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

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Updated: July 7, 2024

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The best home equity line of credit (HELOC) lender in Indiana is Lower. It stands out due to its generous loan amount range that spans from $15,000 up to $500,000 paired with competitive APR offerings from 8.75% to 13.5%. The minimum credit score required to qualify is just 580, making it accessible to a broad segment of homeowners. It operates exclusively online, offering services to Indiana residents digitally. MoneyGeek considered multiple factors beyond cost to determine the best lender.

Indiana has 15 HELOC lenders reviewed for homeowners to consider. While these represent a selection, more lenders exist outside this group. Homeowners may also explore Indiana Members Credit Union, Purdue Federal Credit Union, and IU Credit Union, as these institutions potentially offer benefits unique to the state's residents.

Best HELOC Lenders in Indiana

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 Indiana 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 Indiana.

15Lenders Analyzed

    Overall Best HELOC Lender in Indiana

  • 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 best HELOC lender in Indiana offering a flexible choice for homeowners. It combines competitive APRs, ranging from 8.75% to 13.5%, with loan amounts from $15,000 to $500,000. You can apply with a credit score starting at 580, making it accessible to a wider range of borrowers. Its product requires no annual fee and achieves transparency, with clear information available on its website. By offering personalized support and approving low credit scores, it caters to the varied needs of Indiana homeowners looking to access their home equity.


    • No annual fee
    • Accepts credit scores from 580
    • Provides personalized support


    • No fixed-rate HELOC conversion
    • No rate discounts offered
    • Repayment period undisclosed

HELOC Rates in Indiana by Credit Score

Home equity line of credit (HELOC) APRs in Indiana can vary based on factors such as credit scores and the value of your home compared to what you owe (LTV Ratio). Even with good credit and an LTV at or below 80%, rates differ among lenders. The table shows how choosing various repayment terms can affect your HELOC rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.53%
HELOC (15 year)APR7.53%
HELOC (20 year)APR7.53%

Where does this data come from?

Comparing HELOC lenders in Indiana by their Annual Percentage Rates (APRs) can save you money over time. A lower APR means you'll pay less interest on the money you borrow, reducing the monthly payments and the overall cost of your loan. Careful comparison ensures you get the best deal for your home equity line of credit.

HELOC Calculator: Do You Qualify in Indiana?

HELOC eligibility in Indiana rides on factors including home equity and credit score. With high home equity, the chance to borrow increases. According to Experian data, the average credit score of Indiana is 713, which signals favorable HELOC prospects.

Use a HELOC calculator to play with different variables like credit and equity to gauge eligibility. It's a quick step for an informed search, supported by data from TransUnion's report

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
Eligible to Borrow
Loan-to-Value Ratio
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 Indiana 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 is the best HELOC lender in Indiana for homeowners seeking cost-efficiency. Homeowners can enjoy low minimum APRs from 7.99% and maximum APRs at 15.49%. Aven's product is a hybrid HELOC, working like a credit card backed by your home's equity, yet it's reported as a HELOC on credit reports. There are no annual fees, offering a clear advantage for budget-conscious borrowers. Additionally, a rate discount of 0.25% is available for enrolling in autopay, enhancing savings over time. With Aven, Indiana homeowners can access a cost-effective means to leverage their home's equity.


    • Credit card backed by home equity
    • 0.25% rate reduction with autopay


    • Limited line of up to $250,000
    • 2.5% fee for specific cashouts
    • Card delivery takes 10 days

How does MoneyGeek create this recommendation?

    Best HELOC Lender in Indiana 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

    If you're in Indiana and your credit's seen better days, snagging a HELOC might seem tough — but not with U.S. Bank. A lower credit threshold at 660, manageable APRs from 8.95% to 13.1% and a 0.5% autopay discount make it smoother to borrow against your home's value. U.S. Bank keeps the bar reachable with minimum lines at $15,000 and no closing costs. So, even with bad credit, Indiana homeowners can find flexibility and relief with this lender. Plus, U.S. Bank is BBB-accredited, adding a layer of trust to their offerings.


    • Offers a fixed-rate option
    • No closing costs
    • Allows for interest-only payments


    • Closing must be done in person
    • Early closure fee up to $500
    • Charges $75 annual fee
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?

    Best HELOC Lender in Indiana 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 is the best HELOC lender for homeowners in Indiana needing large loan amounts. HELOCs can fund home renovations or a college education without high upfront costs. This lender offers a high max loan amount of up to $1 million, paired with generous repayment terms — a 10-year draw period followed by a 20-year repayment period. Additionally, homeowners benefit from no annual fees which can ease financial pressure over the long term. With no application, annual or closing costs, and multiple discounts available, this lender provides a cost-effective solution for substantial borrowing needs.


    • Introductory rate (6.99%) first six months
    • No fees for application, annual or closing
    • Max loan $1 million in most areas


    • Closing must be done in-person.
    • Undisclosed HELOC minimum requirements.
    • Minimum online loan amount: $25,000.
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?

    Best HELOC Lender in Indiana 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 Indiana for debt consolidation. A HELOC can effectively pay off high-interest debts like credit cards or medical bills. Homeowners benefit from PNC's competitive rates, with a minimum APR of 8.22%, which is lower than many credit cards and personal loans. Fast access to funds, usually within three days of closing, makes it practical to consolidate debts quickly. With loan amounts up to $1 million, PNC accommodates larger balances. The range of advantages, including the option to switch between variable and fixed rates and a reduction on rates for autopay, make it a strong choice for managing debt.


    • Switch between fixed and variable rates
    • Borrow up to $1 million
    • Financial hardship assistance offered


    • Charges a $50 annual fee
    • Charges a late fee
    • Charges a fee for rate lock/unlock
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Indiana

MoneyGeek has spotlighted top HELOC lenders in Indiana tailored to various needs. These strategies will streamline your search, ensuring a smart choice in Indiana's competitive market.

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    Define Your HELOC Goals

    Before scouting for a HELOC lender in Indiana, know what you're funding. Whether for renovations or consolidating debt, this clarity guides you to lenders with suitable terms. For renovations, you may want a larger draw period; for debt consolidation, better interest rates could be the priority.

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    Vet Lender Credibility

    Trust is key. Check your prospective Indiana HELOC lender's reputation through the Better Business Bureau and the Indiana Department of Financial Institutions. These insights reveal their standing and history of customer satisfaction.

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    Compare Loan Details

    Don't just look at interest rates. In Indiana, assess all loan specifics like HELOC closing costs and payment options. A thorough comparison sheds light on which lender offers a financially savvy choice.

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    Gauge Community Standing

    A local lender's reputation can be a strong indicator of service quality. Awards and community recognition in Indiana can point to a lender focused on customer satisfaction. Seek local feedback for firsthand insights.

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    Check Lender Flexibility

    Flexibility can be a lifesaver. Indiana lenders may offer options like interest-only payments or converting variable rates to a fixed-rate HELOC. Prequalification online shows they value your time and ease.

FAQ: HELOC Lenders and Rates in Indiana

Diving right into your concerns, we've compiled a list of frequently asked questions to guide you through the selection process for a HELOC lender in Indiana. Their answers aim to clarify the key factors that affect your borrowing experience and financial health.

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