Arkansas HELOC Rates and Lenders

Looking for a HELOC in Arkansas? There are plenty of options available to residents of the state. Online lenders are more convenient and competitive than ever, and local lenders can offer competitive rates, terms, and customer service. 

For the most part, HELOC interest rates in Arkansas are similar to those in other areas of the country. Here’s exactly what you’re looking at regarding Arkansas HELOCs and how to get the best rate and terms. 

Reviews of the best online HELOCs in Arkansas

Online HELOC lenders have two main benefits: convenience and transparency. It’s convenient because you’ll be able to apply and qualify quickly. It’s transparent because you’ll do it knowing exactly what your interest rate is going to be, what your loan terms are, and what the cost of the loan will be. 

Having all that information upfront can help you make the best decision for your financial situation. To start, here are some top lenders to take a look at:

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

Aven

Best Customer Reviews

4.8 _/5

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Why we picked it

Customers praise Aven’s HELOC for its easy-to-understand terms and excellent customer service. It’s ideal for homeowners who want a transparent borrowing experience with ongoing support. Aven’s focus on customer satisfaction is reflected in its positive reviews, making it a strong option for anyone looking to tap home equity without hassle.

• Lowest rate guarantee
• Optional foreclosure protection program
• Approval in as little as 15 minutes
• Excellent Trustpilot reviews from thousands of customers
• 100% digital application process
• Increases credit line for select customers
• Automated appraisals
• High maximum loan-to-value ratio (LTV)
• Fast funding after signing
• Fixed interest rates from start to finish
• Check your rate with no credit impact

• Short draw period
• First-draw fee of 4.90%
• Only available in 32 states*

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $400,000 ($100,000)
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	As little as 3 days after signing
Properties	All types
Credit score	640

FourLeaf

Best credit union

4.7 _/5

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Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowersⓘ
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

Local HELOCs in Arkansas

There’s a lot of value in local lenders. Local lenders often have the advantage over online lenders when it comes to service and knowledge of the local market. 

Also, if you’re not as comfortable with technology as you are walking into a branch, you’ll want to consider the personal side of Arkansas HELOCs. Here are some of the top HELOC lenders in Arkansas. 

Company	Rates (APR)	Location
Arkansas Federal Credit Union	From 7.50% variable	Little Rock, Jacksonville, Sherwood, Cabot, Conway, Bryant, Greenbrier, Benton, Searcy,
First Arkansas Bank and Trust	Not disclosed	Jacksonville, Cabot, Sherwood, Austin, Conway, Greenbrier, Guy, Quitman, Damascus, Heber Springs, Greers Ferry, Clinton, Higden,
Success Credit Union	From 8.25% variable	Blytheville, Gosnell, Paragould, Jonesboro, Forrest City

As with other lenders, asking the following questions about your HELOC loan can help you decide on a lender:

• What terms (years to pay off) does the lender offer on a HELOC? 
• Is it fully amortized from the beginning, or is there a draw and repayment period? 
• What is the interest rate?
• Do I qualify for a discount on the interest rate?
• Do I need to become a member?
• How long does it take to fund the loan?
• What kind of appraisal is required?
• Can I check my loan terms and interest rate without a hard credit check? 

What’s the difference between online and local HELOCs in Arkansas?

You’ll see several differences between online and local HELOC lenders. 

Convenience

Online lenders offer online applications and processing that are hard to beat. Local lenders offer an online presence, but you usually won’t see a preapproval tool or other robust features.

The convenience you’ll find with a local lender is being able to drive to a physical location and ask questions face-to-face to a loan officer. 

Comparison Shopping 

Comparison shopping is a lot easier when you shop online, whether you’re doing it lender-by-lender or looking at a lending marketplace. It’s easy to submit your information to a single source and have multiple lending options presented to you, as is the case with LendingTree Marketplace. 

Funding time

The amount of time it takes to receive your loan funds varies from lender to lender. However, some online HELOC lenders use technology that speeds the process along. They may be able to use automated valuation models (AVMs) in some cases; in others, a desktop or drive-by appraisal is all that is needed. 

The appraisal is often the longest piece of the process, so if your lender accepts one of these alternative appraisal methods, your loan will likely be funded faster. 

