The Aven Card is a variable rate credit card. Cash outs may have a fixed rate option. See your offer for details. The variable rate varies based on an Index (Prime Rate published in the Wall Street Journal or the Federal Funds Target Rate Upper Limit set by the Federal Reserve). This is outside Aven's control. As the Index shifts up or down, so will the APR on the Aven Card and any other variable-rate credit cards, lines, and loans. The Index may change several times a year or go for many months without change.
Aven's bank-standard underwriting system is fully automated, and calculates offers based on an applicant's income, equity, credit, and debt obligations.
Some Aven cardholders may be able to create fixed payment, fixed rate Simple Loan plans. Applicants can check their details in their account agreement.
It is both! Aven is a home equity line of credit that customers access through a credit card. Aven cardholders can use their Aven Card wherever VISA cards are accepted.
Aven cardholders can transfer cash directly from their Aven account to another bank account – it is called a CashOut. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.
To transfer balance from a high interest credit card to the Aven card, cardholders can request a balance transfer (BT) to their credit card. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance.
Aven offers fixed payment plans that amortize over several years, details being in the account agreement. The payment is calculated so that the entire amount of the plan and the interest is paid off by the end of the selected term. For payment estimates, please visit https://www.aven.com/paymentcalculator
For revolving balance plans, the minimum monthly payment is 1% of the principal plus the monthly interest rate on the outstanding balance. For fixed monthly payment plans, the monthly payment amount is the same every month. If an account has multiple plans, each plan's minimum payment is added to calculate the total minimum payment due for the entire account. For payment estimates, please visit https://aven.com/paymentCalculator.
There is no a prepayment penalty on an Aven Card account. Cardholders can pay more than the minimum due each month, make extra lump-sum payments, or make a full payoff payment. Cardholders can also find more details about their Account Agreement, here https://my.aven.com/card/accountDetails
Important Note: If a Cardholder intends to payoff an account, the funds must be sent through wire transfer. If any other method of funding is used, there will be a 60 day wait period before the lien is released. Aven is unable to waive or shorten this wait period.
Interest calculation on the Aven card depends on the type of balance (purchase, balance transfer, cash out, fixed payment plan balance, etc) on an account. Most accounts have several balance types, so the total interest is the sum of the interest calculated on each balance type.
In addition to interest, the monthly payment also includes repayment of a portion of the principal balance. For Purchases, Balance Transfers, and Cash Outs on revolving plans, 1% of the outstanding balance is the principal portion of the minimum due. For fixed monthly payment plans, the part of the fixed payment that is not interest or monthly fee is allocated to the principal.
If an account has zero balance in any cycle, there will be no payment due for that cycle.
Statements are generated each month close to the monthly anniversary of when cardholders signed up for an Aven account. Payment due dates are highlighted in the statement as well as in the Aven Card app. Statements are available on the Aven app and online: https://my.aven.com/statements
Aven cardholders can pay their Aven bill using the Aven Card app. Please note that Aven does not accept checks or cash by mail. https://my.aven.com/
One or two late payments will not put a cardholders home at risk or in default. Aven offers multiple hardship services to cardholders who struggle with their payments. Please note that an account may be blocked if no payment is received by the time the next statement is issued.
Aven cardholders can use the Aven Card app to easily connect their bank account using their routing and account number to make a payment. They can also use their existing online banking platforms to make payments to Aven. https://my.aven.com/
Cardholders can add or remove bank accounts in the Aven Card app or online at https://my.aven.com/card
While a refunded purchase will reduce a customer's remaining statement balance, it will not count towards the minimum due payment - with one exception:
if there is only one purchase during the cycle, and this purchase is refunded to bring the statement balance to zero, there will be no minimum payment for that cycle.
Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations. Meeting the minimum criteria does not guarantee an approval. All signers (applicants and/or co-owners) must be at least 18 years of age or older. All signers must possess valid government issued identification documents specified by Aven. For lines above $100,000, borrowers need to provide proof of insurance and proof of adding Aven/Coastal Community Bank as a beneficiary on the policy.
