Best HELOC Rates and Best HELOC Lenders in South Carolina (August 2024)

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Updated: August 21, 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

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability.

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Our analysis was completed in August 2024 and includes lenders that do business in South Carolina.

13Lenders Analyzed

    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

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% - 95%
HELOC (10 year)APR6.88%
HELOC (15 year)APR6.88%
HELOC (20 year)APR6.88%

Where does this data come from?

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?

High equity in your home often means you can borrow more. Experian reports the average credit score in South Carolina is 699. If yours is around this, you're likely to get a HELOC.

Your eligibility for a HELOC in South Carolina hinges on several factors including home equity and credit score. Use our HELOC calculator to see how variables affect eligibility. For instance, it shows the impact of a higher credit score on loan amounts.

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 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

How does MoneyGeek recommend lenders for affordability?


    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

How does MoneyGeek recommend lenders for people with bad credit?


    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

How does MoneyGeek recommend lenders for large loan amounts?


    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

How does MoneyGeek recommend lenders 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:

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    Define Your HELOC Goals

    Knowing your HELOC's purpose is the first step. Whether it's home renovations or consolidating debt, different lenders may cater better to specific needs. Tailor your search to find lenders in South Carolina offering loan terms that match your intended use.

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    Vet Lender Credentials

    Examine a lender's reputation by checking with the Better Business Bureau and the South Carolina Board of Financial Institutions. These agencies can provide insights into a lender’s credibility and track record in South Carolina.

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    Compare Interest and Fees

    Investigate beyond interest rates; evaluate closing costs and fee structures. Lenders in South Carolina may vary significantly in these aspects, so compare these costs to better gauge the overall loan cost.

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    Check Community Standing

    Consider a lender's local reputation. Look for community awards or recognitions in South Carolina, which can shine a light on their commitment to customer service and satisfaction.

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    Assess Lender Flexibility

    Lender flexibility can make a big difference. Check if they offer interest-only payments or the option to convert from variable rates to a fixed-rate HELOC. Benefits like online prequalification can streamline the HELOC process in South Carolina.

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? What are the best HELOC rates in Charleston?

A competitive HELOC rate in South Carolina currently stands at approximately 6.48%. This figure presumes an LTV ratio of 80% or lower and a credit score ranging from 680 to 740. Homeowners should note that individual rates may fluctuate due to factors such as creditworthiness and choice of lender. The best HELOC rates in Charleston typically mirror the best HELOC rates in South Carolina.

Which HELOC lender is best overall in South Carolina?

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.

Can I still qualify for a HELOC in South Carolina if I have bad credit?

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.

Which HELOC lender in South Carolina is best for large loans?

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.

Can I use a HELOC to consolidate debt?

Using a HELOC for debt consolidation can be effective but before applying, be aware of HELOC pros and cons. 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.

How can I ensure I find the right HELOC lender in South Carolina for me?

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.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

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

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