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Home Equity HELOCs

Rhode Island HELOC Rates and Lenders

In this article, you’ll learn about some of the best Rhode Island HELOCs, their credit score requirements, and how to find the best rates before starting your home project.

Whether you’re looking to liven up a fixer-upper or invest in some much-needed home improvements in Rhode Island, you could leverage the equity in your home using a home equity line of credit (HELOC) instead of tying up limited cash savings. 

Our guide below will provide the information you need, including some of the best Rhode Island HELOCs available––and considerations to make before you apply.

Best for…
Rating (0-5)
Best overall
Best for large HELOCs
Best marketplace

Reviews of the best online HELOCs in Rhode Island

Generally, online HELOC lenders save time by allowing you to apply from anywhere and receive near-instantaneous decisions, and quick access to funds. 

They’re usually the easiest way to compare rates and terms in minutes. This is still the case with the online Rhode Island HELOCs below. 


Best overall

4.9 /5
LendEDU Rating

Why we picked it

Figure is ideal for comparison shopping, allowing Rhode Island residents to compare multiple HELOC offers from various lenders in one place. 

The platform’s user-friendly interface and comprehensive comparison tools make finding the best rates and terms tailored to individual needs easy. LendingTree’s extensive network of lenders ensures borrowers can easily find competitive HELOC options.

  • 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
Rates (APR)6.55%15.54%
Loan amounts$15,000 – $400,000
Draw period5 years
Repayment term5, 10, 15, or 30 years
Funding timeAs few as 5 days
PropertiesPrimary home, second home, or investment property
Credit score640


Best for large HELOCs

4.7 /5
LendEDU Rating

Why we picked it

Bethpage excels in offering large HELOCs and provides substantial borrowing limits for Rhode Island homeowners. With competitive rates and a straightforward application process, Bethpage is an excellent choice for those needing significant funding. 
Its customer-centric approach and flexible terms make managing large home equity lines straightforward and stress-free.

  • No application, origination, or appraisal fees
  • Convert part 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
Loan amounts$10,000 – $1 million
Draw period10 years
Repayment term5, 10, or 20 years
Funding time36 – 70 days, on average
Credit score670


Best marketplace

4.5 /5
LendEDU Rating

Why we picked it

LendingTree is the top choice for comparison shopping, allowing Rhode Island residents to compare multiple HELOC offers from various lenders. 

The platform’s user-friendly interface and comprehensive comparison tools make finding the best rates and terms tailored to individual financial situations easy.

With LendingTree’s extensive network of lenders, borrowers can confidently choose the most competitive HELOC option.

  • Access to multiple lenders
  • Comprehensive comparison tools
  • Competitive rates
  • Customizable loan options
Loan details
Rates (APR)Starting at 6.24%
Loan amounts$10,000 – $2 million
Draw period2 – 20 years
Repayment term5 – 30 years
Funding timeVaries
Credit scoreVaries, 620 advisable

Local HELOCs in Rhode Island

On the other hand, local lenders offer some advantages online lenders typically don’t: security for your personal information and one-on-one customer service. Interacting with a real person may help you get quick answers, special perks, and the support you might seek.

CompanyRates (APR)Location
Rhode Island Credit Union4.99% for 12 months, then .51% below prime rateProvidence
People’s Credit Union7.50% (variable) based on The Wall Street Journal’s PrimeMiddletown
Navigant Credit Union6.50% for 12 months, then .50% below primeCentral Falls
BankNewport6.99% for 6 months, then based on primeProvidence
As of 6/19/24

If you’re considering applying for a Rhode Island HELOC with any of these lenders, pay close attention to:

  • Introductory APRs
  • APR based on prime rates
  • Branch locations

Rhode Island Credit Union offers an attractively low APR, which might be great for homeowners aiming to complete their project in a couple of months and pay the loan off quickly.  

After the introductory period, its rates are still competitive with Navigant’s, as well as BankNewport’s, which are slightly higher but may be convenient for those already using its financial services. Meanwhile, People’s Credit Union’s HELOC can be a reliable option if you don’t care to risk a drastic rate change.

Beyond getting the best rate for your HELOC, the lender’s location and how convenient borrowing may be––depending on whether you’d receive borrower discounts or other benefits for doing so––will ultimately help you decide on the best option.