Aven can verify income by securely connecting an applicant's bank account, or reviewing uploaded documents including Form 1040, a pay stub, W2, 1099-R, 1099-SSA, 1099-B, retirement income, benefit income. Aven's online application will specify the types of documents to upload.
When you apply for an Aven card, we perform a “soft pull” on your credit in order to determine an offer. This does NOT impact the applicant's credit score. You can check your offer without your credit score being affected.
Only after you accept an offer and schedule a time with our notaries will we make a hard inquiry on your credit profile. This may impact the credit score.
Aven accepts self-employed applicants. For further information regarding income verification, click here.
Section 1003.4(a)(10) of the Home Mortgage Disclosure Act requires all mortgage lenders to collect various consumer data, including information about an applicant’s ethnicity, race, sex, and age. We state this requirement at the top of the page in which the information is collected. This protected information in no way impacts an applicant’s offer, as required by the Equal Credit Opportunity Act and Fair Housing Act. In fact, applicants have the opportunity to refuse disclosure of this information, as you did, nullifying any opportunity for discrimination.
Aven offers a HELOC refinance product for qualified applicants.
Aven uses FICO V9 and VantageScore 4.0 from Experian, a top credit reporting agency
Consumer protection regulations require that applicants be given three business days to cancel the account because of the security interest in the home. You cannot use the card until the cancellation period (also known as a rescission period) has expired.
This regulation was established by the Truth in Lending Act (TILA) under U.S. federal law, and allows a borrower to cancel a home equity loan, line of credit, or refinance with a new lender, within three days of closing.
Yes, Aven does support properties in flood zones. Applicants will be required to submit proof of active flood insurance during the application process. If the property is a condo, applicants may be requested to upload proof of the condo buildings flood insurance policy along with the applicant's individual Homeowner's Insurance Policy.
Once approved for an Aven Card, Cardholders are required to send a copy of the flood ( and HOI for Condos) once it renews. A reminder notice will be sent 45 days and 15 days prior to the the insurance expiration.
If the property is designated by FEMA into a flood zone in the future, a 45 and 15 day notice will be sent to Cardholders advising of the need to purchase and present acceptable flood insurance.
We are partnered with Coastal Community Bank, member FDIC, pursuant to license by Visa USA Inc. You benefit from our innovation, great pricing, and simple convenience with the trust of a traditional FDIC-insured bank. The Aven Card is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A., Inc. Aven accounts are made by Coastal Community Bank, Member FDIC. NMLS #462289.
There are generally two situations of refinancing:
Your settlement agent will send Aven a payoff request. Aven will close the account and release the lien when the balance is paid in full.
Aven's underwriting system looks at mortgage payment history to determine an applicant's eligibility. The system will not accept applicants with mortgages that have been delinquent or have been in forbearance during the last 24 months.
Applicants have 30 calendar days to accept and finish signing, after which the offer will expire. If additional information such as Income or Tax documents or Trust documents are requested, these must be provided within the same 30 day window.
Applicants offers will expire on its own after a period of inactivity. There is no need to explicitly cancel an application.
Aven's automated underwriting system looks for 12 months to have passed since a Bankruptcy discharge/dismissal, at least 24 months since the last mortgage delinquency or forbearance, and at least 48 months since foreclosure or mortgage default history.
Aven has no control on other lenders' approval processes. If someone has an Aven account and wishes to open another HELOC they will have to communicate with the other lender.
Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations. The system takes into account potential for debt consolidation in underwriting applicants. System denial decisions cannot be overturned at our end.
The Aven Home card is a Home Equity Line of Credit. Aven will issue Form 1098s on all accounts where there is $0.01 or more of interest paid during the year. You will need to consult tax rules or a tax advisor to determine whether your interest payments are tax deductible.
The Aven Card will be reported as a Home Equity Line of Credit.
Some offers do have an initial draw requirement. See your account agreement for details. For cards with lines above $100,000, if the draw in the first 90 days is less than $50,000, Aven may reduce the line size to the amount outstanding, plus $25,000.
