Home Equity Line of Credit

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.

$120,000 Credit limit

$1,025 Est. mo. payment²

Turn your home equity into a flexible line—fast, simple, easy

Get your rate in minutes

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.

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Fast access to your money

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

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A HELOC through Prosper is a flexible line of credit that uses up to 95%3 of your home equity to access up to $500,000* at a low rate.

What people are saying

image of five squares lined horizontally with a star inside each square, and 4 and one half squares are filled in green to indicate a 4.5 star overall rating
Net Promoter Score®
The ease of the process and great customer service made the process seamless. Very good experience.
Shannon from Florida
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Simplest, smoothest and quickest I’ve ever had! I literally can’t say enough positive things!'
Shereen from Colorado
Net Promoter Score®
Everything went well! Maybe a little more communication but overall easy process.
Shereen from Colorado
Net Promoter Score®
Consolidated all of my debt and had some extra cash for home improvements! Overall experience was great!
Ryan from Florida
Net Promoter Score®
I was informed of each step of the process and all the representatives were very responsive.
Carmen from Maryland

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

How much home equity can you tap into?

My property in is worth  and has an est. mortgage balance of , which gives me an est. $115,000 of home equity to tap into.
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.

See your home equity options side-by-side

Get your HELOC rate with no impact to your credit score

An experience backed by sound, secure technology

Common HELOC questions

Visit the Prosper Help Center for more answered 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.

Home equity is just the beginning. Prosper has smart, simple tools for borrowing, saving, and earning with products like personal loans, a credit card, and investing.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
*Eligibility for a home equity loan or HELOC up to $500,000 depends on the information provided in the home equity application. Loans above $250,000 require an in-home appraisal and title insurance. For HELOCs borrowers must take an initial draw of $50,000 at closing. 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 (not applicable in Texas).
**The time it takes to get cash 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 26 days. The time period calculation to get cash is based on the first 6 months of 2022 loan fundings, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications.
***Spring EQ cannot use a borrower’s home equity funds to pay (in part or in full) Spring EQ non-homestead debt at account opening. For HELOCs in Texas, the minimum draw amount is $4,000. To access HELOC funds, borrower must request convenience checks.

1This HELOC has a variable interest rate. The APR may change and will be based on the value of an index. The “Index Rate” will be the highest Prime Rate as published in the “Money Rates” table of The Wall Street Journal as of the first business day of the calendar month. To determine the initial rate, Spring EQ will add a “Margin” of 1.900 percentage point(s) to the value of the Index. The initial periodic rate which will be used to calculate the Finance Charge is the Daily Periodic Rate of 0.0286% and the corresponding APR of 10.438%. The APR includes interest and closing costs. The APR will increase or decrease if the Index Rate increases or decreases. An Index Rate increase will result in a higher finance charge, and it may have the effect of increasing your monthly minimum payment. A decrease in the Index Rate will have the opposite effect to an increase. During the term of the HELOC, the APR will not go below 2.99% and will not exceed 18% or the maximum APR allowed by applicable law, whichever is less. Interest rates may be adjusted based on factors specific to each applicant, including but not limited to, the applicant’s credit profile, income and debt ratios, the presence of existing liens against and the location of the subject property, the occupancy status of the subject property, as well as the initial draw amount taken at the time of closing. Speak to a Prosper Agent for details.

2HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs. Spring EQ will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.

3Qualified applicants may borrow up to 95% of their primary home’s value (not applicable in Texas) and up to 85% of the value of a second home. Home equity loan applicants may borrow up to 70% of the value of an investment property (not applicable for HELOCs). For Texas HELOCs, applicants may borrow up to 80% of their home’s value.

48.849% rate featured is for a fixed-rate Home Equity Loan. Example: For a $60,000 Loan, rate and APR can vary from 8.849% rate (9.152% APR) to 14.25% (14.627% APR). Subject to an origination fee up to $1,195 (except in certain states, where it may not be applicable). Interest rates may be adjusted based on factors related to the applicant’s credit profile, income and debt ratios, the presence of existing liens against and the location of the subject property, the occupancy status of the subject property, as well as the initial draw amount taken at the time of closing. Speak to a Prosper Agent for details.
Home equity products through Prosper may not be available in all states. Please carefully review your home equity credit agreement for more information.
All home equity products are underwritten and issued by Spring EQ, LLC, an Equal Housing Lender. NMLS #1464945.
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