Last month, Home Equity Line of Credit (HELOC) offers launched on the Even platform as an additional product offering within the loans marketplace. HELOCs have been in high demand, with volume increasing by 31% year over year, and the number of originations increasing to 1.2 million in the fourth quarter of 2021 alone according to a recent TransUnion report.
What exactly are HELOCs?
HELOCs are credit products allowing consumers to borrow money against the equity they have in their home. Consumers can then choose to spend from that credit line or not, according to their financial situation and changing needs. HELOCs are a great option for consumers looking to pay off or consolidate debt, or taking on high-cost projects, like home improvement.
How does HELOC work on the Even platform?
With Even, your consumers can access multiple HELOC offers, along with other loan products, from a marketplace of top providers by completing one simple step-by-step form, with zero impact on their credit score.
What are the benefits?
For consumers, HELOCs are a great financial tool to tap into the equity that they’ve built up in their homes. Depending on the home’s value, a HELOC can often give consumers access to significantly more borrowing power, at a much lower interest rate.
For companies, HELOCs are a great way to diversify your product offerings. During the pandemic, nearly 75% of Americans started home renovation projects, creating a need for high-value borrowing power. Offering HELOC products to your consumers through a single search feature can address this need while also increasing your monetization, consumer engagement and lifetime value.. By surfacing high-dollar loan offers, companies can increase the amount of funds consumers can access to offset the cost of these projects, or even just help them consolidate their high interest debt.
Interested in adding HELOCs to your business, or learning more about HELOC products in general? Reach out to us today.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.
credit facilitated via our platform
consumer inquiries quarterly