For variable rate loans, Aven uses two different Indicies. Your Cardholder agreement will specify the Index used for your account.
Wall Street Journal Prime (WSJ Prime): The Wall Street Journal surveys some of the country's biggest banks and publishes a consensus rate based on the survey. This is one of the most common indicies used for many lending products. Look up the latest rates on the website of the Wall Street Journal. https://www.wsj.com/market-data/bonds/moneyrates
Federal Funds Target Rate - Upper Limit (FFTR-UL): This rate is set by the Open Market Committee of the US Federal Reserve (FOMC). It is the short-term interest rate at which U.S. Banks and Credit Unions lend to each other overnight within the Federal Reserve system. Look up the latest rates on the website of the St. Louis Fed. https://fred.stlouisfed.org/graph/?g=QGiM
The rate on your account is the sum of the index and the margin. Both can be found in your Account Agreement.
There is no HUD-1 form associated with the Aven Home Card. The Account Agreement contains all the required information, notices, and disclosures.
For applicants, Aven's automated underwriting system cannot modify the credit limit or rate. Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations.
A cardholder's monthly interest rate is their current APR, divided by 365, multiplied by the number of days in that monthly billing cycle.For fixed monthly payment plans, amount, term, and other details are presented and disclosed at the time of plan creation. Cardholders can find their current rates in the Aven App (under "Account Details"). The effective APR for each billing cycle is also printed in the statement..
Aven offers several balance plans and some of them use the simple interest method of interest calculation.
For revolving balances, Aven uses the Average Daily Balance method of interest calculation. For each billing cycle, we add the interest bearing balance on each day of the cycle and divide it by the number of days in the cycle to get the Average Daily Balance for the billing cycle. We then calculate interest on this balance for the duration of the billing cycle, using the rate in effect on the last day of the billing cycle. Cardholders can find the rate used for the cycle on their statement in the "Plan Summary" section towards the end.
For fixed monthly payment plans, amount, term, and other details are presented and disclosed at the time of plan creation. (Some Aven cardholders may be able to create fixed payment fixed rate Installment plans for 5, 10, 15, or 30 years. Please check your account agreement to see if you have these plans.)
For payment estimates, please visit https://aven.com/paymentCalculator
Aven's bank-standard underwriting system is fully automated, offers based on applicants’ income, equity, credit, and debt obligations. Aven can not adjust offers.
Currently the maximum line size Aven offers is $250k. Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations.
The Aven Card rate will vary based on the Index - either Prime Rate published in the Wall Street Journal (WSJ) or the Federal Funds Target Rate - Upper Limit (FFTR-UL) set by the Federal Reserve. Please look at your account agreement for which the Index is used in your account. The maximum APR is 18%. The latest WSJ Prime Rate and FFTR-UL Rate can be found on the public internet at the Wall Street Journal webpage, or the Federal Reserve webpage.
The Aven Card comes without application fees, annual fees, or account closing fees. Select offers for some customers might include first-draw fees, clearly indicated at the time of the offer.
The effective interest rate may vary for fixed monthly payment plans. On the day a cardholder sets up a fixed monthly payment plan, the rate is calculated as the account's current variable rate + a Fixed Rate premium (For some Aven cardholders, it may vary, see your account agreement).
No, the application property cannot have an active sale listing during the origination process. Applications will be reviewed for active listings immediately after signing your Aven documents.
Involuntary liens are liens that are placed on a property by an outside authority against the will of the property owner such as City, County, or Federal Government Tax Liens, Mechanic's Liens, Judgement Liens, HOA Liens, Lis Pendens, Notice of Default, Notice of Sale/Foreclosure.
Aven uses a 3rd-party title vendor to provide home ownership and property information that detects possible liens on the associated property used in the Aven application. If liens are detected on the property and you have proof that the lien(s) have been paid off, satisfied or released, please send Aven a copy of the Recorded Satisfaction of Lien / Release documents obtained from your local county recorder's office to support@aven.com.
