types of loan presentation

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4 elements of an effective loan presentation

• Financial Institutions

A loan presentation is one of the most critical documents not just in a credit file, but in the entire credit process.

A well-written, comprehensive loan presentation contains many details to assist the reader in understanding the proposed transaction. An effective presentation should tell a story and paint a picture for the reader; it’s one part science and one part art.

The loan presentation should accomplish four primary objectives:

• Provide the reader with a reasonable understanding of the borrower and the subject request.
• Provide background information and explain the need for the financing.
• Describe the risk in the transaction and credit worthiness of the borrower.
• Support the rationale for the credit decision and loan grade.

Having a high-quality loan presentation product is a vital step towards well-informed approval decisions, effective credit monitoring and a smoother third-party review. By meeting these four objectives, you can help ensure that your presentation is effective:

1. Borrower and subject

Don’t assume your reader is familiar with the borrower or the transaction. Instead, start your presentation with a straightforward overview of the basics.

This section should be matter-of-fact and include the following:

• Guarantors (both personal and corporate)
• Purpose and terms of the request
• Proposed loan structure
• Primary and secondary sources of repayment
• Loan officer
• A recap of the current relationship with the lender, including both loans and deposits

While the subject request may be transactional in nature, it is important to include the full relationship with the lender when entertaining a new request. A borrower may have multiple loans with the lender, and while each loan transaction should stand on its own, in most instances the individual loans are not siloed.

2. Background information

Next, the presentation should provide the reader with pertinent background information, current events and describe the need for the subject financing.

Presentations are often written with the assumption that the reader is the internal credit committee who is already familiar with the borrower. They may omit critical background and current event information necessary to understand the borrower and the need for the subject financing.

Effectively providing background information requires balance. You don’t need to include a recap of everything that has happened during the past 20 years. At the same time, you don’t want to omit so much information that the reader can’t understand the borrower’s business.

This section may also include commentary on the guarantors and their role with the borrower. And you can add a sources and uses table to provide a recap of project financing.

3. Risk analysis

Risk analysis and mitigation are the meatier parts of a loan presentation. When covering risk analysis, be sure to include the following:

Financial statements: The first step is spreading the financial statements. Some lenders spread the statements right in the loan presentation, while others include attachments at the end with a recap in the body of the presentation. However, in both cases, there should be more than just simple spreads.

The balance sheet analysis should include ratio analysis and commentary on items such as liquidity, leverage and trends. Likewise, the income statement needs to be analyzed for trends such as revenue growth, margins and profitability, and should also note any adjustments for items such as one-time expenses.

Noteworthy items should be highlighted and explained if possible. This may require going back to the borrower for explanations.

This step is frequently overlooked but necessary. Without it, the reader is forced to make assumptions, and inaccurate assumptions can lead to inaccurate results and poor approval decisions.

Cashflow: Once appropriate spreading and analysis is complete, cash flow can be analyzed.

If the borrower has outside debts, a debt schedule should be completed. This helps ensure all required debt payments are properly included so that debt service ability can be calculated.

Debt service ability is often the biggest driver in determining the borrower’s ability to repay debt. After all, repayment of the loan per the terms of the contract is ultimately what lenders want to see.

Collateral analysis: The collateral analysis should include a collateral table with the following:

• A description of the collateral
• The value of the collateral
• The source of the valuation
• Appropriate advance rate and indication of any primary liens impacting the collateral position of the lender

This should only include perfected collateral while including all collateral pledged in the table. Additional commentary may be appropriate to describe specific assets and lien positions.

Level of risk: An objective grading matrix is a useful tool to measure risk based on the lender’s own criteria.

The matrix should primarily use objective criteria, such as debt service coverage, collateral coverage, liquidity and leverage. But certain subjective criteria, including collateral type, guarantor strength and strength of management may be considered as well.

Different matrices may be used for different loan types as certain factors are more relevant in certain loan types than others.

Monitoring tools such as covenants and financial reporting requirements should also be included in this section.

Loan covenants — for example, borrowing bases, minimum debt service coverage, maximum leverage levels and minimum liquidity levels — communicate the performance expectations the lender has of the borrower. As such, covenants should be clearly defined and communicated to the borrower.

Covenant violations create early warnings of potential issues with a credit. Financial reporting by the borrower and guarantors allows the lender monitor performance and any significant changes (good or bad) in the financial condition and ability of the providers. It is also important to note any underwriting or policy exceptions in this section.

4. Rationale

Finally, the loan presentation should provide rationale for the approval and loan grade.

A well-written and well-developed loan presentation should lead the reader to the same conclusions as the lender. There should be sufficient detail to support both the conclusion to approve the request and the risk rating conclusion based on the lender’s risk parameters. And evidence of approval should be contained within the presentation or attached to it.

Consistency across the organization is essential when analyzing and grading credits.

