Get one manageable payment with HELOC debt consolidation
Are you looking to streamline your finances by consolidating high-interest debts like credit cards and personal loans? HomeEQ’s HELOC offers a smart way to use your home equity for debt consolidation. Simplify your payments with our quick, fully online application process. Apply now to access your funds in as little as five days.
Get Your OfferSimplify your finances with a digital HELOC
Many homeowners face multiple monthly debt payments, including credit cards, personal loans, and auto loans.
HomeEQ’s HELOC helps homeowners access the equity they have built in their homes and use it to pay off high-interest debts. Consolidate your debts into one manageable loan and free up your monthly budget for other expenses.
HELOCs provide the flexibility to use funds as you need, helping ease financial strain and give you more breathing room in your budget.
How does a HELOC for debt consolidation work?
A home equity line of credit (HELOC) leverages the equity in your home to provide accessible funds.
This line of credit can consolidate various forms of debt, offering a single payment with potentially lower interest rates than other credit sources.
All you have to do is apply using our fully digital application, and you’ll receive your funds in as few as five days.
Benefits of using a HomeEQ HELOC for debt consolidation
- Quick approval within minutes using our 24/7 digital application
- Borrow from $25k-$350k to cover all your debts
- Flexible term lengths from 5-30 years for a tailored repayment plan
- Use with primary residences and second homes
- No penalties for early repayment
How HomeEQ’s HELOC makes debt management easier
- Start by creating an account online to outline your current financial situation.
- Complete our push-button application for approval in as fast as 15 minutes.
- If approved, you can access your funds quickly—within days, not weeks—transforming how you manage and repay your debts.
HELOC rates and terms for debt consolidation
Review our HELOC’s specific qualifications and terms to see how it aligns with your debt consolidation goals.
HELOC rates and terms
Explore a breakdown of our HELOC’s specific qualifications and terms to better understand how it works.
HELOC FAQs
Yes, a HELOC is a solid choice for debt consolidation because it typically offers lower interest rates than unsecured loans or credit cards and provides flexible access to funds.
With HomeEQ’s HELOC, you can access $25k-$350k in as fast as five days, with term lengths from 5-30 years.
By rolling multiple debt payments into one lower-interest payment, you can simplify your finances and reduce the interest you pay over time.
You can use a HELOC to consolidate various types of debt, including credit card balances, personal loans, medical bills, and other high-interest obligations.
This can lead to significant savings and a more manageable financial situation.
Before using a HELOC for debt consolidation, consider the total debt you can consolidate, the value of your home equity, and your ability to manage a new line of credit.
Ensure the interest rate and terms make financial sense for your situation.
When you apply for a HELOC, the required hard credit pull can cause a small temporary dip in your credit score like any financing. Once you apply the HELOC to consolidate and pay down your debt though, you’ll often see an increase in your credit score.
If you pay down credit card balances, for example, you’ll reduce credit card utilization. You’ll also add a new loan type, diversifying your credit types. Impacts like these improve and increase your credit score, as long as you continue to make payments on-time and keep debt in check.