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

Choosing between online and local Rhode Island HELOC lenders will boil down to your financial situation, home project logistics, and how much you value convenience and customer service.

Online lenders offer practically instant decisions and allow for easy rate comparisons from the comfort of your own home. Local lenders provide a safer way to discuss personal information and an opportunity for professional guidance.

Consider beginning your search with local lenders if your main concerns are: 

  • Personal service 
  • Applying where you already bank
  • Getting service at a physical branch when needed
  • Borrower benefits

However, you may want to consider an online lender like the ones we’ve reviewed above if you prefer: 

  • User-friendliness
  • Fixed rates
  • Fast funding
  • Rate comparison shopping
  • Larger loans with competitive introductory rates

How do Rhode Island HELOC rates compare to other states? 

Several lenders nationwide base their rates on the prime rate and a margin they determine. Living in Rhode Island won’t typically impact HELOC rates by much as long as you have good credit and enough equity in your home. 

Rhode Island HELOC rate averages don’t significantly deviate from the national average. However, you may be able to snag rates slightly better than the national average or other states if you’re approved by a lender that offers rates below the prime rate––like a few of the local lenders mentioned above.

Bottom line: Do your best to maintain a healthy credit history, and don’t borrow before you’ve weighed all your options.

How to get the best HELOC rates in Rhode Island 

Whether you’re eligible for a HELOC in Rhode Island depends on your home equity, income, credit score, and debt-to-income (DTI) ratio, which is the amount of debt payments you make each month divided by your monthly gross income. 

The lower your credit score or the higher your DTI ratio is, the riskier you become to a lender because you may be less likely to pay them back. 

Lenders prefer low-risk borrowers. To give yourself the best chance at a low rate, you should focus on reaching and achieving excellent credit score status, limiting your debt compared to your income, and increasing the equity in your home by making extra or above-minimum mortgage payments. 

But don’t forget to shop around. Taking 15 to 20 minutes––or less––to compare offers can help you more easily find the best HELOC rates and terms based on these important factors. Start by checking rates online and visiting local lenders. When comparing your options, pay close attention to:

  • Rates: Don’t just look at the introductory rates the lender offers. Find out what you’d pay afterward, since the intro period is very short compared to the rest of the life of the loan.
  • Fees and terms: Read the fine print, and make sure you understand what other costs may be involved, such as application or appraisal fees.
  • Reputation: Once you find a lender you may apply to, look up customer reviews. It’ll take less than two minutes to determine whether a lender is legitimate.

Are there any Rhode Island-specific requirements or regulations? 

HELOC requirements and regulations are generally similar across the states. Before applying for a HELOC in Rhode Island or elsewhere, remember that it’s your right to receive clear disclosures about the loan terms. If a lender doesn’t provide you with these, it’s a red flag––and it violates the law. 

Typically, lenders require homeowners insurance, among other criteria, before approving your HELOC. So, you should also be prepared to inform them of significant changes that may affect your home’s value and the terms of your HELOC.

Before entering into a HELOC or any loan agreement, gather all the necessary information to give you peace of mind and empower you to make decisions that will bring you closer to your financial and personal goals. 


What credit score do you need for a Rhode Island HELOC?

Lenders generally look for a credit score of at least 620. However, a higher score can help you secure a better interest rate. Some lenders may offer products tailored to a broader range of credit profiles, so it’s wise to shop around.

What are the typical fees for a Rhode Island HELOC?

Typical fees for a Rhode Island HELOC include application, appraisal, and annual fees. Expect to pay between $500 to $1,000 for these initial charges. Some lenders may waive certain fees as part of a promotional offer, so asking about current incentives is beneficial.

Are there any special programs or incentives for Rhode Island HELOCs?

Yes, some lenders may offer special programs or incentives for Rhode Island HELOCs. These can include limited-time promotions such as reduced introductory rates, fee waivers, or discounts for setting up automatic payments. Always check with the lender for the most up-to-date information on available offers.

How we chose the best HELOCs in Rhode Island

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.

Recap of online Rhode Island HELOC lenders

Best for…
Rating (0-5)
Best overall
Best for large HELOCs
Best marketplace