While a centralized approach to underwriting and analysis generally provides a more consistent product, a decentralized approach can work as well. However, it requires additional controls and oversight to obtain the same consistency in the final product.

How Wipfli can help

Wipfli understands the challenges financial institutions face with underwriting risk. Our team includes experienced lending professionals who are ready to guide you through best practices and strategies to help you be confident in your risk management. Contact us to learn more about how our loan review services can help strengthen your institution.

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Purposeful Loan Presentations; What You Say and How You Say It Really Does Matter

• October 20, 2017
• No Comments

By Tim Ohlde, President of Elk State Bank

People often joke about how much they detest public speaking. But for many, it isn’t a joke, they truly dread the thought of it. And, at least for some people right up there with public speaking is writing. Recently regulators have elevated the importance of loan write-ups; the financials will always be important, but the narrative is receiving increased review. Unfortunately, a fair number of loan officers dread writing. So, let’s discuss a few key aspects of the presentation content and how to elevate it to a highly effective level.

Make sure your Loan Presentation does Its Job – A good loan presentation provides a frame of reference for the borrower’s business, the current request and the relationship that the borrower has with your institution. It should set the stage for how this request fits into the broader scope of the operation and the long-term business plan. This might include referencing the complexity of the request and its size relative to the overall operation, the borrower’s management capacity and any competitive advantage that the business has in regard to product or service. At a minimum, it summarizes the request itself and makes a recommendation.

Remember Who Your Audience is – Typically the loan presentation is prepared for three different audiences. First, it is used by the lender to capture information and rationale for the decision on the credit request. Second, there is likely an internal or external loan committee or Board of Directors that will use it. Third, regulators will review at least a sample of loan presentations during exams. When studying a file, they will go to the loan presentation first and often review it offsite, so they read the loan write-up without bank staff available to answer questions. Make sure that what is written and the financial information included will be meaningful to all three groups. And one final audience that is hopefully avoided; a judge in a courtroom. Loan presentations may be requested by the court in the case of a dispute with a borrower.

Capture Context – If there is anything happening outside the borrower’s sphere of influence that may be impacting their business, make sure to reference it. Examples might be a significant change in their specific industry or the loss of a significant competitor.

Require Consistency – Having the same information, in the same format, presented in an organized and orderly fashion helps all audiences track key data. This is particularly powerful when external loan committee members and regulators are wanting to become familiar with the credit.

Develop a Format – Adopting a template for loan presentations that everyone within the institution will use builds commitment to improving credit file content. A presentation model is a tool that makes success in this area more likely. Having this agreed upon template is especially helpful when training a new lender. The model also allows for lenders to easily replicate static information that appears in each loan request. This would include the history of the operation and the background of key managers/owners.

Master a Writing Style – Strive for being succinct but thorough, focused and meaningful. Use words, tables, and formats that draw attention to key items and that lead the reader logically through the loan presentation. Use underlining, bold or italics to highlight key aspects of the financial information and demonstrate understanding of what they mean. The narrative should not restate financial data; it should expand on why and how financials have or will change. This is where a lender demonstrates depth of analysis. Less is more; extra words or uncommon words are undesirable; keep it clear and straightforward so the reader is focused on content, not extensive vocabulary.

Identify Financial Detail – Typical items to include, usually in charts or tables are; Balance Sheet trend analysis, Income Statement trend analysis, collateral coverage, ratio trends and repayment capacity. The repayment analysis will include sensitivity testing as well as timing of repayment based on a cash flow projection. These items usually culminate in credit scoring and/or grading and a summary of the overall credit risk based on the proposed request. Information about a guarantor, if there is one or if one is needed to recommend the loan, will be included because the guarantor’s financials will be reviewed as well.

Expand on Financials – Regulators and Loan Review Committee members are looking for the explanation behind the numbers as proof that the analysis was performed and understood. Back up the recommendation with the facts first, but evaluate context and add interpretations of the financial information.

Make a Recommendation – A summary section with the recommended action and rationale is a basic requirement so make sure that is prominent. This should include how the request scores within your risk rating system and any exceptions that might be necessary. Some institutions summarize the request and the recommendation at the beginning while others leave the recommendation to the end following the financial overview.

Find a Mentor – Look for a colleague who likes to write and organize information. This is the person to create the loan presentation template and to help review the final product for flow as well as missing information. It is hard to objectively review one’s own work; what may be apparent to someone with a long relationship with a borrower may not be obvious to someone taking a first look. After gaining experience, most lenders will outgrow the need for a mentor.

A commitment to exceptional Loan Presentations gets easier over time and reaps immense benefits when reviewing requests. It is also a great opportunity to deepen understanding of a borrower’s business and hopefully the bank’s relationship with them. As a lender strives to explain financial information an opportunity is created for rich and meaningful dialogue with the customer. Most lenders will always prefer numbers to words. But, the numbers alone can’t tell the whole story, the challenge of expressing what the numbers mean creates a better lender and a stronger loan.

