- Lines from $26,000 to $250,000
- APRs from 6.52% to 18.00% as of June 2026
- No annual fee and no prepayment penalty
- You must draw 80% of the limit at opening
- 29 states plus Washington, D.C.
| Lender | Upstart Mortgage, LLC, doing business as Upstart Home Lending (NMLS #2443873) |
|---|---|
| Line amount | $26,000 to $250,000. Some states set higher minimums |
| APR | 6.52% to 18.00% for initial advances, based on rates offered as of June 2026 |
| Lowest rate needs | Credit union membership, a FICO of 780 or higher, CLTV under 70% and DTI under 45% |
| Terms | 36-month draw with a 10 or 15 year term, 48-month draw with 20 years, or 60-month draw with 30 years |
| Origination charge | 0.00% to 4.99% of your total credit limit, paid at opening |
| Other costs | No annual fee, no prepayment penalty and no fee to redraw |
| Required first draw | 80% of your credit limit minus the origination charge, up to 100% |
| Minimum credit score | Not stated, apart from the 780 for the lowest rate |
| Funding | In Q2 2026, 15% of funded HELOCs closed in 2 days or less and funded in 7 days or less |
| States | 29 states plus Washington, D.C., as of July 2026 |
Our take: The Upstart HELOC is a fully online line of credit from $26,000 to $250,000 with no annual fee, no prepayment penalty and, for nearly everyone, no appraisal. It’s worth a rate check if you want speed and you know you need most of the money right away.
The catch is the opening draw. You have to take at least 80% of your credit limit, less the origination charge, the day the account opens.
It’s also not the lender behind Upstart’s personal loans. The HELOC comes from Upstart Home Lending, a separate lender under the Upstart name, and you apply on a different site.
How the Upstart HELOC works
It’s a variable-rate line with a twist. Your first advance gets an APR that’s fixed when the account opens. Every draw after that is priced on the date you take it, using the Wall Street Journal prime rate plus a margin, and that rate then stays fixed for that draw.
So your balance is really a stack of small fixed-rate loans. Each has its own repayment clock that ends on the last day of the term.
There are floors and ceilings. No advance can go above 18.000%, or lower than your first advance’s APR minus 1.00%.
Payments are due monthly through the draw and repayment periods, and each advance fully amortizes. You’re paying principal from the start, not interest only.
The 80% required draw
This is the detail that matters most. When you open the account, you must take an advance equal to 80% of your maximum credit limit minus the origination charge. You can take up to 100%.
Say you’re approved for $100,000 and the origination charge is 4.99%, which is $4,990. The required first draw is $75,010. You’ll pay interest on that from day one, whether or not you need it.
After that, you wait up to 45 days for another advance, and each later one has to be at least $500. You can hold only one Upstart HELOC at a time.
If you wanted a standby line you might never use, this isn’t it.
Upstart HELOC rates and costs
APRs for initial advances run from 6.52% to 18.00%. The 6.52% is a narrow case. You’d have to be willing to join a credit union, have a FICO of at least 780, CLTV under 70% and DTI under 45%.
The company’s own payment example shows the range. A $10,000 advance over 10 years at 10.250% is $133.54 a month. At the 18.000% maximum it’s $180.19.
The origination charge is 0.00% to 4.99% of the whole credit limit and varies by property state or state law. That’s the one cost to ask about, because it’s charged on the limit, not on what you draw.
There’s no annual fee and no prepayment penalty. Homeowner’s insurance is required, and flood insurance when it applies.
Draw and repayment terms
You get one of four combinations, depending on your credit:
- 36 months to draw, 10-year term
- 36 months to draw, 15-year term
- 48 months to draw, 20-year term
- 60 months to draw, 30-year term
You may not see all four. The draw period runs 3 to 5 years, against 10 at PenFed, so the window for redrawing is shorter.
Who qualifies
Upstart doesn’t state a minimum credit score. It does say its model looks at more than credit. The company says it considers the school you attended, your area of study and your employment history alongside your credit history, which could help or hurt depending on your background.
The home has to be one you live in. The line is for existing homeowners tapping equity, not for buying a home.
