Is Avant Personal Loan Suitable for Borrowers with Fair Credit?

Avant is a leading online lending platform that targets on borrowers with fair or bad credit. You only need to have a credit score 580 to considered for the loan. Most of the borrowers who get approved have credit score in the 600 range. Many other online lenders like One Main Financials have higher minimum credit score from 620 – 680.

Founded in 2012, they have already approved more than 600,000 loans and funds a total of $4 billions in loans. Avant lets their customers manage their loans through a mobile app. When you sign into the app, you will be able to see how much balance you have, payment history, and submitting a new payment. Avant has a late fee refund forgiveness program where the late fee is refunded to you if your diligently make repayment for 3 consecutive months. The late fee is only charged with you are late for over 10 days.

With Avant, you can borrow from as little as $2,000 and up to $35,000. For the installment period, you can choose from 24 months – 60 months. The customer will receive all the funds upfront and not little by little as they spend. All Avant loans are funded via WebBank. Avant loans are unsecured which means they don’t require the borrowers to provide a collateral.

If your application meets the eligibility criteria, they will release the funds in 2 days. Avant is flexible in that it offers several repayment options for customers. Autopay is not the only option they offer. If you prefer not to make repayment through autopay, you can choose to make repayment through check, credit/debit card, and money order.

Additional Lenders To Consider For Bad Credit Loans – learn more – learn more

Applicants must be us residents, be at least 18 years of age and have a social security number (SSN) to qualify for an Avant loan. Many of the borrowers that take out personal loans with Avant use them for the purpose of debt consolidation. Avant is only available to certain states in the USA including Iowa, Colorado and West Virginia. Through the Avant Referral Rewards program, you and your friend whom you refer can earn a $50 rewards card.

Avant interest rate can be a bit expensive. They charge an interest rate in the range of 9.95% – 35.99%. In addition, they also charge an origination fee of up to 4.75% depending on the amount that you borrow and which state you reside in. The origination fee is automatically deducted from the funds prior to being released to you.

Avant has mostly positive reviews because their customer service is friendly and responsive. They are fast in reviewing the application and release the funds. Avant loans can only be used for personal purposes for example paying utility bills, home improvement and consolidate credit card debts. It is not intended for use to fund business expenses.

How To Determine The Right Credit Card to Transfer Your High Rate Balances To

Balance transfer card can solve your high interest credit card debt through the zero percent APR intro promotion. The zero percent APR intro promotion is the first few months where the balance is not charged with the APR interest rate. This means that you can transfer your credit card debt and pay it off without getting charged with any interest fee. The following are 3 tips on how to choose the right balance transfer card.

1. Length of the Zero Percent APR Intro Period

Firstly, you must find out how long the zero percent APR intro period last. The zero percent APR intro period can last from 6 months to 21 months. Cards with the longest 0% intro promo require a good or excellent credit score to qualify. However, even if you don’t have a good credit score, you will be able to easily get approved for a balance transfer card with a zero percent APR that lasts for more than 12 months. The intro period must last long enough for you to fully pay off the debt. You must calculate how much you can set aside each month and how long it will take you to fully repay it if you set aside that amount of money each month.

2. Balance Transfer Fees

Second, you must take into account the balance transfer fee that the card charges. The balance transfer fee is automatically charged onto the balance when you make a balance transfer. Although the fee is just in the range of 3%-5%, it could add up a significant amount to your balance. It will make it harder for you to pay back especially when you are now drowning in credit card debts. It will be best if you can find a card that waive the balance transfer fee. Many cards waive the balance transfer fee when you transfer the balance within a certain time frame, for example, 60 – 90 days. If the card you sign up did not waive the transfer fee, you must ask yourself if the savings is worthwhile than the transfer fees.

3. Find Out What Credit Card Issuers The Balance Transfer Card Accepts
Third, you must find out what issuers they accept for the balance transfer. Many balance transfer cards don’t allow you to transfer debt from a credit card that you apply from them. For example, if you apply for a balance transfer card issued by Capital One, you cannot transfer the balance of a Capital One credit card. You can also check with them what are the other types of debts that you can transfer such as personal loans, student loans, auto loans and utility bill. This allows you to consolidate all your unsecured debts in a single place conveniently.

Same Day Approval Payday Loans Online – No Credit Check

Our loan network aims to help people with urgent financial needs to obtain a suitable loan. You can count on us to help you find a loan no matter what is your expenses. The funds from the loan can be used to repay a debt like a payday loan so that you won’t be charged with high-interest rate. Are you looking for a payday loan that can provide the urgent cash you need for paying your bills? Our goal is to help consumers save money when they are applying for loans. We will do our best in providing all kinds of tips on consumer loans.