Transparency 

Online lenders can show a potential borrower what the terms of their loan will be in minutes – and sometimes without a hard credit check. After submitting your information, the lender will show your loan options, including the loan term, interest rate, and cost of the loan. 

Customer Service

Local lenders usually hold the edge over online lenders when it comes to service. They’ll be able to walk you through the process, call you if any paperwork is missing, or even help find alternative financing methods if a HELOC isn’t the right financing tool. 

How do Arkansas HELOC rates compare to other states? 

Nationwide, HELOC rates by state average 8.46% for credit unions and 8.54% for banks in 2024. This is in line with what we’ve seen offered for Arkansas HELOCs. 

Though there isn’t much you can do to change the prime rate, you can move the dial regarding your personal qualifications. 

How to get the best HELOC rates in Arkansas

If you want the best HELOC rates in Arkansas, you’ll want to consider these tips.

Work on your personal credit profile

Interest rates will vary a bit from lender to lender, but the real difference you’ll see in the kind of interest rate you’ll qualify for is from your own personal credit profile. 

If your credit needs some work, you can pay down debt, increase your income, automate your bills so they’re always on time, and fix errors (if there are any). Working to get your credit in tip-top shape will benefit you the most.

Consider a lower loan amount

The interest rate you get also depends on your loan’s combined loan-to-value ratio. If you keep a substantial amount of equity in your home, say 75%, you can access the lender’s best rates. However, you’ll likely find less favorable terms if you try to get a HELOC that would increase your CLTV ratio to 85%. 

Shop around

Check out all the different lenders available to you. Compare fees, loan terms, loan amounts, interest rates, and other loan conditions to find a lender that will suit your situation.

Are there any Arkansas-specific requirements or regulations?

Arkansas has consumer protection laws for loans using home equity under the Arkansas Home Loan Protection Act. If the loan is considered a “high-cost home loan,” which, as it applies to HELOCs, is a second mortgage with an APR 8.5 percentage points higher than the average prime rate offer for a second mortgage. 

In other words, it’s a lot like a subprime loan:

Restrictions for the lender include:

• Maximum prepayment penalties are limited to 3% within the first 12 months, 2% in the second 12 months, and 1% thereafter. 
• Points and fees cannot be more than 5% of the total loan amount if the total loan is $75,000 or more; 6% if the loan is between $20,000 and $75,000; and 8% if the loan is $20,000 or less. 
• Cannot make a loan that does not offer a “tangible, net benefit to the borrower.”
• Cannot take more than four years for the borrower to recoup the costs of obtaining the second mortgage. 
• Balloon payments and negative amortization are not allowed. 
• The interest rate cannot increase.

Again, these restrictions are limited to high-cost home loans and most likely won’t apply to traditional HELOCs. 

Before applying for a HELOC, you’ll also want to tell the lender what the property is being used for. HELOC rates differ for first and second properties, and some lenders may not offer HELOCs for second homes. 

FAQ

What credit score do you need for an Arkansas HELOC?

The credit score requirement for a HELOC in Arkansas typically varies by lender. Most lenders prefer a minimum credit score of 620 to 640. However, higher credit scores can help secure better interest rates and terms.

What are the typical fees for an Arkansas HELOC?

Typical fees for an Arkansas HELOC can include application fees, origination fees, appraisal fees, and closing costs. These fees can vary depending on the lender and the loan amount. 

Some lenders, like FourLeaf, may offer HELOCs with no application, origination, or appraisal fees, and $0 closing costs, which can significantly reduce the overall cost of obtaining a HELOC.

Are there any special programs or incentives for Arkansas HELOCs?

While no state-specific HELOC programs are unique to Arkansas, borrowers may benefit from special offers or incentives provided by individual lenders. These include introductory interest rates, waived fees, or flexible draw and repayment terms. 

Shopping around and comparing different lenders is advisable to find any available incentives or special programs that best suit your financial needs.

How we selected the best Arkansas HELOC rates and lenders

LendEDU evaluates HELOC lenders to help readers find the best HELOCs. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. 

They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Arkansas

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of online Arkansas HELOC lenders