Best HELOC Rates and Best HELOC Lenders in Arkansas (September 2024)

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Updated: October 3, 2024

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The best home equity line of credit (HELOC) lender in Arkansas is Lower. It offers competitive rates with an APR range of 8.75% to 13.5% and flexibility in choosing a loan amount between $15,000 and $500,000 to fit various homeowner needs. With a low minimum credit score requirement of 580 and no annual fees, it provides broad accessibility for homeowners across the state, exclusively online.

MoneyGeek's analysis included 13 HELOC lenders. While this list is comprehensive, additional lenders in Arkansas offer HELOC options. Arkansas Federal Credit Union, United Federal Credit Union and First Arkansas Bank and Trust present unique benefits that could be well-suited for homeowners’ different needs.

Best HELOC Lenders in Arkansas

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated Arkansas HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in September 2024 and includes lenders that do business in Arkansas.

13Lenders Analyzed

    Overall Best HELOC Lender in Arkansas

  • 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 HELOC lender for homeowners in Arkansas. With an APR range of 8.75% to 13.5%, it offers flexible cost options to borrowers. Its minimum credit score requirement of 580 makes it accessible to a wider range of homeowners. You can borrow between $15,000 and $500,000, providing versatility in financing various projects. Full transparency ensures you can easily find details about its offerings online. Lower's commitment to straightforward, supportive lending practices after you apply online helps simplify the borrowing process for tapping into your home equity.

    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
    Lower

HELOC Rates in Arkansas by Credit Score

When considering a home equity line of credit (HELOC), your APR is shaped by various elements. Arkansas borrowers with solid credit and a loan-to-value ( LTV) ratio under 80% will still encounter differing rates based on repayment terms. Refer to the given table to observe rate adjustments with varying parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.82%
HELOC (15 year)APR6.82%
HELOC (20 year)APR6.82%

Where does this data come from?

Comparing APRs is a smart move. The APR reflects your loan's true cost, including interest and fees. Lower APRs can mean less money paid over the life of the loan, giving you a smoother, more affordable borrowing experience. Don't rush; a good APR comparison can save you cash.

HELOC Calculator: Do You Qualify in Arkansas?

In Arkansas, the average credit score sits at 696, as detailed by Experian. This figure suggests that if your own score hovers around this mark, you stand a solid chance to qualify for a Home Equity Line of Credit (HELOC).

Eligibility for a HELOC in Arkansas isn't just about your creditworthiness or available home equity; it considers a mix of factors. To navigate these aspects and assess your potential, tap into the HELOC calculator—it's a dynamic resource to guide your HELOC pursuit.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Arkansas for Affordability

  • 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 in Arkansas makes sense for homeowners looking for cost-efficiency. With APRs ranging from 7.99% to 15.49% and no annual fees, it streamlines your expenses. You benefit from a 0.25% rate discount with autopay. Aven's product works like a credit card backed by your home's equity but is reported as a HELOC to credit bureaus. The lack of fees for origination, annual maintenance or early closure, paired with cashback offers and easy access to funds, creates a favorable opportunity for a home equity line of credit seekers in Arkansas.

    Pros

    • Provides credit card backed by home equity
    • 0.25% rate reduction for autopay
    • No origination, annual fees or prepayment penalty

    Cons

    • Line limit only up to $250,000
    • 10-day wait for card delivery
    • Financial hardship assistance not offered
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender in Arkansas for Bad Credit

  • 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 a solid HELOC lender for Arkansas homeowners with bad credit. Even with a lower credit score minimum of 660, getting a HELOC is within reach. It offers a maximum APR range from 8.95% to 13.1%, which is competitive for individuals with poor credit. Additionally, U.S. Bank's 0.5% discount for setting up autopay can ease the interest burden. With no closing costs and the chance for interest-only payments during the draw period, it supports more manageable financial planning. Home equity line amounts start at $15,000, providing a flexible option for various needs. U.S. Bank is BBB accredited, though it currently has no rating.

    Pros

    • Offers a 0.5% autopay discount
    • Fixed-rate option available
    • Prequalify online facility

    Cons

    • Closing must be done in person.
    • Charges annual fee of $75.
    • Undisclosed customer service hours.
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Arkansas for Large Loans

  • 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

    In Arkansas, Bank of America is the top pick for homeowners needing to borrow substantial sums. HELOCs help fund projects like home renovations and cover educational expenses. With Bank of America, the maximum loan amount reaches up to $1 million, allowing flexibility for significant financing needs. Moreover, the benefits include a 10-year draw period followed by a 20-year repayment period, giving borrowers enough time to manage their finances effectively. Plus, there are no annual fees, application fees or closing costs, easing the financial burden over the loan's lifetime. Additionally, it offers assistance if faced with tough times, demonstrating its commitment to customer support.

    Pros

    • No application, annual or closing costs
    • Financial hardship assistance available
    • Competitive introductory rate (6.99% for six months)

    Cons

    • Closing must be done in person.
    • Charges a $450 early closure fee.
    • Minimum online loan is $25,000.
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Arkansas for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the best HELOC lender for homeowners in Arkansas looking to consolidate high-interest debt like credit card bills or personal loans. It has competitive APRs ranging from 8.22% to 14.5%, which can be lower than many other debts. PNC Bank gives homeowners quick access to funds, usually within three days after closing. It also offers up to $1 million in loan amounts, allowing you to cover large balances. It also features variable and fixed rates, a $50 annual fee and customer service available on weekends. Hardship assistance is available, demonstrating PNC's commitment to support you when needed.

    Pros

    • Switch between variable and fixed rates
    • Borrow up to $1 million
    • Online application progress tracker

    Cons

    • Charges a $50 annual fee
    • Charges a late fee
    • Does not disclose most information
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Arkansas

MoneyGeek has showcased the top HELOC lenders in Arkansas. However, if you're considering other lenders, the following strategies will guide your selection process, ensuring a fit tailored to your financial needs and goals.

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    Define Your HELOC Goals

    Identify how you'll use your HELOC in Arkansas to find a lender who caters to your needs. For renovations, lenders may offer special terms. Similarly, debt consolidation might have different conditions. Clarify your goal to streamline your search.

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    Investigate Lender Credibility

    Always check a lender’s standing with the Better Business Bureau and the Arkansas State Bank Department. Consistent regulation compliance and positive BBB ratings help in making an informed choice.

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    Compare Loan Features

    Explore different lender offers beyond rates. Scrutinize fee structures and understand HELOC closing costs. Doing so avoids unexpected expenses and discovers terms best suited to your situation in Arkansas.

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    Check Community Standing

    A lender’s reputation in the Arkansas community, proven by local accolades, signals their service quality. Consider local opinion to gauge lender's commitment to assisting homeowners.

    loanReview icon

    Assess Lender Flexibility

    Seek out lenders offering adaptability like interest-only payments or converting HELOCs with variable rates to a fixed-rate HELOC. Easy application processes and online prequalification are also beneficial features.

FAQ: HELOC Lenders and Rates in Arkansas

Navigating the HELOC landscape in Arkansas can feel daunting. The following questions offer insights to equip borrowers with the understanding needed to find a lender that aligns with their financial goals and circumstances. From evaluating rates to understanding terms, this guidance simplifies the selection process.

What’s a good HELOC rate in Arkansas? What are the best HELOC rates in Little Rock?
Which HELOC lender is best overall in Arkansas?
Can I still qualify for a HELOC in Arkansas if I have bad credit?
Which HELOC lender in Arkansas is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Arkansas for me?

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