HELOCs function similarly to credit cards, enabling homeowners to borrow money based on the equity in their home and repay it over time. It’s best for financially stable homeowners who need extra funds to pay off debt or make significant expenses.

The interest rate on a HELOC is often substantially lower than a traditional fixed-rate loan, and repayment terms range from 5 to 30 years.

MoneyGeek evaluated different lenders in South Carolina to find the best one for distinct borrower profiles. According to MoneyGeek’s research, interest rates in South Carolina range from 0.99% to 18%. We also identified Bank of America as the best overall HELOC lender.

However, the best lender for you may be different depending on your financial situation and needs. As such, we recommend that you compare the rates and terms of different lenders before applying for a HELOC.

Home Equity Line of Credit (HELOC) Rates for 2023

The table below provides an overview of different lenders’ interest rates, repayment terms, annual fees and other important information as of May 2022. Although MoneyGeek regularly updates its pages as new information becomes available, it’s important to note that rates and terms are constantly changing. You should always verify any rates or terms with your chosen provider.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period
and 20-year repayment period



Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable

$25,000 to $1,000,000

Not specified

10-year draw period,
20-year repayment period

Not specified

Not specified

3.65% to 8.80%

$15,000 to $750,000


10-year draw period,
unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


24 hours

Starting at 3.50%

$15,000 to $400,000


5 to 30 years

3% to 4.99%

24 hours

Starting at Prime - 0.50%

Starting at $17,500

Not specified

10-year draw period,
15-year repayment period


Not specified

Starting at 3.34%

Starting at $25,000


Not specified


Not specified

3.49% for 6 months
(4.08% thereafter)

Starting at $5,000

Not specified

15-year draw period
with 15-year repayment period


24 hours

3.75% to 10.63% variable

$10,000 to $500,000

Not specified

10-year draw period,
and then 20 years for repayment


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in South Carolina

MoneyGeek has compiled a list of the best home equity line of credit lenders in South Carolina to make it easier for you to choose the one that's right for you.

Few lenders provide HELOCs, and those that do tend to be national banks that only offer it to individuals with good to excellent credit. MoneyGeek suggests checking with your local credit unions if a national lender rejects your HELOC application.

Best Overall HELOC Lender in South Carolina: Bank of America

  • Bank of America

    Bank of America offers high loan amounts — up to $1,000,000 — to qualified borrowers.

    • 7.49% (introductory rate) then 9.90%APR Range
    • UndisclosedMinimum Credit Score
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

Best HELOC Lender for Good Credit in South Carolina: U.S. Bank

  • U.S. Bank

    Provides consumers with flexible ways to apply for loans.

    • 8.95% to 12.70%APR Range
    • 660Minimum Credit Score
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in South Carolina: Figure

  • Figure

    Figure’s low minimum credit score requirement is ideal for borrowers with credit scores as low as 620.

    • 6.10% to 14.74%APR Range
    • 640 (680 for investment properties or second homes)Minimum Credit Score
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time


Best HELOC Lender for Competitive Rates in South Carolina: PenFed

  • PenFed Credit Union

    Borrowers can receive a HELOC from PenFed at a low introductory APR of 0.99% for the first six months.

    • Starting at 8.625%APR Range
    • 680Minimum Credit Score
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

HELOC vs. Home Equity Loans

Although home equity loans (HELOANs) and HELOCs are similar in that they both use your home as collateral, they have distinct differences that make them better suited for certain borrower types.

A HELOAN has a predetermined interest rate and repayment period. The borrower receives funds in a lump sum. This is best for those that find it difficult to manage their spending.

On the other hand, a HELOC is similar to a credit card in that it allows the owner to make periodic withdrawals up to a specific limit. This loan has no fixed monthly payment since it has a variable interest rate.

You can learn more about the differences between HELOCs and HELOANs in the table below.

Home Equity Loan

Interest Rate

Adjustable interest rate,
but fixed-rate options are available

Fixed interest rate

Monthly Payment

Changes depending on
the amount of money borrowed

Fixed monthly payments

Repayment Terms

During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest

Repayment starts as soon as
the money is given to the borrower

Fund Disbursements

Line of credit

Lump sum delivery

How to Apply for a HELOC

Applying for a HELOC is easy because most lenders allow online applications. You can simply submit your information online and wait for the lender’s decision.

MoneyGeek outlined the steps you should take before you apply for a HELOC.


Determine how much you need

You should estimate the amount of credit you need based on your intended use of the HELOC. A HELOC may be widely used for different financial needs, such as debt consolidation, home improvements and education expenses.


Assess your financial standing

It’s best to evaluate your current financial situation before taking out a HELOC. You should look at your credit score, existing debt and current income to decide if a HELOC is the right option for you. You might consider improving your credit score before applying to receive a lower interest rate on your HELOC.


Shop around and compare lenders

After deciding how much money you need and assessing your finances, it’s time to research different lenders. When choosing a lender, it’s important to consider factors such as interest rates, fees (if any), payback periods, maximum loan-to-value ratios, etc. Make sure to consider all of these criteria before selecting a company.



It's time to fill out an application when you've found a lender that meets your needs. Filling out an application usually takes approximately 15 minutes. To be approved for a home equity line of credit, you must provide documents such as pay stubs, bank statements, tax returns and other necessary information.


Use funds wisely

After your funds have been distributed, it's important to keep track of your spending to avoid further debt. Keep in mind that defaulting on your loan payments might result in losing your home.

Frequently Asked Questions About HELOCs

For first-time borrowers, understanding how a home equity line of credit works might be challenging. To help you understand more about the topic, MoneyGeek answered some of the most commonly asked questions below.