Claudia Hamilton

A home equity loan is a secured loan that allows a homeowner to borrow against the equity they’ve built up in their property. Equity is accrued through regular mortgage payments and growth in the value of their home. What does a home equity loan mean for you? It could be a way to cover a big, one-time expense, such as a major home improvement. You could also use a home equity loan to pay off high-interest credit card debt or help fund your child’s college tuition.

We found that Credible has some of the best APRs, Lending Tree offers access to 300+ lenders, and Lightstream offers the best variety of loan options. LightStream charges no fees for its personal loans, which range from $5,000 to $250,000 Upstart is our choice for low credit score applicants, with a minimum credit score of 600 The average APR for a 24-month personal loan is 11.87%, according to the Federal Reserve *Rates and APYs are subject to change.