Tim Ohlde is President of Elk State Bank based in Clyde Kansas and Founder and CEO of Country Banker Systems LLC, a Loan Analysis Software Product for Ag, Commercial and Consumer Lenders. Tim can be reached at HYPERLINK “mailto:[email protected]” [email protected] or 1-800-780-5479.

This article originally appeared in the Third Quarter 2017 issue of Ag Banking, a BankNews Media publication.  Copyright 2017 BankNews Media. All rights reserved.

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Loan Structure

The loan structure outlines the conditions and factors governing the arrangement between a lender and a borrower

Christy currently works as a senior associate for EdR Trust, a publicly traded multi-family  REIT . Prior to joining EdR Trust, Christy works for CBRE in investment property sales. Before completing her  MBA  and breaking into finance, Christy founded and education startup in which she actively pursued for seven years and works as an internal auditor for the U.S. Department of State and CIA.

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Manu holds a PHD in Biomedical Engineering from Duke University and a BA in Physics from Cornell University.

What is Loan Structure?

Components of loan structure, advantages of good loan structure, risks associated with loan structure, how to overcome the risks associated with the loan structure, loan structure faqs.

The loan structure outlines the conditions and factors governing the arrangement between a lender and a borrower. It is crucial to the lending process. 

Both the lender and the borrower can ensure openness and make wise decisions if they are aware of the elements of a loan structure.

Understanding the structure is crucial for making educated decisions when borrowing money. The loan agreement's terms and conditions are defined by several components that make up the loan structure.

Various business needs necessitate borrowing funds from banks or other financial entities. For instance, they can want to buy new equipment, pursue development plans, acquire another business, or deal with unforeseen expenses. 

They might also need more operating capital. The borrower repays the principal and interest over the length of the debt. 

The word "loan structure" refers to a loan's objectives, amount, kind, interest rate , repayment options, and duration. A guarantor requirement or other covenants may be part of the structure's risk-mitigation strategies. 

The goal of the debt, the borrower's risk tolerance , and the time range for repayment are some factors that affect the structure. 

Key Takeaways

• The phrase "loan structure" describes a loan arrangement's particular terms and circumstances, such as the interest rate, repayment schedule, and other significant components that specify the borrower's duties and the lender's rights.
• The loan size should be carefully chosen to satisfy the borrower's needs while considering their ability to repay.
• The interest rate influences the cost of borrowing; thus, it should be assessed to secure the best terms.
• The length of the credit contract is determined by the credit term, which should align with the borrower's financial goals and capacity to repay.
• In some loan structures, collateral or security may be necessary to safeguard the lender in the event of a default.

Knowing the components of a loan structure, such as the principal sum, interest rate, repayment schedule, collateral requirements, fees, and default conditions, can help borrowers make intelligent decisions and effectively manage their borrowing. 

1. Loan Amount

It is the sum that the borrower has borrowed as principal. It serves as the initial amount given by the lender and serves as the foundation for figuring out interest and payback responsibilities. 

The suitable amount to satisfy the borrower's needs while considering their repayment capacity must be carefully determined.

2. Interest Rate

The interest rate, which determines the cost of borrowing, is an important part of any payment structure. The interest rate is the additional sum that must be repaid by the borrower in addition to the principal and is expressed as a percentage of the borrowing amount. 

To guarantee they obtain the most advantageous conditions, borrowers must examine the interest rates provided by several lenders.

3. Schedule of Repayment

The repayment schedule specifies the timing and frequency of credit repayments. It details how many payments will be, when they are due, and how much will be owed for each.

To ensure that the repayment schedule fits within their support means, borrowers should carefully analyze it. Monthly, quarterly, or annual installments are typical choices.

4. Loan Term

The loan term is the length of the credit contract. It specifies the time frame for the borrower's entire debt repayment. Long-term advances often last several years, whereas short-term debts normally last for a few months. 

The length of the debt should be determined by the borrower's financial objectives and ability for repayment.

5. Amortization

Amortization is the process of steadily paying down the balance with consistent payments. Both principal and interest are included in each payment. The breakdown of each payment's principal repayment and interest component is detailed in an amortization schedule . 

To monitor their payment progress and make informed financial plans, borrowers must thoroughly understand the amortization process.

6. Collateral/Security

In some circumstances, lenders could ask borrowers to offer security or collateral for the debt. In the event of a default by the borrower, collateral protects the lender. It might take the shape of valuable assets like real estate, cars, or other things. 

The agreement should outline the necessary collateral requirements and the consequences of default.

7. Charges and Fees

Any fees and charges that might be mentioned in credit agreements should be understood by borrowers. Examples of these are origination costs, processing fees, prepayment fines, and late payment fees. 

For borrowers to accurately analyze the total cost of the credit and compare offers from other lenders, they must thoroughly understand the fee structure.

