6 big reasons to choose a home equity loan over a personal loan right now

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Personal loans are a good option in today's rate climate, but home equity loans may make more sense for borrowers.

In today's high-rate environment, borrowers face a challenging landscape. Most traditional borrowing options have become increasingly expensive, making it difficult to find affordable ways to access the funds you need. And, whether you need the money for home improvements, debt consolidation or other major expenses, the search for cost-effective financing can be daunting.

In turn, you should consider consulting with a qualified tax professional to understand how this might apply to your specific situation and to ensure you're complying with current tax regulations.Longer repayment terms are availableHome equity loans also often come with the option for longer repayment terms compared to personal loans. While personal loans typically have terms ranging from one to seven years, home equity loans can extend to 15 or even 30 years .

 

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