Best HELOC Rates and Lenders in Rhode Island (2024)

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byJlyne Ubina
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Updated: April 23, 2024

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The best home equity line of credit (HELOC) lender in Rhode Island is Lower, offering a valuable option for homeowners looking to leverage their home equity. With rates between 8.75% to 13.5% and loans ranging from $15,000 to $500,000, it caters to a wide array of borrowing needs. Available exclusively online, it requires a minimum credit score of 580, making it accessible to a broader audience. MoneyGeek recognized this lender after considering various elements beyond just the cost.

Rhode Island has 13 known HELOC lenders that MoneyGeek included in its research. Not every lender active in the state was part of this analysis, and homeowners could find more choices. Options such as Rhode Island Credit Union, Westerly Community Credit Union and Coastal1 Credit Union offer localized services that might suit individual homeowner needs.

A Summary of the Best HELOC Lenders in Rhode Island

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


    Best HELOC Lender Overall

  • 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 pick for HELOC lenders in Rhode Island, offering competitive features for homeowners. Lower presents an APR range of 8.75% to 13.5%, allowing a broad spectrum of borrowers to potentially secure financing. Loan amounts from $15,000 to $500,000 give flexibility, and the minimum credit score requirement of 580 welcomes a wider customer base. Plus, with no annual fee and a commitment to transparency, information is readily accessible. For Rhode Islanders, these features make tapping into home equity straightforward.


    • Accepts low credit scores from 580
    • Personalized post-completion support
    • Minimum loan amount of $15,000


    • No rate discounts offered
    • No fixed-rate conversion
    • Unclear repayment period length

HELOC Rates in Rhode Island by Credit Score

Your HELOC APR in Rhode Island may fluctuate due to credit scores, LTV ratios and chosen repayment terms. Even with exemplary credit and an LTV ratio at or below 80%, lenders might offer varied rates. Review the table to observe how differing parameters impact your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower

When searching for a HELOC in Rhode Island, comparing APRs from various lenders can save you money. Lower APRs mean less interest paid over time, leading to potential savings. Careful comparison ensures you get a deal that best suits your financial situation, for a smoother borrowing experience.

HELOC Calculator: Do You Qualify in Rhode Island?

Home equity in Rhode Island presents exciting prospects, as indicated by TransUnion's report. Homeowners with significant equity might have the opportunity to borrow more through a HELOC. Additionally, the average credit score in Rhode Island is 722, according to Experian. If your score is around this average, your chances of securing a HELOC are promising.

Eligibility for a HELOC isn't limited to home equity and credit score, but these are prime factors. By using the HELOC calculator below, you can gauge your likelihood to qualify. This tool’s insights streamline the search for an ideal HELOC lender in Rhode Island.


    Best HELOC Lender 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 a top choice for Rhode Island homeowners seeking HELOCs with a cost-saving edge. With Aven, you access lower rates ranging from 7.99% to 15.49%, a perk for those conscious about their budget. Notably, Aven's product is a hybrid HELOC, acting like a credit card but securing your home's equity. This option could potentially save you money, thanks to no annual or origination fees and a lack of prepayment penalties. Furthermore, a 0.25% rate discount is available for using autopay, streamlining your payments and reducing your rate simultaneously.


    • Earns you 2% unlimited cash back for purchases
    • Allows you to cash out directly to your bank
    • 0.25% rate reduction for autopay


    • Line limit up to $250,000 only
    • One-time 2.5% cash-out fee
    • 10-day card delivery time

    Best HELOC Lender 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

    In Rhode Island, homeowners with less-than-perfect credit still have options. U.S. Bank provides a HELOC with a low minimum credit score of 660. With APRs ranging from 8.95% to 13.1%, the potential for a rate discount of 0.5% through autopay is on the table. This lender's product stands as a sensible choice, featuring no closing costs and the possibility of interest-only payments. Plus, with a line as low as $15,000, Rhode Islanders have a flexible starting point. U.S. Bank is accredited by the BBB, though it currently does not have a rating.


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


    • Closing in-person required
    • $75 annual fee charged
    • No financial hardship assistance
    U.S. Bank

    Best HELOC Lender 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 top HELOC lender for Rhode Island homeowners seeking substantial loan amounts. With a HELOC, you can fund high-cost needs like home renovations or cover education expenses. Key features include a maximum loan amount of $1 million and a repayment period of 20 years after a 10-year draw period, offering a long horizon to manage borrowed funds. Moreover, it charges no annual fee, adding to your savings over time. Bank of America's offering includes competitive introductory rates, multiple discounts and no closing costs.


    • Maximum loan amount of $1 million
    • No fees for application, annual and closing
    • Discounts available


    • Closing must be in person
    • Undisclosed HELOC requirements
    • $450 early closure fee
    Bank of America

    Best HELOC Lender 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 Rhode Island for debt consolidation. A HELOC is an option to consolidate credit card and auto loan debt. Look for a lender with lower interests than your debts, quick fund access and a high loan limit. PNC offers a loan range of $10,000 to $1 million with a three-day fund access post-closing. With rates from 8.22% to 14.5% and the option to switch between fixed and variable rates, it fits these needs. Plus, PNC reimburses certain fees, adding to the savings for homeowners.


    • Switch between variable and fixed rates
    • Borrow up to $1 million
    • Offers financial hardship assistance


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

How to Choose a HELOC Lender in Rhode Island

MoneyGeek has shared its top HELOC lenders for Rhode Island homeowners. Yet, if you’re looking to broaden your horizons, following these strategies will streamline your hunt for the right lender to fit your unique financial needs.


FAQ: HELOC Lenders and Rates in Rhode Island

Navigating the HELOC landscape in Rhode Island can seem daunting, but it doesn't have to be. The answers to these frequently asked questions offer clear guidance, aiding borrowers in understanding their options and making informed decisions on the most suitable lender for their needs.

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

Better Business Bureau. "Get Consumer Help." Accessed April 11, 2024.

Experian. "What Is the Average Credit Score in the US?." Accessed April 11, 2024.

Rhode Island Department of Business Regulation. "Lookup a License or Registration." Accessed April 11, 2024.

TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 11, 2024.