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Home equity loan rates as low as9.547%4APR

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.
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Lock in your low, fixed rate
Get approved for up to $249k*
Funding in one lump sum for any use***

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Quick & easy online application

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


Fast access to your money

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

A home equity loan through Prosper uses up to 90%3 of your home equity to access up to $249k* at a low, fixed rate with 5–30 year term options.
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A home equity loan 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 home equity loan works

  • Home equity converted into a loan, secured by your home. Access up to 90%³ of your home’s value while keeping your existing mortgage.
  • Maximum loan amount is based on a couple factors. Credit score, ownership type, combined-loan-to-value (CLTV) and debt-to-income (DTI) ratio are all taken into account.
  • Lock in your fixed rate, lock in your monthly payments. A fixed rate comes with steady payments for the life of the loan.
  • No prepayment penalty—you can pay off your loan early, simple as that.

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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Common HELoan questions

It’s a bit like a second mortgage: you’ll start repaying it immediately through fixed monthly payments. HELoans are secured by your house. This allows you to access larger sums of money at lower rates.

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?

Is home equity loan interest tax deductible?

In some cases, home equity loan interest may be deductible, but it’s critical to note that this is a complex issue, so you should talk to a tax professional and check with IRS guidelines before making a decision.

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).