Here, you can apply short term loans that are approved fast without the need of undergoing complicated procedures. The short term loans are suitable for people with all kinds of credit rating background from poor to excellent credit score. These immediate approval short term loans are ideal for people who are looking for a quick way to get the funds they need for covering urgent expenses.

Payday loans provide emergency funding for people live on the paycheck and have used up all their money in the month so that they don’t have enough money left to cover the current expenses. The advantage is that you don’t have to go through the difficult process as in obtaining a traditional bank loan. Payday loans have become more and more regulated over the years to protect the borrowers. In many states in the USA, there are regulations that set the maximum limit for the interest rate of the payday loans. Lenders are also restricted from using the illegal tactic to collect payment for the debt. With the introduction of the internet, more and more people start to do their shopping online. The boom in internet shopping has led many lenders to starting online payday loans companies.

Online payday loan is the same as the payday loan offered at the local shop. With an online payday loan, you don’t have to run from one shop to another to compare the interest rate. The internet can retrieve a long list of online payday loan companies when you enter a keyword like apply for payday loan into the search engine. Payday loans are usually approved instantly and the funds are typically released in the same business day if you apply before the cut off time. It is usually must be repaid in 14 days to one month period. To get approved, you only need to provide proof of a steady employment with a sufficient income to repay the loan.

You can choose from a number of payday loan companies on our network. There is a short form where you must enter some basic personal information. If necessary, you can send over your photo ID and payslip via a fax machine or email. You will be asked to provide your bank account number for direct deposit of the funds after the loan is approved. The funds will arrive at your bank on the same or following business day. The actual time the funds arrive in your bank account depends on the proximity of the bank. The repayment amount which includes the principal amount and the interest fees are deducted from the bank account of the client on the due date. You will have to pay an extra fee if you need more time to repay the loan.

Many people have criticized payday loans for the high-interest rates. Despite that, it provides fast access to the funds without any paperwork or collateral required. It is safer than withdrawing from the credit card or over drafting the checking account. Payday loans are meant to be used for covering temporary financial problems. You must make sure you have the ability to pay back before applying.

Will Student Loans Become More Expensive Under President Trump Administration

Many consumers have launched opposition to the proposal by Betsy DeVos to cancel the reform on student loans collections in Obama administration because they say it will make it harder for students to make repayment on the loans. This will eventually cause many students to fall into defaults. Last year, it is estimated that over 1 millions students has ended up in default over student loans. The move suggested by Betsy DeVos, the education secretary, aims to help student loan service companies to win the federal contracts that will expire in 2019.

Navient is a student loan servicer that fell victim to the Consumer Financial Protection Bureau (CFPB) because of being accused of committing a variety of abuses on the consumers. Navient is one of the finalists for the federal contract that expire in 2019. The lawsuit claims that Navient deliberately charge high interest and fees on borrowers who are making repayment. It claims that Navient allows borrowers to postpone repayment at a high cost instead of offering a complete restructure on the loans. It states that Navient did not reveal options that allow borrowers to avoid default. If the move proposed by Betsy DeVos comes through, Navient and other student loan service companies will become winners and they will no longer be subjected to the guidelines established in Obama administration.

According to Bergeron, servicers refused to direct borrowers to more affordable loans because it will increase their costs for having to hire more representatives to spend time on the phones. Bergeron said that these servicers are making money by trying to cut down cost on the student loan services. He argued that Trump’s administration puts more interests on profits rather than taking into account the welfare of the consumers.

New guidelines was submitted to the FSA office by the education officials last year. The FSA is responsible of awarding contracts to student loan servicers. On Tuesday of last week, DeVos send a memo to the chief operating officer of FSA that claim the process is flawed because of inconsistencies in the setting of deadlines and the frequent changes in the requirement that need to be fulfilled. She emphasizes that it is important for student loan servicing companies to provide good customer service and be upfront on all the lending terms to the borrowers.

The National Council of Higher Education Resources is currently requesting lawmakers to perform an evaluation on the servicing contracts and remove the extra requirements that are giving student loan servicing companies a hard time. The Education Department has rescinded a rule under the Obama administration that do not allow student loan collection companies to charge fees on borrowers who opted for a 60 days repayment agreement.