8. Default and Remedy

The agreement provisions specify when a borrower is deemed to be in default, such as when payments are late, or another agreement term is broken. 

It also explains the steps the lender may take in the case of a default, including levying fines, filing lawsuits, or seizing assets. 

Borrowers must have a comprehensive awareness of the consequences of default to avoid unfavorable outcomes.

Both lenders and borrowers can benefit from a strong loan structure in several ways. 

Here are a few major advantages of having a cleverly created payment structure:

1. Clear Understanding

A well-structured credit gives both parties involved clarity and transparency. It outlines all of the payment’s terms and conditions, including the amount of the debt, the interest rate, the payback terms, and any other fees or requirements.

This aids in both borrowers' understanding of their responsibilities and lenders' efficient lending process management.

2. Increased Decision-Making by Borrowers

Borrowers can make wise selections thanks to a solid credit structure. A detailed grasp of the debt terms will enable borrowers to analyze credit affordability, determine how it will affect their cash flow , and develop more effective financial strategies. 

This lowers the chance of default and encourages more cautious borrowing.

3. Optimal Repayment Planning

A well-structured debt enables borrowers to schedule their repayments efficiently. Borrowers can plan their finances appropriately if they clearly understand the amortization timetable and the payback timeline.

Reducing the possibility of missing payments or financial strain guarantees a simple repayment process.

4. Flexibility and customization

These are possible with a proper payment structure, depending on the needs and financial situation of the borrower. To accommodate diverse borrowers, lenders might provide a range of repayment terms, repayment alternatives, and interest rate structures.

This makes it easier for the borrower to identify a debt that meets their particular needs.

5. Lender Risk Mitigation

A well-structured debt aids lenders in reducing lending-related risks. Lenders can safeguard their interests and lessen the possibility of financial loss by implementing default provisions, defining the necessary collateral requirements, and establishing suitable interest rates. 

6. Positive Relationship Between Borrower and Lender

A sound credit arrangement encourages a positive relationship between the borrower and the lender. 

Building trust and goodwill requires open communication, transparency, and a fair debt arrangement. Long-lasting collaborations and possibly access to further funding may result from this.  

Debts are a necessary source of funding for many different purposes, but it is important to understand the dangers of lending structures. 

By being aware of these risks, borrowers and lenders may make wise decisions and implement effective risk management plans.

1. Credit Risk

Credit risk, or the potential for borrowers to miss debt repayments, is one of the major risks in credit systems. Lenders run the risk of not being paid or receiving payments late, both of which could lead to financial losses. 

On the other hand, borrowers could have negative effects, including ruined credit histories and restricted access to future borrowing.

2. Interest Rate Risk

Interest rate risk results from the potential for interest rate changes during the debt’s tenure. Borrowers with variable interest rates incur the risk of paying more interest if interest rates rise, making it more difficult for them to make payments. 

A lender may also be exposed to interest rate risk if they have fixed-rate obligations that could lose money if interest rates rise.

3. Collateral Risk

The value and marketability of the underlying assets are at stake when collateral is used in credit schemes. If the value of the collateral drastically decreases, lenders can have trouble getting their money back in the event of a default. 

Similarly, borrowers risk losing priceless possessions if they fall behind on their payments and the lender seizes their collateral.

4. Regulatory and Compliance Risk

There are several regulatory restrictions and compliance obligations that apply to loan structures. The regulations governing lending practices, consumer protection, anti- money laundering , and data privacy must all be complied with by lenders. 

Legal repercussions, reputational harm, and financial penalties could arise from breaking these rules.

5. Liquidity Risk

Liquidity risk is the possibility of insufficient money to cover financial obligations. A borrower may have liquidity issues if their income or cash flow decreases, making it challenging for them to make timely debt repayments. 

Lenders with a significant percentage of non-performing credits may experience liquidity risk, especially if they are smaller financial institutions.

6. Prepayment Risk

When borrowers pay off their debts before the agreed-upon maturity date, prepayment risk develops. Borrowers can benefit from early repayment, while lenders might lose out on anticipated future cash flows and see their interest revenue drop. 

This risk is especially important for lenders offering fixed-rate credit with prepayment penalties.

Although debt designs are intended to offer financial support, borrowers may nonetheless face challenges due to unforeseen events. 

Knowing the many therapies that are accessible in such cases is crucial: 

1. Loan modification

To solve persistent financial challenges, credit modification entails making permanent changes to the debt terms. This cure could be a decrease in interest rates, an extension of the debt’s duration, or a principal reduction. 

Credit modifications are often negotiated between borrowers and lenders to provide more manageable repayment terms. It seeks to avoid default and allow borrowers to fulfill their debt commitments over an extended period.

2. Refinancing

Refinancing enables borrowers to swap out their current debts for new ones with better conditions or interest rates. When their creditworthiness improves, or they can find a lower interest rate on the market, borrowers can look into refinancing options. 