If a spouse is not on the title and an applicant believes their signature is not required, they will need to provide a quitclaim deed or an interspousal transfer deed that shows they are not a property owner. For more information, please contact the county recorder's office.
An interspousal transfer deed is used for transferring property between spouses, often used to change ownership status, or used during the divorce process. For more information, please contact the county recorder's office.
A quitclaim deed is a document that is used to transfer or release a property owner’s interest to another owner. For more information, please contact the county recorder's office.
If you are looking to schedule a phone call, please feel free to visit Aven.com/call. Otherwise, applicants may call 415-582-6613 or email support@aven.com. Please keep in mind that most questions can be answered during the application process, or by visiting Aven.com/support.
Aven requires a copy of the death certificate emailed to support@aven.com. Aven's application team will review the documentation within 10 business days. At times, further documentation may be required to complete the process.
Similar to other Home Equity Line of Credit products, a lien is placed on the home for the approved line size amount upon opening the account. This is standard for mortgage and HELOC products.
Yes, Aven has two Home Credit card programs - one for primary residences and one for second homes / investment properties. In the application process, the property type will be collected and the application will be routed to the correct program.
To apply for a Aven card on any property, the applicant must be able to show the address of that property on either a Driver's License, or a Tax Return, or a Paystub.
Please note that Aven can currently only support one active account per person. If a cardholder has a Aven Card on one property, we are unfortunately unable to consider that cardholder for a card on any other property.
A Deed of Trust is an official agreement between a lender and a borrower, stating that the borrower will repay the line of credit that is secured by the borrower's residence. This Deed of Trust is then recorded with the borrower's county as a record of the agreement.
Aven supports homes held in one Revocable Family Trust. Aven does not support homes held by more than one Trust or held in an LLC.
Aven’s automated system estimates the value of applicants’ homes using industry leading technologies. Aven provides this service at no cost to the customer.
Aven's application process does not support recent builds, mobile homes, or recently purchased properties. It may take 4-6 weeks for a property to appear on Aven's systems from the time of recording. If the address is not auto-completing, click "Enter address manually".
No, Aven requires first or second lien position. Aven offers a refinance product for applicants with existing second liens, if they qualify.
Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, equity, credit, and debt obligations. Aven cannot change or negotiate the result as it is generated by our automated system. Applicants who are denied are welcome to try to apply again after at least 6 months have passed since the date of the denial.
Aven may reduce the credit line at account anniversary. A lien is placed on the home for the approved line size amount upon opening the account. Certain products may require an initial draw. Applicants can refer to their account agreement.
Cardholders can access funds after activating their card, usually within 7 business days of signing. Some cardholders may receive a code in the mail for earlier cash-outs. There is a 3-day rescission period after signing when no funds can be taken out.
Aven cardholders can use their Aven Card for purchase transactions wherever VISA cards are accepted. Please note, Aven cards cannot be used at ATM Machines, Casinos, Timeshares, Money transfer businesses, Cryptocurrency exchanges, and Foreign countries on the US sanctions list.
The best way to activate your card is using the Aven Card app. Once you have the app, open the app and enter the phone number you used to sign up. Note that you will need to have your card handy to activate it. https://my.aven.com/
Check out the video below on how to activate your card using the app.
Aven does not provide checks or a checkbook. Aven cardholders can transfer cash directly from their Aven account to another bank account – it is called a CashOut. CashOuts are initiated within 2 business days of the request. There may be a one time fee (please see your account agreement) of the total amount being transferred that will be added to the balance. Start a Cash Out at https://my.aven.com/cashOut
Yes, we do. Interest paid on revolving balances and simple loan balances, and fixed monthly fees paid on fixed monthly payment plans are considered for 1098 reporting. 1098 statements are available on the Aven App or online. Go to "Account" > "Settings" > "Documents"
If you had $0.01 or more of interest paid during 2022, there is a "Year 2022 Form 1098" in your "Documents". An email notifying you of the form containing a link to the document was sent out on Jan 20, 2023.
