Avant Personal Loan Early Pay Off

Anonymous · ‎07-25-2019

So I took out a personal loan from Avant 4/24/17 when I didn't know a **bleep** thing about credit. The loan was for $3,600 with an APR 35.95% .I know, terrible deal, but at the time it really helped me get out of the situation i was in. I pay $158.60 a month, and am currently at 54% principal paid. Now, my credit is actually good and I recently got approved for an NFCU Amex with $25k! Since the APR on that for the first 6 months is 1.99%, i was thinking of paying my loan off to get rid of that terrible loan. Is it worth it to pay off the balance? Also, I've read that some personal loans will charge the payment as a cash advance which i don't want to do. Anyone have this experience with Avant? I'm looking forward to purchasing a home in the very near future and I could use this payment being taken off. What do you think?

CreditInspired · ‎07-25-2019

@Anonymous wrote:
So I took out a personal loan from Avant 4/24/17 when I didn't know a **bleep** thing about credit. The loan was for $3,600 with an APR 35.95% .I know, terrible deal, but at the time it really helped me get out of the situation i was in. I pay $158.60 a month, and am currently at 54% principal paid. Now, my credit is actually good and I recently got approved for an NFCU Amex with $25k! Since the APR on that for the first 6 months is 1.99%, i was thinking of paying my loan off to get rid of that terrible loan. Is it worth it to pay off the balance? Also, I've read that some personal loans will charge the payment as a cash advance which i don't want to do. Anyone have this experience with Avant? I'm looking forward to purchasing a home in the very near future and I could use this payment being taken off. What do you think?

Hi there and welcome to MyFICO

And a hughe congratulations on the NFCU approval and humongous SL.

I wouldn’t think twice about BT that usurous loan to NFCU. And even when the 1.99% expires in 6 mos, the interest will still be way less than 35%.

Call NFCU and they’ll walk you through the BT process.

Do it yesterday!!!!!

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K

Brian_Earl_Spilner · ‎07-25-2019

It got the job done and we all live and learn. If you can BT, I would. Not sure how NFCU would code it though.

woodyman100 · ‎07-27-2019

Do it now!

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Anonymous · ‎07-27-2019

Congrats and yes do it right right now!!

Anonymous · ‎08-02-2019

Thank you guys, i really appreciate the responses. I wasnt able to pay off the loan with my credit card (trying to get minimum spend lol) but the balance transfer was approved. No more nightmare 35%! Planning on getting that out of the way within the next 2 months before I go for my pre-approval.