FAQs/What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

November 4, 2020

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A Home Equity Loan gives you the money up front with a fixed rate and a fixed term. Monthly payments are principal and interest.

A Home Equity Line of Credit gives you easy access to your money when needed. Lines of Credit have a variable rate and will adjust with the Prime Rate. Monthly payments are interest only but you can paydown on the principal at any time.

Compare Cards	People's CU Savings Secured	Local Bank One	Local Credit Union	Local Credit Union Two	National Bank One
Promotional APR for Purchases and Balance Transfers	0.00%	0.00%	0.00%	0.00%	0.00%
Lowest APR for Purchases	7.50%	29.74%	29.74%	20.40%	26.24%
Lowest APR for Balance Transfers	7.50%	29.74%	29.74%	20.40%	26.24%
Annual Fee	None	$25.00	None	$99.00	$12.00
	Apply Today

*Disclosures and Details:
Annual Percentage Rate (APR) are lowest and subject to change without notice. The advertised APR based on a credit score of 700 or higher. Other rates are available based on creditworthiness. APR (Annual Percentage Rate) for purchases, balance transfers, and cash advances- A fixed introductory rate of 0.00% will apply through your account's first twelve billing cycles. After that, your variable APR will be 7.75% (as of 11.08.24). This APR will vary with the market based on Wall Street Prime & creditworthiness.

Compare Cards	People's CU Rewards	Local Bank One	Local Credit Union	Local Credit Union Two	National Bank One
Promotional APR for Purchases and Balance Transfers	0.00%	0.00%	0.00%	0.00%	0.00%
Lowest APR for Purchases	16.74%	18.99% to 29.24%	18.99% to 29.24%	13.40%-21.00%	19.24%-29.24%
Lowest APR for Balance Transfers	16.74%	18.99% to 29.24%	18.99% to 29.24%	13.40%-21.00%	19.24%-29.24%
Annual Fee	None	None	None	None	None
	Apply Today

*Disclosures and Details:
Annual Percentage Rate (APR) are lowest and subject to change without notice. The advertised APR based on a credit score of 700 or higher. Other rates are available based on creditworthiness. APR (Annual Percentage Rate) for purchases, balance transfers, and cash advances- A fixed introductory rate of 0.00% will apply through your account's first twelve billing cycles. After that, your variable APR will be 16.99% - 18.00% (as of 11.08.2024). This APR will vary with the market based on Wall Street Prime & credit worthiness.

Compare Cards	People's CU Low-Rate	Local Bank One	Local Credit Union	Local Credit Union Two	National Bank One
Promotional APR for Purchases and Balance Transfers	0.00%	0.00%	0.00%	0.00%	0.00%
Lowest APR for Purchases	13.24%	18.24% to 29.24%	18.24% to 29.24%	13.40%-21.00%	16.24%-26.24%
Lowest APR for Balance Transfers	13.24%	18.24% to 29.24%	18.24% to 29.24%	13.40%-21.00%	16.24%-26.24%
Annual Fee	None	None	None	None	None
	Apply Today

*Disclosures and Details:
Annual Percentage Rate (APR) are lowest and subject to change without notice. The advertised APR based on a credit score of 700 or higher. Other rates are available based on creditworthiness. APR (Annual Percentage Rate) for purchases, balance transfers, and cash advances- A fixed introductory rate of 0.00% will apply through your account's first twelve billing cycles. After that, your variable APR will be 13.49% - 18.00% (as of 11.08.2024). This APR will vary with the market based on Wall Street Prime & credit worthiness.

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