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HOME EQUITY LINE OF CREDIT (HELOC)

NOW AVAILABLE
NOW AVAILABLE
Introducing a
better way to borrow
Get faster, easier access to a
Home Equity Line of Credit

What would you do with a flexible line
of credit at a great low rate?

Intro rate for 6 months:
3.24%2
variable apR
then, rates As low as:
3.99%3
variable apR


Introductory rate for the first 6 months with auto pay and $30k minimum draw within 15 days of account opening (must maintain for 3 billing cycles). Offer ends Dec 31, 20202
After the introductory period, rates range from 3.99% - 10.35% Variable APR3 (rate includes 1.00% discount for auto pay).

Intro rate for 6 months:
3.24%2
variable apR
Introductory rate for the first 6 months with auto pay and $30k minimum draw within 15 days of account opening (must maintain for 3 billing cycles). Offer ends Dec 31, 20202

then, rates As low as:
3.99%3
variable apR
After the introductory period, rates range from 3.99% - 10.35% Variable APR3 (rate includes 1.00% discount for auto pay).

The Prosper Difference:
Apply for a HELOC in minutes

Experience the Prosper Difference - Apply for a HELOC in minutes

1
INSTANT OFFER
See your interest rate and credit limit instantly, with no impact on your score.
2
EASY APPLICATION
Finish your online application in minutes – from the comfort of home.
3
FLEXIBLE ACCESS TO YOUR MONEY
Use your line whenever you need it, and pay it off with flexible monthly payments.**

You can use a HELOC for a variety of things

Home Improvements

Home
Improvements

Debt Consolidation

Debt
Consolidation***

Major Purchases

Major
Purchases

Unexpected Expenses

Unexpected
Expenses

How a HELOC Works
Learn how a Home Equity Line of Credit is different
from other popular borrowing options
Learn how a Home Equity Line of Credit is different from other popular borrowing options

HELOC Calculator

How much home equity can you access?



HELOC Calculator

GET UP TO $300,000* WITH A HELOC


Enter some basic information to see how much equity you could tap into

This calculator is for illustration purposes only, additional terms and conditions may apply.
Get more with a HELOC
Access Low Rates

For a limited time, you can get as low as 3.24% introductory variable annual percentage rate (APR) for 6 months.2 After that, rates range from 3.99%-10.35% Variable APR3 (includes 1.00% discount with auto pay).

“Lock-In” Your Rate1

Love your current rate? “Lock it in.” Choose to borrow at a fixed (not variable) interest rate up to three times.

Enjoy Financial Flexibility

A HELOC puts you in charge with the flexibility to make interest-only payments**, use as needed, and pay everything off early.4

Bank-Paid Closing Costs4

Save thousands on closing costs when you open a Home Equity Line of Credit through Prosper.

Let’s keep in touch
Enter your email and zip code and we’ll reach out to you with important info and updates about Home Equity Lines of Credit

Frequently asked questions (FAQs)

  • What's a HELOC?
  • How is a HELOC through Prosper different?
  • What about variable rates?
  • How can I use my HELOC?
  • Is a HELOC secured or unsecured?
  • How is my equity calculated?
  • How is my max line calculated?
What's a HELOC?
A Home Equity Line of Credit (HELOC) is a line of credit you can access for a variety of things: debt consolidation***, home improvements, major purchases (appliances, cars, RVs, boats, etc.), and many other expenses.
It works much like a credit card. But, because it’s secured by your house, you may be able to access more money at lower interest rates than with a credit card or personal loan.
HELOCs also give you flexibility in your monthly payments. You can even make interest-only payments during the draw period (up to the first 10 years of your HELOC).**

How is a HELOC through Prosper different?
HELOCs typically involve a time-consuming application and verification process—including a hard credit pull that impacts your credit score just to see your offer.
We’ve streamlined and securely digitized that process, empowering you to get a HELOC in only a few weeks! Better yet, you can see your instant, personalized offer without affecting your credit score.

What about variable rates?
A HELOC through Prosper has a variable rate, meaning the interest you pay could increase or decrease. Changes to this rate are calculated by adding the margin identified in your credit agreement to the current prime rate (https://www.wsj.com/market-data/bonds).
During the draw period, you can make interest-only monthly payments with a minimum payment of $75. Paying more than the interest you owe will enable you to borrow additional money during the draw period. If you prefer a fixed rate HELOC option, during your draw period you can choose to "lock in" your rate up to three times.1
During the repayment period you'll pay down what you owe by making a monthly payment calculated using the interest rate in effect at the start of your repayment period. When rates decrease, less interest is due, so more of your monthly payment repays the principal balance. When rates increase, more interest is due, so less of your monthly payment repays the principal balance. In this case, you may need to make a single "balloon" payment to cover your unpaid balance in full at the end of your repayment period. For Texas HELOCS different rules apply: if the interest rate increases during your repayment period, then your monthly payment will also increase in order to repay your balance by the end of the repayment period.

How can I use my HELOC?
You can use your HELOC for a variety of things including home improvements, debt consolidation, to pay off your mortgage, major purchases (appliances, cars, RVs, boats, etc.), and even miscellaneous expenses.***

Is a HELOC secured or unsecured?
A HELOC is secured by your house. This means your home acts as collateral for your line of credit in case you are unable to make your monthly payments (similar to how your house is collateral for a mortgage).
Because your line of credit is secured, the APR you receive may be lower than unsecured loans or credit cards.

How is my equity calculated?
Home equity is calculated by subtracting the amount of money you still owe on your house from the total value of your home. For example, if your home is valued at $100,000 and you owe $40,000 on your mortgage, your current equity is $60,000.
$100,000 (Home Appraised Value) - $40,000 (Mortgage Balance Owed) = $60,000 (Current Equity).

How is my max line calculated?
The maximum line amount, or credit limit, on your HELOC is based on how much equity you have in your home, your creditworthiness, your debt-to-income ratio, and other factors.
You can borrow up to 85% (not applicable in Texas) the value of your home through Prosper when you get your HELOC. So, in this example (depending on your creditworthiness and debt-to-income ratio) you could qualify for a HELOC of $45,000.
$100,000
Appraised home value
How much your home is worth
x
85%
Percentage*
Borrow up to 85% of your home's value
$85,000
Percentage of appraised home value
85% of your home's value
-
$40,000
Remaining mortgage balance
Subtract how much you still owe on your home
$45,000
Potential credit limit
Amount you can borrow
Calculations are estimates only. Your available equity may vary.
*For Texas only: The maximum amount you can borrow is 80% of the value of your home.