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Get your flexible HELOC offer in minutes1

The simplest way to turn your home equity into flexible funds. See your interest rate and credit limit in minutes, with no impact on your credit score.
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Get approved for up to $500,000*
Flexible line of credit for any use***
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Turn your home equity into a flexible line—fast, simple, easy


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See your HELOC interest rate, credit limit and estimated monthly payment, with no impact on your credit score.

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Quick & easy online application

Customize your HELOC offer and finish your online application in minutes.


Fast access to your money

Quick closing and your HELOC funds accessible in as few as 11 days.**

A HELOC through Prosper is a flexible line of credit that uses up to 90%3 of your home equity to access up to $500,000* at a low rate.
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A flexible HELOC for what you need—any purpose***

From home improvements and major purchases to debt consolidation, family expenses, and everything in between.

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How a HELOC works

  • Home equity converted into a line of credit, secured by your home. Access up to 90%³ of your home’s value while keeping your existing mortgage.
  • Credit limit is based on a couple factors. Credit score, ownership type, combined-loan-to-value (CLTV) and debt-to-income (DTI) are all taken into account.
  • With a HELOC through Prosper, funds can be used for anything.*** Use as much as you need, when you need it.*
  • Interest-only monthly payment options.³ Plus, you can pay off your credit line early, with no prepayment penalty!

How much home equity can you tap into?

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Let’s give your home equity more time to grow—you’ll need $25,000+ in home equity to be eligible. In the meantime, a personal loan could be an option. Get my personal loan rate.

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See your home equity options side-by-side

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Common HELOC questions

This means your home acts as collateral for your line of credit in case you are unable to make your monthly payments. Because your line of credit is secured, the APR you receive may be lower than unsecured loans or credit cards.

You can use a HELOC 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. HELOCs 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)².

HELOCs can be used for all kinds of expenses, such as ongoing home improvements or other investments, or can even be used as an emergency needs fund. Because they're secured by your home, you may be able to access more money at lower interest rates than with a credit card or personal loan. Unlike with a HELoan, which is delivered as a single large lump sum up front, you only pay interest on what you draw from your HELOC, and you can even choose to make interest-only payments² for the first 10 years of your HELOC’s life.

Both HELOCs and HELoans are financing options that allow you to borrow against equity that you’ve built in your home, which can offer access to more money with lower interest rates than personal loans or credits cards can offer. HELOCs typically have variable APRs, which means their interest rates are based on the Prime Rate as published in the Wall Street Journal and are likely to change over time. HELoans typically have fixed APRs, which means a single interest rate is in effect for the life of the loan. This means your monthly payments are consistent, which makes it easier to make a budget—and stick to it.

For more information on the differences between a HELOC and a HELoan and how you might choose if one of them is the best option for you, visit Prosper’s popular blog article that breaks it all down: HELOC vs HELoan: What’s the difference?

Remember, you don’t pay interest on any HELOC funds you don’t borrow. Furthermore, you can choose to pay off your balance, accrued interest, and fees any time.

During a HELOC’s draw period, you can draw however much you need* up to your maximum credit line, repay it, and draw again. You can also choose to make interest-only monthly payments² and wait until the repayment period to repay the principal you borrowed.

What’s more, there’s usually no prepayment penalty for closing out a HELOC. One thing to bear in mind is that you only pay interest on the cash you borrow, so if you want you can pay your balance down to $0, you can keep the line open to use in the future if you need it at a later date.

HELOCs can be used for home improvements, debt consolidation, paying off a mortgage, major purchases (appliances, cars, RVs, boats, etc.), and even miscellaneous expenses.*** For more on these popular uses of HELOCs, see Prosper’s ebook, 4 Ways to Use a Home Equity Line of Credit.

Once the repayment period begins, you must start paying back any outstanding balance plus interest. Your repayment period can last up to 20 years², although there’s usually no penalty for paying off your HELOC early.