Best HELOC Rates and Lenders in South Carolina for 2024
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.
- 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
Overall Best HELOC Lender in South Carolina
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.
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.
- 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
Best HELOC Lender in South Carolina for Affordability
- 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
Best HELOC Lender in South Carolina 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
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
Best HELOC Lender in South Carolina 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 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
Best HELOC Lender in South Carolina for Debt Consolidation
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:
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.
A good HELOC rate in South Carolina hovers around 6%. These competitive rates typically apply when the loan-to-value (LTV) ratio is 80% or below and borrower credit scores range from 680 to 740. Keep in mind that rates may vary based on creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in South Carolina, offering APR ranges from 8.75% to 13.5%. With loan amounts available from $15,000 to $500,000 and a minimum credit score requirement of 580, it accommodates a broad spectrum of homeowners, including those looking for substantial loan amounts.
Yes, homeowners with bad credit can still qualify for a HELOC in South Carolina. Lower, for instance, offers HELOCs to those with credit scores as low as 580. When selecting a HELOC lender, homeowners should consider lenders' minimum credit score requirements, potential discounts and the highest APR offered.
Bank of America stands out for homeowners seeking HELOCs for large amounts, such as extensive home renovation projects or making significant property investments. With loans ranging up to $1,000,000 and the lack of annual fees, it's an attractive option for significant financing needs.
Yes, using a HELOC for debt consolidation can be effective. For instance, PNC Bank, known for robust HELOC offerings, provides a wide APR range from 8.22% to 14.5%, the ability to receive funds just three days after closing and loan amounts up to $1,000,000, which can be critical factors when consolidating higher-interest debts.
To ensure you find the right HELOC lender in South Carolina, identify the primary purpose of the loan and assess your financial situation. Different usage intentions and financial profiles can alter which lender is the best match, whether it's the best rate, lowest fees or flexible loan amounts that you prioritize.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- South Carolina Board of Financial Institutions. "Regulated Institutions." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.