Applying for a HELOC has traditionally been a cumbersome process involving a lot of paperwork, long wait times, and trips to the bank. That’s why Prosper partnered with Spring EQ to create a digital HELOC experience. A HELOC through Prosper lets consumers complete their application online in minutes in order to receive an instant offer. The digital platform saves customers weeks compared to the traditional application process. It offers HELOC consumers access to competitive rates and other benefits like bank-paid closing costs, interest-only payments, and flexibility to use the funds.
Prosper’s digital HELOC was introduced in 2019 and since then has been available to residents in Texas, Alabama, New Mexico, Florida, Colorado, and Arizona. Now, we’re pleased to announce that the Prosper digital HELOC product is available to homeowners in California as well. This provides California residents the opportunity to take advantage of a HELOC’s flexibility and access to low rates as another option over a cash-out refinance or home equity loan.
Homeowners with mortgages, representing about 63% of all properties, saw their equity increase by 10.8% in 2021. The increase in equity provides homeowners more borrowing options for home improvement projects or to finance non-emergency expenses, such as debt consolidation, paying for education, taking a vacation, or paying for a large purchase.
Key benefits of the Prosper HELOC platform include:
- An online application that can be completed in minutes with instant offers and information about rates
- Competitive rates offered by Spring EQ
- Flexible monthly payments and the opportunity to access a line of credit in weeks versus the months it traditionally takes
- Access to a dedicated client services team that can help users get immediate answers to their questions and understand the benefits of getting a HELOC
- Confidence in having a HELOC originated and serviced by a reputable lender like Spring EQ
Ready to get started? Check your rate with Prosper.