For too many Americans, financial security is feeling more and more out of reach. Nearly one-third lack the savings to pay for a $400 emergency expense, such as a car repair or medical bill.^ Rising prices are making it harder to cover the basics. And without some breathing room in the budget, it can seem impossible to make progress on life goals and get ahead.

Since its founding in 2012, Avant has been dedicated to providing access to credit to those who are generally underserved by the traditional banking system. Based in Chicago, we’re a credit-first financial technology company^* that provides access to innovative financial solutions, including personal loans and credit cards. While the company has grown and evolved over the years, it’s always remained true to its founding mission of lowering the costs and barriers of borrowing for everyday people.

Now ten years in, Avant is marking a new milestone with a dramatic brand transformation. The new visual identity and brand strategy reflect the company’s history, evolution and renewed commitment to empowering more people to move forward on their financial journeys.

The time is right

When I became Avant CEO in May 2021, one of my top priorities was to help shape the strategic vision behind our mission and go-forward identity. As one of Avant’s earliest employees, I’m proud to have witnessed the evolution of our business from a single provider of personal loans to where we are today, marking our 10 year anniversary with an exciting rebrand as we celebrate a decade of enabling access to credit for over 2 million hard working Americans.

Looking forward, I’m excited about the next chapter of Avant’s history and have tremendous confidence in our ability — and more importantly, our deep passion — to continue growing, learning and innovating as a team.

The launch of the new brand also aligns with the growing demand for help navigating today’s unique set of economic challenges. The new brand is based on a relentless focus on meeting the needs of our customers. From digital tools to access to credit to supportive customer service, we’re here to help move financial lives forward. It’s fairly simple: When our customers win, we win. And that motivating factor will push us forward as a company and in our pursuit to continue to deliver innovative financial solutions to you.

A strong brand with a clear message

From the start, the Avant brand has been grounded in deep respect for the grit our customers show in navigating their financial circumstances. By offering access to the products and services you need to pursue your unique financial goals, we succeed by helping you succeed.

Through every step of the rebranding process, our team has worked to clarify and strengthen the core essence of our brand, identifying the key elements that differentiate Avant, and exploring ways to communicate that brand identity through compelling visuals and messaging.

Our focus on our customers

A key element in our brand evolution is its focus on customer-centricity. Coming out of the Great Recession of 2008, the FinTech industry emerged as a disruptive force, creating challenger brands to the traditional system that offered new products and services to consumers hungry for a better, more intuitive financial experience. Like many early FinTechs, Avant helped to level the financial playing field by focusing on accessibility, a seamless digital experience and products that were both fee-friendly and transparent.

Fast forward ten years to today and in many ways a digital experience has gone from disruptive to table stakes. That’s why we used our rebrand process to go further, taking a deep dive into the psychological and emotional issues that drive the complicated relationships people have with money.

It’s this connection to the real human side of money that sets the new Avant brand apart. Transparency, simplicity and control are great, but they don’t mean anything if you don’t also address the everyday hopes, fears and dreams that drive the real-world decisions we make about money.

For me, it all boils down to a simple truth: People come first. At Avant, we see people holistically, not just as credit scores. And we never patronize our customers or trivialize your journey. We take your needs to heart and work together to provide the products, services and personal support you need to move your financial life forward.

The spirit of the new brand is captured in its new tagline: Financially Forward.^TM It’s both a commitment and a rallying cry, inspiring our team and our customers to keep working hard toward each new goal. It’s also our promise to you that we’ll be with you at every step — empowering you with the products, tools, services and support you need to keep moving forward on your financial journey.

What’s next

At Avant, we’re proud of where we’ve been and incredibly excited about where we’re going. We’ve set our standards high but we know we can get there by working together as a team and for our customers — staying true to our mission and brand identity. Stay tuned for more exciting announcements in the new year as we look toward the next ten years of our journey and focus on moving both our customers and Avant Financially Forward^TM.

