Consumer Complaints and Reviews
In December of 2015 we had to have a loan for home repairs and fast. They said the rate was based on credit score so I don't know who they checked with, our score was fine. I just looked to see what the score was and it's 36.9!!! Going loan shopping to see if we can find something else. It's usury, plain and simple.
I recently refinanced my personal loan to another lender for a much better rate. I contacted Avant by email for a payoff. The payoff I received and sent to the new leader gave this statement, "As of January 24, 2017 your payoff balance is 12,862.94". Below was a statement that a payment is scheduled for Jan 24th and must be made as a separate transaction. I agree that should I not have made the full payoff I would need to make the payment. Avant sent a payoff letter with a payoff amount and still expected a payment to be made. This is deceptive and unethical.
Even the new financial institution I got the loan from said they never heard of a payoff being quoted without it including all charges through the payoff date. DO NOT USE THIS FIRM. Their rates are high, customer service is non-existent and business practices are unethical. By the way I have been in finance for more than 30 years and never would treat my customer with the disrespect and false statements that this firm uses.
Be wary of this company, I found out recently they do not actually use TransUnion as the credit score provider but a third party Vanguard 3.0 by TransUnion which is not TransUnion at all. They use a completely different method to determine your credit worthiness and that method give a much lower score than your actual score so they can charge you higher interest rates. Because they go through Utah, they are allowed to charge much higher interest rates than what some states allow. Be very wary people. If you do apply and are accepted, pay it off much faster than the agreed upon term so as not to pay the outrageous interest amounts.
Do not recommend. Extremely higher rates than any other bank. Glad I didn't take it. Got approved by a regular bank at half the interest rate. After they pre-approve the loan I received a letter declining the loan, but that was after a few weeks of them trying to get me to take the loan. They just want it to hit my credit. Soooo glad I didn't take the loan with AVANT loan services. DO NOT RECOMMEND...
We took out a $12K loan through Avant last fall, with payments at around $300 - not too shabby if you ask me. This is our second loan through them. They've always been nothing but helpful and cooperative. We've had a few months where we needed an extension on our payment date, and there's never been a problem. My ONLY complaint is that they only allow for a ten-day extension - many other personal loan sites allow for 15 days. I am VERY happy with Avant and would go to them again in a heartbeat for a personal loan!
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On Nov 2016, I spoke with their support team and supervisor, they calculated how much I need to pay on a monthly to pay off the principal amount. They told me to pay $1000 a month and in January I need to pay $555.21 -I made payment on time and without any statements or explanation. Their system said I still owe about $4000+ - and will need to continue to pay the monthly payment of $368+ until Feb 2018!!!!
I will sue this company for their monetary damages. Anyone who wants to join me on a class action feel free to email me. Avant is a scam!!!! Don't use them to for loans - they lie, does not provide financial statements, poor customer service, they hire people who can't do simple math and on top of it all - they want more of your money!!!! They will completely screw you and their managers - they will act like nothing happened and will NOT help you!!! I was on hold for 15 mins... and when requested for their managers they hung up. LIARS, STEALER, AND SCAMMERS. THIS IS WHAT AVANT IS.
Was told I was pre-approved for a loan. Let them run my credit, still pre-approved. Different loan amount. Still was ok with the new pre-approved amount. Sent in all my personal information. They verified all my information, then tell me, "You're approved for a much lower amount". I would never have let them run my credit. Create a hard inquiry for the low loan amount they offered me after being pre-approved for (2) loans with higher amounts. I did not accept the low loan amount. I was doing this to pay off bills. Instead I got a hit on my credit and the old bait and switch. Don't fall for it. I will never contact this company again. Very dishonest business.
Avant financing is hacking all my accounts including email which is illegal, they are very criminal. I have written many complaints about them hacking, and causing emotional distress to my family. They are hacking consumer affairs account also. They won’t leave they have added interests that are not mine, they have hacked my credit card accounts, my bank accounts, my mortgage account. Every account I have, it has gone too far, and they need to be prosecuted. I have filed with the attorney general’s office and the FTC many times. They are using A machine to get all my passwords, and change them on me so I can’t pay my bills or do online searches. This has been going on since September.
Our months of hell for my family. Avant Financing in Chicago Illinois is a bad criminal company that hacks accounts of their customers, and non customers that have applied with them. Please stop them. 7 of them have been arrested for this same crime it is in the news paper. People need to know this company is bad very bad, and to keep away. 85% of bad reviews about them. They still won't leave me alone or my family. Calling all hours of the day, and night. They need to be stopped. I hope this will help someone turn away from them before they become a victim of this abuse I deal with on a daily bases. Please help, and prosecute them. Thank You.