If you had $0.01 or more of interest paid during 2021, there is a "Year 2021 Form 1098" in your "Documents".
Consult tax rules or a tax advisor to determine whether your interest payments are tax deductible.
Merchants such as gas stations or restaurants usually request an authorization for an estimated amount before completing the transaction with the final amount. The same applies with pre-authorizations for hotel or car rentals.
The Aven card generally arrives within 7 business days from the time your account was opened. To prevent fraudsters from stealing cards during transit, we do not share the tracking number or the name of shipping company.
Due to security reasons Aven can only ship the card to primary residence addresses for customers.
Cardholders can balance transfer from another credit card. The balance transfer is initiated within 2 business days of the request. It may take 5-10 days for it to show up on the other side, depending on the financial institution. There may be a one time fee (please see your account agreement) of the total amount, which is added to the balance.
Cardholders can view their current APR on the mobile app or by logging into their account online or by going to their most recent statement: https://my.aven.com/card
Statements are available in the Aven Card app. https://my.aven.com/statements
When someone becomes a cardholder with Aven they are presented a link which they can send to someone else. If the person on the receiving end becomes a cardholder using the PIF link sent to them, they receive statement credit which they have the option of sharing with the person who sent them the original PIF link.
Aven offers limited 'invitation-only' credit limit offers. Aven will notify cardholders via email or phone if their account is eligible. At this time Aven is not accepting credit line increase by request.
Cardholders who applied for an Aven Card through a program link sent by a friend will receive their sign-on incentive as a statement credit in their first statement (typically generated within 30 days from account opening).
Cardholders can freeze the card through the Aven Card app and request a replacement. Please go to https://my.aven.com/reportLostOrStolen
For security reasons, Aven does not allow cash to be withdrawn from a bank or ATM. Aven does allow for cash-out transactions directly to the personal bank account. https://my.aven.com/cashOut
Disclosures are available at https://www.aven.com/disclosures , privacy policies at https://www.aven.com/privacy. Account agreements are accessible by cardholders at the Aven Card app, or applicants by continuing their application.
Balance information & the amount available is at: https://my.aven.com/activity
Cardholders receive cashback rewards with eligible purchase transactions at the rate of 2% of the transaction amount when autopay is turned on. Balance Transfers and Cash Outs are not eligible for cashback rewards.
They can redeem points from the reward redemption page of the app. Once rewards are redeemed they will show up as statement credit. Please note - cashback rewards cannot be used to meet the minimum payment due. Cardholders need to make a payment for the minimum due. Once the minimum due has been paid, cashback rewards will count as an additional credit and will reduce the balance on the account. https://my.aven.com/rewards
If cardholders wish to close their account, a payoff letter should be sent to support@aven.com. Once balances are paid Aven will process liens and close the account. Payments using ACH on the app can delay this process significantly, therefore, please request a payoff to support@aven.com.
If a cardholder decides to close their Aven account, Aven will release the lien after any amounts outstanding are paid off on the account using a payoff request. Payments using ACH on the app can delay this process significantly, therefore, please request a payoff to support@aven.com
It is customary in real estate financing related transactions to require a borrower to sign a limited Power of Attorney (POA), which expires after 120 days of signing. This POA is only used for correcting minor typographical or grammatical errors, misspellings, or clerical errors. It specifically prohibits changes to rates, amounts.
The Aven Card is a Home Equity Line of Credit and requires document signing with a notary. Notary sessions are conducted fully online. All signers will have their own signing session. The signer needs to have their original, unexpired government issued photo ID, a mobile phone with a working video camera, microphone, and high speed internet.
All applicants need to sign the Account Agreement, Deed of Trust, Power of Attorney, and notice of right to cancel. All property owners and spouses need to sign the deed of trust and notice of right to cancel as a non-borrowing signer, applicable in all states as per Aven policy. Aven does not accept POAs for signatures, except for active duty personnel who are deployed overseas with a military POA.
To complete the notary session, applicants need to have their original, unexpired identification document, such as Driver's License, Passport Book, Passport Card, etc. If an ID is expired or damaged, the applicant must obtain a valid ID before the notary session.
