Best Emergency Loans for Bad Credit (Review 2022)
Avant is an online lender that was established in 2012 and is headquartered in Chicago, Illinois. Since its inception, the company has issued over $6.5 billion in loan funds to over 1.5 million people.
Avant offers unsecured personal loans that can be used to cover various emergency expenses and to consolidate existing debt. In keeping with its mission to help people with poor credit, loans from Avant will be in your account within one business day.
Types of financing
Avant partners with WebBank to provide users with low to medium credit scores with unsecured personal loans. Loans can be used to consolidate debt, cover an emergency, repair a car, improve your home or for various personal expenses.
You can request as low as $2,000 if you need a quick fix or request up to $35,000 for higher costs that need to be covered.
Characteristics of the loan
According to the terms of the loan, the estimated APR here is quite high compared to competitors. Bad credit emergency loans can be a lifesaver, but Avant’s APR ranging from 9.95% to 35.99% is definitely one of the less favorable options.
Other than that, there are additional fees that you may have to pay, and one of the highest is the set-up fee, which can go up to 4.75%. If you miss your scheduled payments, you will be charged a $25 late fee. Additionally, if you fail to pay the fees initiated by Avant, you will be charged a declined payment fee of $15.
To be eligible for Avant’s legitimate emergency loans, users must have a credit score of 600 or higher, be over 18 years old, have a monthly income of at least $1,200 (including child support, child support or separate maintenance income), debt – an income ratio of 70% including rent and mortgage payments, and monthly free cash flow of at least $500.
All applicants will have to submit documents confirming their identity, employment and income and wait for the company to verify the data. Avant performs identity verification through Knowledge Based Electronic Authentication (KBA).
Application process and speed of approval
The whole loan application process is a breeze as you will be able to submit all the required documents and complete the forms online. In most cases, you will get a decision on your loan within 24 hours. If you are approved, the money will be deposited into your bank account the next business day.
Avant’s urgent loans for bad credit users are great for quick cash, but don’t expect instant funding in most cases.
Avant has a mobile app where borrowers can make payments and access their payment history on the go. We loved the auto-pay option which allows users to easily repay the loan through Automated Clearing House (ACH).
Finally, Avant is famous for its flexible credit check feature; with it, you can see if you qualify for the loan without hurting your credit score.
With an A rating on BBB, Avant is a reliable source for emergency loans. Although the company has settled two lawsuits in the past few years, consumers are generally satisfied with its fast and simple application process and helpful customer service staff available at all times.
Those in need of distressed loans for bad credit should consider Avant. The company’s minimum APR is quite high, but loans are approved quickly and the company has loose credit checks, so you won’t damage your credit score just by asking.
Reasons to apply:
- Fast approval time
- Flexible credit check
- Simple application process