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Avant Expands Offerings to Consumers with Launch of Direct ot Consumer Auto Loans

March 21, 2016

CHICAGO, March 21, 2016 /PRNewswire/ -- Fast-growing online lending platform Avant is expanding its consumer reach in the marketplace with the launch of its latest financial product, direct to consumer auto refinance loans. Available directly to consumers through the Avant website, this auto refinancing product provides a new way to manage finances responsibly and lower monthly auto payments.

Auto refinancing is notorious for the cumbersome application process, confusing and heavy document packages and long processing times. Avant's expansion into the auto financing industry revolutionizes the process by cutting out the middle-man and offering a streamlined online application that provides consumers with a credit decision within seconds of submitting the application.

"Today's middle-income consumers have to often settle for auto loans with high interest rates and poor lending experiences. Avant's direct to consumer auto refinancing product will offer a seamless online experience to find an auto loan with a better rate and with the benefits of a small personal loan," said Al Goldstein, CEO of Avant.

A recent survey from Bankrate.com found that 63 percent of Americans cannot afford an unexpected expense of $500 or $1,000 for emergencies such as car repairs or medical expenses. Products such as Avant's auto loan refinancing with a potential cash-out option for qualified applicants, will help fill this void within the market while meeting the needs of consumers. The product will initially launch in California and expects to be live in Illinois and Georgia by early Q2. National rollout is expected by Q3.

Direct to consumer auto loans are the latest addition to Avant's growing suite of financial products. The company recently expanded into auto-secured loans and plans to launch new and used car purchase financing as well as a credit card product later this year. "We want to be the one stop shop for the borrowing needs of consumers across the credit spectrum," adds Goldstein.

Founded in late 2012, Avant has exhibited exponential growth within its past three years, including geographic expansions into the United Kingdom and Canada. Globally, more than 480,000 loans have been originated through the Avant platform, surpassing the $3 billion mark. Most recently Avant closed a $325 million Series E financing round led by General Atlantic, bringing the company's total debt and equity funding to $1.7 billion.

More information regarding Avant's direct to consumer auto loan product can be found at: https://www.avant.com/auto-loans/auto-refinance

About Avant
Avant is a fast-growing marketplace lending platform that is lowering the costs and barriers of borrowing for consumers. Through the use of big data and machine-learning algorithms, the company offers a unique and highly customized approach to streamlined credit options. At its core, Avant is a tech company that is dedicated to creating innovative and practical financial products for all consumers. To date, Avant has secured more than $1.7 billion in funding and another $1.8 billion through its institutional marketplace. More than 480,000 loans have been issued worldwide through the Avant website. Avant operates under the name AvantCredit in the United Kingdom and Canada. Avant has been featured in publications such as The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain's Chicago Business. In 2015, Avant was named to Forbes America's Most Promising Companies list as well as Forbes list of Next Billion Dollar Startups. Find out more at www.avant.com. Loans originated through the Avant platform are made by WebBank, a Utah industrial bank, and by affiliates of Avant.