The 3 Fastest Home Equity Lines of Credit

Home equity loans and lines of credit usually take two to six weeks to process. But what if you’re facing urgent home repairs or time-sensitive bills and need your money faster than that? 

Figure, Aven, and LendingTree provide fast HELOCs and home equity loans that can be funded in as little as five days. However, it could slow things down if you don’t easily meet the lender’s eligibility requirements or need an in-person appraisal. We’ve observed that the biggest obstacle to fast approval is credit scores—despite minimum scores of around 640, HELOC lenders mostly approve applications with a credit score of 720 or higher.

If you’re a homeowner with poor credit in need of fast funding, you might try exploring home equity agreements instead, as the minimum accepted credit score is often much lower.

Reviews of the best fast home equity loan & HELOC lenders

Here are our reviews of the best home equity loans and lines of credit with fast funding.

Figure

Best Overall

4.9 _/5

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Why it’s one of the best

Online, tech-based Figure offers a five-minute preapproval process and funding in as little as five days. Figure also requires a 100% draw at the time of origination, which can accelerate the interest you pay over time. However, if you plan to borrow the full line of credit right away and have a credit score above 720, Figure is an excellent option.

Figure offers fixed interest rates, which can stabilize your payments over the life of the loan,  and you can receive a discounted rate by setting up autopay.

• Funds in as little as 5 days
• Borrow up to $400,000, redraw up to 100%
• No out-of-pocket costs

HELOC details

Rates (APR)	7.10% – 15.70%
Loan amounts	$20,000 – $400,000
Repayment terms	Draw: 5 years / Repayment: 5, 10, 15, or 20 years

Aven

Best Customer Reviews

4.8 _/5

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Why it’s one of the best

Aven’s HELOC offers several unique benefits you won’t find with other lenders, but similar to Figure it prefers applicants with credit scores of 720 and higher. It features a fixed interest rate throughout the life of the loan, a Lowest Rate Guarantee, and the ability to check your rate without affecting your credit score. 

The 100% digital application process allows for approval in as little as 15 minutes—and you can get funds within three days of signing.

Aven offers an optional protection program through Securian that will cover your minimum payment for up to six months if you lose your job. Aven earns more than 3,600 five-star reviews on Trustpilot (as of September 2024), showing its customers’ enthusiasm for its products.

• Offers a Lowest Rate Guarantee
• Optional Debt Protection program through Securian
• Approval in as little as 15 minutes
• 100% digital application process
• Automated appraisals
• 3-day funding after signing
• Fixed interest rates

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Repayment terms	Draw: 5 years / Repayment: 5, 10, 15, or 30 years

LendingTree

Best Marketplace

4.5 _/5

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Why it’s one of the best

LendingTree is an online loan marketplace that connects borrowers with various lenders offering home equity loans and lines of credit. Lenders in the LendingTree network provide fixed and variable rate options, terms ranging from 5 to 30 years, and loans up to $2 million.

The lenders in LendingTree’s network can release funds in as little as five days, but depending on the lender you’re matched with, you might wait longer.

LendingTree streamlines the process of comparing loan offers from multiple lenders, helping borrowers find competitive terms and rates. To qualify for most home equity loans or HELOCs through LendingTree, applicants need a debt-to-income ratio (DTI) below 50% and a credit score of at least 640.

• Funds available in as little as five days
• Check rates with a soft credit check
• HELOC and home equity loans available

Loan details

Rates (APR)	Vary by lender
Loan amounts	$10,000 – $2 million
Repayment terms	Vary by lender

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Tip

Debt-to-income ratio (DTI) measures the percentage of your monthly income that goes toward paying debts, helping lenders assess your ability to manage additional loans.

Why get a quick home equity loan?

Sometimes, life doesn’t wait for traditional loan processing times. Here are some situations where applying for a HELOC quickly could be useful:

Emergency home repairs

When your furnace fails in the middle of winter or your roof leaks during storm season, you need funds fast. A quick HELOC can provide the money for urgent home repairs so you avoid further damage to your home.

Time-sensitive opportunities

Whether it’s a promising investment property or a chance to expand your small business, some opportunities have a short window. A fast HELOC can give you access to the capital you need to act quickly.

Unexpected medical expenses

Large medical bills can catch anyone off guard. A quick HELOC offers a lower-interest alternative to credit cards or personal loans for covering these unexpected costs.

Education funding

If you have tight tuition payment deadlines, a fast HELOC can help you bridge the gap without resorting to higher-interest student loans or credit cards.

Expert take: What are the risks of using a HELOC for emergency expenses?

Erin Kinkade

CFP®

The primary risk involved with a HELOC or home equity loan is placing your home as collateral. If you default for an extended period, your home will be foreclosed. An additional risk is the housing market—if you live in a geographical zone where home values fluctuate, your home value could drop, and you could owe more than your home is worth. Consider these risks when choosing a lender. Consider the terms offered (interest rate and length of repayment) along with unemployment insurance coverage (and what qualifies as unemployed, specifically if you are a 1099 employee). 

