Best HELOC Rates and Lenders in South Carolina for 2024

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byLukas Velunta
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Updated: April 23, 2024

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The best home equity line of credit (HELOC) lender in South Carolina is Lower. It serves homeowners through an online platform, offering flexible home equity lines of credit. MoneyGeek considered a variety of factors to determine the best lender, not just cost.

Lower was chosen because its APR range from 8.75% to 13.5% adapts to different financial circumstances. It provides loans between $15,000 to $500,000 without annual fees, making it accessible for a broad spectrum of homeowners with credit scores starting at 580.

MoneyGeek included 15 lenders in its analysis of South Carolina HELOC providers. While the study was comprehensive, other lenders are available in the state. Local options such as Piedmont Advantage Credit Union, South Carolina Federal Credit Union and AllSouth Federal Credit Union offer unique HELOCs that might suit your needs.

Best HELOC Lenders in South Carolina

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: Lower

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

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    Overall Best HELOC Lender in South Carolina

  • 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 homeowners in South Carolina looking for a HELOC. It offers competitive APRs ranging from 8.75% to 13.5% and a maximum loan amount of up to $500,000. Homeowners with a credit score of at least 580 can apply, making it more accessible to a broader audience.

    Lower's no annual fees and an A+ BBB rating demonstrate transparency and reliability. By choosing this lender, homeowners can tap into their home equity with confidence, aided by personalized support to navigate their financing needs.

    Pros

    • No annual fee
    • Minimum loan amount is $15,000
    • Accepts credit scores as low as 580

    Cons

    • No option for fixed-rate HELOC conversion
    • No rate discounts available
    • Repayment period details undisclosed
    Lower
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HELOC Rates in South Carolina By Credit Score

If you're a homeowner in South Carolina, your home equity line of credit (HELOC) APR could vary due to factors like credit score and LTV ratio. Even with a strong score and an LTV of 80% or less, rates differ based on repayment terms. Use the table to see how your rate adjusts with different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
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When seeking a HELOC in South Carolina, comparing APRs from various lenders can lead to lower interest payments and savings over the loan's life. Differences in rates affect monthly payments and the overall cost of borrowing, making it a smart financial move to shop around for the best deal.

HELOC Calculator: Do You Qualify in South Carolina?

In South Carolina, homeowners can explore how much they might borrow with a HELOC by understanding their home equity. A study by TransUnion shows the total tappable equity in the state. High home equity means more borrowing potential.

The average credit score in South Carolina is 699, as cited by Experian. This means most homeowners near this score could get a HELOC. However, eligibility involves multiple factors like equity and credit score. To gauge your eligibilty, use the HELOC calculator to adjust various variables.

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    Best HELOC Lender in South Carolina 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

    In South Carolina, Aven is the top pick for homeowners seeking a HELOC with savings features. With APRs from 7.99% up to 15.49% and no annual fees, it's a budget-friendly choice. Aven offers rate discounts like a 0.25% reduction with autopay setup, which could lower your payments.

    Aven's hybrid product acts like a credit card, but it is reported as a HELOC to credit bureaus. This can be a smart way to manage debt while keeping costs down.

    Pros

    • Provides a credit card backed by home equity
    • Earns 2% unlimited cashback
    • No origination or annual fees

    Cons

    • Line limit only up to $250,000
    • One-time 2.5% cash out fee
    • Card arrival takes 10 days
    Aven
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    Best HELOC Lender in South Carolina for Bad Credit

  • 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 for South Carolina homeowners with bad credit. Bad credit won't stop you from qualifying, but expect higher rates. Lower works for poor credit scores, with a minimum of 580, and keeps rates competitive, ranging from 8.75% to 13.5%.

    While others may shy away, Lower invites applications from those rebuilding credit and doesn't impose annual fees. Homeowners can leverage its offerings, from $15,000 up to $500,000, to gain financial flexibility without oppressive terms.

    Pros

    • Accepts credit scores as low as 580
    • Personalized support post-application
    • Minimum loan amount is $15,000

    Cons

    • No rate discounts offered
    • Does not disclose repayment period
    • No fixed-rate HELOC conversions
    Lower
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    Best HELOC Lender in South Carolina 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 large loan amounts in South Carolina. It offers a maximum $1 million loan amount and a 20-year repayment period, which provides flexibility. Notably, it does not charge an annual fee. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • Competitive intro rate for six months
    • No application or closing costs
    • Max loan amount is $1 million

    Cons

    • Closing must be done in person
    • Undisclosed minimum HELOC requirements
    • $25,000 minimum for online applications
    Bank of America
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    Best HELOC Lender in South Carolina 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 debt consolidation in South Carolina. A HELOC can help pay off credit card debt and personal loans, offering lower rates and flexibility. PNC Bank's minimum APR is 8.22%, and the maximum is 14.5%, presenting a cost-effective way to tackle higher-interest debt.

    South Carolinians can receive funds within three days after closing. Homeowners can consolidate substantial amounts, up to $1 million, ensuring most debts can be covered. PNC Bank offers solutions for financial hardship and benefits such as rate reductions for autopay.

    Pros

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

    Cons

    • Charges a $50 annual fee
    • Charges a late fee
    • Does not disclose key information
    PNC Bank
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How to Choose a HELOC Lender in South Carolina

MoneyGeek has highlighted top HELOC lenders in South Carolina. But looking beyond this list might be helpful. The following strategies streamline your hunt for a lender that meshes with your financial goals:

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FAQ: HELOC Lenders and Rates in South Carolina

Navigating the HELOC landscape in South Carolina can be streamlined with the right guidance. Our curated FAQ offers clear insights that can guide your lender selection process effectively.

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