Refinancing might help you shorten the credit term, lower your monthly payments, or combine many credits into one. 

3. Restructuring

Restructuring debt is an option for borrowers with financial difficulties. To make debt repayment more reasonable, it entails changing the conditions of the loan arrangement. 

Options for restructuring can include extending the credit’s term, lowering the interest rate, or changing the repayment plan. Borrowers can achieve financial stability and increase their capacity to repay debt by working with lenders to restructure the debt.

4. Forbearance

Forbearance is a temporary relief that enables borrowers to postpone or scale back their credit payments for a set time. This cure is frequently provided in situations involving sudden financial difficulties, such as job loss or unforeseen medical expenses. 

Although interest may continue to accrue during forbearance, it reprises debtors from making regular credit payments.

The loan structure is crucial because it impacts the borrower's capacity to repay the credit, the cost of borrowing, and both parties' total financial standing. 

The credit must be appropriate for the borrower's needs, the lender's risks must be kept to a minimum, and effective credit repayment is encouraged by a well-designed loan structure.

The interest rate influences the total sum that the borrower will have to pay back during the loan term and determines the cost of borrowing. The total cost of the debt rises with higher interest rates while falling with lower rates.  The interest rate also impacts the monthly payment amount and the borrower's affordability.

Borrowers should consider their long-term financial goals, repayability, and financial necessities while deciding on the loan amount. It's crucial to borrow a sum that's affordable and compatible with the borrower's capacity to make consistent payments without experiencing undue financial hardship.

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Personal Loans

Credit cards, home-equity loans.

• Home-Equity Lines of Credit

Small Business Loans

• Frequently Asked Questions (FAQs)

The Bottom Line

• Personal Finance

Understanding Different Loan Types

Choose the one that best suits your financial situation

Borrowed money can be used for many purposes, from funding a new business to buying your fiancée an engagement ring. But with all of the different types of loans out there, which is the best—and for which purpose? Below are the most common types of loans and how they work.

Key Takeaways

• Personal loans and credit cards come with high interest rates but do not require collateral.
• Home-equity loans have low interest rates, but the borrower’s home serves as collateral.
• Cash advances typically have very high interest rates plus transaction fees.

Most banks, physical and online alike, offer personal loans , and the proceeds may be used for virtually anything from buying a new smart TV to paying bills. This is an expensive way to get money because the loan is unsecured , which means that the borrower doesn’t put up collateral that can be seized in case of default, as with a car loan or home mortgage. Typically, a personal loan can be obtained for a few hundred to a few thousand dollars, with repayment periods of two to five years.

Borrowers need some form of income verification and proof of assets worth at least as much as the amount being borrowed. The application is typically only a page or two in length, and the approval or denial is generally issued within a few days.

Best and Worst Rates

The average interest rate for a 24-month personal loan was 12.17% in the third quarter of 2023, according to the Federal Reserve. But interest rates can be more than three times that amount: Avant's APRs range from 9.95% to 35.99%, for instance. The best rates can only be obtained by people with exceptional credit ratings and substantial assets. People with bad credit can expect to pay more in interest and fees.

A personal loan is probably the best way to go for those who need to borrow a relatively small amount of money and are certain they can repay it within a couple of years. A personal loan calculator can be a useful tool for determining what kind of interest rate is within your means.

Every time a consumer pays with a credit card, it is effectively equivalent to taking out a small personal loan . If the balance is paid in full immediately, no interest is charged. If some of the debt remains unpaid, interest is charged every month until it is paid off.

The average credit card interest rate carried a 21.19% APR in the third quarter of 2023, according to the Federal Reserve—up from the 2022 fourth quarter rate of 19.07%, bringing it to its highest rate since 2018. Many credit cards offer promotional rates to sign up, with some going as low as 0% interest as an introductory rate. But those rates are temporary, and when the promotional period ends, they will return to their standard level.

A personal loan might be best for someone who needs to borrow a relatively small amount of money and is sure of their ability to repay it within a couple of years.

Credit Card Cash Advances

Credit cards usually include a cash advance feature. Effectively, anyone with a credit card has a revolving line of cash available at any automatic teller machine (ATM).

This is an extremely expensive way to borrow money. Cash advances also come with a fee, typically equal to 3% to 5% of the advance amount or a $10 minimum. Worse yet, the cash advance goes onto the credit card balance, accruing interest from month to month until it is paid off. To take one example, the interest rate for a cash advance on the Chase Freedom credit card is 29.99%.

Cash advances are occasionally available from other sources. Notably, tax-preparation companies may offer advances against an expected IRS tax refund. However, unless there’s a dire emergency, there’s no reason to give up part of your tax refund just to get the money a little faster.