^Federal Reserve Economic Well-Being of U.S. Households Report (May 2022).
*Avant, LLC is a financial technology company, not a bank. Avant-branded credit products are issued by WebBank.

The post 10 YEARS OF AVANT: Building a Better Financial Journey for Our Customers appeared first on The Avant Blog.

Stimulus checks

The new bill will give each taxpayer a $600 check, or $1,200 to married couples filing jointly. That amount will be increased by $600 for each eligible child under 17, so a family of four could get $2,400.

To get the maximum payment those who filed their 2019 federal taxes as a single taxpayer need to have had less than $75,000 in adjusted gross income. The limit is $112,500 for heads of household, and $150,000 for married joint filers. Payments are reduced by $5 per $100 adjusted gross income over the income limit.

The IRS has said that all checks should be delivered to taxpayers by January 15th, with some checks already having made their way into Americans’ bank accounts.

If you didn’t file a 2019 tax return or you didn’t receive your stimulus payment automatically, you can claim the $600 amount as a tax credit on your 2020 federal income tax return (you can also claim the first stimulus payment on your 2020 taxes if you didn’t receive it for some reason).

Unemployment benefits

Americans who lost their jobs and are collecting unemployment will see an additional $300 per week added to their benefit. The benefit enhancement will last until March 14, 2021 and there’s nothing you need to do to receive the enhanced benefits if you’re already receiving unemployment benefits.

Rental assistance

The new stimulus extends the eviction protections provided by the CARES act until January 31, 2021. The bill also expands funding for rent assistance programs.

Nutrition benefits

The stimulus also increases the current SNAP benefit by 15% for the next six months, but doesn’t expand eligibility for the program. There’s nothing you need to do to receive the expanded benefit — it’s automatically applied.

Here’s a free resource that can help

If you’re having trouble making ends meet during this difficult time, check out SpringFour. This free tool will connect you with trusted resources and could help you reduce your monthly expenses by $250.¹

Get Free Assistance

The information provided on this website does not, and is not intended to, constitute legal, financial, or tax advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal, financial, tax or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Avant does not recommend or endorse the contents of the third-party sites.

¹ Reduction of costs by as much as $250 per month based on survey responses provided to SpringFour. Individual results may vary.

The post What You Should Know About the Second Stimulus Bill appeared first on The Avant Blog.

Phishing Scams

Phishing is a kind of email or text message scam where attackers disguise their messages to look like a trusted source, like your bank or the IRS. Often phishing emails will have attachments that contain viruses that will steal your personal information, but sometimes the emails or texts will send you to fake, lookalike sites that ask you to log in to your account. After you log in, they’ll steal any information they can, or use your financial information to commit fraud. 

Attackers have adapted their phishing emails to prey on our concerns about COVID, like creating imposter emails from the CDC that contain links or attachments with medical advice. In an attempt to exploit the millions of Americans working from home, there have also been a surge of emails pretending to be from your workplace that will ask you to verify your identity to receive new, work-from-home policies. 

How to protect yourself: Be on the lookout for spelling errors or things that seem off. Attackers will often disguise their phishing emails by having it come from a close (but not quite right) version of the brand you’re familiar with. If you get an email from support@avaant.com and not support@avant.com, you can be certain it’s a fake. 

Medical Supplies and Miracle Cures

With the scarcity of N95 masks and other critical medical supplies, attackers have shifted their focus to COVID-19. There have even been a number of scams involving false “miracle cures” for the virus, all of which are designed to prey on our fear. 

Often these ads or emails will direct you to wildly overpriced or knock off versions of the products you’re looking for. While there was a supply shortage of these materials during the initial outbreak, many of these items are becoming available again, so make sure you double check reputable sites to see if what you’re looking for is in stock before you buy from a sketchy site. 

