Best HELOC Rates and Lenders in Arkansas (2024)
Updated: April 24, 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.
- 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
Overall Best HELOC Lender in Arkansas
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.
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?
Recently, a TransUnion report indicated that the total tappable equity in Arkansas homeowners' properties is not available. High home equity allows for larger borrowing potential. The average credit score in Arkansas, as reported by Experian, is 696, suggesting that residents with similar scores may have favorable chances of obtaining a HELOC.
Securing a HELOC in Arkansas depends on multiple variables, including equity in your property and your credit standing. For a personalized look into your options, leverage the HELOC calculator. This nifty tool enables you to adjust various factors to gauge potential eligibility, steering your HELOC search in the right direction.
- 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
Best HELOC Lender in Arkansas 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 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.
Best HELOC Lender in Arkansas 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
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.
Best HELOC Lender in Arkansas for Large Loans
- 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
Best HELOC Lender in Arkansas 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.
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.
A good HELOC rate in Arkansas is typically around 7%. This rate generally applies to those with an LTV ratio of 80% or lower and a credit score ranging from 680 to 740. However, individual rates may vary depending on your creditworthiness and the lender you choose.
Lower is recognized as the best overall HELOC lender in Arkansas. It offers APRs from 8.75% to 13.5%, accommodating borrowers with credit scores as low as 580. The loan amount range is $15,000 to $500,000, making it significant for many homeowners' needs.
Yes, homeowners with bad credit can still qualify for a HELOC in Arkansas. U.S. Bank, for example, offers HELOCs to those with credit scores as low as 660. Important considerations include the lender's minimum credit score requirements, available discounts and the maximum APR you might incur.
For large loans in Arkansas, Bank of America is the top pick, offering loan amounts up to $1 million This can be essential for significant expenses like extensive home renovations, where costs can rapidly accumulate. Learn more about using a HELOC for large-scale home renovation.
For debt consolidation, PNC Bank is outstanding, with APRs ranging from 8.22% to 14.5%. They gear to provide funds swiftly within as few as three days, favorable for those aiming to manage their debts promptly.
To find the right HELOC lender in Arkansas, understand what you intend to use the HELOC for and know your financial standing. Lenders offer different terms, rates, and benefits, so your particular needs and priorities will dictate which lender is the best match for you.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 20, 2024.
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 20, 2024.
- Arkansas State Bank Department. "Financial Institutions in Arkansas." Accessed April 20, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 20, 2024.