Revolving Debt vs. Installment Loans

The big difference between a credit card and a personal loan is that the card represents revolving debt. The card has a set credit limit, and its owner can repeatedly borrow money up to the limit and repay it over time. Personal loans are paid out once and repaid in installments over the agreed-upon term.

Credit cards are extremely convenient, and they require self-discipline to avoid overindulging. Studies have shown that consumers are more willing to spend when they use plastic instead of cash. A short one-page application process makes it an even more convenient way to get $5,000 or $10,000 worth of credit.

People who own their own homes can borrow against the equity they have built up in them. That is, they can borrow up to the amount that they actually own. If half of the mortgage is paid off, they can borrow half of the value of the house, or if the house has increased in value by 50%, they can borrow that amount. In short, the difference between the home’s current fair market value and the amount still owed on the mortgage is the amount that can be borrowed.

Low Rates, Bigger Risks

One advantage of the home equity loan is that the interest rate charged is far lower than for a personal loan. According to a survey conducted by ValuePenguin.com, the average interest rate for a 15-year fixed-rate home equity loan as of Jan. 7, 2019, was 5.82%. As a result of changes in the 2017 Tax Cuts and Jobs Act , interest on a home equity loan is now only tax deductible if the money borrowed is used to “buy, build, or substantially improve the taxpayer’s home that secures the loan,” per the Internal Revenue Service (IRS).

The biggest potential downside is that the house is the collateral for the loan. The borrower can lose the house in case of default on the loan. The proceeds of a home equity loan can be used for any purpose, but they are often used to upgrade or expand the home.

A consumer considering a home equity loan might keep in mind two lessons from the financial crisis of 2008–2009:

• Home values can go down as well as up.
• Jobs are in jeopardy in an economic downturn.

Home-Equity Lines of Credit (HELOCs)

The home-equity line of credit (HELOC) is a revolving line of credit, similar to a credit card, but uses the home as collateral. A maximum amount of credit is extended to the borrower. A HELOC may be used, repaid, and reused for as long as the account stays open, typically 10 to 20 years.

Like a regular home equity loan, the interest may be tax deductible . But unlike a regular home equity loan, the interest rate is not set when the loan is approved. As the borrower may be accessing the money at any time over a period of years, the interest rate is typically variable. It may be pegged to an underlying index, such as the prime rate .

Variable Interest Rates: Good or Bad News

A variable interest rate can be good or bad news. During a period of rising rates, the interest charges on an outstanding balance will increase. A homeowner who borrows money to install a new kitchen and pays it off over a period of years, for instance, may get stuck paying much more in interest than expected, just because the prime rate went up.

There's another potential downside. The lines of credit available can be very large, and the introductory rates are very attractive. It’s easy for consumers to get in over their heads.

Small business loans are available through most banks and the Small Business Administration (SBA) . These are typically sought by people setting up new businesses or expanding established ones.

Such loans are granted only after the business owner has submitted a formal business plan for review. The terms of the loan usually include a personal guarantee, meaning that the business owner’s personal assets serve as collateral against default on repayment. Such loans usually are extended for periods of five to 25 years. Interest rates are sometimes negotiable.

The small business loan has proved indispensable for many, if not most, fledgling businesses. However, creating a business plan and getting it approved can be arduous. The SBA has a wealth of resources , both online and locally, to help get businesses launched.

Can I Get a Personal Loan With Bad Credit?

It is possible, but you may have to shop around with multiple lenders and prove your creditworthiness. It may be easier to get a loan with bad credit at a bank or credit union where you have an account and have a personal relationship. Your interest rate may also be higher to offset the lender's risk.

What Is the Fastest Way to Borrow Money?

A credit card or cash advance is usually the fastest way to borrow money, since they are used at ATMs or points of purchase. Personal loans may take a credit check and paperwork to complete. Some other types of loans, such as payday loans, may be fast, but they typically come with predatory rates intended to keep you in debt.

What Happens if I'm Late on a Credit Card Payment?

If you miss a credit card payment, it can trigger a penalty interest rate that is considerably higher than the normal rate, in addition to a late payment fee. If the missed payment is a rare event, you may be able to call the customer service line and request that the fees be returned and the interest rate remains the same. It will be up to the customer service representative, but you may find clemency.

Investopedia / Dennis Madamba

Borrowing money is simply part of life for many people, but how you borrow money and how much you pay for the privilege varies widely. Look for options that charge low-interest rates and fit into your budget to ensure you can repay your debt promptly.

Board of Governors of the Federal Reserve System. " Consumer Credit-G19 ."

Avant. " Personal Loans ."

Chase. " Pricing Information ."

Federal Trade Commission Consumer Advice. " Home Equity Loans and Home Equity Lines of Credit ."

Internal Revenue Service. " Interest on Home Equity Loans Often Still Deductible Under New Law ."

Small Business Administration. " Loans ."

