[2024 Review] AvenCash: Aven’s New Traditional HELOC Product

Best customer reviews

4.8 _/5

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HELOC

• Offers lowest rate guarantee
• Optional debt protection program through Securian
• Approval in as little as 15 minutes
• Excellent customer reviews from more than 3,800 customers
• 100% digital application process
• Increases the credit line for select customers
• Automated appraisals
• High maximum loan-to-value (LTV) ratio
• Three-day funding after signing
• Fixed interest rates from start to finish
• Check your rate with no credit impact

• Short draw period
• First-draw fee of 4.90%
• Only available in 32 states*

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $400,000
Repayment terms	5, 10, 15, or 30 years
Min. credit score	640
Funding time	As little as 3 days after signing

Aven has already shaken up the home lending industry with its groundbreaking equity-backed credit card. Now, it’s offering a new product called AvenCash, a more traditional home equity line of credit (HELOC).

AvenCash is ideal for homeowners looking for a HELOC that blends familiarity with innovation. Keep reading to see how an Aven HELOC uses technology to make borrowing simpler and faster—and to decide if it’s right for you.

Aven HELOC at a glance

AvenCash offers competitive rates, flexible repayment terms, and a generous maximum loan-to-value (LTV) ratio. Here’s a closer look at the Aven HELOC highlights.

Terms	Details
Rates (APR)	6.99% – 15.49% fixed
HELOC amounts	$5,000 – $400,000
Minimum draw amount	Full HELOC amount
Draw period	5 years
Term lengths	5, 10, 15, or 30 years
Origination (first-draw) fee	4.90%
Application fee	$0
Minimum credit score	640
Max loan-to-value ratio	89%
Unique features	Automated appraisals; lowest rate guarantee; debt protection program; credit line increases for select customers

How does an Aven HELOC work?

AvenCash combines tech-infused applications and appraisals with borrower-friendly features that rival what you’ll find with competing home equity companies. These features include:

• Instant prequalification: Aven begins every application with an initial screening. You’ll know within seconds if you’re preapproved, and go from application all the way to closing in 15 minutes.
• Automatic income verification: Aven uses a variety of sources to automatically verify your income, which makes the process quick and easy. Some customers may be asked to connect your bank account or manually upload proof of income.
• No property restrictions: Primary residence? No problem. Investment property? Bring it on. New build? That’s fine, too. Aven considers every property, even those held in a trust.
• Minimal insurance requirements: Aven doesn’t require proof of insurance unless your home is in a flood zone or your credit line is more than $100,000.
• Digital appraisals and notarization: You can complete the entire HELOC process from a phone or computer. Aven uses automated valuation models (AVMs), which rely on recent sale information, current-year tax assessments, and other data to determine your home value, and its online notaries help you close on your HELOC 100% online. No signing of paper docs is needed.
• Fast funding: You can start using your HELOC three business days after signing.

In addition, all AvenCash HELOCs come with fixed rates. While some lenders let you convert variable rates to fixed rates, only a few offer fixed rates for your entire term. Fixed rates provide stability and predictability in your monthly payment—it won’t fluctuate unless you withdraw additional funds or pay down your outstanding balance.

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What is a home equity line of credit?

How do you draw from and repay an Aven HELOC?

Aven lets you pull from your HELOC as often as you need over five years. However, it’s important to note that Aven requires you to draw the full HELOC amount at origination. 

So, while you can redraw from your line anytime during the five-year draw period, you’ll need to repay some of the balance to free up funds before making additional withdrawals.

Once you enter HELOC repayment, Aven allows you to customize your repayment period anywhere from five to 30 years to pay off your credit line.

Do Aven HELOCs come with any unique borrower benefits?

In addition to the features and rates that make Aven’s HELOC a solid competitor in the home equity marketplace, the company offers some unique benefits that we find valuable for HELOC borrowers. These include:

• Lowest rate guarantee: If you qualify with other HELOC lenders and can get a lower rate elsewhere, let Aven know, and it will beat the offer or send you $100. 
• Refinancing available: Homeowners with a second lien (like an existing HELOC or home equity loan) can refinance it into an Aven HELOC. There are no origination fees or transfer fees to refinance.
• Automatic credit line increases: If you make on-time payments and/or your home equity increases, Aven will automatically invite you for a credit line increase.
• Debt protection through Securian: Aven offers a unique program in which borrowers can pay a monthly fee ranging from $0.92 to $1.75 per $1,000 of HELOC balance—up to $50,000. If you become involuntarily unemployed (meaning you are laid off or let go from your job), Securian will cover six months of minimum payments up to $1,000 per month. 