What Type of Installment Loans are Tied to Your Bank Account or Assets

Normally, you need to have a checking account when applying for a traditional bank loan. It is very easy to apply for a bank account but there are some people who do not yet have a bank account. It could be because they have to use up all their income to meet the monthly expenses and cannot come up with the minimum deposit to open a bank account. You don’t have to worry about cannot get a loan if you don’t have a bank account. Nowadays, there are a lot of alternative loans that do not require a checking account. Most of these alternative loans that do not require checking accounts are secured loans.

An example is payday loan which does not list checking accounts as a necessary option. If you don’t have a bank account, you can go to the payday loan shop to collect the funds. Some payday loans shops will charge extra fees if you want to collect the funds at their shops instead of having it wired to your bank account. Payday loans is ideal when you don’t have any money on hand to meet the emergency expenses for example home improvement. When you get the payday check next week, you can submit the repayment for the loan.

Car title loan is a type of small secured loan that allows you to borrow against the value of your vehicles such as cars, trucks and motorcycles. With a car title loan, you can borrow up to 25%-50% of the value of your vehicle. You can be eligible for a car title loan if you have a lien free car title. There is a small fee that you have to pay when you apply for a car title loan. The loan term is usually 30 days and failure to pay by the due date will cause your car to be repossessed. They will send people over to your place to evaluate the car before approving the car title loan. The process can take as little as 30 minutes for them to evaluate the car and release the funds to you.

If you search for no checking account loans or similar keywords on the web, you will find that there are a lot of websites that offer loans for people that do not have any checking account. Your income proof is the only thing that they want to see. The monthly salary that you are receiving must be more than the amount that you are borrowing. They will not be performing any background check or look at your credit report to determine whether you are qualified for the loans. Besides, you also have to be a US citizen and be at least 18 years old to qualify for the loan.

How short term lenders evaluate borrowers besides just their credit score

Getting a loan is not easy as you have to convince the bank that you are capable of paying off your loan. They will be reviewing your loan applications by taking into account many factors as they want to minimize as much risks as possible before approving your new loan. Some lenders will scrutinize your credit score, job status, assets and overall credit worthiness. Depending on the lender and your risk, there are other variables that are often considered. The following are some areas that installment loans network, a short term loan comparison website indicated most lenders scrutinize when reviewing your loan application.

Length of Time on the Job
Having a stable job is important as it is the proof that you can manage the monthly repayment. Many banks have minimum requirements that you must be employed for the past 6 months. If you frequently change jobs, your application may get rejected because they will see you as a borrower in the high risk category. If you just started on a new job, you might want to wait until 6 months before applying for the loan.

Working with a large company that give you paycheck every month can increase your chances of getting approved for the loan.
If you receive cash instead of paycheck for salary, it may be difficult for you to get a loan approval because you cannot come up with any proof to prove you have adequate salary to make repayment every month. Therefore, if you are planning to get a loan, make sure the job you do will pay you the salary in a way that can be recorded for example direct deposit into your bank account or paycheck.

While age itself is not a factor, being able to document your income in many situations will be a variable. Most retired borrowers survive on fixed income but your loan can be rejected if the fixed income is much lower than what you used to earn. Young borrowers in their 20s should have no problem in getting a loan approval if they can prove that they have enough of a monthly to cover for the repayments any of their current debts.

Owning a Home
Taking a loan or mortgage can cause your credit score to drop slightly but this should not be something to worry about. As long as you make the repayment on time, you will be able to build up your credit rating in as little as 6 months. Getting a loan can help you to achieve a good credit score if you are responsible and always pay back on time.

In conclusion, you must have the capability to meet all the requirements prior to applying for a loan. You must remember to always spend time shopping around and compare the interest rates from different creditors before submitting the loan application.

Take Advantage of 50,000 Bonus Miles From Citibank

Do you hold a CitiBank AAdvantage Platinum Mastercard? How would you like to earn 50,000 AAdvantage Miles? CitiBank is now offering up a hefty bonus, worth about $600 to anyone who has the CitiBank AAdvantage Platinum Mastercard and is willing to open up a Citigold checking account, as well as meeting other requirements. None of the requirements are hard to meet.

To apply for this sweet bonus, visit There you will see an entry box to input an invite code, here is where you enter in special offer code 42ERCWNQU6. This offer only holds up until December 31st, 2015, so if you are interested, do not wait to long, or this offer may disappear. The offer has a few requirements, but nothing to steep. For starters you must use $1000 on the debit card with in 60 days of opening it, and you must also do a bill pay for 2 consecutive months.

