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Unsecured personal loans can be used for financing an emergency. These loans are not tied to your home's equity, however they may have higher interest rates than secured loans.
A home equity loan allows you to borrow against the equity in your home. These loans typically have fixed interest rates and fixed monthly payments. The loan amount is based on the equity you have in your home.
If interest rates are lower than when you initially obtained your mortgage, you might consider refinancing.
If you have a 401(k) retirement account, some plans allow you to borrow from it for certain purposes. However, this option should be approached with caution, as it can impact your retirement savings.
Similar to a home equity loan, a HELOC allows you to borrow against the equity in your home. However, it functions more like a credit card with a variable interest rate. You can borrow as needed, up to a certain limit, and repay over time.
While convenient, be mindful of high-interest rates, and try to pay off the balance quickly to avoid accumulating debt.
Option | Collateral required | Money available within 3 days | Potential loan amount provided | Interest rates | Chances of approval |
|---|---|---|---|---|---|
  Personal Loans |  |  | .svg){kind=small} | | .svg){kind=small} |
 Home Equity Loans (HEL) | | | |  | |
 Home Equity Lines of Credit (HELOC) | | | | | |
 Credit Cards | | |  | | |
 Refinancing Your Mortgage | | | .svg){kind=small} | | |
 401 (k) loans | | | | | |
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