Best HELOC Rates and Lenders in South Dakota for 2024
Updated: April 19, 2024
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The best home equity line of credit (HELOC) lender in South Dakota is Lower. It offers online HELOC options with an APR range from 8.75% to 13.5%, ready to accommodate homeowners with diverse financial needs. Loans range from $15,000 to $500,000, suitable for a wide array of home projects or consolidating debts. MoneyGeek recognized its offerings after considering more than just cost, including factors like service, flexibility and accessibility.
MoneyGeek's research reveals 10 HELOC lenders in South Dakota. While other lenders are available, not all were evaluated in this study. Homeowners might find unique benefits with local lenders such as Black Hills Federal Credit Union, Aspen Federal Credit Union or Voyage Federal Credit Union, each providing distinct advantages for financial solutions in South Dakota.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the top choice for a HELOC lender in South Dakota. With APRs from 8.75% to 13.5% and loans ranging from $15,000 to $500,000, it suits different needs. It accepts credit scores starting at 580, allowing broader accessibility.
Personalized support is available post-application. Homeowners in South Dakota can find value in these offers, especially when looking to leverage home equity for financial flexibility. Lower's product works like a credit card but is reported as a HELOC to credit bureaus.
Pros
- No annual fee
- Credit scores from 580 accepted
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Overall Best HELOC Lender in South Dakota
HELOC Rates in South Dakota By Credit Score
For homeowners in South Dakota seeking a home equity line of credit (HELOC), the APR can be affected by multiple factors, including credit scores, and an LTV ratio below 80%. Lenders often vary their rates based on the chosen repayment terms. Use the table provided to compare how different parameters affect the rates offered.
When exploring HELOC options in South Dakota, comparing APRs is a smart move. Different lenders offer varied rates, directly impacting your monthly payments and the total interest you'll pay. Taking time to review these rates ensures you find a manageable and cost-effective borrowing solution, aligning with your financial goals.
HELOC Calculator: Do You Qualify in South Dakota?
A report by TransUnion notes that homeowners in South Dakota might access more funds through a HELOC if their home's equity is high. Meanwhile, the average credit score in the state, according to Experian, is 734. If your score is around this, you're likely in a solid position to obtain a HELOC.
Eligibility for a HELOC in South Dakota hinges on factors like equity and credit score. To navigate these variables, use the HELOC calculator below. It could streamline your HELOC hunt by estimating your potential borrowing power.
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
Aven is a top pick for homeowners in South Dakota looking to save costs on a HELOC. Aven's product acts like a credit card, but it's reported as a HELOC to credit bureaus. Its APR ranges from 7.99% to 15.49%, competitive rates that can boost affordability.
With no annual fees and the potential for a 0.25% rate discount when you choose autopay, savings are straightforward. These features create a cost-effective option for those wanting to manage their finances effectively.
Pros
- Credit card backed by home equity
- 2% unlimited cashback on purchases
- One-time fee of 2.5% for cash outs
Cons
- Line limit only up to $250,000
- 10-day wait for card arrival
- No financial hardship assistance
Best HELOC Lender in South Dakota for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the best HELOC lender for South Dakota homeowners with bad credit. A lower credit score won't necessarily stop you from getting a HELOC. U.S. Bank requires a minimum credit score of 660, offers rates from 8.95% to 13.1% and grants a 0.5% discount for autopay.
Home equity lines of credit at U.S. Bank start as low as $15,000, which can suit various borrowing needs. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Allows for interest-only payments
- Prequalify online
Cons
- Closing in-person required
- Early closure fee applies
- Annual fee charged
Best HELOC Lender in South Dakota for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is a solid choice for a HELOC in South Dakota if you need to borrow more for high-cost needs like home renovations or covering education expenses. Its product allows for loans up to $1 million, and offers a hybrid approach — like a credit card but reported as a HELOC on your credit reports.
You'll get a 10-year period to draw funds with a 20-year period to pay it back, giving you plenty of time to manage repayments without annual fees eating into your budget. No application fee, annual fee or closing costs apply, making it easier on your wallet. Plus, if times get tough, it offers assistance during financial hardship.
Pros
- Competitive introductory rate (6.99%) for six months
- Offers multiple discounts on loans
- Assistance available during financial hardship
Cons
- Closing must be done in person
- $450 early closure fee charged
- Minimum online loan is $25,000
Best HELOC Lender in South Dakota for Large Loans
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the top HELOC lender in South Dakota for debt consolidation. A HELOC can tackle high-interest credit cards and personal loans, often with lower interest rates.
The ideal lender offers swift fund access and a high loan limit to cover debts. U.S. Bank fulfills these needs with a minimum APR of 8.95%, a maximum of 13.1% and funds available in as soon as three business days. With loan amounts ranging from $15,000 to $750,000, homeowners can consolidate sizeable debts. U.S. Bank is accredited by the BBB.
Pros
- Allows prequalification online
- Offers fixed-rate option
- 0.5% autopay discount
Cons
- Closing must be done in person at a branch
- Charges an annual fee of $75
- Does not disclose customer service hours
Best HELOC Lender in South Dakota for Debt Consolidation
How to Choose a HELOC Lender in South Dakota
MoneyGeek has spotlighted the best HELOC lenders across South Dakota. But when you're ready to branch out, we've got practical guidance to navigate your choices.
FAQ: HELOC Lenders and Rates in South Dakota
Navigating HELOC options can seem complex. We've compiled frequently asked questions to simplify the process of finding the right HELOC lender in South Dakota.
A good HELOC rate in South Dakota is approximately 7%. These rates are for those with an LTV ratio of 80% or less and a credit score in the range of 680 to 740. Homeowners should be aware that rates can vary depending on individual creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in South Dakota due to its competitive APR range of 8.75% to 13.5%, loan amount range of $15,000 to $500,000 and minimum credit score requirement of 580, which makes it significant for homeowners in need of flexible options.
Yes, in South Dakota, you can still qualify for a HELOC even with bad credit. For example, U.S. Bank offers HELOC to people with credit scores as low as 660. When selecting a lender, consider factors like minimum credit score requirements, any discounts offered and the lender's highest possible APR.
Bank of America is the best for large loans in South Dakota, offering a loan amount range of $25,000 to $1,000,000. Homeowners may need large loan amounts for significant home renovation projects or to invest in real estate.
Yes, you can use a HELOC for debt consolidation. U.S. Bank, with its APR range of 8.95% to 13.1%, is a top pick for this purpose. When considering HELOC for debt consolidation, assess the APR range, time to receive funds and maximum loan amount.
To ensure you find the right HELOC lender in South Dakota for you, start by understanding your specific needs for the HELOC and your financial situation. This includes considering your purpose for the HELOC, such as home improvements or debt consolidation, and knowing your creditworthiness because different lenders cater to differing needs and profiles.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- South Dakota Department of Labor & Regulation. "Verify the License of a Financial Institution." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.