Who’s eligible for an Aven HELOC?

Qualifying for an Aven HELOC hinges primarily on your credit score, built-up equity, and location. 

As with most lenders, Aven needs to see that you can handle additional debt and that your home’s value will hold steady until that debt is repaid. 

It’s worth noting that Aven accepts joint applications, which could be helpful if you apply with a spouse, for example, with a higher credit score.

Aven doesn’t lend in every state, however. Here are Aven’s eligibility criteria and residency requirements in greater detail:

Requirements	Details
Eligible properties	Primary residences and investment properties
State of residence	Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Utah, Virginia, Wisconsin, Wyoming
Maximum loan-to-value (LTV)	89%
Maximum debt-to-income	Not disclosed
Minimum credit score	640
Minimum income	Not disclosed

What are the costs and fees of an Aven HELOC?

You won’t pay many fees with Aven, but its HELOC isn’t entirely fee-free. While Aven doesn’t charge application or appraisal fees, it does levy a 4.90% first-draw fee, which is essentially an origination fee. Aven also assesses a $29 late fee on its home equity card, though it’s unclear if this applies to AvenCash. 

However, fees are only one piece of the HELOC affordability puzzle. These fees work in tandem with your interest rate to create your annual percentage rate (APR). Your APR reflects the true premium you pay for your credit line, so locking in the lowest possible APR is imperative.

To better illustrate how APR can influence your borrowing cost, let’s say that you withdraw $50,000 from your HELOC at an 11% APR. Here’s how much your HELOC would cost over time:

What started as a $50,000 balance ballooned into a six-figure price tag because of your 11% APR. But what if you held out for a better rate and qualified for a 9% APR instead? How might that change your payments and overall borrowing cost?

If we look just at your monthly payments, particularly your payments once your draw period ends, it’s easy to miss how influential your APR really is. 

However, we can see your APR’s cumulative impact when we zoom out. Not only are your monthly payments more affordable at the lower rate, but you’ve also saved $11,531 over the life of your HELOC.

How does your home’s value affect your terms?

In addition to your credit score, Aven’s automated underwriting process also factors in your home equity and, by extension, your home’s value. Generally speaking, lower home values and lower equity translate to lower credit limits, higher rates, or both.

This is where LTV comes into play. This ratio compares what you owe on your home to what it’s worth. Aven accepts up to an 89% LTV, so your combined home-secured debt can’t exceed 89% of your home’s value. 

That home-secured debt includes any existing financing, like your mortgage, as well as your new HELOC. Say, for instance, that you owe $150,000 on a $300,000 home. Here’s how Aven might calculate how much you can borrow with a HELOC in light of its LTV threshold:

But what if Aven determined your home value to be slightly higher? Take a look below to see how much more you could borrow if your home appraised at $325,000 instead:

In our first example, $117,000 was the largest HELOC you could get without surpassing the 89% cap. With the increased property value in our second example, your potential HELOC limit went up by $22,250.

Before you rush to remodel your kitchen, we should mention that virtual appraisals don’t always capture improvements like these. That’s because these appraisals rely on tax data and recent selling prices of nearby homes, not necessarily a physical examination of your property. 

Rather than investing in renovations you weren’t otherwise planning, you may see better results—both to your HELOC limit and your long-term financial position—by reducing your mortgage balance instead.

Pros & cons of Aven HELOCs

Pros

• High maximum LTV

  Aven’s 89% LTV threshold makes its HELOC more accessible to more homeowners. It also means you could open a larger HELOC than you’d qualify for elsewhere.

• Fixed rates

  With Aven, your HELOC rate will never change, so you’ll know what to expect month after month.

• Few fees

  Unlike some of its competitors, Aven doesn’t charge application, appraisal, or notary fees. You won’t pay an annual fee, either.

• Customizable repayment options

  Aven offers four different repayment periods, and you can choose the term that best suits your finances.

• Completely virtual application and appraisal

  You’ll forego the time and hassle of scheduling a traditional appraisal with Aven. You could apply and get approved in as little as 15 minutes.

• Unique borrower benefits

  From its lowest rate guarantee to its debt protection program, Aven offers borrowers unique benefits you can’t find with other lenders.

Cons

• Virtual appraisals aren’t always accurate

  While convenient, automated appraisals aren’t as thorough as in-person valuations. Because it can’t catch everything, Aven’s system might undervalue your home.

• Not available everywhere

  Aven only lends in 32 states, rendering many homeowners ineligible for its HELOC.

• Limited draw period

  Aven’s draw period is considerably shorter than what you might get with another lender, which is only five years.