• Personal Loan: Definition, Types, and How to Get One 1 of 29
• Understanding Different Loan Types 2 of 29
• Unsecured Loans: Borrowing Without Collateral 3 of 29
• Signature Loan: Meaning, Overview, and Examples 4 of 29
• What Is Peer-to-Peer (P2P) Lending? Definition and How It Works 5 of 29
• What Is a Payday Loan? How It Works, How to Get One, and Legality 6 of 29
• Personal Loan Calculator 7 of 29
• Are Personal Loans Tax-Deductible? 8 of 29
• Are Personal Loans Considered Income? 9 of 29
• Can Personal Loans Be Included in Bankruptcy? 10 of 29
• Can Personal Loans Be Transferred to Another Person? 11 of 29
• How Personal Loans Affect Your Credit Score 12 of 29
• Personal Loan Interest Rates: How a Personal Loan Is Calculated 13 of 29
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• 8 Cheaper Ways to Raise Cash Than Car Title Loans 29 of 29

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How to Prepare a Business Loan Presentation

The immediate aftermath of the financial crisis produced a credit freeze that made it difficult for even creditworthy Los Angeles and Southern California companies to obtain business loans to support working capital needs and growth. As the economy has gradually improved, however, the credit freeze has begun to thaw somewhat, and some businesses are finding lenders to be more flexible than they were a year or two ago.

Regardless of the credit environment, the best way to increase your chances of landing a business loan is to put together a quality loan application presentation. Doing so accomplishes several important objectives:

§   It demonstrates business acumen and shows the lender that you have your “act together.”

§   It anticipates and provides the information the lender will need before he or she has to ask you for it.

§   It makes the lender’s job easier, thus making it easier for the lender to approve the loan.

The Most Important Questions

Your business loan application package should answer at least five important questions:

• Why do you think you need to borrow money?
• How much money do you need to borrow?
• How will the money be used to sustain or grow your business?
• How and when will you repay the money?
• What kind of collateral do you have to support the loan?

The crux of your business loan application package is your financial statements. These should be prepared in accordance with generally accepted accounting principles (or GAAP) and consist primarily of the:

  Balance Sheet

  This shows at a glance all of your company’s assets (what you own) and liabilities (what you owe).

  Income Statement

  Also referred to as the P&L (or profit and loss statement), this shows how much money was made or lost during the most recent year, quarter or month.

  Cash Flow Statement

  This reconciles the changes in your company’s cash position from the beginning to the end of your fiscal year. It will tell lenders what you did with your company’s cash.

In addition, a lender may also want to see your business and personal tax returns, accounts receivable agings, current accounting and bookkeeping records, a record of state and federal tax payments, and sales and cash flow projections. These projections are especially important, because lenders want to be assured that you will be able to generate sufficient sales and revenue to service the debt. Along with the projections, be sure to include the assumptions upon which they are based. For example:

“Sales are projected to rise five percent per year for the next five years due to an increase in the marketing budget and expansion of the sales staff.”

“Revenue is projected to rise eight percent per year for the next five years due to increased sales and the high quality of our products, which will enable us to charge a premium price.”

“Profits are projected to rise 10 percent per year for the next three years due to technology investments that will enable the company to operate more efficiently.”

Prepare Early

Some business executives wait until they need financing before establishing a relationship with a commercial banker. However, it’s better to be proactive and start to build this relationship long before you actually need to borrow money. Most institutions prefer to lend money to businesses with which they already have a banking relationship — for example, those that use the bank for business checking and savings accounts and merchant or cash management services. Often, banks are able to offer relationship-based pricing to these kinds of businesses.

Banks also prefer to work with business owners and executives who keep the lines of communication open. So err on the side of over-communicating, rather than under-communicating, with your bank. Let your banker know about new developments at your company — new product and service offerings, expanded territories, new sales and marketing initiatives, new executives hired, etc.

This goes for both good news and bad — your banker will eventually find out about bad news, so it’s best to be upfront and honest about everything. If there’s one thing that bankers hate, it’s surprises.

Concluding Thoughts

While Los Angeles and Southern California business leaders and financial executives may find that obtaining business financing is a little easier today than it was a year or two ago, this doesn’t make thorough preparation of the business loan application package any less important. An outsourced CFO services provider can offer invaluable assistance in this area by helping you package your financials so that they provide all the information the lender will need to make a positive and fast decision on your business loan request.

© 2011-2024 CFO Edge, LLC - This article is only for general information and should not be used in lieu of professional advice.

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6 Types of Personal Loans and When They’re Best

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Table of Contents

1. Unsecured personal loans

2. secured personal loans, 3. debt consolidation loans, 4. co-signed and joint loans, 5. personal line of credit, 6. buy now, pay later loans, 5 types of loans to avoid.

Most personal loans are unsecured with fixed rates and payments. But there are other types of personal loans , including secured and co-signed loans. The type of loan that works best for you depends on factors including your credit score and how much time you need to repay the loan.

