AvantCredit Review | www.avantcredit.co.uk
Address: 27 Old Gloucester Street, London, WC1N 3AX.
Branding: AvantCredit. AKA: Avant Credit.
FCA Licence: 657278.
From: AvantCredit of UK LLC (part of Avant Credit Corp).
Launched: 2015 (2013 as SpringCoin).
Related: No companies.
Available: Monday to Sunday. Times not specified.
Bad Credit Considered: Yes.
Manage: AvantCredit login provided via www.avantcredit.co.uk.
Offers: Personal loans.
Sums: £1000 to £20,000 (new and returning).
Terms: 12 to 60 months.
£230.40 /£1000 (12)
Notes: The displayed interest is priced at 48.5% APR. This is the only example that they provide with there being no loan calculator. Across the site there is a noted APR range of 9.95% to 79.99%. This lowest rate would likely be set on their larger sums, but until they provide examples we can’t really score them on this. The customer support team is available 7/7, but no times are mentioned. There is however a noted 9pm cut-off time for same day funding and so they would likely close at 9pm or 10pm (weekends may differ). This lender rebranded after we compiled their original submission and so the specs noted below are similar to those found on the SpringCoin page. Whilst poor credit isn’t discussed, they do promote credit building with them.
– Amounts: It is rare to see loans for lower scored applicants reaching £10,000, but this company manages to double that at £20,000.
– Efficiency: Same day payouts may be commonly accessible from other personal loan lenders. It is unlikely however that you’d be able to access sums in the multi-thousands with them. The added bonus is that this firm operates over weekends.
– International: Homed in Chicago and on last count was active in 46 states. Appears to now operate in 3 countries although the 3rd location is unknown.
– Operations: This lender offers Saturday and Sunday loans. As was mentioned above, they choose not to list their times, but with a cut-off of 9pm you have plenty of time to get your application in for processing.
– Pricing: The displayed £230.40 charge is the 2nd cheapest subprime personal loan rate sitting close to Likely. This is a similar amount that you would pay with a top guarantor firm, but no such backing is required here. There is a wild APR spread quoted on their site and so if you don’t score well then the cost would likely shoot up.
– Technology: This is one of the most popular FinTech firms often discussed on leading industry blogs such as TechCrunch. Their developments enable faster and more informed lending decisions. They had previously created an automated payment negotiation tool. Some of their staff were also involved in Enova that now operates rival firms.
– SpringCoin rebranded and the site migration took place in early 2015. This was done to match the name of their brand in the USA, although they have since renamed that as Avant.
– Sums did start at £500.
– The APR range was 19% to 95% (now 9.95% to 79.99%).