Can I get a fast HELOC with no appraisal?

Lenders that offer fast HELOCs don’t typically “waive” appraisals. Instead, they use an automated valuation model (AVM) to estimate your property value. This eliminates the need for a time-consuming in-person assessment and can cut days or even weeks off the approval process.

For instance, Figure and Aven both use AVMs instead of traditional in-person appraisals. These models create a computer-generated estimate of your home’s value based on public records and recent sales data.

LendingTree, being a marketplace, works with many lenders that may have different appraisal policies. Some might use AVMs, but others may require traditional appraisals.

In some cases, a lender might still require a traditional appraisal even if it uses an AVM, like if you’ve recently done a major renovation and your updates aren’t reflected in public records. 

Do these fast HELOC lenders allow 100% draw at close?

Figure, Aven, and LendingTree all have different draw policies. 

Figure and Aven require a 100% draw at closing, so you must borrow the full amount of your credit line immediately. This can work in your favor if you were planning on withdrawing the full amount anyway, but you’ll start accruing interest immediately on your full limit. 

On the flip side, a 100% draw might not be ideal if you don’t need the entire amount right away. In this case, you’d be paying interest on money you’re not using. Lenders in LendingTree’s network typically don’t require a 100% draw at closing. 

If you don’t need the full amount upfront, a HELOC with LendingTree might give you more flexibility to use funds as you wish. Plus, you could potentially save on interest if you borrow only what you need when you need it.

Alternatives to HELOCs and home equity loans for fast funds

The biggest downside of using a HELOC for emergencies or other urgent expenses is that you risk losing your home if you can’t repay. This risk might not be worth taking if your income is unstable or you don’t have solid job security. In these cases, you could also explore these alternatives: 

Emergency fund

An emergency fund is the safest option for unexpected expenses. Unlike a HELOC, it doesn’t involve interest charges or put your home at risk. But building up enough cash savings to cover three to six months’ worth of expenses takes time and discipline. 

If you need a fast HELOC now, this might not help. But it could be a good solution to turn to in the future. You can start by setting aside $500 or $1,000 in a high-yield savings account and add to it every time you get paid. 

Personal loans

You can get approved for a personal loan much faster than you can get approved for a HELOC. (Many lenders can approve you instantly and deposit funds into your bank account within one business day.) 

However, personal loans are unsecured, so you’ll likely get stuck with a much higher interest rate on a smaller loan amount. 

Credit cards

You could also use a credit card instead of a fast HELOC—but beware of high interest rates. As of September 2024, the average credit card APR is around 25%. That’s a much higher rate than most HELOCs. 

If you go this route, only charge to your card what is absolutely necessary. These cards work in a pinch when you need to cover an expense quickly. But relying on them too much can trap you in a cycle of debt that’s hard to break out of.

Cash advances

Cash advances have no credit check and can put money in your hand the same day you need it. But this convenience comes at a steep price. These loans often have predatory interest rates that exceed 400%. Also, the maximum amount you can borrow is usually $500.

401(k) loans

Taking out a 401(k) loan instead of a HELOC is another option, if one is available to you. But weigh the risks first. Borrowing from your 401(k) reduces your retirement savings and must be repaid right away if you change jobs. 

If you can’t pay the loan back, the IRS will treat it as a full distribution, which means it could be subject to income tax (depending on the Roth or traditional composition of the account) and a 10% penalty if you are below age 59½.

Expert: How to weigh a HELOC or home equity loan vs. alternatives when you need fast funding

Erin Kinkade

CFP®

I recommend making a list of each option, eliminating the items that are not an option (i.e., if there is no emergency fund established or if your employer does not offer a 401k plan). Keeping in mind the amount and purpose of the funds, make a pros, cons, and needs list. Weigh these factors against each other and go with the option that mostly meets your emergency needs. Keep in mind that mathematically, it may not be the best option, but the option that meets your needs at the time may outweigh the costs. And know that it is OK.

FAQ

Can you access funds from a HELOC or home equity loan faster?

You can typically get a HELOC faster than a traditional home equity loan. Home equity loans can take two to six weeks to process, but certain lenders advertise they can finalize HELOCs in just five days. (Figure and Aven are two examples.) 

Once approved for a HELOC, you can access funds during the draw period (often five to 10 years) without delays. HELOCs require you to pay interest only on the amount you’ve withdrawn—not your entire credit limit. This can lead to lower interest charges compared to a home equity loan, where you receive and pay interest on the entire loan amount upfront.

Are there ways to speed up the application process for a HELOC?

As the borrower, you can influence the speed at which your HELOC closes. The most effective way to expedite the process is to opt for an automated valuation model (AVM) instead of a full appraisal (if you have a choice). 

Unlike an appraisal, which could take two weeks, an AVM can provide an estimated property value within seconds. However, not all lenders allow AVMs. Some only use them in certain situations, while others rely on full in-person appraisals. 

Also, the amount you need to borrow, your property values, and your credit profile could impact how quickly you get approved.

How we picked the best fast home equity loans & HELOCs

Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.