They PRE-APPROVED me for a loan and had me sign the documents and give them my bank information. Once I signed the documents and gave them my bank information, they not only hit my credit report with a hard inquiry they then DECLINED MY PRE-APPROVED LOAN! PRE-APPROVED should mean just that PRE-APPROVED! All the information in the pre-approval was accurate. They even told me my credit score in the pre-approval. I would not recommend using them. I also advised Credit Karma they should quit recommending them to their clients.
I took out a loan with the Avant Loan company in May 2016. I recently went on the website to make my payment and found out that it didn't go through on their end. The website portal is very confusing! I'm a honest person who thought they were making a payment and it turns out the payment didn't go through. I get a letter 9 days into the 30 days late saying I was late. I was devastated because I'm trying to get my score up to purchase a home. I called and emailed customer service and got no response back!
Now my credit score dropped 50 pts because of a payment that I thought I was making and turns out because of their confusing web portal I became 30 days late, they reported 60 days late. I will be seeking an attorney to address this issue on their payment website. I would highly recommend that you look at different options when taking a loan out from this company. They don't care about their customers!!! They want you to have a late payment so they can increase the interest rate and take advantage of people like me trying to get their credit score up!
Received a loan at 36% interest, made payments with no problems. When I went to pay off loan, they emailed me a payoff. I called (same day) to pay over the phone and was told a different amount. Even though the email stated my pay off, they could only post the payment on the next business day (which means added interest fees)! Asked for manager and got the same. Plus she now cannot accept a payment over the phone! Manager said email was a mistake and that I needed to take that up with the manager of that department. Shame on Creditkarma for adding this sort of company to its preferred list! Not everyone has perfect credit or a perfect life, but for companies to be so crooked as to change the rules at will, you would think I was dealing with the Government. Warning! Don't use Avant!
I received a pre-approved notice in the mail about a loan. I thought it was a scam. I did some research and found out it was a legitimate company. Most of the reviews I came across were positive. I went online and submitted an application for $12000. My thinking was I would see what they would say. Two days later the money was in my account. They allowed me to choose the amount of time to pay it off thereby choosing the interest rate. I am only paying $327 a month for a $12000 loan. I haven't come across anything comparable to that. Not to mention no one else would loan me that amount of money.
I placed a refinance application on June 19 2016 - At first there was an issue with the application because of a "Technical Issue" with Avant's system. I was informed on June 21st that our application was in process and no problem was detected as it will take 11 days for the finalization of the process for the refinance to occur. This brought us to July 1, all the time we were told the application was under Review and then on June 30 was told that the application has been finalized.
I spoke to another representative on July 2 and he stated that everything seems ok and to keep checking my email account for correspondence about the Re-Fi and the deposit date and payment amount. No one called and no emails received and this has brought us to July 5 with no final decision and just the words "technical issue" being the problem. I was then informed by a representative to reapply - Why should I reapply when obviously the first application had an issue on your end? Why should I create additional technical issues on your system? Why should I be subjected to another 11-14 days waiting period?
My 15 year old Dog is very ill and need vet attention with distinct possible of losing his eye, this was the purpose of the Refinance. The major concerns I have is no calls and emails advising me of any problems that would be affecting my loan were received, except the friendly reminders that are payment is becoming due. We have not missed or have been late on a payment since the inception of this loan. We would like some contact in regards to what the technical issue is so this can be resolved in an expedient manner.
Then on 07/06/16 I called twice, at 12:00 pm and was informed that a supervisor would be calling. Then at 05:45 pm I spoke to Aaron and that they are still working on the refinance. Aaron went to check and stated that I can retry to refinance the loan next month. This was very distressing as we were counting on the refinance. I have had financial with many institutions and never have I seen lack of regard, communication both by email and telephone and no one has accurate information when you call. All inaccurate and conflicting information.
I applied for a personal loan. I am learning every single one of these loan companies use your profile credit score against you plus my low income, my disability. They rather toss people with disability aside. They are saying people with disability are nothing but rejects and worthless. This company is bad.
I took a loan from AvantCredit back in 2013, $2600 loan making a payment for $330. Not bad. What happened is this. My checking account was compromised neither by them or another loan company. So I decided to close my account done, after my bank rep told me. And now they have a lawsuit against me from attorney, can you help me, I can't pay back what they are asking.
