Avant personal loan question

[Anonymous]

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@Anonymous wrote:

so in your case Avant asked for tax returns/docs/statements becoz you had  a low APR?

would you have taken if it was at a higher APR like mine at 26% APR?

 how can iwantfabulousfico claim no statements/income verify occured in his case. so wierd. what to make of it all

Discrimination in lending. lol

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I have no idea how they choose what and why of doc requirements, but I guess it depends on what's available on public records/databases, the amount of loan, credit history, star alignment, crop reports, weather pattern etc.

And no. I would never take a loan at that rate, unless I need the money very, very urgently and/or I know for sure it would be paid off shortly.

[Anonymous]

its coming to a decision this way (Assuming Approved Loan after docs/tax/income verification)

Loan amount: $6100 (no orig fee; No prepay Penalty)
CC Debt: $5950

Tax Refund: $4100 (2015 Tax Yr) Feb 15 2016; Available to pay Feb 28th.
Remaining bal: $2000

Payment Amt: first pay Jan29th for $309 for 48 mos.

Remaining bal: $1692 (with int.deduction)

How long will it take to pay $1692 remaining balance n not incur interest? when do they report to CRA's? can it be paidoff before reporting date? does it matter if min required is paid? APR of 26% divided by 12 mos = 2.25%approx. per mo.that you carry the low low balance.

is the loan feasible? YES...want it?///lhmmmmm...?????????

 All numbers r GUESSTIMATES ROUNDED TO NEAREST????????

 Loan PaidOff before June 2016; how does AVANT end up MAKING $$$$$... here..r they really satisfied with $$$ they make before June 2016? REALLY??? biz model dont make sense? 

[Anonymous]

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@Anonymous wrote:

its coming to a decision this way (Assuming Approved Loan after docs/tax/income verification)

Loan amount: $6100 (no orig fee; No prepay Penalty)
CC Debt: $5950

Tax Refund: $4100 (2015 Tax Yr) Feb 15 2016; Available to pay Feb 28th.
Remaining bal: $2000

Payment Amt: first pay Jan29th for $309 for 48 mos.

Remaining bal: $1692 (with int.deduction)

How long will it take to pay $1692 remaining balance n not iuncr interest? when do they report to CRA's? can it be paidoff before reporting date? does it matter if min required is paid? APR of 26% divided by 12 mos = 2.25%approx. per mo.that you carry the low low balance.

is the loan feasible? YES...want it?///lhmmmmm...?????????

 All numbers r GUESSTIMATES ROUNDED TO NEAREST????????

 Loan PaidOff before June 2016; how does AVANT end up MAKING $$$$$... here..r they really satisfied with $$$ they make before June 2016? REALLY??? biz model dont make sense? 

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1. With 26% interest, a 48 mos loan of 6100 should have monthly payment closer to $206, not $309.

2. This is an installment loan, which means you will be charged interest starting the day you get the loan. Even if you pay within a month you'll owe partial interest. So there is no way not to incur interest, which is how Avant makes money.

3. If you are expecting such a large tax refund, then why don't you get a loan or new card with 0% balance transfer offer after you pay off the credit card balances, because you'll be able to get much better terms once your utilization improves substantially (unless you got other big negatives that are bring your rating down). I guess you'll still save some money if your current credit card rates are higher than 26%, and doing this will improve your credit a couple months earlier, which you may need or not.

[Anonymous]

balance transfer cards have been applied for n rejected.(BOA, SunTrust, Barclays Discover).  if credit was good in any form 26% APR approvals would not be happening to me. 2 med baddies n 0 bal chargeoff on CR.

48 mos for $6100 might be around $200 n not $300. thats why i used the term GUESSSTIMATE in my post. if only i could be approved for BT transfer cc with 0% for 6-12 mos all this would not even matter

well the real question then is just how much in interest is fair game to pay between 1st day of loan to lets say 50 days when the full $6100 is paidoff. Anyone b able to tell with fees + interest the $ i will end up paying in 50 days payoff. 

i have had auto title loans between $700-$1200 on my 03 civic that i paid $125-$160 per month where atleast i knew most of that payment comprised of nearly $90-$120 in diifferent fees upfront but even at nearly 14% a month APR i had very little in interest payments. i dont think payday loans is a good option here either. 

are these personal loans simple interest or diiferent. 

so kinda mulling over n thinking about it n coming up with YES NO MAYBE scenarios. 

Uggghhhh if only my credit was GOODDDD!!!!!! 

[Anonymous]

How old are your baddies? Your approval chances improves by substantially lowering your utilization, but not if serious delinquency is not sufficiently old.

Avant doesn't charge any fees so the rate they give you is the APR. If you want find out how much you'll be paying, search for an amortization calculator on the web and put in numbers. It'll probably be $200-$300 interest for two months. What are interest rates on the credit card? If they are higher than 26% you'd be saving some money. If they are lower, then you'd be paying more interest, which would only make sense if you need to lower your utilization ASAP for some reason.

[Anonymous]

i m already approved however they require bank statements and i show minimal deposits as of now.they also have been calling me for id verification n i m hesitating. 

[Xarquinn]

I was approved and funded early last month for 10k with a 660 FICO.  APR = 29.97%.  I supplied them with my checking account log-in during the app and they did not ask for any documentation at all.  The whole process took about 1/2 hour and the funds were transferred to my checking account the next day.

[Anonymous]

did you provide paystubs or are employed by fortune 500 company? 

it matters in approvals at avant loan. 

@Xarquinn wrote:

I was approved and funded early last month for 10k with a 660 FICO.  APR = 29.97%.  I supplied them with my checking account log-in during the app and they did not ask for any documentation at all.  The whole process took about 1/2 hour and the funds were transferred to my checking account the next day.

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[Xarquinn]

I did not provide pay syubs and work for a fairly small company however they would have been able to see my direct deposits with my banking log-in.

[Anonymous]

I always cash my checks at cash checking centers in grocery stores. i have no way of proving. I did provide a paystub to Avant, however, they thought it was a MADE UP without any company LOGO or as such.

I also do get commissions which are direct deposit into my bank account. 

Does one know how SOON YOU CAN RE-TRY or recommendations on re-trying.