Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity Home Equity Loans Fast Home Equity Loans: Get Funding Quickly Updated Feb 29, 2024   |   8-min read   |   This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Aly Yale Written by Aly Yale Expertise: Home equity, mortgages, real estate Aly Yale is a freelance writer with more than a decade of experience covering real estate and personal finance topics. Learn more about Aly Yale Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® Home equity loans are valuable financing tools that turn equity into cash. Home equity loans come with lower rates than other loan options, and you can use them to cover any number of expenses: home improvements, medical bills, debt consolidation, even college tuition. They’re not always the quickest form of financing, though. If you need funds for an emergency—such as a plumbing issue or sudden car repair—this guide will cover some of the fastest home equity loans available to you, as well as financing alternatives. Table of Contents Skip to Section Where to get a fast home equity line of credit (HELOC)Where to get quick home equity loansHow soon can you get a home equity loan?FAQ In this guide: Where to get a fast home equity line of credit (HELOC) LenderBest forRates (APR)Fund timeFigureOverall6.55% – 15.54%As little as 5 daysHitchFast funding7.75% – 13.00%Within 20 daysSpring EQMulti-product applicationNot disclosed14 – 21 days (avg.) A home equity line of credit is an option if you’re looking to tap your home’s equity for cash. These are similar to home equity loans, only they function more like credit cards, with a set credit limit you can borrow from during your draw period rather than a lump-sum of cash. HELOCs can be a good option if you’re not sure how much money you need, or if you have ongoing costs to deal with (such as a long-term renovation or home addition). Some HELOCs come with variable rates, which can make your monthly payments hard to predict—especially given your ever-changing balance. And some lenders offer interest-only HELOCs if you need to reduce monthly payments until the repayment period begins. Figure – LendEDU rating: 4.9 out of 5 View Rates Editorial selection: Best overall HELOC Funds in as little as 5 daysBorrow up to $400,000, redraw up to 100%No out-of-pocket costs Online, tech-based Figure claims to offer a five-minute preapproval process and funding in as little as five days. For comparison’s sake, it usually takes other HELOC lenders at least a few weeks for funding. Also unlike most lenders, Figure requires a 100% draw at the time of origination. This can accelerate how much interest you pay over time. To combat this, Figure offers fixed interest rates, which could help stabilize your payments over the life of the loan. You can also get a discounted rate by setting up autopay. Lender info Credit line amounts: $15,000 – $400,000Term lengths: Draw for 2 – 5 years. Repayment for 5, 10, 15, or 30 years.APR: 8.10% – 16.30%Max LTV: 85%Availability: Not available in New York Hitch – LendEDU rating: 4.4 out of 5 View Rates Editorial selection: Best for fast funding 5-minute application, 20-day fundingOnly available in Colorado, Florida, Maryland, Oregon, Utah, and the District of ColumbiaCheck your rate with no impact on your credit Hitch is a new HELOC lender that funds its loans within 20 days. Hitch is available in Colorado, Florida, Oregon, Utah, and Washington DC, with plans to expand to other states in the future. Much like Figure, Hitch requires a 100% initial draw. Subsequent draws can be as much as your available credit limit but must be at least $500. Hitch provides both variable- and fixed-rate HELOCs, as well as autopay and credit union discounts. Currently, only Quorum Federal Credit Union members are eligible for the credit union discount. Lender info Credit line amounts: $25,000 – $500,000Term lengths: Draw for 2 – 5 years. Repayment for 30 years.APR: 7.75% – 13.00%Max LTV: 95% Where to get quick home equity loans If you’re set on getting a home equity loan and need faster-than-average funding, Spring EQ might be a good fit. See our review below to learn more. Spring EQ – LendEDU rating: 4.6 out of 5 View Rates Editorial selection: Best multi-product application Funds available in 21 days, on averageBorrow up to 95% of your home’s valueHELOC and home equity loans available Spring EQ is a dedicated home equity lender offering home equity loans and lines of credit. The lender also offers fixed rates, long-term loan options, and loans up to $500,000. Its HELOC requires an initial draw of $50,000. Spring EQ takes an average of 21 days to fund its loans, but you might get your funds in as little as 14 days. We’re fans of Spring EQ’s transparent eligibility criteria. To qualify for its home equity loans, you’ll need a maximum debt-to-income ratio (DTI) of 50%. For a Spring EQ HELOC, your DTI should be no more than 45%. Both loans require a 640 minimum credit score. Lender info Loan amounts: $25,000 – $500,000Loan term: 5 – 30 yearsAPR: Starting at 9.50%Max LTV: 95% How soon can you get a home equity loan? With most lenders, it will take you anywhere from two to five weeks to see your home equity loan funding come through. The exact timing depends on the lender you choose and how prepared you are for the process. To get approved, the lender will need to verify the value of your home with an appraisal, evaluate your credit report and loan-to-value ratio, and process all your financial documentation. Having all your paperwork ready can help speed up the process, so be sure to have your tax returns, bank statements, pay stubs, W-2s, and more gathered up and organized before submitting your application. You can also speed up the process by getting prequalified quotes from several home equity lenders at once. This allows you to narrow down your options, find the best deal for your budget and credit score, and submit a full application with just one quick click or call. If you need money now, a personal loan may be better If your tub flooded the entire upstairs or your roof caved in, even the fastest home equity lender might not make the cut. Some lenders offer financing faster than the industry average, but if you need cash in a pinch, a personal loan may be your best bet. Some personal loan lenders can issue funds within just a day or two. You can often apply for a personal loan online, and your lender will review your application quickly before making a decision. Personal loans also require less documentation because they’re unsecured, and nobody needs to appraise your home’s value. This helps speed up the process, and with less work for the lender upfront, it might not charge an origination fee. Closing costs won’t detract from your loan balance either. If you need fast funding and aren’t sure which personal loan lender is the best fit, check out our guides to quick loans, home improvement loans, and the best personal loans for help. FAQ Can you access funds from a HELOC or home equity loan faster? HELOC offers a faster way to access funds 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 less than 10 days. But it depends on the amount you borrow, your property values, and your creditworthiness. Once approved for a HELOC, you can access funds during the draw period (often five to 10 years) without delays. You only pay interest on the amount you withdraw, which can reduce interest charges if you use a portion of the available funds versus the lump sum you get approved for on a home equity loan. Are there ways to speed up the application process for a HELOC? As the borrower, you can influence the speed it takes your HELOC to close. The most effective way to expedite the process is to opt for an automated valuation model (AVM) instead of a full appraisal. 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, and others only rely on full in-person appraisals. You could also consider exploring local credit unions for your HELOC needs instead of national bank branches. Are there better options than a HELOC for an emergency? Certain options could be better than a HELOC for an emergency. Using a HELOC for emergencies means putting your home at risk 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. Instead, consider creating a cash savings fund for three to six months’ worth of expenses. You can start with $500 or $1,000, and add to it every time you get paid. You could also use credit cards—but beware of high interest rates. Exploring 401(k) loans, if available to you, is another option. But be sure to assess their impact on your retirement savings and repayment terms, especially if you might change jobs. You’ll need to repay the loan in full if you leave your employer, and if you can’t do so, the IRS will treat it as a full distribution which means it could be subject to income tax (depending on Roth or Traditional composition of the account) and a 10% penalty if you are below age 59 ½.