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| Secured loan | Instalment loan | Home equity loan | |
|---|---|---|---|
| Rate range | 9.99 - 34.99% APR | 9.99 - 34.99% APR | 4.09 - 34.99% APR |
| Interest charged on | The full amount from day one | The full amount from day one | The full amount from day one |
| Repayment | Fixed instalments, set end date | Fixed instalments, set end date | Fixed instalments, registered against the home |
| Re-borrow without reapplying | No | No | No |
| Best when | An asset can back the loan and cut the rate | You know the amount and want a payoff date | A large cost and meaningful equity in your home |
| Watch out for | The asset is at risk if payments stop | Interest on funds you may not need | Setup and legal costs; your home secures the debt |
| Term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $521 | $2,509 |
| 3 years | $384 | $3,840 |
| 5 years | $279 | $6,739 |
Most commonly home equity, a vehicle, or business equipment. The asset must be something the lender can value and, if necessary, sell. Pledging security typically lowers the rate materially because it lowers the lender's risk, which is the whole trade.
Substantially. Secured home equity borrowing often prices in single digits or low double digits where an unsecured loan for the same borrower might sit in the twenties or thirties. The gap is widest for borrowers with weaker credit, since security substitutes for credit history.
You can lose the asset. That is not a formality: a default on a home equity loan puts your home at risk, and on a car title loan your transportation. Only pledge an asset when you are confident of the payment, and never pledge something you cannot function without to cover a short-term shortfall.
