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Quick equity loans are a quick way for lenders to run away with money from home equity borrowers who are in a hurry. When you apply for a home equity loan, if you are approved, you can normally expect to receive your money from a lender after two to three weeks. Quick or rapid equity loans can get you your money sooner but they come with a higher interest rate or fees.
Quick equity loans work by initiating two loan applications - one is for a home equity loan (a standard home equity loan or line of credit) and the other is for a non-secured personal loan. At the time of application, some credit and property checks are done. While the home equity loan process takes its time, you can access money from the personal loan which is approved right away. When the home equity loan is approved, the lender pays off the personal loan and cancels it.
This service comes at the cost of a home equity loan with a higher interest rate or increased fees. If for some reason your home equity loan is not approved, you can get stuck with a high interest personal loan. Quick equity loans may offer you your money one or two weeks sooner, but you will be paying for that convenience for a lot longer than that.
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