At a Glance
Founded in 2019, Aven is a fintech company that offers a home equity line of credit (HELOC) credit card. The card works like any other credit card but is backed by your home equity to get low rates, no annual fee, and unlimited 2% cash back. It has flexible repayment options, lets you deposit cash from the card to your account, and has great customer reviews. You can get approved in around 15 minutes and enjoy credit limits of up to $250,000.
Key Figures
- Loan types: Home equity line, refinance cash-out, fixed-rate draw
- Loan products: Aven Card, Aven Simple Loan, CashOut Transfers
- Minimum credit score: Varies (good credit typically required)
- Repayment terms: Revolving or 5–10 years fixed term
Pros
- No application or annual fee
- Fully digital approval process
- Lock in your rate in 3 minutes
- No refinance paperwork
Cons
How it Works
Applying for Aven’s home equity solution involves a streamlined digital experience:
- Prequalification: A soft credit check and equity review to determine eligibility.
- Application: Submit income and property details via a secure online portal.
- Approval: Automated decisioning usually delivers approvals within 24 hours.
- Verification: Upload supporting documents including ID, proof of income, and home ownership.
- Signing: Digital notary and signing in most eligible states.
- Funding: CashOut transfers can be disbursed in as little as 3 business days.
Types of Loans
Aven structures its cash-out alternative using three products:
- Aven Card: A home-equity-backed Visa card that allows purchases or transfers, offering up to 2% cashback when autopay is enabled.
- CashOut Transfers: Allows homeowners to access cash from their equity by transferring directly to their bank account. Subject to a 2.5% transfer fee.
- Aven Simple Loan: A fixed-rate loan product using the credit line, repayable over 5 or 10 years.
These options give homeowners flexibility to use equity as needed, whether for home improvements, debt consolidation, or other major expenses.
Loan Features
- Digital Process: Fully online from application to funding.
- Fast Funding: Borrowers may receive funds in as little as 3 days.
- Flexible Use of Funds: Equity can be used for any purpose.
- Fixed-Rate Options: Choose fixed monthly payments with Aven Simple Loan.
- No Appraisal Required: In many cases, automated valuation replaces full appraisals.
- Cashback Rewards: Card usage earns up to 2% cashback.
- Subordination Support: Aven coordinates with lenders if you refinance your first mortgage.
Rates and Terms
Aven’s variable APRs start around 7.49% for well-qualified borrowers, with rates dependent on credit score, property value, and loan amount. Maximum APR is capped at 18%. The platform does not charge application or annual fees, though a 2.5% cash-out transfer fee applies. Repayment can be revolving or fixed over 5 or 10 years through the Simple Loan structure.
Summary
Aven’s cash-out equity solution provides a practical, low-friction alternative to traditional refinancing. Its digital interface, no-fee structure, and multiple usage options make it a compelling option for equity-rich homeowners. With fast approvals, cashback benefits, and fixed-rate payment options, it serves a wide range of borrower needs without the red tape of legacy lenders.
Contact Aven
- Support Portal: https://www.aven.com/support/
- Live Chat / Messaging: Available via the website
- Phone / Email: Not publicly listed
- Physical Location:
- BBB / Trustpilot Ratings: Not prominently displayed; users are advised to review independent platforms for updated feedback.