Checking your rate is a soft inquiry. If you accept and go forward, Upstart runs a hard one. Proceeds go to a personal bank account in your name by ACH, and business accounts aren’t accepted.
Is the Upstart HELOC available in your state?
It’s offered in 29 states plus Washington, D.C., as of July 2026. Upstart’s pages don’t list which 29, so the quickest check is the rate tool. Don’t assume your state is in.
Pros and cons
Pros
- No annual fee, no prepayment penalty and no fee to redraw.
- No appraisal for nearly all applicants.
- APRs start at 6.52% as of June 2026.
- Checking your rate is a soft inquiry.
- Each draw’s rate is fixed on the day you take it.
Cons
- You must draw 80% of your limit, minus the origination charge, at opening.
- The origination charge runs up to 4.99% of the whole credit limit.
- The lowest rate needs a 780 FICO, CLTV under 70%, DTI under 45% and credit union membership.
- The maximum line is $250,000.
- Offered in 29 states plus D.C., and the list isn’t published.
- You can hold only one Upstart HELOC at a time.
Who should use it
It fits a homeowner with strong credit who wants a mid-size line, needs most of it now and likes the idea of skipping the appraisal. Think $75,000 for a renovation you’ve already priced.
Skip it if you want a cushion line, or if a 4.99% origination charge on the whole limit would sting.
Skip it too if your score is well under 780, since the 6.52% rate is out of reach.
How to apply
Go to Upstart Home Lending, not upstart.com. Checking your rate takes as little as 10 minutes. After you accept, there’s a three business day rescission period required by federal law before funds go out.
The speed claim deserves a note. Only 15% of funded HELOCs in Q2 2026 closed in 2 days or less and funded in 7 days or less, and that assumed an online notary and prompt documents. Plan on longer. Borrower support is at 1-833-432-2215.
Upstart vs. other HELOCs
- Achieve: a fixed APR from 6.10% to 15.17%, lines up to $700,000 and a 600 minimum credit score, in 31 states.
- Figure: initial APRs of 7.35% to 14.85% as of October 6, 2026, with lines up to $750,000 in 48 states and Washington, D.C.
- PenFed: you draw as you need it, with a $99 annual fee, and PenFed pays most closing costs.
If you’d rather avoid a monthly payment, see HEI vs HELOC.
Upstart could make sense if you have strong credit, need most of the line right away and want to skip the appraisal.
FAQ
Yes, through Upstart Home Lending, a separate lender from the one behind Upstart’s personal loans. You apply at upstartmortgage.com.
$26,000 to $250,000. Some states have their own minimums.
Yes. You must take at least 80% of your credit limit, minus the origination charge, when the account opens.
No. There’s also no prepayment penalty and no fee to redraw. The one charge is an origination charge of 0.00% to 4.99% of the credit limit.
Not for nearly all applicants. Upstart values most homes without a traditional appraisal.
No. Checking is a soft inquiry. A hard inquiry only happens if you accept your rate and move forward.
Sources (7)
We use primary sources: each company’s own product pages and legal terms.
- Upstart Home Lending. Home Equity Line of Credit. upstartmortgage.com. Accessed October 13, 2026.
- Upstart Home Lending. Important Terms of Our Home Equity Line of Credit. upstartmortgage.com. Accessed October 13, 2026.
- Upstart Home Lending. HELOC Help Center. upstartmortgage.com. Accessed October 13, 2026.
- Upstart. Upstart loan options. upstart.com. Accessed October 13, 2026.
- Upstart. Help article on home equity lines of credit (HELOC). upstart.com. Accessed October 13, 2026.
- Achieve. Home Equity Line of Credit (HELOC). achieve.com. Accessed October 13, 2026.
- PenFed Credit Union. Home Equity Line of Credit (HELOC). penfed.org. Accessed October 13, 2026.
Take the next step.
See what rate Upstart Home Lending offers you.
$26,000 to $250,000 with no annual fee. You draw at least 80% at opening.
Rates, terms and availability change. Check the current terms on Upstart Home Lending’s site before you apply.