Best Fast Personal Loans for Quick Cash 2022 – Forbes Advisor

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, DC and in all states except Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify, so it’s an accessible option if you have less than stellar credit but need money quickly.

Avant applicants who are approved for an unsecured loan by 4:30 p.m. Central Time, Monday through Friday, can receive their funds the next business day. However, this period may vary depending on the borrower’s bank. It may also take longer for borrowers who take out secured loans.

Avant’s low minimum loan amounts ($2,000 to $35,000) and flexible repayment terms (two to five years) should suit those who need access to emergency funds, but do not want to borrow more than necessary. However, these loans come at a price. In addition to administrative fees of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is high for applicants with good to excellent credit scores. and there is no automatic payment discount. Still, the platform gets top marks for borrowers with less than stellar credit who need quick access to funds.

Note: Avant agreed to a $3.85 million settlement with the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among other things, Avant was charging consumers late fees and interest they hadn’t paid. duty and collect payments from customers without authorization or for amounts greater than authorized. We have contacted Avant to find out what they have done to adjust practices since the settlement, but have not received a response. Even so, Avant has a high rating of 4.7 stars on Trustpilot.

Eligibility: Avant specializes in lending to a range of customers, including those with fair credit. The platform has a minimum required credit score of only 580 (average is 600-700) and a minimum income requirement of only $20,000 (average is $40,000-$100,000).

Avant does not allow co-signers or co-applicants, but it will consider non-employment income and the income of other members of your household. If you need a personal loan fast but don’t have good credit, you may still qualify.

The loan uses: Like other major lenders, Avant Loans can be used to consolidate debt and pay for medical bills, auto repairs, renovations, moves, and other emergency expenses. That said, Avant borrowers cannot use personal loan funds to cover business expenses. Therefore, if you need emergency money for your business, Avant is not the lender for you.

About Wesley V. Finley

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