Applicants have 30 calendar days from beginning the application to accept an offer, if given. In addition, applicants have 30 calendar days from accepting their offer to completing the notarization session.
This is not an issue. Aven's notary system can easily schedule two separate notary appointments.
No, Aven does not make any money from this product. We offer it solely to provide our customers with peace of mind when using their home equity. The costs charged are passed directly through from Securian Financial, who serves as our contractual liability policy partner and our plan administrator.
If either of the co-borrowers experiences involuntary unemployment, the account will be covered for the coverage listed above.
If you don’t pay your Debt Protection fees, the loan addendum will be considered lapsed and you will not be eligible to file a claim in the event of involuntary unemployment. Even if you are not able to pay your minimum monthly payment for Aven, as long as you pay your Debt Protection fees, you will be eligible to file a claim.
There is no option to appeal at this time. Securian's claim decision is final.
No. You may file a claim even if you are delinquent. However, you will need to remit the Debt Protection fees owed in order to process the claim. The cardholder has active coverage if the protection has not lapsed. Please note, if a claim is successful, it will not bring your account current.
Debt protection is not possible in the following cases:
Email us at support@aven.com or go to the Debt Protection tab located in the sidebar menu of your Aven mobile application.
There you will see a link to file a claim. You will be routed to Securian Financial - our claims administrator - to provide details related to your job loss event and submit documentation.
Once a decision has been made, Securian Financial will notify you and Aven and issue a payment to Aven under the contractual liability policy. Please note that the cancellation date would be effective as of the date of unemployment.
The monthly rate charged is $0.92 per $1,000 of balances for single accounts and $1.75 per $1,000 of balances for joint accounts.
For example, if you have $30,000 of outstanding balances at your statement date, you would see a $27.60 charge as a single account holder and a $52.50 charge as a joint account holder in the following statement. Fees are always paid for balances in arrears.
This fee will show up on your monthly statement as a separate charge. As long as you are current on paying these fees, you will be able to file a claim in the event of involuntary job loss.
Debt Protection covers participating customers up to $50,000 in total payments and up to $1,000 in monthly payments for up to 6 months. Customers can file for multiple occurrences of involuntary job loss after a 6 month waiting period after a prior occurrence.
As an example, say a customer has $50,000 of balances outstanding at a 12% APR at the time of a qualifying job loss event. Their minimum monthly payment is $1,000 consisting of $500 in principal and $500 in accrued interest. Under the Debt Protection program, this customer would be eligible to cancel up to 6 months of minimum monthly payments and stay current on their account. This customer would also be able to file another claim in the event of a subsequent job loss event. If the customer becomes involuntarily unemployed again within 6 months of returning to full-time work, this will be a continuation of the first event. But if the customer becomes involuntarily unemployed again more than 6 months after they return to full-time work, this will be a new event. In this scenario, they would have $9,000 in eligible coverage remaining.
Please note, the $1,000 monthly limit may not be sufficient to cover your minimum monthly payment to keep you current. In this event, a customer would have to pay the difference between their minimum monthly payment and the $1,000 to stay current.
No, Debt Protection is not an insurance protection. Anyone who elects to join will sign an addendum to their loan agreement with Aven. In the event of involuntary job loss, Aven will cancel up to six months of a borrower’s monthly payments per occurrence of job loss if the claim is approved.
Aven maintains a contractual liability policy and administrative services agreement with Securian Financial. In the event of a Debt Protection claim, Securian would approve it and reimburse funds to Aven Financial.
In order to qualify, you must:
For a small monthly fee, you can protect yourself and your home for up to six months per occurrence of involuntary job loss. Aven makes no money from this offering - we offer it strictly for the benefit of any customers who are worried about potentially losing their home.
Please note, this product is only meant to help you manage your Aven card. Aven may still foreclose if the max monthly claim payment from debt protection is not sufficient to cover the minimum monthly payment due. Additionally, your first lien holder may still foreclose if you fall into default on mortgage payments.
