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$120,000 Loan amount
$950 Monthly payment
Get fast access to your funds, with terms from 5–30 years. Check your fixed interest rate and credit limit in minutes, with no impact on your credit score.
See your home equity loan rate and maximum loan amount, with no impact to your credit score.
Customize your HELoan offer and finish your online application in minutes.
Quick closing and your HELoan funds accessible in as few as 11 days.
A home equity loan through Prosper uses up to 95%3 of your home equity to access up to $249k* at a low, fixed rate with 5–30 year term options.
From home improvements and major purchases to debt consolidation, family expenses, and everything in between.
Visit the Prosper Help Center for more answered questions
Lenders will determine how much you may borrow by considering the amount of equity in your home, your credit score, and your debt to income ratio. A HELoan is disbursed in one lump sum, and you’ll make fixed monthly payments for the duration of your loan.
A HELOC is a revolving line of credit that lets you draw against your credit limit as you need to access funds*. Like a credit card, you can borrow and repay up to the credit limit during the draw period. On the other hand, a HELoan is paid out in a one-time disbursement, and you’ll start repaying on the full balance immediately through fixed monthly payments. Ultimately, a HELOC is more flexible while a HELoan is more structured.
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?
The fact that it’s secured by your home allows you to access a larger total amount at a lower interest rate—and unlike a HELOC, which typically carries a variable interest rate, a HELoan usually comes with a fixed interest rate. This means zero surprises when it comes to your monthly payments, and no temptation to spend beyond your budget.
In general, the longer the term, the lower the monthly payment. On the other hand, shorter terms typically come with lower annual percentage rates (APRs).
We’ve got your back, every step of the way.
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.
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.
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.