Aven offers the Aven HELOC Card, which combines the functionality of a credit card with access to home equity, allowing users to make purchases and earn 2% cash back while benefiting from significantly lower interest rates. This product addresses the high costs and lengthy processes associated with traditional home equity lines of credit by providing a fast, fee-free application and approval process, enabling access to funds in as little as 15 minutes.
Funding
$193.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+4Founders
Product
Problem
Traditional home equity lines of credit (HELOCs) often involve lengthy application processes, high origination fees, and minimum withdrawal amounts, making them less accessible and convenient for homeowners seeking flexible access to their equity. High interest rates on credit card debt also pose a financial burden for consumers.
Solution
Aven offers the Aven HELOC Card, a Visa credit card that leverages a user's home equity to provide access to funds at significantly lower interest rates than traditional credit cards. The card combines the convenience of a credit card with the financial benefits of a HELOC, offering unlimited 2% cash back on all purchases. Users can also transfer funds from the card to their bank accounts or consolidate high-interest debt with a 2.5% transfer fee. The application process is streamlined and fee-free, providing access to funds in as little as 15 minutes.
Target Audience
The primary target audience is homeowners seeking a flexible and cost-effective way to access their home equity for everyday purchases, debt consolidation, or cash withdrawals, while earning rewards and avoiding high interest charges.
Features
- Variable APR ranging from 7.49% to 14.99%
- Unlimited 2% cash back on all purchases
- Credit limits up to $250,000
- No origination, annual, or sign-up fees
- Option to transfer funds to a bank account for a 2.5% fee
- Balance transfer option for consolidating high-interest debt at a 2.5% fee
- Mobile app with alerts for every purchase and approval requests for large purchases
- Option for fixed monthly payments on cash outs via Aven Simple Loan with 5 or 10 year terms and a one-time 2.5% fee