A home equity line of credit, or HELOC, is a secured line of credit that allows you to borrow against the equity you have in your home. Because of this, HELOCs often have lower interest rates. HELOCs offer revolving credit, which allows you to borrow the funds you need when you need them. Applying for a HELOC often takes longer than a personal loan and typically requires significant paperwork.
LightStream offers a fast, easy online application without requiring any paperwork; you also do not need collateral to borrow funds. Instead, your credit profile and whole financial track record are assessed to decide if you qualify for financing.
Consider the type of project you’re doing, your credit, income, and whether you have equity in your home when evaluating your options.