Debt consolidating home equity finance

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Personal loans, on the other hand, are usually unsecured, so, while failure to make your payments on time will adversely impact your credit, none of your personal property is at risk.From start to finish, the process of securing a home equity loan can take weeks or longer.By comparison, some personal loans process in days or less.Though a HELOC is likewise money borrowed against the equity in your home, it functions as a revolving line of credit, much the way a credit card does.

Your lender sets a credit limit based on the equity in your home, and you can borrow against that limit at any point while the line of credit it still open.

Because they’re secured against your home, however, home equity loans usually feature lower interest rates and longer loan terms than personal loans.