Now the dirty details. For one this account, the Citigold checking account has one of the highest bank fees I have ever seen, it carries a $30 monthly fee, though this fee is waived for the first two months. Now you can totally escape this fee and still walk with 50,000 AAdvantage Miles. Simply perform all the needed steps to obtain your bonus points. Once you have completed all the steps involved, simply downgrade to a basic checking account, which does not have this fee, though you will be required to do direct deposit and also to make use of bill pay. You can also opt to close down the account after you make use of your 50,000 AAdvantage Miles.


If you are worried about not having enough cash on hand to fund opening the account you do have options. CitiBank allows you to fund your checking account with a Visa Or a Mastercard, upwards of $100K. In order to make this happen you must fax or snail mail to them an authorization form. You can use any Bank Of America, Barclay, or Citi card to fund this without it being considered a cash advance, any other card will likely be considered a cash advance.

You likely will receive a 1099, since Citi cuts a 1099 on any bonus exceeding $600. that 50,000 miles may trigger a 1099, but it is not yet clear how much Value CitiBank places on those 50,000 miles. Just be prepared in case there are any tax ramifications involved with this offer, as you do not need trouble with the IRS.

All in all this is a rock solid offer. They do not require you to do too much to receive that 50,000 miles. Yes the checking account comes with a hefty fee, but that fee is waived for 2 months, so you should be able to complete the offer, then simply downgrade the account or close the account out. There are no tricky loans that you need to apply for in conjunction with the card offer and it is meant as a great way to get a ton of free bonus mile. In essence, its pure profit, easy terms to meet. This could go a long way towards offsetting holiday expenses once you cash in your miles. You could also opt to use those miles for yourself.

Reviewing Multiple Lending Offers That Most Banks Offer

Banks offer several different types of lending products, each with their own perks, pros and cons. Understanding each loan product, when they are best used, and their potential drawbacks is critical if you ever need to borrow money from the bank. You want a loan product that best suits your lifestyle and unique financial situation. We will discuss the various lending products offered by banks and go over when they are best utilized.

Personal Loan

Banks have started to offer these once again. These loans work best if you do not own a home or other asset that you are willing to borrow against or use as collateral. All these loans require is your signature in most cases, although there are options for some of these loans to secure them with collateral in return for a lower interest rate.

You can use a personal loan for anything, with no restrictions, unlike many other loan products. You can use these for home repairs, car repairs or even that trip to Jamaica you have been wanting to go on. Repayments have a set payment amount and a set period of time to repay the debt. You should aim for a fixed interest rate versus a variable interest rate, or else you risk an ever compounding interest debt.

If you want the best possible deal go with a credit union if at all possible. Since credit unions are not for profit, they can afford to give borrowers better rates. In fact they tend to offer rates 2 percent below what banks offer. It used to be harder to join a credit union, but today the rules have been loosened to join, and membership with a credit union is well worth having.

Home-Equity Loan

If you own your own home and have some equity built up, and you need to make a major purchase, a home-equity loan might be your best option. These loan products are very similar to HELOCs, except in two major aspects. The first being that you can borrow a large lump sum of money immediately. Secondly you can obtain a fixed interest rate for the lifetime of the loan. The benefit of this type of loan is that you will know exactly what you owe, exactly what you monthly payments will be, and the assurance that your rate will never go up. The drawback is that your house is used as collateral, if you fail to repay the loan you could lose your home. Obviously if you are confident of your ability to repay the loan this should be of no real consequence.

One of the major drawbacks is that you cannot pay of these loans early without facing a penalty. This is known as a prepayment penalty and home-equity loans are famous for imposing these. Banks also only offer loans for less than 50 percent of the equity you have in your home, to protect their bottom line and investment.

Home Equity Line of Credit

This type of loan is available if you own your own home, have some equity, and want to use that equity for a quick cash injection for purchases whenever you need it. These are known as HELOCs or home equity lines of credit. The benefit of this type of loan is that you do not need to take out all the money at once, instead it acts as a stand by line of credit that you can tap into on a moments notice, such as in the case of an emergency. Once you have your HELOC you are able to use it right away or keep it as a safety cushion. These loan products come in handy for contractors, freelancers and others who have variable incomes and need to tap into a quick cash injection on a moments notice. You can use checks or debit cards to utilize your line of credit. The drawback is that the interest rates are always variable, there is no such thing as a fixed interest HELOC. To counter this drawback however, any interest you pay on a HELOC is a tax deduction, for balances of up to $100,000.