How to protect yourself: If you’re looking at an email that’s claiming to have a miracle cure for COVID-19, don’t you think you would’ve heard about it by now from a trusted source? In times like this, it’s more important than ever to make sure you’re looking at your emails and texts with a critical eye. 

Unemployment Benefits Scams

With the millions of unemployed in the U.S. because of COVID-19, the FTC has reported a wave of scammers using stolen identities to file for unemployment benefits. If you get benefits you never applied for, or receive emails or documentation on an unemployment claim that you never made, someone might be using your stolen identity to try to receive benefits. 

If you get any indication that someone might be using your identity to apply for unemployment benefits, contact your employer and state unemployment office right away. After that, follow the steps in this guide from the FTC. 

How to protect yourself: Credit reports are now free every week. If you’re worried that you’ve been the victim of identity theft or a COVID-19 scam, one of the first steps to take is to ensure no one is fraudulently using your identity to take out a loan or credit card, which you can view on your credit report. Visit identitytheft.gov to learn more about how to protect yourself.

The information provided on this website does not, and is not intended to, constitute legal, financial, or tax advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal, financial, tax or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Avant does not recommend or endorse the contents of the third-party sites.

The post Protect Yourself from These COVID-19 Scams appeared first on The Avant Blog.

Here are the details for qualifying individuals:

• The typical 10% penalty on early withdrawals from your 401(k), 403(b) or personal retirement account does not apply to  COVID-19-related withdrawals made in 2020. 
• There are no mandatory withholding requirements for employers. So what you take out is yours. But you may owe taxes, which brings us to the next point.
• Your withdrawal can be spread evenly over the next three tax years until 2022. You can avoid paying any taxes at all if you pay back the amount within these three years and claim a refund on your taxes. 
• The typical 50% limit is not applicable for 401(k) loans. You can now take out 100% of your vested funds up to $100,000. The CARES Act also allows you to defer payments up to one year. 

Should you use retirement funds during COVID-19?

Understanding your options under the CARES Act is the easy part, choosing whether to pull funds from your retirement is a hard choice that shouldn’t be taken lightly. The rule of thumb is that you should only touch your hard-earned nest egg if it’s your last resort. Why?

• Compound interest is your best friend when it comes to retirement. Every dollar and year lost will ultimately hurt you in the end. 
• Selling shares in hard times could mean missing out on gains that would occur in a rebound. 
• Taxes still apply. Retirement dollars that were put away pre-tax may now be income 
• when taken out and would be subject to tax. If you are seriously considering the 401(k) withdrawal option, consult a tax professional to determine the right amount.

With that said, the CARES Act takes substantial pain out of an early retirement withdrawal for qualified individuals. So for the many Americans in hardship, this could be a great option to provide much needed financial relief.

For more information, the IRS has published more information and guidance about using retirement plans for coronavirus relief.

The information provided on this website does not, and is not intended to, constitute legal, financial, or tax advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal, financial, tax or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Avant does not recommend or endorse the contents of the third-party sites.

The post Accessing Money From Your 401K During the COVID-19 Pandemic appeared first on The Avant Blog.

At Avant, we believe that the value of active diversity and inclusion is self-evident. We support the fight towards racial justice and equality. And we believe that Black Lives Matter. We believe these things deeply, however the events of the past few weeks have made it evident that we need to do better. 

We have spent time over the past few weeks with our employees and community to listen, learn, and understand. We know that words are meaningful, and that action matters. So this Juneteenth, we are making a commitment:  

• We have committed $200,000 to charitable organizations that support the Black communities in Chicago and Knoxville
• We are doubling down on our commitment to offer continuing education for our employees
• We held Community Conversations across our company and have committed to a reevaluation of our long-term Diversity and Inclusion strategy 

We stand with the Black community. We support all those protesting for justice and equality. We stand together. 

Sincerely, 

James Paris

CEO, Avant

The post Avant Stands with the Black Community appeared first on The Avant Blog.

