Frequently Asked Questions

AvantCredit is not accepting new loan applications at this time. We expect to resume processing applications in the near future.

GENERAL

Who is AvantCredit?

AvantCredit is changing the way people borrow money.

We understand that going to the bank for a loan can be a long and frustrating process. That’s why our loan application is fast, easy and 100% online. AvantCredit is BBB accredited with an A rating in the U.S. We’ve been around since 2012 and have provided loans to over 450,000 consumers globally.

AvantCredit operates in Canada, the United States, and the United Kingdom

Is AvantCredit a payday lender?

No, AvantCredit does not offer payday loans.

Payday loans tend to be for smaller amounts and for shorter terms (generally two weeks). Since the full amount needs to be paid back within a short time period, borrowers will often refinance the loan multiple times, accruing high interest rates that can range from triple to quadruple digits when converted to an annual percentage rate (APR).

AvantCredit offers personal loans from $2,000 to $15,000* at competitive interest rates starting at 9.95%**. Our loan terms range from 12-60 months, which makes the monthly payments more affordable for borrowers. See our rates and terms page for more information.

What loan products are available?

We offer unsecured installment loans. When you get a loan through us, it will amortize over time with set monthly payments.

RATES AND TERMS

What rates and terms do you offer?

Interest rates: 9.95% - 45.95%**
Terms: 12 - 60 months
Loan amounts: $2,000 - $15,000

Check our rates and terms page to see what loan terms are offered in your province.

Are there prepayment and origination fees?

Unsecured loans through AvantCredit have no prepayment penalty and no origination fees. The only fees you will be held accountable for on our loans are the interest accrued on your loan and dishonoured payment fees, if a payment is returned to us due to insufficient funds.

A transparent fee structure is a top priority at AvantCredit, so you’ll always know how much you owe for each installment.

APPLYING FOR A LOAN

Am I eligible to apply?

All loan applicants are required to have a personal chequing or savings account and be at least the age of majority in your province.

We accept all applications from a variety of credit backgrounds. We look at several other factors than credit score when we make our final decision, such as income, debt to income ratio and repayment history.

Can my spouse apply?

We are only able to process one loan per household. Your spouse may apply after 30 days have elapsed and the current loan associated with your household has been paid off for five days.

Can I use a cosigner?

Unfortunately, AvantCredit does not allow cosigners at this time.

Can I use collateral?

Unsecured loans offered through AvantCredit do not require collateral.

How soon can I reapply after being declined?

You are welcome to reapply for a loan within 30 days after your original decline date.

Why was I declined? 

If you were declined, it could be due to a variety of reasons. We review a number of factors including your credit score, repayment history, debt to income ratio, etc. The decline notice we provide includes important information on the consumer reporting agencies that we used to evaluate you for credit.

PAYMENTS

How can I repay my loan?

We think that paying off your loan should be just as seamless as applying for it. We provide our customers with the convenience of an automatic payment solution called Pre-Authorized Debits (PADs) . Payments are taken automatically out of your bank account. That way, you’ll never miss a payment.

Manual payments are also available.

Can I make more than the monthly payment and how?

You can make additional payments from your customer dashboard. Please note that payments scheduled via the customer dashboard will be processed the following business day.

Simply follow these steps:

  1. Log in to your account at www.AvantCredit.ca
  2. Click on the "MAKE A PAYMENT" button
  3. Click "MAKE an additional payment"
  4. Select the date you would like the payment to be deducted from your account on file
  5. Enter the amount of the additional payment
  6. Click the "Schedule Payment" button

Alternatively, you can call one of our Customer Service Specialists at 844-411-6060 to set up an additional payment over the phone.

Can I set up payments through my online bank pay system?

Payments can be made through Pre-Authorized Debits (PADs). Loan payments are automatically deducted from your personal account and cannot be manually scheduled through an online bank pay system.

What if I can’t make an upcoming payment or I default on my loan?

We care about our customers and wish to help at every step of the loan process.

If you find that you’re unable to make an upcoming payment or if you have missed your scheduled payment, call our friendly Payment Specialists at 844-411-6060. Our Payment Specialists are committed to getting you back on track by helping you set up a payment arrangement that fits your budget.

VERIFICATION AND FUNDING

How fast will I receive my money?

It’s our goal to process and approve your loan on the same day you apply. If approved, you will be notified by email. The funds will be made available to your financial institution one business day after your approval, but please allow for a period of 1-3 business days for your institution to process the funds and deposit them into your account.

What documents are needed and how can I send them?

After applying for your loan, you will have the option to connect to our online income verification tool in order to verify your income. Connecting to this tool will significantly reduce your loan processing time. The income verification tool uses industry standard security measures and AvantCredit does not store, share, access or view your login information.

You may also be asked to send us your most recent pay stub, official bank statement, or tax filing documents. You can upload all documents via the customer dashboard, which you will see after applying for your loan. You can also email or fax these documents to us at support@avantcredit.ca or 866-765-9122. Please remember that all electronic documents must be clear and legible, and provided in PDF or JPEG format. Please be sure to include your customer ID number on the front page of any faxed documents.

MY PERSONAL INFORMATION

What if I forgot my password?

Is it safe to link my bank account to AvantCredit?

AvantCredit hosts its secure servers with Amazon Web Services, one of the largest ecommerce and cloud computing companies in the world. Amazon brings its expertise in security to the locations where our physical servers are hosted.

We also encrypt all personal, sensitive data such as your Social Insurance Number and date of birth.

What does AvantCredit do with my personal data?

At AvantCredit, we treat your personal data with the utmost care. We encrypt all personal, sensitive data such as Social Insurance Number and date of birth. Use of your personal information is clearly outlined as a part of AvantCredit’s privacy policy.