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How do Avant Credit personal loans compare against the competition’s?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the cost estimating tool below to see how much you’d be likely to pay for your loan from some popular lenders.
With no guarantor
With a guarantor
With a guarantor who is a homeowner
What's in this guide?
- How do Avant Credit personal loans compare against the competition's?
- What is AvantCredit?
- Key features of AvantCredit personal loans at a glance
- Am I eligible for an Avant Credit personal loan?
- How can I apply for an AvantCredit personal loan?
- Pros and Cons of AvantCredit personal loans
- Our verdict
- Frequently asked questions
What is AvantCredit?
AvantCredit is a direct lender, meaning no hidden brokerage fees. Committed to improving its customers’ credit scores through incentivising early payment, AvantCredit considers itself a no-nonsense lender with a professional approach.
Originally from Chicago, AvantCredit came to the UK in 2015 looking to bring the standards of high-end banks to the online credit industry.
Key features of AvantCredit personal loans at a glance
AvantCredit only offers unsecured loans, meaning your property won’t be on the line if you miss a payment.
The lender tailors its deal to your circumstances, however, so you may not be offered the full range of loans.
Interest rates are fixed for the duration of your repayment period, but the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for an Avant Credit personal loan?
You should only apply for an AvantCredit personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- Over 18
- Have a personal (not business) banking account in the UK
- Your nominated bank account has evidence of a regular income
- A UK resident
- You do not currently have a loan with AvantCredit
How can I apply for an AvantCredit personal loan?
You’ll need to have ID, bank statements, proof of address and employment details before you start any loan application. Once you have these, you can get an AvantCredit personal loan by following these steps.
- Fill in the details required for a personalised quick quote.
- You’ll then receive information about the offers you’re likely to be given and whether you’ll be accepted.
- If you like the offer apply by filling in all the necessary details and uploading your documentation.
- You should get an instant decision and receive the contract by email, which you can sign online.
- If your bank support Faster Payments you will receive the payment by midnight the same night. If it doesn’t support Faster Payments this will only be the case if you sign before 9pm.
Pros and Cons of AvantCredit personal loans
- Loans available from £1,000 up to £25,000
- No charges for early repayments
- Quick loan checker tool won’t affect your credit rating
- Fixed monthly payments
- Not available if you already have a loan from AvantCredit
- Missing a payment could negatively impact your credit rating
- set up fee added to your loan once approved
With loans of up to £25,000 available, you might want to look into what AvantCredit can offer you. If approved, the interest rate you’re offered may not be as good as originally advertised but this is down to your own circumstances such as your credit history and income.
Although there’s a set up fee, you won’t be charged for making early repayments. Before making any decisions, see how AvantCredit compares to its competitors above.
Frequently asked questions
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