Trovy HELOC 2025 Review: New Lender With Extra Flexibility for Homeowners Who Want Something Different

Best for Fast Funding + Best for No Minimum Draw

4.4 _/5

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Our take: Trovy is a top pick if you want the flexibility and simplicity of a credit card with the perks of a HELOC. It functions like a credit card, making it worth a look for first-time borrowers and those looking for something simpler than a traditional HELOC. Overall, Trovy is a solid choice for tech-savvy homeowners who prefer credit cards and don’t need to borrow a huge amount of money. But you should still compare it to the best HELOC lenders. 

Home Equity Line of Credit

• No minimum upfront draw
• Funds available in a few days
• No origination fees
• Easy-to-use digital features

• Not available in every state
• Low borrowing limit
• Minimal customer reviews

Rates (APR)	6.49% – 12.99% variable
Funding amounts	$10,000 – $100,000
Repayment terms	25-year draw / 30-year loan
Min. credit score	680
Customer ratings	4.3/5 Trustpilot

Trovy is a brand-new company that focuses on mimicking the user experience of a credit card. It makes home equity lines of credit (HELOC) more accessible with fast applications and easy-to-use Trovy technologies that look like what you’re used to seeing at your current bank. 

Table of Contents

1. How do Trovy HELOCs work?
   1. Trovy Card
   2. 1Loan
2. Key features
   1. Trovy FixedPay
   2. No minimum upfront draw
   3. No origination fee
   4. Close entirely online
   5. 1.5% cash back
   6. Access funds in 4 days
3. Eligibility requirements
4. Is Trovy HELOC legit? Customer reviews and ratings
5. Pros and cons
6. How it compares to other HELOC lenders
   1. Trovy vs. Figure
   2. Trovy vs. Aven
   3. Trovy vs. FourLeaf

How do Trovy HELOCs work?

Trovy offers HELOCs with a modern twist. Here’s our in-depth Trovy review, including how the loans work and what you can expect after approval. 

Trovy Card

The Trovy card makes your HELOC money easy to access. You can transfer money to another account, request a balance transfer, or use the card to pay at checkout like you would with any other credit card. 

1Loan

The company is introducing another HELOC product later this year. The 1Loan allows you to refinance your current mortgage and redraw on the new balance to access money. It’s available for every type of borrower, including self-employed and non-traditional ones. 

Trovy HELOC features

The following unique features help Trovy stand out compared to other HELOC lenders. 

Trovy FixedPay

The company offers a fixed-rate conversion draw that becomes a separate loan balance with a fixed monthly payment. The payment is in addition to your regular HELOC minimum payment. 

No minimum upfront draw

You don’t have to make a minimum upfront draw when you open the loan, which can save you thousands of dollars over the years. 

No origination fee

Trovy doesn’t charge an origination fee. It’s a notable savings since many lenders charge around 5%. You might have to pay recording fees and taxes of up to $425, but it’s waived as long as you use your account within the first year. 

Close entirely online

You can apply for a Trovy HELOC and close the loan entirely online. You can even do it all directly from your phone, and approval often only takes four minutes. 

1.5% cash back

The Trovy card offers 1.5% cash back rewards on every purchase. Plus, you can earn up to 3% cash back for your largest spend category.

Access funds in 4 days

You can get money for a balance transfer or advance in four days or less. The company sends the Trovy card in the mail as soon as the rescission period ends. 

Eligibility requirements

Trovy considers your equity, debt, and credit score when determining rates. You also need to meet the following eligibility requirements to apply.  

Requirement	Details
Eligible properties	Single-family homes, townhomes, condo units, and planned developments
State of residence	Arizona, Colorado, Florida, Illinois, Ohio, Michigan, North Carolina, New Jersey, Oregon, Pennsylvania, Utah, Washington, and Wisconsin
Min. credit score	680

Is Trovy HELOC legit? Customer reviews and ratings

Source	Rating	Number of reviews
Trustpilot	4.3/5	7
Better Business Bureau	None	0
Google	None	0

Because Trovy is such a new company, it has minimal customer reviews. Here is what we found.

• What it does well: The handful of customers who have left reviews for Trovy are extremely happy with the HELOC. Reviewers say the application is surprisingly fast and that the cashback from the card is a helpful perk. 
• Where to be cautious: Trovy is a brand-new company founded in 2024. It isn’t BBB-accredited yet, and you won’t find many reviews online. It’s a legitimate company with licensing (NMLS #2676733). Still, the limited reviews make it harder to get a feel for the customer experience.

Trovy HELOC pros and cons

Pros

• You don’t have to deal with an expensive minimum upfront draw.

• The funds are available fast, and you can get the card in four days. 

• Trovy doesn’t charge any origination fees.

• The digital features and card management are easy to use. 

Cons

• The card isn’t available in every state.

• You can only borrow up to $100,000. 

• The company hardly has any online reviews.

How Trovy compares to other HELOC lenders

Here’s a look at our top picks for the best HELOC lenders.

Trovy vs. Figure

Figure is our top pick for borrowers with a solid credit score who want a traditional HELOC. The company offers fast funding, an entirely online experience, and a much higher loan limit than Trovy. But Trovy is the winner when it comes to fees since Figure charges up to 4.99% for origination. 

Trovy vs. Aven

Aven stands out with fixed rates, a Lowest Rate Guarantee, and thousands of positive customer reviews. You don’t have to pay any closing costs or origination fees, but the upfront draw costs 4.90%. Trovy doesn’t require an upfront draw, but cash advance fees always come with a 3% fee.

Trovy vs. FourLeaf

FourLeaf is an excellent pick if you want a HELOC with a high limit. The company offers loans for up to $1 million. Low introductory rates make the loans even more affordable during the first 12 months, and the credit score requirement is slightly lower than Trovy’s.

How we rated Trovy

We designed LendEDU’s editorial rating system to help readers find companies that offer the best HELOCs. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Trovy to several HELOC lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.