@Anonymous wrote:I didn't see a section for personal loans. So i'm listing my questions here.
1. What kind of income and employment verification does Avant conduct? I have just now reached a good salary so I can only provide paystubs through February. My tax returns would be pretty disappointing.
2. How has your experience been with Avant? How was the application process and how is the current payment process?
Thanks
1. They didn't need much from me. I think maybe a couple paystubs.
2. Not too bad. The account you use to recevie the funds will also be used for your automatic monthly payments. You can make additional, or earlier payments through their website, but you can't change the bank account online. You can get a payoff quote at any time from their phone app (I haven't seen where to get that from on their website).
When you apply/are approved, they will show you your monthly payments and the TOTAL you will pay for the loan, which can be over 50% more than the value of the loan itself.
On the upside, there's no penalty for paying early, and it will save you a LOT of interest to do so as soon as possible. They are arranged like most loans where the interest is all front loaded, so your first payment will be about 35% principal and 65% interest (on a 3 year loan), so it will take a while before you overall balance actually goes down very much..
If you HAVE to take a loan from them, take as little as possible that will cover what you need, and pay as soon and as often as possible. Also be prepared to be infuriated when the balance never seems to go down for the first 1/2 to 2/3 of the repayment period.
@gibeon wrote:
@Anonymous wrote:I didn't see a section for personal loans. So i'm listing my questions here.
1. What kind of income and employment verification does Avant conduct? I have just now reached a good salary so I can only provide paystubs through February. My tax returns would be pretty disappointing.
2. How has your experience been with Avant? How was the application process and how is the current payment process?
Thanks
1. They didn't need much from me. I think maybe a couple paystubs.
2. Not too bad. The account you use to recevie the funds will also be used for your automatic monthly payments. You can make additional, or earlier payments through their website, but you can't change the bank account online. You can get a payoff quote at any time from their phone app (I haven't seen where to get that from on their website).
When you apply/are approved, they will show you your monthly payments and the TOTAL you will pay for the loan, which can be over 50% more than the value of the loan itself.
On the upside, there's no penalty for paying early, and it will save you a LOT of interest to do so as soon as possible. They are arranged like most loans where the interest is all front loaded, so your first payment will be about 35% principal and 65% interest (on a 3 year loan), so it will take a while before you overall balance actually goes down very much..
If you HAVE to take a loan from them, take as little as possible that will cover what you need, and pay as soon and as often as possible. Also be prepared to be infuriated when the balance never seems to go down for the first 1/2 to 2/3 of the repayment period.
If there's no penalty for paying early, it's a good idea to actually take as MUCH as they are willing to give you, and then you turn around and take the excess and pay it immediately right back which winds up saving large amounts of interest vs. simply taking the minimum and then making the minimum payments + whatever else you can afford to throw at it.
Taking a high interest loan from anyone isn't free money, but get as much as you can and use it to pay them immediately. You're out any origination fees but the acceleration of the amortization curve is absolute goodness when it comes to getting out from under the debt faster and cheaper.
