Best HELOC Rates and Best HELOC Lenders in South Dakota (September 2024)

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Updated: September 10, 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

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 September 2024 and includes lenders that do business in South Dakota.

10Lenders Analyzed

    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

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% - 95%
HELOC (10 year)APR6.81%
HELOC (15 year)APR6.81%
HELOC (20 year)APR6.81%

Where does this data come from?

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?

Homeowners in South Dakota, looking for the best HELOC lender, should note that eligibility is based on several aspects, such as the equity in your home and your credit score. If your credit score is near South Dakota's average of 734, as reported by Experian, securing a HELOC may be within reach.

By using our HELOC calculator, homeowners can better understand their chances by tweaking different figures. It's a straightforward way to see how high home values may provide more borrowing power.

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 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

How does MoneyGeek recommend lenders for affordability?


    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

How does MoneyGeek recommend lenders for people with bad credit?


    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

How does MoneyGeek recommend lenders for large loan amounts?


    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

How does MoneyGeek recommend lenders for debt consolidation?

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.

    girlThinking icon

    Define Your HELOC Goals

    Understanding why you want a HELOC helps select a lender in South Dakota. Whether for home improvements, debt consolidation or education, lenders may offer terms tailored to your plans. Research terms to ensure they align with your objectives.

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    Research Lender Credibility

    Confirm a lender's trustworthiness by checking with the Better Business Bureau and the South Dakota Department of Labor & Regulation. Reviews and ratings can guide you towards reputable choices.

    loanVsLoan icon

    Compare Rates and Fees

    Rates and fees can make a big difference. Compare loan features in South Dakota, including closing costs. Lower rates can save money over time, but fees may vary widely, impacting your budget.

    smallBusiness icon

    Assess Community Standing

    A lender's local reputation in South Dakota matters. Seek lenders recognized by the community for their service. Awards and positive local feedback are good indicators of customer satisfaction.

    loanReview icon

    Check Lender Flexibility

    Flexibility is key. Look for lenders in South Dakota that offer interest-only payments, options to convert from variable rates to a fixed-rate HELOC and user-friendly online tools like prequalification.

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? What are the best HELOC rates in Sioux Falls?

A good HELOC rate in South Dakota is around 6.40%, assuming an LTV ratio of 80% or less and a credit score between 680 to 740. Homeowners should note that rates can vary due to personal creditworthiness and lender choice. The best HELOC rates in Sioux Falls often reflect the best HELOC rates in South Dakota.

Which HELOC lender is best overall in South Dakota?

Lower is considered the best overall HELOC lender in South Dakota due to its competitive APR range of 8.75% to 13.5%, loan amount range of $15,000 to $500,000 and minimum credit score requirement of 580, which makes it significant for homeowners in need of flexible options.

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

Yes, in South Dakota, you can still qualify for a HELOC even with bad credit. For example, U.S. Bank offers HELOC to people with credit scores as low as 660. When selecting a lender, consider factors like minimum credit score requirements, any discounts offered and the lender's highest possible APR.

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

Bank of America is the best for large loans in South Dakota, offering a loan amount range of $25,000 to $1,000,000. Homeowners may need large loan amounts for significant home renovation projects or to invest in real estate.

Can I use a HELOC to consolidate debt?

You can use a HELOC for debt consolidation but it helps to have a clear understanding of HELOC pros and cons before applying. U.S. Bank, with its APR range of 8.95% to 13.1%, is a top pick for this purpose. When considering HELOC for debt consolidation, assess the APR range, time to receive funds and maximum loan amount.

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

To ensure you find the right HELOC lender in South Dakota for you, start by understanding your specific needs for the HELOC and your financial situation. This includes considering your purpose for the HELOC, such as home improvements or debt consolidation, and knowing your creditworthiness because different lenders cater to differing needs and profiles.

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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