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. 

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.

Figure

Best Overall

4.9 _/5

View Rates

---

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

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.

Aven

Best Customer Reviews

4.8 _/5

View Rates

---

Why we picked it

Aven is a great option for South Dakota homeowners who want to tap into their home equity through a HELOC. With fixed interest rates, you can enjoy consistent monthly payments, and Aven’s Lowest Rate Guarantee ensures you get a competitive deal. Plus, checking your rate doesn’t affect your credit score, making the process hassle-free.

For South Dakota borrowers, Aven offers a fully digital application that can be completed in as little as 15 minutes, with funds available within three days. An optional debt protection program through Securian is also available, covering payments for up to six months if you lose your job. With over 3,450 five-star reviews, Aven is known for its fast, reliable service.

• Offers a Lowest Rate Guarantee
• Optional Debt Protection program through Securian
• Approval in as little as 15 minutes
• 100% digital application process
• 3,600 5-star reviews on Trustpilot (as of September 2024)
• 3-day funding after signing
• Fixed interest rates

Loan details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	3 days from signing
Properties	All types
Min. credit score	640

FourLeaf

Best Credit Union

4.7 _/5

View Rates

---

Why we picked it

FourLeaf offers large HELOCs, providing substantial borrowing limits for South Dakota homeowners. With competitive interest rates and a straightforward application process, FourLeaf 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 starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Draw period	10 years
Repayment term	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

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. 

Company	Rates (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 Dakota	Starting at 7.15%	Sioux Falls
Voyage Federal Credit Union	4.99% intro APR for 6 months	Sioux Falls, Vermillion
Quoin Financial Bank	Not 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 FourLeaf 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, CFP®

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. 

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.

Kyle Ryan, CFP®

FAQ

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