The best in home equity for 2022

• Low origination fee and no appraisal fees, annual fees, late fees or prepayment penalties
• Starting APR of 3 percent, which is lower than the national average of around 4.1 percent
• Minimum credit score of 620, which allows people with lower credit scores to get loans when other lenders would not

The winner of the best home equity loan for borrowers with fair credit needed to score the highest on Bankrate Score criteria. In the event of a tie, the lender with the lowest starting APR was chosen.

• Minimum credit score is 680, which is on the low end of the good credit range of 670-799
• SpringEQ only charges fees for the required appraisal and for late payments
• Same-day approval helps people receive a loan quickly when needed

• No minimum draw requirements so people can borrow what they need
• Minimum credit score of 740, which means it caters services to those in high credit tiers
• Repayment period of up to 30 years so borrowers can find a payment plan that works for them on large loans

• 3 percent starting APR so qualified borrowers will spend less over the lifetime of the loan
• Repayment term of up to 30 years, which makes it easier to budget for large home improvement projects
• Loans range from $15,000 to $250,000, allowing people to find funding for both larger and smaller projects

• Scores high on overall availability, affordability and customer experience
• One of the lowest starting APRs among HELOC loans
• Few fees, which helps people looking to pay off debt faster with few added costs

• Best overall and customer experience scores show that borrowers are able to easily access their loan information and get help when needed
• Fast online process completed in as little as 14 days
• High-rated apps for Apple and Android devices make it possible to manage loans on the go

• Scores high for overall availability, affordability and customer experience
• Low starting APR of 3 percent means borrowers will spend less on the loan than with higher APRs
• Apps are available for Android and Apple with high customer reviews for functionality

• Online resources like calculators and informational articles to help current and potential borrowers make well-informed decisions
• Fully digital application and approval process make it easier to go through the loan process
• Fast funding in just five days help people get the money they need faster