Super Easy & Fast Home Equity Credit Cards - with Cash advance

[Sadi K.]

I was looking for some feedback / discussion about a new financial product that I was building and thought this community would have some interesting thoughts & feedback !

We (Aven.com) are building a new credit card - secured by home-equity - making it as simple to use as a credit card, but low rates like a home equity loan/line and no origination, applications fees/costs and super fast underwriting. We've invented a process to approve you in <15 minutes, and get you the card in hand activated within 3-4 days (including notarization signatures, disclosures etc.)  

Our basic card has an APR of 5.9 to 9.99% APR for line sizes from $5K to $35K. We can go up to 80% CLTV of the home with income verification (ie W2/cash-flows in your bank account with Plaid). No origination fees, no application fees, no balance transfer fees (ie if you have CC debt etc.), and no cash-advance fees (and at the same as your regular APR)

Our premium card will be a $20/month subscription - but you will get lower APRs starting at 4.49% , 1.5% cash-back on all purchases, and line sizes that go up-to $100k. No rewards on cash-advance, but again, same low APR if you want the cash (vs. buy something at a visa/mastercard merchant)

Our qualifications would be start at folks at 650 Fico ranges, and incomes of >60-70K/yr

Would love to get your feedback on what we're building - feel free to comment below / DM me on thoughts/questions/interest etc!

Thank you !

PS - if you are a contractor - would love to know how you think about our product as a recommendation vs. a GreenSky loan for folks you are working with ?