Tax season brings increased identity theft risks

Depending on where you live, you have a little over one month left to file your taxes. For many people tax season is a great relief as in coincides with some extra cash for your budget. For others, it is a difficult period of time as they have to scramble to make extra money. In this final tax countdown it can be easy to lose sight of important security measures. Here are a few tips for keeping your identity safe during tax season:
• Keep all your tax preparation documents in a locked drawer or file cabinet when you are not at home. Leaving these documents out opens you up for identity theft by a burglar or in-home employee.
• Track your mail carefully when you are sending or receiving tax documents. Check to make sure that these sensitive documents are received properly.
Safeguard tax documents at your workplace or office. Don’t leave W-2 records out where a co-worker or thief could access them.
• Ask your tax preparer about their security policies. How do they store your tax records? Do they share your records with a third party?
• Keep old tax return records in a safe place. Instead of a box in the attic, try a locking cabinet or safe deposit box.
• Avoid tax related scams and frauds. Identity thieves and con artists love to prey on consumers during tax season. Read about common scams online here.
• Investigate suspicious changes in your taxes or notices from the IRS. Identity thieves can file using you personal information or can claim your children as their own dependents.
Shred! Securely destroy any unneeded copies of tax documents by using a cross-cutting shredder before throwing them away.

Do you have more tips for a happy and safe tax season? Share your suggestion and feedback in the comments section below! We are on a mission to bring the best financial and money saving tips to the market to help consumers get lower loan rates, pay off their debts, review credit card offers and save money for their rainy day funds!

The Return Of Interest Only Mortgage Loans in 2015

Interest Only Mortgages…good idea or disaster waiting to happen

Following the 2008 housing crisis, it is likely that by now most people have heard of interest only mortgages. This type of mortgage is somewhat controversial because none of your payment goes against the principal amount of your loan. This means that if you borrow $300,000 to buy a house, even after you make your monthly payment…you will still owe $300,000. You haven’t paid down the balance at all.


If you have an interest only loan locked in for 1,3,5 or 7 years then you’ll still owe $300,000 after years of making payments.

So, the million dollar question is “are interest only loans a good idea or a disaster waiting to happen?”
What’s wrong with making payments that don’t lower your principal? Most people only live in their house for 5 years or so. After making payments that include principal for even 5 full years will only reduce the principal amount by a very small amount. So, in my example above you may still owe the bank $297,000 out of the $300,000. Not worth it in my opinion.

If after 5 years you sold the same house and netted (after the real estate agents ripped you off to the tune of 5% or so) $320,000 then you still walked away with a $20,000 tax free profit. So, what would have been the value of paying a much higher monthly payment just so you could pay down your loan a few thousand dollars…which you’d get back when you sold the house anyway.

Most of what you’ll make on your investment you’ll make in appreciation…not principal balance reduction. So, the smart play is to get in the house for as little as you can and allow it to appreciate.

And yes, your house is an investment. Never EVER get emotionally attached to your house. In fact, if you live in an area that has steady real estate appreciation the best investment you can make is to buy a fixer upper, fix it up, live in it for two years and then sell it by yourself (no real estate agents). Your profit is 100% tax free. If you never get emotionally attached to your house and you don’t mind moving every two years then you will make big bucks. So big, in fact, that after you do this 5 or 6 times you should be able to pay cash for your next house.
Back to my subject, interest only mortgages.
Let’s plug in some numbers…

Say I borrow $300,000 interest only at 6%. Multiply $300,000 by 6% and you get $18,000. Divide that by 12 and you get $1500. That’s your monthly interest payment. That’s much less than you would pay if you had to pay principal as well.

What’s the drawback? My father and I had a discussion about interest only mortgages and his argument is “you never own any part of it.” Good point…but who cares. After 5 years you’re still only going to own the toilets and maybe some of the windows. Who lives in a house for 30 years and makes their 360 payments? Even my father has refinanced his mortgage several times over the past 10 years and guess what…every time he refinances he starts over again…he still owes someone 360 payments.

Here’s the only drawback I see…

Some people will use an interest only mortgage to get into a house that is way too expensive and which they could have never purchased with a conventional principal and interest mortgage. They think that just because you can qualify for $300,000 that you have to borrow $300,000.

What if you lost your job or were unable to refinance the interest only mortgage and buy more years of lower payments? Eventually your interest only loan will have to be refinanced, paid in full or allowed to convert to a loan which requires principal payments. In the last case your payment will shoot through the roof and you might default on the loan…aka foreclosure.

If you are disciplined enough to NOT borrow the max on an interest only loan you should be just fine.