Review of Avant for Debt Consolidation

According to statistics released by the Federal Reserve, Americans who use and maintain balances on credit cards have more than $16,000 in credit card debt on average – some have much more. Most are actively trying to pay off debt, though few do so successfully on their own. So many Americans are looking to debt consolidation as a means of reconciling their debts into one, easy-to-pay loan.

Some are turning to online lenders like Avant.com.

Avant is a new type of debt consolidation lender that offers an online-based application and funding process. Since 2012, when the company first started, Avant has funded a staggering $1.4 billion in loans for more than 300,000 customers. So what is it about this online debt consolidation firm that makes it so attractive for borrowers?

Our Review of Avant.com

When Avant.com started in 2012, it helped usher in a new era in American debt consolidation. The company recognized that instead of visiting a local bank to apply for a consolidation loan, Americans should be able to go online from the comfort of home to request and receive funds. Not only is this ideal for people with busy or unusual schedules, but it is also helpful for those with geographical or health limitations that prevent them from visiting a lender in person.

In fact, the entire process is completed online from start to finish. A borrower can submit an application, receive approval, and e-sign an approved loan all from a personal computer or tablet. Loans are funded quickly, too. In fact, cash is deposited directly into a checking account for many borrowers in as little as one business day.

In addition, Avant’s round-the-clock customer service can answer questions or help borrowers check the status of an application any time of the day or night – something few lenders are willing to do.

Flexible Terms

Avant.com debt consolidation loans are also flexible in comparison to traditional loans. Since there is no collateral necessary for an unsecured loan, a borrower does not need to offer up the title to a vehicle or home in order to secure financing. A signature alone is enough to get the cash necessary to pain down debt and lower monthly payments.

In a time when credit scores play an important role in one’s financial portfolio, many customers are leery of doing anything that might ding their credit report. Avant offers a unique pre-approval application that reveals a customer’s approved interest rate without impacting their FICO credit scores. In fact, an Avant loan can actually help a borrower’s credit score, as all loan payments are reported to major credit bureaus.

If the borrower likes the pre-approved interest rate, he or she can apply for a loan of any amount up to $35,000 with repayment terms lasting between one year or several. But what if the loan will mature after five years, but the borrower has enough money to pay the balance off in cash after just three years?

With other lenders, the borrower would be subject to pre-payment penalties that penalize repayment rather than reward it. At Avant, there are no pre-payment penalties and no loan origination costs for unsecured loans.

The company boasts complete transparency and no surprises. After all, consolidating debt should make a borrower’s life easier – not more complicated.

Getting Pre-Approved

Avant.com is truly raising the standards for debt consolidation and lending. If you are swimming in debt, a debt consolidation loan can help you catch your breath. Avant.com is open 24 hours a day, seven days a week. With just a name, address, income information and a social security number, anyone can go online to get pre-approved and apply for a loan today.

So what’s the conclusion?

Most adults in the U.S. carry some form of consumer debt, often in the form of loans or credit card balances. Services like Avant provide a great alternative to the stringent requirements of traditional banks. They are also more convenient. So if you are seriously thinking about debt consolidation as a means to rid yourself of debt, then Avant is a great option to consider.

But here’s an important warning:

Do not solely rely on these loans to fix your money problems. You must combine these loans with sound financial discipline. In other words, make better choices with your money after obtaining a loan like this. If you don’t, your finances will deteriorate again and put you back to square one.