In June 2015 I received a loan from Avant for 14800. The interest rate was 28 percent. If I had chosen to take the full 4 year to pay off the loan, I would have paid Avant 9900 in interest. Luckily I managed to get a loan 10 months later from my local credit union and pay them off. I would tell people to use them but pay them off as quickly as possible. They also do not pay attention to state usury laws. Mine is 20 percent. When I asked Avant why they charge me so much more in interest, they basically said it is because the bank they partner with (Web Bank) is located in a state (Utah) where there is no usury and therefore it is legal for them to charge me this rate. Definitely use but with caution and know the interest rate will be very high.
Prequalified means to me and probably most people that you QUALIFY! I attempted to borrow the amount they said I was PREQUALIFIED for 9,000$. They ask for all the info then accept terms and E-sign then they require bank account info so you can get money. AFTER all this is submitted, I was told I don't qualify at this time. I proceeded to call and ask why. I was given the excuse that the prequalified amount was only the max amount I qualify for because of the state I live in and as I entered my info it checks your credit info WITHOUT affecting your score and I didn't qualify. It's a 50/50 chance and I could be denied today but approved tomorrow. I can retry in 30 days. #1 Applying for a loan should NOT be like playing Russian Roulette. "50/50" chance?? Really??
I proceeded to tell her they do their business backwards and it's not right to have a customer E-sign and give bank info THEN tell them "oh no sorry". She just said "sorry ma'am" and explain the same thing 3 times to me. No matter how many times you explain it you need to change the process. You make people believe they are approved by giving them their payment terms, signing up, giving bank info then told "NO". I know you are not always approved but "prequalified" means you are. And having customer enter banking info after accepting terms and signing, you give people the hope that they are going to get what they need and the help they need then rip it from them. Things happen and no one likes getting loans so it's a necessity to most. I would NEVER ATTEMPT NOR WILL I EVER RECOMMEND AVANT.
I would like to start by saying several online sites recommended Avant as a company willing to help those customers with less than perfect credit. In my opinion, none of us are perfect and it's nice to hear that some companies are willing to give customers a "second chance". I always try to do my research prior to using a service, especially online. In this day and time, you can never be too careful. With that said, I also read many reviews that were actually quite positive. One website even said Avant would help customers with a minimum credit score of 580.
To my surprise, in previous reviews, I'm actually surprised to hear that some customers with an even higher score (like 675) were denied a loan. So who are these loans for? I'm a little confused. I applied for a small loan this week and received an email response almost immediately stating I was denied. Needless to say I was disappointed, because it was for an urgent, unexpected expense, and since it was a small amount I was requesting, I thought there's no doubt I would be approved. I guess I just don't understand how it can be advertised that Avant is a company that helps the consumer, but the consumer isn't given the opportunity.
I received a loan from Avant and after a week was approved through my bank for an increase on my credit card. I called Avant to pay off my loan with the credit card and was informed "they don't accept credit card payments over the amount of the monthly payment". When I told them that wasn't in the contract, I was told "it's just company policy". Even though the contract states "you may prepay the debt in whole at any time without penalty." It states nothing about not accepting credit cards. Further the contract states "This note may not be amended, modified or limited except by written agreement executed by both you and us". I have filed a complaint with the Consumer Financial Protection Bureau and emailed the company. So far no response.
In order to borrow $25k from this company they want you to sign a contract for a total payback of $46k. Yea, I think not! Highway robbery at its finest. I may have a little credit card debt but I'm not stupid!
I applied for a loan and was approved for 20k on July 1. This site was recommended by Credit Sesame. I only needed and was pondering 5k. I got an email 8 days later saying I'm denied but my credit score is 657. So how does this loan help those with not so stellar credit? I was looking forward to the positive reporting to the bureaus. I wish I could speak with someone.
On Nov 28, 2014, I took a loan from Avant Credit & Loan. The balance as of January 2015, was $2,211. I made a $1000 payment lowering the bill to 1,211. They said the balance was at 1,800. Today they said it's at 2,230. I don't believe them. They are cheating. What can I do about this situation. Please help. I want to pay off the loan but I want to be treated fairly. Thank you. Sorry for having to contact you so much.
Barbara FriedbergPersonal 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.
More about Barbara→
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: No origination fees and 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.
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Avant Company Profile
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- 640 N. La Salle Dr., Suite 535
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- United States