Consumer complaint received 2015-06-02
Company: Avant Credit Corporation
State: MA
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
I applied for an installment loan with Avant on XXXX night and went through all the necessary steps of applying - I provided income verification, bank account numbers, my personal log in information to my bank account, personal information and minutes later after it processed, XXXX I received my credit score ( which is the same as they stated it was today ) and finally an email that was a congratulations! I was approved and would have a XXXX/XXXX/15 funding date, in the amount of {$7000.00}. You ca n't imagine my elation - the XXXX time since purchasing a car that I felt I would finally get out of this hole XXXX credit debt ). I also went into my profile on the Avant website and they provided a detailed breakdown of all the upcoming payments - I even have a contract which I signed and read and re-read ( ignoring section XXXX as I was approved, it says it right here in an email, plus I was set up on-line with payment details ). Later in the day XXXX, I received a deflating email stating that my application had expired and I was welcome to apply again - but the email also stated that I was suddenly ineligible ( based on information they already had provided in my credit report ) - this is bad marketing and business practices and has no doubt cause financial havoc on my bank account as I had jumped on paying some bills with my bank account funds as I knew I would have a big deposit during the week. I really was under the assumption that I was approved - I had no reason to doubt their horrible mind games they play with the unsuspecting consumer. I consider myself pretty XXXX street smart - but really was n't ready to take this type of blow - financially, and emotionally speaking. All other services I applied for promptly deny me online and recommend I try Avant, which I did - their interest is hefty but quite affordable - their methods are misleading and am appalled that they are allowed to do business this way!! Good thing I did n't write them a review yet ... I will do that in my own way on social media. Now I 'm thinking I ca n't be the only XXXX they have done this to, others wo n't say anything - but I will, this is n't good business - their practices need to stop!! Yes, the fine print does say that nothing is guaranteed until the funding occurs - but giving people in my situation a false hope is not right - my dreams of paying off my collections, and credit are now ruined and making XXXX simple payment out the door. I make enough to support the loan XXXX a fact that no one even checked with my employer ) and currently have an auto loan that I have made consistent payments on for over 2 years never XXXX being late. I have XXXX small collection in the amount of {$330.00} and XXXX paid charge-off to my credit union in the amount of {$160.00}, Avant is punishing me?? I passed their initial algorithm - but now they say no!!? Yeah it 's their money - but do n't approve people then say no, I 'm going to lose money this week due to their practices! They are supposed to be helping people like me - not turning them away! I have worked at my job for over 9 years, make decent money - and have lived at the same address for over 8 years - but yet, XXXX small setbacks on my report is cause to disapprove the initial approval? Your ads and statements on your website are very misleading!! Should this be ignored or no resolution I will consult my attorney for other remedies.

Company response to consumer: Closed with explanation