Best HELOC Lenders in Arkansas (October 2024)

Key Takeaways

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The best home equity line of credit (HELOC) lender in Arkansas is INTRUST Bank with a MoneyGeek score of 94 out of 100. Regions Bank is the runner-up, scoring 94 out of 100.

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The average HELOC limit in Arkansas is $78,161. How much you can borrow often depends on factors like your home's equity, mortgage balance and credit score.

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Comparing rates can help you find lenders that meet your needs. MoneyGeek compiled the best HELOC rates in Arkansas, updated weekly to assist you.

Overall Best HELOC Lender in Arkansas

Company logo for INTRUST Bank
INTRUST Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.00%
Draw Period10 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • No origination fee
  • No closing costs unless appraisal is necessary
CONS
  • No rate discounts
  • 15-year maximum repayment term
  • Requires property insurance

Runner-Up for Best HELOC Lender in Arkansas

Company logo for Regions Bank
Regions Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Offers 6.99% introductory APR for six months
  • Converts variable-rate balance to fixed via Loan-in-a-Line
  • Provides rate discount for automatic payments
CONS
  • $29 overlimit fee
  • $29 to $100 late fee
  • $100 Loan-in-a-Line conversion cost

Calculate Your Monthly Payment

The average HELOC balance in Arkansas for the third quarter of 2023 was $37,016, according to Experian. Calculating your HELOC payments is critical to managing this type of debt effectively. It helps you plan for adjustments in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much your payments go toward interest and principal over time.

Arkansas HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Repayment Period Payment

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Best HELOC Lender in Arkansas for Affordability

Company logo for Simmons Bank
Simmons Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.20%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Has a mobile app for account management
  • 24-hour telephone banking
CONS
  • Needs to apply in person
  • Very little information about HELOC on its website

Best HELOC Lender in Arkansas for Service Quality

Company logo for Baxter Credit Union
Baxter Credit Union
MoneyGeek Score:
99/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the National Credit Union Administration
  • Offers rate discounts of up to 0.50%
  • Has an online quote tool for exploring rates
CONS
  • No fixed-rate HELOC option
  • Very little information about HELOC on its website
  • Requires opening an account before applying

What You Can Use a HELOC for in Arkansas

Home equity lines of credit (HELOCs) are popular among Arkansas homeowners due to their flexibility and control over borrowing amounts and repayment timelines. Here's a look at where you can use a HELOC to maximize its benefits.

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    Home Improvements or Renovations

    A HELOC is perfect for home improvements, offering flexibility as costs change. It allows you to enhance your property without finalizing expenses upfront, making it a smart choice for dynamic renovation projects.

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    Consolidating High-Interest Debt

    The average 2023 consumer debt in Arkansas was $74,770. Using a HELOC for debt consolidation can simplify payments by merging multiple debts into one, potentially lowering interest rates.

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    Funding Education

    Using a HELOC for education expenses can be a smart choice. It can cover tuition, books and fees with potentially lower interest rates.

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    Investment Properties

    A HELOC can fund investment properties, providing capital for growth. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms and maximize your investment potential.

How to Apply for a HELOC in Arkansas

Understanding the steps to apply for a HELOC in Arkansas is key to making informed financial decisions. We've outlined this process in six steps below.

1
Review your financial health

Check your credit score, which affects your approval chances. The average credit score in Arkansas is 696, based on Experian data for the third quarter of 2023. A higher score may improve your approval odds. Also, review your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

2
Compare rates in Arkansas

Comparing rates from different lenders can help you secure the best HELOC deal. Also, consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.

3
Prepare required documentation

Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

4
Submit an application

When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. If your lender has a physical branch, you can also apply in person. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.

5
Undergo a home appraisal

Some lenders may require an appraisal to assess your property's current market value. An appraisal involves a professional evaluation of your home's worth, helping the lender determine the loan amount you qualify for.

6
Wait for approval and closing

The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in Arkansas

The average HELOC limit in Arkansas was $78,161 for the third quarter of 2023, according to Experian. The maximum amount you can borrow with a HELOC is usually tied to the equity you have in your home. Higher equity typically means a higher potential credit limit.

Check out the table below for the range of credit lines offered by Arkansas lenders in our database.

Great Southern BankFrom $6,000
INTRUST BankFrom $5,000
Regions Bank$10,000 to $500,000
Ask the experts:

What risks or potential downsides should homeowners consider when choosing a lender for a HELOC?

Credit & Mortgage Expert

When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.

FAQ: Best HELOC Lenders in Arkansas

Who is the best HELOC lender in Arkansas?
How to find the best HELOC lenders for bad credit in Arkansas?
What factors should I consider when choosing a HELOC lender in Arkansas?
What are common fees associated with HELOCs that I should compare in Arkansas?
What is the typical draw period for HELOCs, and does it vary between lenders in Arkansas?
How can I find a lender with flexible repayment options in Arkansas?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on the inclusion or exclusion of certain desirable features in various critical categories.

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We completed our analysis in October 2024 and considered different banks and credit unions in Arkansas from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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