Best HELOC Rates and Best HELOC Lenders in Illinois (2024)

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Updated: July 26, 2024

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The best home equity line of credit (HELOC) lender in Illinois is Lower. It offers HELOCs with rates between 8.75% and 13.5% and allows homeowners to borrow from $15,000 to $500,000 without annual fees. Lower caters to a broad spectrum of borrowers with a minimum credit score requirement of 580 and operates exclusively online. MoneyGeek weighed a host of elements to pinpoint the top lender, not solely focusing on costs.

MoneyGeek’s study revealed 14 HELOC lenders for Illinois homeowners. While even more lenders exist, not all were included in the review. Options such as Illinois Community Credit Union, U of I Community Credit Union and Illinois Bank and Trust present local HELOC possibilities with distinct features that could suit different homeowner needs.

Best HELOC Lenders in Illinois

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 Illinois 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 July 2024 and includes lenders that do business in Illinois.

14Lenders Analyzed

    Overall Best HELOC Lender in Delaware

  • 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 in Illinois, offering competitive features that serve varying homeowner needs. With an APR range of 8.75% to 13.5%, it caters to a broad spectrum of borrowers. The loan amount range extends from $15,000 to $500,000, providing flexibility for different equity amounts. To qualify, homeowners need a minimum credit score of 580, making it accessible to a wider audience. Plus, Lower ensures all the necessary information is clear and accessible on its website, supporting better-informed financial decisions for homeowners aiming to leverage the value of their homes.

    Pros

    • Accepts credit scores as low as 580
    • A+ rating from BBB
    • Provides personalized support after completion

    Cons

    • No rate discounts offered
    • Does not offer financial hardship assistance
    • Repayment period length not disclosed
    Lower

HELOC Rates in Illinois by Credit Score

Homeowners in Illinois can secure a home equity line of credit (HELOC) with rates tied to various factors. Even with good credit and a lower loan-to-value (LTV) ratio, your HELOC's APR could differ based on repayment terms. Look at the table to see rate variations against different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.39%
HELOC (15 year)APR7.39%
HELOC (20 year)APR7.39%

Where does this data come from?

When exploring HELOC options in Illinois, comparing APRs from various lenders can help you save money. A lower APR means smaller monthly payments and less paid over the loan's life. Taking time to research can lead to a more affordable borrowing experience, allowing you to leverage your home equity wisely.

HELOC Calculator: Do You Qualify in Illinois?

Illinois homeowners, you might have access to $95,000 in tappable home equity, says a TransUnion's report . If your equity is high, you may be able to borrow a larger sum. With an average credit score of 720 as cited by Experian, securing a HELOC could be feasible if yours is similar.

Eligibility for a HELOC in Illinois hinges on factors including equity and credit score among others. Use the HELOC calculator to determine eligibility by tweaking various variables, offering assistance in your HELOC hunt.

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 Illinois 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

    For cost-conscious homeowners in Illinois, Aven leads with attractive HELOC options. With APR rates ranging from 7.99% to 15.49%, no annual fees and a 0.25% discount for autopay, savings are clear. Aven's product offers an innovative solution, acting as a credit card backed by home equity, reporting as a HELOC to credit bureaus. These features suit those prioritizing affordability in their search for flexible credit access.

    Pros

    • Credit card backed by home equity
    • 2% unlimited cashback
    • No origination or annual fees

    Cons

    • Line limit only up to $250,000
    • Card takes 10 business days
    • One-time 2.5% cash-out fee
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender in Illinois 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 the go-to for homeowners with bad credit in Illinois seeking a HELOC. Bad credit doesn't shut the door on opportunity; it just shapes the terms differently. U.S. Bank sets a welcoming minimum credit score of 660 and offers an APR range between 8.95% and 13.1%. There's also money-saving potential with a 0.5% discount for autopay enrollment. The lower APR cap and discount can make payments more manageable. The BBB accredits U.S. Bank, though it currently has no rating.

    Pros

    • Offers a 0.5% autopay discount
    • Prequalify online capability
    • Interest-only payment option

    Cons

    • Must close in person at a bank branch
    • Charges an early closure fee of up to $500
    • $75 annual fee for account maintenance
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Illinois 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

    Bank of America leads in Illinois for homeowners seeking large HELOCs. Home upgrades and investment properties often require significant funds. Bank of America offers a maximum loan of $1 million and competitive introductory rates, ensuring ample borrowing power for big projects. A 10-year draw period followed by a 20-year repayment term allows for manageable monthly payments over time. Moreover, no annual fees reduce the overall cost of borrowing. Homeowners benefit from financial flexibility without unnecessary fees.

    Pros

    • Max loan amount $1 million
    • No fees for application, annual or closing
    • Financial hardship assistance offered

    Cons

    • Closing must be done in person
    • $450 early closure fee charged
    • Online applications start at $25,000
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Illinois 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 in Illinois for debt consolidation. With a HELOC, you can merge high-interest debts like credit card balances and personal loans into a single payment with lower interest rates. PNC Bank offers a minimum APR of 8.22% and a maximum of 14.5%, competitive rates that can reduce overall interest payments. Funds become available within three days of closing, and homeowners can access up to $1 million, ensuring enough capital to cover large debt amounts. Switching between variable and fixed rates and a 0.25% discount with autopay provides flexible payment options. With these features, PNC Bank helps Illinois homeowners efficiently manage their finances through debt consolidation.

    Pros

    • Switch between variable and fixed rates
    • Offers autopay rate reduction of 0.25%
    • Borrow up to $1 million

    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 Illinois

MoneyGeek has shared its top picks for HELOC lenders in Illinois. Yet, if you're keen to see what else is out there, the following strategies will guide you through finding a lender that fits your specific needs.

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    Define Your HELOC Goals

    You need a plan for your HELOC. In Illinois, whether it's for home renovations or consolidating debt, your goal affects the terms you seek. Lenders have different offerings, so a clear purpose guides you to the right match.

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    Research Lender Credibility

    Always check a lender's standing with the Better Business Bureau and Illinois Department of Financial and Professional Regulation. Reputable lenders have less risk for you as a borrower.

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    Compare Loan Details

    Don't rush. Take time to compare interest rates and fees. Look at loan features like closing costs and ensure you're getting a deal that suits your financial situation without unnecessary expenses.

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    Consider Community Standing

    A lender's local reputation can tell you a lot. Watch for awards and community recognition. Lenders who invest in the community often care about customer service and satisfaction too.

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    Evaluate Lender Flexibility

    Flexibility is key. Check if a lender allows interest-only payments or offers a fixed-rate HELOC option. Easy application processes and online prequalification are signs of a borrower-friendly institution.

FAQ: HELOC Lenders and Rates in Illinois

Navigating HELOC options in Illinois can feel complex. These frequently asked questions distill key details and lender comparisons, guiding you through selection with confidence and clarity to secure favorable terms for your financial landscape.

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

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

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

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