• Taylor got an offer!

$120,000 Loan amount

$950 Monthly payment

Home Equity Loan

Home equity loan rates as low as 9.152%4 APR

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

Lock in your fixed rate to turn your home equity into cash—fast

Get your fixed rate in minutes

See your home equity loan rate and maximum loan amount, with no impact to your credit score.

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1

Quick & easy online application

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

2

Fast access to your money

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

3

What’s a home equity loan?

Looking for a home equity line of credit (HELOC)?

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.

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What people are saying

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Net Promoter Score®
The home equity loan process could not have gone more smoothly. The entire team was knowledgeable, responsible.
Robert from Arizona
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Great application and closing experience! The application process was very easy.
David from Florida
Net Promoter Score®
The loan officer and customer advocate did a good job answering my questions in a timely manner.
Steven from Florida
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Outstanding to work with. Easy customer interface on webpage. Friendly. Very prompt in all aspects. Just terrific customer service.
Charles from California
Net Promoter Score®
Easiest loan I have ever done. Closed in 2 weeks. Streamlined process. Great rates.
Omar from California

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 95%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?

My property in is worth  and has an est. mortgage balance of , which gives me an est. $110,000 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.
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Home equity loan resources

See more home equity content
Blog · 3min read

Home improvements to increase value

Here’s a look at eight opportunities to use HELOC home improvement funds with the ultimate goal of...
Read more
Blog · 6min read

Wondering how much home equity you have?

We offer a free home equity calculator to make it quick and easy for you to estimate the equity in...
Read more
Blog · 3min read

Refinancing your mortgage at the right time

For many homeowners, low-interest rates mean one thing: it’s time to think about refinancing your...
Read more

See your home equity options side-by-side

Compare HELOC & HELoan
Explore home equity lines of credit

Get your HELoan rate with no impact to your credit score

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An experience backed by sound, secure technology

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Common HELoan questions

Visit the Prosper Help Center for more answered 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?

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).

How can we help you prosper?

We’ve got your back, every step of the way.

Call us at (800) 954-2172

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Prosper help center

Answers to home equity questions, from your application to payments.

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.

About Prosper
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.
Prosper Marketplace, Inc. NMLS# 111473
Licensing & Disclosures | NMLS Consumer Access