How to Apply for a HELOC Online

Couple applies for a HELOC online

Plus 5 Benefits of an Online HELOC…

Ever wondered how to apply for a HELOC online? HELOC stands for a home equity line of credit, and it works much like a credit card with a credit limit based on the equity you’ve built up in your home and other information from your credit profile. A HELOC is secured by your home. A lender will approve you to borrow up to a certain amount (up to $1 million with an online HELOC through Prosper) depending on the equity you have in your home and your credit profile. As you pay back what you use, you can continue to borrow from your revolving line of credit.

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Applying for a HELOC online may be easier compared to the traditional HELOC application process. You can apply from the comfort of home and receive the funds directly into your bank account. This makes an online home equity line of credit the consumer-friendly option for homeowners looking to use the equity they’ve built up in their home for renovations, debt consolidation or any other purpose. 

5 Reasons to Apply for a HELOC Online through Prosper

There are many reasons why an online HELOC could be your best option when looking to utilize and access the equity in your home. Let’s look at some of the reasons to apply for a home equity line of credit online.

1. Applying Is Easy

An online application may be easier compared to traditional paperwork and an in-person trip to the bank. It can be completed in minutes, from wherever you are, simply by entering some of your financial information, such as your estimated home value and remaining mortgage balance.

2. See Your Offer Instantly

Applying for an online HELOC allows you to see your interest rate and credit limit instantly, without impacting your credit score because Prosper doesn’t use a ‘hard pull’ credit inquiry to check rates. The hard pull happens if you accept your offer.

3. Submit Your Documentation Electronically

Whereas a traditional HELOC may require physical paperwork to be submitted and signed, applying for an online home equity line of credit allows you to upload your documentation and sign electronically. 

4. Apply from Anywhere

Whether you’re still in bed, working at your desk or on vacation, you can apply for an online home equity line of credit from anywhere. There’s no need to drive to a bank branch or ever meet face to face with a lender, making an online HELOC a convenient way to access the equity you’ve built up in your home.

5. Speed to get money

Most HELOC providers will take weeks to months to complete your application and give access to your funds. With a HELOC through Prosper you can receive funds in as little as 11 days.1

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1 To get cash in as little as 11 days is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Spring EQ borrowers get their cash on average in 18 days. The time period calculation to get cash is based on the last 6 months of 2021 loan fundings, assumes the funds are wired, excludes weekends, and excludes the government-mandated 3-day right of rescission grace period.


Eligibility for a home equity loan or HELOC up to the maximum amount shown depends on the information provided in the home equity application. Depending on the lender, loans above $250,000 may require an in-home appraisal and title insurance. Depending on the lender, HELOC borrowers must take an initial draw of the greater of $50,000 or 50% of the total line amount at closing, except in Texas, where the minimum initial draw at closing is $60,000; subsequent HELOC draws are prohibited during the first 90 days following closing; after the first 90 days following closing, subsequent HELOC draws must be $1,000, or more, except in Texas, where the minimum subsequent draw amount is $4,000.

The amount of time it takes to get funds varies. It is measured from the time the lender receives all documents requested from the applicant and depends on the time it takes to verify information provided in the application. The time period calculation to get funds is based on the first 4 months of 2023 loan fundings, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period.

For Texas home equity products through Prosper, funds cannot be used to pay (in part or in full) non-homestead debt at account opening.

Depending on the lender, qualified home equity applicants may borrow up to 80% – 95% of their primary home’s value and up to 80% – 90% of the value of a second home. In Texas, qualified applicants may borrow up to 80% of their home’s value. HELoan applicants may borrow up to 85% of the value of an investment property (not available for HELOCs).

Home equity products through Prosper may not be available in all states.

All home equity products are underwritten and issued by Prosper’s Lending Partners. Please see your agreement for details.

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