South Carolina HELOC Rates and Lenders

If you want to take out a HELOC in South Carolina, you have several great options from online lenders to local credit unions. Some local South Carolina HELOCs have very low introductory rates, which can be beneficial if you only need to borrow money for a short amount of time.

South Carolina also has many consumer protections to shield you from predatory lending practices. Here are our top picks for lenders and everything you need to know about taking out a home equity line of credit in South Carolina.

Reviews of the best online HELOCs in South Carolina

A benefit of online lenders is faster loan disbursement. Some online lenders can close HELOCs in less than a month, while local banks tend to take longer. If you need access to cash quickly, an online lender can be a better option for this reason. 

Sometimes, online lenders can also have lower interest rates, but it depends on many factors including your credit score.

Here are a few online HELOC options available to South Carolina residents.

Figure

Best Overall

4.9 _/5

View Rates

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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.

FourLeaf

LendingTree

Local HELOCs in South Carolina

Working with a local lender has several benefits, too. Many local lenders offer promotions and competitive interest rates. It’s also beneficial to be able to go into a branch if you have a question or a problem with your HELOC. 

Many online HELOC lenders and FinTech apps are relatively new, and it can be comforting to work with a bank you already know has a long-standing reputation.

Here are a few local lending options in South Carolina.

Company	Rates (APR)	Location
SCU State Credit Union	4.5% for 12 months, then variable (currently 9.50%)	Numerous locations in South Carolina
South State Bank	6.84% for 12 months, then variable (currently 8.50%)	Numerous locations in South Carolina
PNC Bank	8.46% to 14.75%	28 states, including South Carolina
CPM Federal Credit Union	1.99% for 6 months, then variable (currently 8.25%-13.25%)	Numerous locations in South Carolina

When comparing local lenders, consider rates, location, and whether the bank offers introductory rate promotions. It’s also a good idea to look up ratings to see whether the lender offers quality customer service.

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

Some online lenders have faster loan approval and funding times than local lenders. However, some online lenders are not available in all states.

Many local lenders offer competitive interest rates and promotions on HELOCs. Consumers who want face-to-face interactions will likely prefer applying for a HELOC at a local bank or credit union. Additionally, if borrowers already have a relationship with a local bank, it might make them feel more comfortable to apply for a HELOC with an institution they know and trust.

Whether or not borrowers go with online or local lenders, comparing at least three to five lenders before choosing one is important.

When choosing a HELOC lender, I recommend a reputable lender with attractive terms. This means looking at online, local, and national lenders to provide an individual with options. The final decision typically depends on what you are comfortable with, as some individuals do not want to use an online lender and/or want to be able to walk into their local bank to talk directly with a representative and vice versa. 

Erin Kinkade, CFP®

How do South Carolina HELOC rates compare to other states?

HELOC rates are consistent when comparing average HELOC rates in different states. The difference is that some online lenders are only available in select states. For example, Figure is available in South Carolina, which means borrowers have a broader range of options when comparing local and online lenders.

The Wall Street Journal reports the average HELOC rate is 8.61% as of May 2024. Many of the lenders on this list offer HELOC rates above and below the average. Some, like Figure, have interest rates starting at 6.55% for qualified borrowers.

What consumers need to know

The growth of HELOCs in South Carolina shows that the practice is common among lenders in the state. This might also be a result of a tight housing market, where homeowners are utilizing HELOCs to renovate instead of buying new homes.

Always do your due diligence to ensure you can afford HELOC payments, especially after promotional rates end, and your interest rates become variable.

How to get the best HELOC rates in South Carolina

To qualify for a HELOC, many lenders set minimum credit requirements. For some lenders, that’s a 620 credit score, while others require a 670 or higher. Typically, borrowers with excellent credit qualify for the most competitive interest rates. 

To get the lowest HELOC rate in South Carolina, first, ensure you have an eligible credit score and at least 15 to 20% equity in your home. Lenders will also likely verify your employment and calculate your debt-to-income ratio to determine whether or not you can afford your HELOC payment.

Before selecting a HELOC, shop around for the right lender. Many lenders offer promotional rates and variable rates thereafter. Comparing lender’s rates, terms, and fees can help ensure you get a HELOC with the best terms for you.

Are there any South Carolina-specific requirements or regulations?

South Carolina consumers have legal protections against predatory lending. South Carolina laws limit high-cost home loans, including second mortgages. Mortgage brokers in South Carolina must disclose all fees. If they don’t, consumers can sue for damages. 

Additionally, in a legal case before the Supreme Court of South Carolina in 2015, the court ruled in favor of consumers, reinforcing protections consumers have with open-ended mortgages, which have similar characteristics as HELOCs. Each state is different regarding real estate laws and which mortgage takes seniority when selling a house and paying it off. 

Borrowers must notify their lenders when securing a second mortgage. Additionally, when buying a home, it’s prudent for potential buyers to hire an attorney. In fact, in South Carolina, a South Carolina licensed attorney must be the one to perform a title search, closing, and recording documents.

Overall, borrowers in South Carolina have numerous laws to protect them from predatory lending on their primary and second mortgages.

FAQ

What credit score do you need for a South Carolina 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 South Carolina HELOC?

Typical fees for a South Carolina HELOC can 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 any current incentives is beneficial.

Are there any special programs or incentives for South Carolina HELOCs?

Yes, some lenders may offer special programs or incentives for South Carolina 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 HELOC lenders in South Carolina

LendEDU evaluates HELOC lenders to help readers find the best HELOC loans. 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 South Carolina.

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.

How we chose the best HELOCs in South Carolina

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 South Carolina HELOC rates and lenders