Need cash from your home equity and need it quickly? Traditional home equity loans and HELOCs through a bank can take two to six weeks to fund, with in-person appraisals, mountains of paperwork, and branch visits. If you are facing a time-sensitive expense, that timeline does not work.
The good news: a few modern lenders have rebuilt the process to be almost entirely online, which means you can get a home equity loan fast, sometimes with funds in your account in as few as five business days. Below is exactly how to do it, who qualifies, and the fastest option I recommend.
The Fastest Way to Get a Home Equity Loan
Tap your home equity in days, not months
If you've got equity sitting in your home, Figure lets you put it to work fast. Their HELOC process is built to be quick: apply online in minutes, get approved, and access funds in as little as five days for qualifying loans. No branch visits, no endless paperwork.
Here's why people like it:
- Fully online application, approval in minutes
- Funding in as little as 5 days for qualifying loans
- Borrow up to a high percentage of your home's value
- Fixed rate on your draw, so payments stay predictable
- Use it for debt consolidation, renovations, big expenses, whatever you need
The pitch is simple. The equity is already yours. Figure just makes it fast and painless to access it.
Home Equity Loan vs HELOC: Which Is Faster?
People often use “home equity loan” and “HELOC” interchangeably, but there is a difference. A home equity loan gives you a fixed lump sum with a fixed rate and set monthly payments. A HELOC is a revolving line of credit you can draw from as needed.
For speed, the fastest products on the market today are digital HELOCs like Figure, because the online-first process cuts out the slow steps that bog down traditional bank loans. Figure bridges the gap by requiring a full draw at closing, so you get the lump-sum feel of a home equity loan with the rapid funding timeline of a fintech HELOC.
How to Get a Home Equity Loan Fast: Step by Step
- Prequalify online. Start with a soft credit pull that does not hurt your credit score. With Figure, this takes about five minutes and gives you an estimated rate.
- Submit your application. Provide basic income and property details. If you move forward, the lender does a hard credit pull.
- Skip the in-person appraisal. Figure uses automated valuation models for most properties, which removes one of the biggest delays in the traditional process.
- Complete an e-notary session. If your county allows it, you close online via video notary. You typically have 14 days to finish this step.
- Receive your funds. Funding can be initiated in as few as five business days after closing.
Do You Qualify?
To get approved fast, you generally need to meet these requirements:
- Credit Score: A minimum of 600, although higher FICOs generally get you the best rates and fastest approvals
- Home equity: Figure lends to a combined loan-to-value <85%
- Debt-to-income ratio: Figure lends to DTI <50%
- Reliable payment history
A Few Things to Know
Like any home equity product, there are a couple of details worth understanding before you apply. Figure charges a one-time origination fee that gets factored into your loan, and you draw your funds at closing rather than over time, which is part of what keeps the process so fast and predictable. For most people tapping equity for a specific goal like debt consolidation or a renovation, that structure works in your favor. Just review your rate and terms when you prequalify so you know exactly what to expect.
Want Cash Without Monthly Payments?
A home equity loan is fast, but it adds a monthly payment to your budget. If that does not work for you, there is another way to tap your equity: a home equity investment. With these home equity investment companies, you receive a lump sum today in exchange for a share of your home's future value, with no monthly payments and no interest.
Two of the most popular options are Hometap and Unison. Both let you access cash from your equity without taking on debt or a new monthly bill, which can be a smart fit if your income is variable or you do not want to add a payment. The trade-off is that you settle up later, typically when you sell or buy out the agreement, and you owe more if your home appreciates.
Bottom Line
If you need a home equity loan fast, the online-first lenders win on speed. Figure can get you approved in minutes and funded in as few as five days for qualifying loans, with no branch visits and no in-person appraisal in most cases. Prequalifying takes about five minutes and will not affect your credit score, so it is an easy first step to see your rate.