• Full amount is drawn at origination

  Aven requires borrowers to draw their entire HELOC amount initially, meaning you must repay some of the balance within that five-year draw period to redraw funds as needed.

• No introductory rates or rate discounts

  Some HELOC companies offer perks like a reduced rate for your first 12 months or when you sign up for autopay. Aven, however, isn’t one of them.

Is Aven a reputable lender?

Aven’s thousands of positive Trustpilot reviews and an A+ rating with the Better Business Bureau (BBB) certainly lend the company credibility. 

While most of Aven’s existing reviews center on its HELOC card, we can use those reviews to infer the service quality you’ll experience with its traditional HELOC. Here’s a closer look at how past customers rate the lender:

Source	Customer rating	Number of reviews
Trustpilot	4.9 stars	3,811
Better Business Bureau	1 star	7

Despite the one-star customer rating on the site, we consider Aven’s A+ rating from the BBB a significant endorsement of its reliability. With a limited sample size of just seven reviews, we weigh those reviews less heavily than the 3,793 reviews on Trustpilot, where Aven boasts an impressive 4.9-star rating. 

The combination of an A+ BBB rating and the overwhelmingly positive Trustpilot feedback is what led us to designate Aven’s HELOC as the best for customer reviews.

Efficiency and clear communication are common threads throughout Aven’s Trustpilot reviews. Many borrowers applaud the company’s quick application process and speak highly of its customer support team. 

Of course, no lender is perfect. Aven’s lowest ratings come from customers frustrated by a lack of clear communication. One reviewer reported getting mixed messages regarding their approval, while another shared that their HELOC card was frozen unexpectedly.

Does Aven have a customer service team?

Whether you’re seeking general information or have a specific question, Aven’s team is ready to help. The San Francisco-based company offers multiple ways to get in touch:

• Email: Connect with the Aven team by emailing [email protected].
• Contact form: Send a message to Aven’s representatives directly from the website.
• Phone: Call Aven at 415-582-6613 to leave a voice message. Alternatively, you can schedule a callback online.

Aven doesn’t list its hours of operation, and it encourages homeowners to use email for faster communication. If you prefer to speak with a live human, consider scheduling a callback instead.

How to apply for an Aven HELOC

Aven’s tech-powered HELOC application process is just as innovative as its product offerings. Here’s how it works: 

1. Enter your phone number to start the application. Alternatively, you can enter your Aven invite code if you have one.
2. Tell Aven how much you need to borrow. You’ll also tell Aven how you plan to use your credit line.
3. Provide your contact details and identifying information. This includes your date of birth and the last four digits of your Social Security number. If you’re applying with another person, you’ll also enter their information.

4. View your prequalified offers. At this stage, you haven’t consented to a hard credit pull. You’re simply getting Aven’s preliminary approval and choosing the potential HELOC terms that work best for you.
5. Verify your income. Aven automatically verifies the majority of its customers’ income when you apply. Some customers may be asked to either link your bank account with Plaid or send in documents like W-2s or 1099s for manual review.

6. Submit your application. Now, you’ll give Aven permission to run your credit and present you with a final HELOC offer.
7. Schedule your notary session. If approved, Aven will connect you with an online notary to review and sign your documents.

After reading your HELOC agreement, prepare to hang tight through the mandatory three-day waiting period. As soon as this window passes, Aven will fund your HELOC, and you’ll have access to your new credit line.

Aven HELOC alternatives

For many homeowners, Aven may be the clear winner, and for good reason. Still, it’s wise to consider your options before committing to a lender. Here are three of the best HELOC lenders available:

While these companies share commonalities with Aven, each one offers distinct advantages that Aven doesn’t:

• Figure is available in more states. It also allows LTVs up to 95%. 
• Bethpage boasts a 10-year draw period and HELOCs up to $1 million. 
• LendingTree shows you multiple prequalified offers in one place.

Those prequalified offers are key to choosing the right lender. They tell you instantly which companies can give you the HELOC you’re looking for and which ones can’t.

Since prequalifying doesn’t hurt your credit, we recommend checking your rates with at least four lenders. Compare each offer, paying close attention to APRs, credit limits, and term lengths. 

It may be tempting to accept the first HELOC offer you get. But by slowing down and carefully evaluating your options, you’ll boost your odds of locking in not just any HELOC but a HELOC that’s virtually tailor-made for you.

How we rated Aven

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 Aven to several home equity 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, recapped below.

Product	Best for	Our rating
Aven HELOC	Best customer reviews	4.8/5

4.8 AvenCash HELOC