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Home Equity HELOCs

South Dakota HELOC Rates and Lenders

A home equity line of credit or HELOC can be a great option if you’d like to consolidate debt, renovate your home, pay for college, or have an emergency reserve ready if you need it. If you live in the Mount Rushmore state, rest assured there are many South Dakota HELOCs available. 

To make your search for the right HELOC a bit easier, we’ve done the heavy lifting for you and compiled this list of HELOC rates and lenders in South Dakota. 

Best for…
Rating (0-5)
Best overall
Large HELOCs
Comparison shopping

Reviews of the best online HELOCs in South Dakota

If you’re looking for a quick and easy application and funding process, an online HELOC may be your best bet in South Dakota. 

You can apply online, from the comfort of your home and receive a decision quickly, often within several business days. Once you’re approved and accept your loan, an online lender will deposit your funds so you can immediately withdraw money. 

Also, online lenders offer lower rates compared to traditional local lenders with brick-and-mortar locations and higher overhead costs. A lower rate can save you hundreds or even thousands of dollars in interest in the long run.


Best overall

4.9 /5
LendEDU Rating

Why we picked it

Figure stands out as the best overall HELOC provider in South Dakota due to its competitive rates and innovative application process. Figure uses blockchain technology to streamline approval, often providing funding within five days. 

This efficiency, transparent terms, and excellent customer service make Figure an ideal choice for homeowners looking to access their home equity quickly and easily.

  • 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 credit union

4.7 /5
LendEDU Rating

Why we picked it

Bethpage offers large HELOCs, providing substantial borrowing limits for South Dakota homeowners. With competitive interest rates and a straightforward application process, Bethpage is an excellent option for those needing significant funding. 

The credit union’s strong reputation and member-centric approach ensure personalized support throughout the loan process, making it easier for borrowers to manage large home equity lines

  • Borrow $10,000 – $1 million
  • 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 to 70 days, on average
PropertiesPrimary homes, second homes, or condos
Credit score670


Best for comparison shopping

4.5 /5
LendEDU Rating

Why we picked it

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

The platform’s user-friendly interface and comprehensive comparison tools make it easy to find the best rates and terms tailored to individual financial situations. 
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)Starts at 6.99%
Loan amounts$10,000 – $2 million
Draw period2 – 20 years
Repayment term5 – 30 years
Funding timeVaries by lender
PropertiesVaries by lender
Credit scoreVaries, 620 advisable

Local HELOCs in South Dakota 

Like online lenders, local HELOC lenders offer several benefits to South Dakotans. You can expect personalized, in-service customer service if you choose a local lender. You can stop into a nearby branch to apply for a HELOC, ask questions about the product, and withdraw funds as needed. 

Fortunately, some local HELOC lenders also offer online applications and account management, so you can reap the benefits of both online and local lenders. As you explore various local lenders, such as the options listed below, consider interest rates, reputation, and the proximity of branches to your home. 

CompanyRates (APR)Location
Black Hills Federal Credit Union (BHFCU)8.00% – 13.00%Rapid City, Billings, Custer, Hot Springs, Spearfish, Sturgis, Wall, Cheyenne River, Pierre, Sioux Falls
Security National Bank of South DakotaStarting at 7.15%Sioux Falls
Voyage Federal Credit Union4.99% intro APR for 6 monthsSioux Falls, Vermillion
Quoin Financial BankNot disclosed Miller, Highmore, Sioux Falls

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

Whether you’d be better off with an online or local HELOC lender in South Dakota depends on your unique situation and goals. 

If your top priorities are lower rates, faster application process, and funding time, an online lender like Figure, LendingTree, and Bethpage is worth exploring. These lenders all offer competitive rates starting from 6.24%.

On the other hand, if you like the idea of in-person service and the chance to support a local business, a local HELOC lender such as Black Hills Federal Credit Union (BHFCU), Security National Bank of South Dakota, Voyage Federal Credit Union, and Quoin Financial Bank are all solid choices. 

These lenders have branches in cities like Rapid City, Sioux Falls, and Billings, so you can stop in during normal business hours to apply for and manage your HELOC.

How do South Dakota HELOC rates compare to other states?

National HELOC rates range from 8% to 10%. If you do your research, you’ll find that there is minimal variance in rates across states. You’ll likely find similar HELOC rates in surrounding states, such as North Dakota, Minnesota, and Iowa. 

This is particularly true if you opt for an online lender that offers HELOCs with the same rates to borrowers across the U.S. Also, since HELOC rates are based on factors like market conditions and your personal credit profile, it won’t matter whether you live in South Dakota or elsewhere.   

How to get the best HELOC rates in South Dakota 

These tips can help you lock in the lowest HELOC rates in the Mount Rushmore state.

  • Improve your credit: Most online and local lenders will consider your credit score when you apply for a HELOC. Increasing it is a good idea if your score falls in the good to excellent range (670-850). To do so, pay your bills on time, keep your debt levels low, and only apply for new credit when needed. You should also review copies of your credit reports and dispute any errors or inaccuracies you find.
  • Shop around: While it may be tempting to go with the first HELOC lender, it’s wise to research and compare options from multiple lenders. Many lenders will let you prequalify and check your rates and terms without any impact on your credit. Note that if you shop within a 45-day period, there will only be one inquiry on your credit report, even if lenders perform hard credit checks.
  • Keep your home in good shape: Depending on the lender, you may have to undergo a home appraisal and basic inspection to get a HELOC. However, if you maintain your home and ensure it’s safe and aesthetically pleasing, you can increase your chances of approval and a higher credit limit. 

Understanding your HELOC interest rate is important. If it is a variable interest rate, be wary when using a HELOC compared to other fixed rate options.

Kyle Ryan


Are there any South Dakota-specific requirements or regulations? 

South Dakota does not impose any laws or regulations that may impact HELOCs, so you can expect rates and terms comparable to those in other states. 

However, before you apply for a HELOC, you’ll need to gather important documents, such as pay stubs, bank statements, proof of employment, and details about your property insurance and taxes. 

You may also have to approve an appraisal that allows the lender to determine your home value and equity. Remember that every online and local lender has unique requirements, so understand them before applying. 

Ask the expert

Kyle Ryan


A HELOC can be a wonderful tool, but there are risks. Make sure you can successfully manage your debt. Otherwise, a HELOC—or any other line of credit or loan—may not be a good choice for you.


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

Typical fees for a South Dakota 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 current incentives is beneficial.

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

Yes, some lenders may offer special programs or incentives for South Dakota 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 South Dakota

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 South Dakota HELOC lenders

Best for…
Rating (0-5)
Best overall
Large HELOCs
Comparison shopping