I took out a loan with Avant to consolidate my credit card bills. After a little over a year, I wanted to find out if I could lower my interest rate.
I was told that I would have to apply for another loan after a year and it would have to be $1,000 higher than my balance (which I thought would be fine because I would just use the $1,000 as an additional payment). The 1st time I applied, they denied my application. The 2nd time I applied, I had a balance of $9,205. I was told that I would have to apply for $10,300 and when I applied they accepted my application and my payments would go down by $30/mth (the interest rate went down 0.05%).
After requesting a copy of my ID, a picture of myself, a copy of my last 3 monthly bank statements (although originally they only asked for a copy of the last bank statement), they sent me a letter stating that they could not refinance my loan.
My intentions were to continue to pay the same amount that I was paying and just pay off the loan sooner. I am now looking at other companies to take a loan with to pay off this one, even if with the same interest rate, because I'd rather make payments to another company than pay all the interest to that company
Product or Service Mentioned: Avant Loan.
Reason of review: Not as described.
Monetary Loss: $1000.