A home equity loan is a lump-sum loan, which means you get all of the money at once and repay with a flat monthly installment that you can count on over the life of the loan, generally five to 15 years.You’ll have to pay interest on the full amount, but these types of loans may still be a good choice when you’re considering a large, one-time cash outlay, like paying for a full rehab of your.personal loan approval is quicker. But a home equity loan could have a lower interest rate and potentially offers borrowers more flexibility. It depends on what you need. Personal loan approval is quicker, but a home equity loan could have a lower rate..home equity installment loans are a great way to consolidate debt or pay for major expenses with a fixed-rate payment. Learn more. Learn about the benefits of a home equity Installment loan – a great way to consolidate debt or pay for major expenses with a fixed-rate payment..Your home is not just a place to live, and it’s not just an investment. It also can be a source of ready cash should you need it through refinancing or a home equity loan. Refinancing pays off.A home equity loan (HEL) lets you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment. Interest on a home equity loan may be 100% tax deductible (please consult your tax advisor to see if you qualify).A home equity loan is a financial product that allows you to borrow against the value of your home. You’re able to receive in cash a portion of your home’s equity, or the difference between the amount owed on your mortgage and your home’s market value.Home equity loans, which helped fuel Americans’ pre-recession spending binges, are climbing out of a prolonged slump as house prices rise. But don’t expect them to drive consumer purchases as they did.However, the interest on a home equity loan is just one of the costs involved with taking out a home equity loan. Home equity loan fees may be similar or identical to the fees you paid for your original mortgage. You should expect to pay about 2% to 5% of the loan amount in fees and closing costs.