We pulled together some information for you below so that you can find out how to get access to the relief.

Here’s a calculator if you’d like to estimate what you’ll be getting:

If you have questions about what Avant is doing to help, check out our COVID-19 Readiness Plan. 

If you’re looking for more helpful advice about how to manage your finances during this time of crisis, check out our post Financial Tips for Those Affected by Coronavirus.

The post How to Get Help from the Federal Stimulus COVID-19 CARES Act appeared first on The Avant Blog.

The COVID-19 pandemic is officially disrupting America’s paychecks, and it might for quite some time in the future. We compiled some resources to help you get through these uncertain times. This list is far from comprehensive because the situation is changing rapidly, so make sure you’re staying on top of the latest news. Check back on our blog for future updates. 

Your State May Offer Unemployment Benefits

New federal law doesn’t require employees to have quit their jobs in order to receive benefits in some cases related to COVID-19. If you lost some work hours, but haven’t been officially laid off or quit, you might be eligible for unemployment insurance compensation. 

On March 12, 2020, The U.S. Department of Labor released new guidance that allows states significant flexibility to amend their unemployment insurance benefits related to COVID-19, including hours lost from temporary business closures, caring for family members, or individuals temporarily quarantined with the expectation they return to work. 

You can find out specific information for your state here.

Do Your Taxes, Not Just for a Return

If you haven’t yet done your taxes, you might have another incentive besides a return this year. The federal government just passed a stimulus package that will make direct cash payments to U.S. citizens. 

The details are extensive, but payments will be sent by check in the mail or directly deposited in your bank account, so you’ll want to make sure your information is up to date with the IRS. Nobody wants a stimulus check going to an old address or defunct bank account.

If you’ve been waiting because you owe taxes, there’s always the option to defer filing until later in 2020, and the IRS just extended the tax deadline filing deadline to July 15, 2020. Whether you file or defer, we suggest you get current information to the IRS to ensure your stimulus check gets to you. 

Inquire About Assistance Programs

Whether it’s your loan payment, a credit card bill, or your electric bill⁠—if you’re going to miss a payment, you should reach out and ask what your options are. Oftentimes, companies have payment extensions, waived fees, and other hardship programs designed to help you. See Avant’s COVID-19 response for more information. Sometimes it’s as easy as moving a payment date a week or so to give you room to breathe. 

Ask Your Employer About Your Options 

It might be a stretch, but it’s always worth asking what programs your employer has to help. Whether it’s early withdrawals on your 401K plan or simply getting a refund on your commuter benefits package, it never hurts to ask. For instance, a site called Dining at a Distance was created to support restaurant workers affected by COVID-19. Be creative. Employers want to help. Sometimes they just need ideas. 

We hope you found this article helpful, we’ll try to update more ideas here in the coming days, as the Federal Government develops its response to the pandemic. We want you to know you can always ask for help, so if you’re having any issues during these hard times, please reach out to us at 1-800-712-5407.

The post Financial Tips for Those Affected by Coronavirus appeared first on The Avant Blog.

We’re actively monitoring the news about the coronavirus COVID-19, and our team is ready and standing by to support you. Our top priority is the health and safety of our customers and we wanted to share a few of the ways we are here for you during this time.  

Most importantly, you can always count on us at times like this, especially if you need our help. 

For the fastest level of service, we encourage you to access your account from home via our mobile app or our customer service dashboard. There are relevant features to help you:

• Schedule and change your payments and payment method
• View your account and learn how you can update your personal details so we can stay in touch
• See transactions, statement, balances, and available credit (credit card customers)

We want you to know that you’ll have our support, and if you need help with your account, our specialists are available to provide assistance, as always. Please contact us at support@avant.com.

If you’re impacted by COVID-19 and need additional assistance related to your account, please call us at 1-800-712-5407.
For the latest information about coronavirus COVID-19, visit the CDC’s resource center.

Download our apps here:

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