Consumer complaint received 2025-02-12 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Avant Holding Company, Inc.
State: VA

Complaint narrative:
I am filing a formal complaint against Avant and XXXX regarding a loan ( # XXXX ) that was processed without my informed knowledge, explicit consent, or proper authorization. This situation has caused me significant mental distress, financial concern, and emotional duress, and I am requesting immediate intervention. 

I was under the clear impression that I was simply filling out preliminary information to explore loan optionsNOT submitting an application for a loan. I believed I was reviewing potential loan offers available to me, not initiating or processing an actual loan. At no point did I knowingly or intentionally submit a loan application. I did NOT consent to proceed with the loan, nor did I click any type of submit or confirm button to authorize Avant to process anything on my behalf. Additionally, I had NOT uploaded all the required documents, reinforcing my understanding that I was just exploring options and that no active application could be processed. 

On XX/XX/year>, I was shocked to discover an unexpected email from Avant around XXXX XXXX, stating that I had been approved for a loan. This email had been sent at approximately XXXXXXXX XXXX the same day. I was confused, alarmed, and distressed because I did NOT knowingly submit any application to be processed. As soon as I saw the email, I immediately contacted Avantwithin 4 hoursto formally request the cancellation of this loan. 

Despite my prompt efforts : Avant refused to cancel the loan, claiming they were unable to do so, without providing any valid legal reason. 
They falsely claimed that the funds had already been disbursed. However, I confirmed with my bank that : No funds were deposited. 
No funds are pending. 
No transfer has been initiated. 
The loan is scheduled for disbursement on XX/XX/XXXX, which clearly indicates that XXXX has NOT yet processed the transaction. 

I spent over 1.5 hours on the phone with Avant, speaking to : Two customer service specialists A supervisor named XXXX A manager named XXXX Throughout these conversations, I encountered conflicting, vague explanations with no clear reason for the refusal to cancel. Representatives admitted that Avant can process a loan without all required documentation and without explicit authorization from the applicant. I was completely unaware of this practice. It was never made clear to me that Avant had the ability to process my personal information as a loan without my informed consent. This is deceptive, misleading, and unethical. 

After speaking with manager XXXX, she claimed to have escalated my case to the Resolutions Team, stating they had 14 days to respond. However, I am not confident that any real action was taken, and I strongly believe this process is being intentionally delayed to ensure the loan is disbursed before my dispute can be properly reviewed. This delay tactic has caused me additional emotional distress and further demonstrates Avants unethical handling of this situation. 

When I reviewed the contract attached to the approval email, I was even more shocked and distressed to discover the following : A 35.94 % interest rate and {$560.00} administrative fee, which I was aware of while reviewing preliminary details. 
However, a hidden {$3200.00} finance charge and daily interest accrual at a rate of 0.07608219 % were NOT clearly visible or disclosed during the process. 
These critical details were buried in fine print and not presented in an upfront or transparent manner. 

I believed I was reviewing hypothetical loan terms to understand what I might encounter if I chose to proceed with Avantnot entering into an actual, binding loan agreement. This brings the total repayment amount to over {$8300.00}, which is both deceptive and predatory. 

Nowhere in the process was it clearly stated that : Avant could process an application without full documentation Avant could process a loan without the applicants explicit authorization or submission The terms of the loan included predatory interest rates, hidden finance charges, and daily interest accruals As a XXXX veteran with XXXX, this experience has been especially traumatic. During my phone call with Avant, I experienced a XXXX episode due to the extreme stress and XXXX caused by their refusal to assist me. 
While speaking with supervisor XXXX, my stress became unmanageable, and I experienced a full XXXX episode around 45 minutes into the call. 
In a heightened state of distress, I told her to stfu multiple times due to the overwhelming frustration and feeling of being trapped in a situation I could not control. 
Prior to this, I had been firmly and repeatedly requesting to speak with someone who could help me, but I felt as though I was in a hostage-type situation where my pleas were ignored. 
Even with the specialists before XXXX, I was repeatedly denied escalation despite my worsening stress. 
This episode was directly triggered by Avants refusal to cancel the loan and the feeling that my autonomy was being violated. 

This situation has caused me significant emotional distress, mental anxiety, and financial duress. I acted immediately and in good faith, contacting Avant as soon as I realized the issue. Despite this, Avant refused to cancel the loaneven though, under Section 1 of the loan agreement, XXXX is NOT committed to funding the loan until the funds are disbursed. 

Since no disbursement has occurred, Avants refusal to cancel the loan constitutes unfair, deceptive, and unethical lending practices. Their actions reflect predatory behavior and violate the spirit of consumer protection laws. I hold both Avant and XXXX responsible for this situation, as XXXX is the funding institution and has the authority to stop this transaction. 

Thank you for your urgent attention to this matter. 

XXXX XXXX emails were also sent to Webbank thru their email request portal and not directly thru an email link. Theyre not opened until XXXX Mountain Time.

Company response to consumer: Closed with explanation