Home Equity Loans

Home Equity Loans - Good Karma

There are cycles to loans - we live in them, we see them come and go and bring about good fortune and bad, and at Payday prophecy its our job to predict them. And at the top of the great wheels sits the proud form of home equity loans, far distant from the low sing of payday advances we're used to.

Bathing in the luck of home equity loans

Is it a good idea to apply for home equity loans in place of a payday advance? Lets prohesize a bit and see what might happen in the event that you did. Imagine, imagine...

You own a home. You've paid off a substantial amount of your mortgage. You have equity. A need for emergency cash comes up - you're out of savings and payday is a week distant. Now, there are two principal problems with equity loans for these emergency situations:

1. They usually take weeks to materialize - home equity loans don't just happen overnight, and definitely not within an hour as is the case with some payday advances.
2. Most home equity loans come with a minimum value of several thousand dollars.

Is a $50k loan to be repaid over 10 years what you need for this emergency? And another question - what will you do with all that excess cash?

Thinking twice

People who can take out home equity loans are in a great financial position, insulated from the major financial calamities possible in our world. Yet we all face emergencies, and there might come a time when a few hundred dollars cash immediately is necessary for our happiness - home equity loans just can't fill that need.

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