Best HELOC Rates and Lenders in South Dakota 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 19, 2024

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The best home equity line of credit (HELOC) lender in South Dakota is Lower. It offers online HELOC options with an APR range from 8.75% to 13.5%, ready to accommodate homeowners with diverse financial needs. Loans range from $15,000 to $500,000, suitable for a wide array of home projects or consolidating debts. MoneyGeek recognized its offerings after considering more than just cost, including factors like service, flexibility and accessibility.

MoneyGeek's research reveals 10 HELOC lenders in South Dakota. While other lenders are available, not all were evaluated in this study. Homeowners might find unique benefits with local lenders such as Black Hills Federal Credit Union, Aspen Federal Credit Union or Voyage Federal Credit Union, each providing distinct advantages for financial solutions in South Dakota.

Best HELOC Lenders in South Dakota

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: U.S. Bank

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    Overall Best HELOC Lender in South Dakota

  • 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 choice for a HELOC lender in South Dakota. With APRs from 8.75% to 13.5% and loans ranging from $15,000 to $500,000, it suits different needs. It accepts credit scores starting at 580, allowing broader accessibility.

    Personalized support is available post-application. Homeowners in South Dakota can find value in these offers, especially when looking to leverage home equity for financial flexibility. Lower's product works like a credit card but is reported as a HELOC to credit bureaus.

    Pros

    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower
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HELOC Rates in South Dakota By Credit Score

For homeowners in South Dakota seeking a home equity line of credit (HELOC), the APR can be affected by multiple factors, including credit scores, and an LTV ratio below 80%. Lenders often vary their rates based on the chosen repayment terms. Use the table provided to compare how different parameters affect the rates offered.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
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When exploring HELOC options in South Dakota, comparing APRs is a smart move. Different lenders offer varied rates, directly impacting your monthly payments and the total interest you'll pay. Taking time to review these rates ensures you find a manageable and cost-effective borrowing solution, aligning with your financial goals.

HELOC Calculator: Do You Qualify in South Dakota?

A report by TransUnion notes that homeowners in South Dakota might access more funds through a HELOC if their home's equity is high. Meanwhile, the average credit score in the state, according to Experian, is 734. If your score is around this, you're likely in a solid position to obtain a HELOC.

Eligibility for a HELOC in South Dakota hinges on factors like equity and credit score. To navigate these variables, use the HELOC calculator below. It could streamline your HELOC hunt by estimating your potential borrowing power.

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    Best HELOC Lender in South Dakota 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 pick for homeowners in South Dakota looking to save costs on a HELOC. Aven's product acts like a credit card, but it's reported as a HELOC to credit bureaus. Its APR ranges from 7.99% to 15.49%, competitive rates that can boost affordability.

    With no annual fees and the potential for a 0.25% rate discount when you choose autopay, savings are straightforward. These features create a cost-effective option for those wanting to manage their finances effectively.

    Pros

    • Credit card backed by home equity
    • 2% unlimited cashback on purchases
    • One-time fee of 2.5% for cash outs

    Cons

    • Line limit only up to $250,000
    • 10-day wait for card arrival
    • No financial hardship assistance
    Aven
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    Best HELOC Lender in South Dakota 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

    U.S. Bank is the best HELOC lender for South Dakota homeowners with bad credit. A lower credit score won't necessarily stop you from getting a HELOC. U.S. Bank requires a minimum credit score of 660, offers rates from 8.95% to 13.1% and grants a 0.5% discount for autopay.

    Home equity lines of credit at U.S. Bank start as low as $15,000, which can suit various borrowing needs. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Allows for interest-only payments
    • Prequalify online

    Cons

    • Closing in-person required
    • Early closure fee applies
    • Annual fee charged
    U.S. Bank
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    Best HELOC Lender in South Dakota 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 a solid choice for a HELOC in South Dakota if you need to borrow more for high-cost needs like home renovations or covering education expenses. Its product allows for loans up to $1 million, and offers a hybrid approach — like a credit card but reported as a HELOC on your credit reports.

    You'll get a 10-year period to draw funds with a 20-year period to pay it back, giving you plenty of time to manage repayments without annual fees eating into your budget. No application fee, annual fee or closing costs apply, making it easier on your wallet. Plus, if times get tough, it offers assistance during financial hardship.

    Pros

    • Competitive introductory rate (6.99%) for six months
    • Offers multiple discounts on loans
    • Assistance available during financial hardship

    Cons

    • Closing must be done in person
    • $450 early closure fee charged
    • Minimum online loan is $25,000
    Bank of America
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    Best HELOC Lender in South Dakota for Debt Consolidation

  • 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

    U.S. Bank is the top HELOC lender in South Dakota for debt consolidation. A HELOC can tackle high-interest credit cards and personal loans, often with lower interest rates.

    The ideal lender offers swift fund access and a high loan limit to cover debts. U.S. Bank fulfills these needs with a minimum APR of 8.95%, a maximum of 13.1% and funds available in as soon as three business days. With loan amounts ranging from $15,000 to $750,000, homeowners can consolidate sizeable debts. U.S. Bank is accredited by the BBB.

    Pros

    • Allows prequalification online
    • Offers fixed-rate option
    • 0.5% autopay discount

    Cons

    • Closing must be done in person at a branch
    • Charges an annual fee of $75
    • Does not disclose customer service hours
    U.S. Bank
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How to Choose a HELOC Lender in South Dakota

MoneyGeek has spotlighted the best HELOC lenders across South Dakota. But when you're ready to branch out, we've got practical guidance to navigate your choices.

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FAQ: HELOC Lenders and Rates in South Dakota

Navigating HELOC options can seem complex. We've compiled frequently asked questions to simplify the process of finding the right HELOC lender in South Dakota.

What's a good HELOC rate in South Dakota?
Which HELOC lender is best overall in South Dakota?
Can I still qualify for a HELOC in South Dakota if I have bad credit?
Which HELOC lender in South Dakota 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 Dakota for me?
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