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: HELOC

Loan products: HELOC credit card

Minimum credit score: 640

Repayment terms: Fixed monthly payments for Cash Outs, and a minimum of 1% of the statement balance each month (plus interest/fees) for regular credit card purchases.

Aven provides incredibly low rates compared to other credit cards, along with a generous 2% cash back on all purchases. You can get approved in only a few minutes, and there’s no annual fee.

On the other hand, there are no physical branches or ATMs as it’s an online fintech company. So if you prefer to meet with agents and handle banking in person, it might not be the choice for you. Also, the website doesn’t offer live chat functionality.

How it Works

To qualify for the Aven HELOC card, you need to be at least 18 years old, have a credit score of 640 or higher, be a U.S. resident, and own your home. You also need a sufficient income to support your monthly bill.

Get started by entering your phone number on the Aven website and clicking “Check Your Offer.” You’ll be taken to a form that asks what you’re looking to do with the funds and how much you need.

Next, you’re asked to provide your name, email address, social security number, date of birth, and address. After that, you’ll have to give some information about your home such as its value and if there are any mortgages or liens.

Lastly, you’ll have to offer details about your employment and income, and be able to provide proof in the form of pay stubs or bank account information. You’re shown a few offers, and once you select the one that works for you, Aven checks your credit score to make sure you qualify.

After approval, you can set up a call with a notary to digitally sign and notarize your paperwork. All in all, it only takes around 15 minutes to get through the entire process. After being approved, you should receive your card in the mail within 7 business days.

Types of Loans

Aven only provides the HELOC credit card. Instead of opening a traditional home equity loan or line of credit, you can use the credit card to finance home improvements, pay for repairs, or even make daily purchases.

Not only does the HELOC credit card have no closing costs, but you can get it in a fraction of the time it would take you to get a traditional HELOC. It also has 2% cash back on all purchases.

Loan Features

There are several features that help Aven stand out:

No closing costs: Unlike most HELOCs, which have hundreds of dollars of closing costs like loan origination fees or home appraisal fees, the Aven HELOC card has none.

• Cash Outs: In addition to using the card like a traditional credit card, you can also directly deposit cash from your Aven card to your bank account, which the company calls an Aven Simple Loan. There’s only a 2.5% transfer fee for Cash Outs.
• Intuitive mobile app: The company has a highly rated mobile app for both Apple and Android devices. It lets you check your balance, make payments, set up notifications and alerts, and more.
• Streamlined application: The online application only takes 15 minutes to complete, compared to the multiple weeks that most traditional HELOCs take to close.
• Security: Aven has several security features for your peace of mind, such as customized alerts, multi-factor authentication, and Secure Sockets Layer (SSL) encryption for a secure connection. It also offers FDIC insurance, which protects customers and their funds/assets if the bank fails.
• Wide limit range: The card is a great choice for a variety of homeowners as it offers credit limits as low as $5,000 and as high as $250,000. However, keep in mind that your individual limit depends on your creditworthiness and overall financial situation.

Rates and Terms

Your exact rate depends on your credit score and overall credit history. The riskier you are as a borrower, the higher your rate generally is.

This Aven card works like a traditional credit card, so you only repay what you use every month. You need to pay a minimum of 1% of your balance (plus interest) each month but can also pay the balance in full.

For Cash Outs, there are fixed monthly repayment options with terms between 5 and 30 years. The Aven website also has a helpful online calculator to estimate your monthly payments so you know what you can afford to borrow.

Summary

If you’re looking for a HELOC but don’t want to pay closing costs like an origination fee or home appraisal fee, the Aven HELOC credit card might be right for you. It offers unlimited 2% cash back on all purchases, has no annual fee, and gets solid customer reviews on Trustpilot. The interest rate is also low, and you can get approved online in around 15 minutes.

Contact Aven

To contact Aven, reach out via email at support@aven.com , through the online form, or in the app. You can also provide your phone number and request a callback if you’d like to speak to an agent over the phone.

In addition to support from agents, the website contains a long list of FAQs. It answers questions about the application process, things to know before you apply, making payments, and other topics. There’s also a blog that covers HELOC-related topics like how rates are determined, when HELOCs are a good idea, how they work, and more.

The company has an A+ rating with the Better Business Bureau and a 4.9 rating on Trustpilot with thousands of positive reviews. Many of these positive comments highlight the quick and straightforward application process, as well as how friendly the customer support team is.