Personal loans can be an efficient and secure way to gain long-term money. Different loan types feature differing rates and amortization periods that influence monthly repayment costs.
If you need money for an important event, personal loans could be the right way to go. Fintech companies use artificial intelligence (AI) to make the process faster.
Avant
Avant is a digital lending platform offering personal loans and credit cards. Established in 2012 in Chicago, Illinois, its services include a loan marketplace and mobile app for personalized experience – as well as providing unsecure personal loans with various credit histories. Avant has earned itself a stellar reputation for speed and customer service but can have high loan terms.
Avant personal loans offer fast funding solutions to people with fair or poor credit who need fast financing quickly. Furthermore, there is a hardship program designed to assist borrowers experiencing financial distress; however, their loan origination fee is higher than many competitors’ offerings.
Before applying for a personal loan with Avant, make sure you are equipped with all of the necessary documents, such as proof of income and bank account numbers. Keep in mind that Avant conducts a hard credit check upon application which could cause your credit score to decrease and requires at least $1200 of monthly net income as part of their requirements.
Bank of America
Bank of America, a financial services company, offers savings accounts, certificates of deposit, investment funds, mortgage loans, credit cards and cash management services to consumers, small businesses and large corporations alike. Furthermore, the firm provides wealth and asset management and investment banking services worldwide.
Bank of America was originally founded as the Bank of Italy by Amadeo Peter Giannini in 1904 to lend money to his Italian neighbors at a time when banks discriminated against Italians. Following passage of the Bank Holding Company Act in 1956, its name changed to BankAmerica; currently serving 69 million customers globally as one of the leading financial services firms.
The company boasts over 3,800 banking centers and 15,000 ATMs in the US. Furthermore, they boast a highly-rated mobile app as well as being members of the Global ATM Alliance, allowing their customers to withdraw money with reduced fees when traveling internationally. They have their headquarters located in Charlotte North Carolina.