off and not allow me to pay it off. That's incurring more of their interest on the loan. This is plain simple extortion in its highest form. I do not and will not recommend this company to anybody.
My first payment was in Dec, 2015 and as of to date that being August 2017. I have never been late on a payment and never missed one payment. Yes they were nice and I got loan when I needed it and my credit score has come up since getting this loan. I ask if I could refinance and get a lower interest rate and I was told no because of my credit score. Wow my credit score a lot and I mean a lot lower when I got the loan. Plain and simply they like getting the money and this company is never going to lower the rate. I just am trying to pay it off. DO NOT GET LOAN WITH AVANT UNLESS YOU HAVE A VERY LOW RATE. I only give them one star because I have no choice on this form.
Avant came through for me twice when I needed them. The interest rates are a little higher than most, but they offer a reliable and efficient program. I was able to obtain my first loan, refinance it, and get more money, all with a few clicks of a button. Overall, an amazing company that I would recommend to others and will continue to do business! Thanks, Avant!
I have had a loan with Avant previously and they refinanced the loan at a lower interest rate - which is AWESOME in my book. The first time I applied I had less than good credit, but they gave me a chance. When my husband and I bought a house and paid cash - our savings, they were quick and very courteous to refi our loan and we borrowed enough to get us through the costly expense of renovating. I have recommended them to several friends.
I have had a loan with Avant for about a year. I have requested to refinance as my interest rate is astronomical. Although I have made every single payment on time they keep declining me. My credit score is much better than it was when I got the loan.
I requested a loan until my funds were released by my bank. I received the funds the next day and my bank didn't hold them up. I spoke to a representative prior to having the loan approved and she was extremely helpful and polite. This is the second time I have used Avant in an emergency and have been quite satisfied both times.
They were fast and efficient. Was a very big help. Just need to know my account number so I can add it to my banking information. Would like to be more on the ball, with my finances in the future so I am much appreciated to this establishment. Thanks.
I recently tried to refinance a loan that I got from Avant a year ago. My payments have been in full and on time every month since I got the loan. Although I understand that due to credit and other issues not everyone disqualified for a refinance I know that according to the Equal Opportunity Act I have the right to know why I was declined. Upon inquiring I received an email stating the reason was I could not have more than one loan per household. If anyone knows what the word refinance means it would be paying off that loan and borrowing more money so I would still only have one loan.
Upon calling them for an explanation the employee I spoke with agreed that that answer made no sense and would email that department to get back with me with more information. I received the second email stating that they have given me a list explanations which is still false because they only gave me one reason which was not even a true reason. They're obviously a very dishonest company. Indian all business I may have to their competitors and I would urge anyone looking for a loan to search elsewhere.
This being my first time experience applying for a loan in this fashion I was quite amazed at how simple it actually was to do. Instructions were clear and easy to follow... and of course customer service was basically on hold if a problem came up. It was a rather fast application, simple and within hrs of me applying I was approved for my loan. I wish to thank the Avant team for any assistance they provided. Thank You.
I took out a loan with them to pay off credit card debt. The people I worked with were kind and friendly and very efficient. They made the process very simple. I would highly recommend them to anyone that needed a bit of help to get ahead. I would also use them again.
Applied for a loan with Avant. Easy online application, quick response. Customer service agents were polite and helpful. From when I decided to apply until the money was in my account was pretty amazing... just a few short days. I'm going to pay off another loan I have which will lower my monthly payment and interest rate! Very satisfied.
I applied for a loan with no hope of being approved. In less than an hour including the application process, I was approved. Their customer service was exceptional! The money was deposited within 24 hours. I will definitely recommend this company. Awesome people.
I needed a quick loan and after looking at the reviews I chose Avant, the application was easy and quick. The money was deposited into my account within 24 hours, payments were set up for auto draft, which is so convenient. So far I am very pleased, and highly recommend Avant.
Seemed like a great opportunity for help, as I work in Education and have had an emergency come up that I can't pay for because I am off mostly for summer break. Unfortunately, I had filed my own taxes through TaxAct online one of the years required for submission and apparently this is not a valid tax service according to Avant? I was told different information from each person who spoke with me on the phone about what I was missing. The first time I was told I could send a cover letter from the tax service to prove that my forms were valid, which I did, as well as a screenshot of my account with them and the e-file number.
Then I was told only H&R Block and TurboTax were accepted for submitting a cover letter. I could also order a tax transcript from IRS, but, because I have Virgin Mobile pay as you go, IRS doesn't let you get forms online and would make me wait to receive it in the mail. I could not do that. When I finally spoke with the supervisor, she told me that they only accept TurboTax self tax... I don't know who has their story straight, but, all I could do was laugh because it is so ridiculous. I don't trust this company, they have no integrity and I regret wasting most of my day trying to get help. BBB will be receiving a call from me.
I received a letter from Avant explaining how convenient and easy it would be to apply for loan to consolidate my credit debt into one simple payment. I was reluctant and somewhat skeptical about applying for and being approved. After a few days of contemplating, I decided to go online to Avant's home page and apply. There were some requirements that had to be met before they would consider approving me for a loan. I completed all the steps and submitted my application for approval. I was approved within a couple of hours after submitting my application. They made the process from start to finish easier than I could have imagined. I would recommend Avant to anyone in need of a loan to help with financial burdens.
I was very pleased at the accuracy and speed it took to confirm my loan. Customer service very helpful in my process. I know that they help people with less than perfect credit but I would like to see them lower their interest rate more like a credit. Not so high.
I prefer to never borrow from relatives or friends. Avant made it easy to use the company and process my information. The representatives were polite and fast. This is my second loan and yes... I would use them again and suggest them to friends.
I was very pleased with financial services. Those they did not approve me for the amount that I had requested, they were still able to give me a loan for a less amount. Had it deposited into my account in 2 days! Great company and great customer service.
I couldn't believe it when I was approved by Avant, after so many creditors turned me down, they gave me a chance when no one else would to consolidate my credit and I am so very grateful. The interest rate was higher than I would like it but it's just more motivation to pay the debt off faster. The application process was quick and easy not even 30 minutes later and I was approved. Thank you Avant for allowing me this chance. I am forever grateful and will recommend this company to anyone in need of credit assistance.
This was a very professional & exceptional experience. I've never experienced such an expedited process as such when it came to needed a product. I would definitely recommend Avant highly to any & every.
Avant was quick in contacting me on things concerning the paperwork. Got my money as to the correct time and date. Overall, Avant was awesome. I for sure will be recommending them to my friends and family. And will use in the future.
Avant expert review by Barbara Friedberg
Avant, formerly AvantCredit is a personal loan company that’s helped 350,000 customers. Borrowers can access between $1,000 and $35,000 for debt consolidation, home improvement and/or emergencies. The company has a 96% satisfaction rating.
Rapid application: In just a few minutes, prospective borrowers can complete an online application, which won’t impact the consumer’s credit score. If approved, the loan can be funded by the next business day.
Transparent fees: Transparent late or missed payment penalties.
Credit building: Avant gives borrowers an opportunity to build credit with on time payments and without collateral.
Available customer service: The customer service reps at Avant Credit are available 7 days a week to help customers by phone.
Courtesy due date adjustments: Avant offers courtesy due date adjustments in case a customer cannot make an upcoming payment.
Best for: Individuals looking to refinance debt, planning a home improvement project or those facing an unexpected expenses.
Personal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
Avant Company Information
- Company Name:
- Year Founded:
- Formerly Named:
- 640 N. La Salle Dr., Suite 535
- Postal Code:
- United States
- (800) 712-5407