» MORE: Best personal loans

Most personal loans are unsecured, meaning they aren’t backed by collateral, such as your home or car. This makes them riskier for lenders, which may mean they charge a slightly higher annual percentage rate, or APR, than with a secured personal loan. The APR is your total cost of borrowing and includes the interest rate and any fees.

Whether you’re approved for an unsecured personal loan and at what APR are mainly based on your credit score, income and other debts. Rates are typically from 6% to 36%, and repayment terms are from two to seven years.

When it’s best: An unsecured personal loan is best for large, one-time expenses and nondiscretionary spending that helps you reach your financial goals. Look for a loan with a low APR and monthly payments that fit your budget.

on NerdWallet

Secured loans are backed by collateral, which the lender can seize if you don't repay the loan. Examples of other secured loans include mortgages (secured by your house) and auto loans (secured by your car title).

Some banks and credit unions let borrowers secure a personal loan with savings or another asset. Online lenders that offer secured personal loans usually let you borrow against your car. Secured loan rates are typically lower than unsecured loan rates because they are considered less risky for lenders.

» MORE: Compare secured personal loans

When it’s best: A secured loan may be a good idea if adding collateral increases your loan size or lowers your rate. Weigh the benefits of a better loan against the potential risk of losing your collateral.

» MORE: Secured vs. unsecured loans: What’s the difference?

A debt consolidation loan rolls multiple unsecured debts — such as credit cards, medical bills and other high-interest loans — into one new loan, leaving you with a single monthly payment. Some lenders that specialize in debt consolidation and credit card refinancing send loan funds directly to your other creditors.

When it’s best: A debt consolidation loan is best if the loan carries a lower APR than the rates on your existing debts. This will save you money on interest so you can pay the debt off faster.

» COMPARE: Best debt consolidation loans

Personal loans from our partners

8.99- 29.99%

9.95- 35.99%

on Best Egg

8.99- 35.99%

on LightStream

LightStream

7.49- 25.49%

Applying for a personal loan with a co-signer or co-borrower who has strong credit can improve your chances of qualifying and may get you a lower rate and more favorable terms on a loan.

A co-signer promises to repay the loan if the borrower doesn't, but that person doesn’t have access to the loan funds. A co-borrower on a joint loan shares responsibility for repayment and can access the funds. Missed payments hurt both of your credit scores on a co-signed or joint loan.

When it’s best: Co-signed and joint loans are best for borrowers who can’t qualify for a personal loan themselves or who want a lower rate.

» COMPARE: Personal loans with a co-signer

A personal line of credit is revolving credit, so the money is drawn and repaid like with a credit card. Rather than a personal loan’s lump sum of cash, a credit line gives access to funds you can borrow from as needed. You pay interest only on what you borrow. Banks commonly offer personal lines of credit.

When it’s best: A personal line of credit works best when you need flexibility in your loan amount or for a large ongoing expense, like a home improvement project.

» MORE: What is a personal line of credit?

“ Buy now, pay later ” loans let you split a purchase into smaller installments. At checkout, you create an account with a BNPL company, pay for part of the purchase and authorize the app to charge you the rest of the balance, usually in biweekly installments.

These companies don’t require good credit to qualify you, but BNPL apps may do a soft credit pull. There may be fees or interest on your BNPL loan, depending on the lender.

When it’s best: BNPL is best for necessary, one-time purchases that you wouldn’t otherwise be able to pay for with cash. It can be a good financing option if you don’t have a credit card or get a zero-interest offer.

» MORE: Compare BNPL apps

Loans that have high APRs and short repayment terms can be difficult to repay on time. If you can’t make the payments, you could end up borrowing again, which can lead to a cycle of debt.

These loans should be a last resort in an emergency.

1. Cash advance app

Cash advance apps let you borrow small amounts — maximums are often $200 to $500 — from your next paycheck. Most apps charge a fast-funding fee and request an optional tip, and some charge a monthly subscription fee. These fees are small but can add up.

Rather than using credit information to qualify you, most apps require access to your bank account and transaction history to determine how much you can borrow. The apps withdraw repayment from your bank account within two weeks or on your next payday.

2. Credit card advance

You can use your credit card to get a short-term cash loan from a bank or an ATM. It’s a convenient but expensive way to get cash.

Interest rates tend to be higher than those for purchases, plus you’ll pay cash advance fees, which are often a flat dollar amount (around $5 to $10) or as much as 5% of the amount borrowed.

3. Pawnshop loan

This is a secured loan. You borrow against an asset, such as jewelry or electronics, which you leave with the pawnshop. If you don’t repay the loan, the pawnshop can sell your asset.

Rates for pawnshop loans can be around 200% APR. But they're likely lower than rates on payday loans, and you avoid damaging your credit or being pursued by debt collectors if you don’t repay the loan; you just lose your property.

4. Payday loans

A payday loan is a type of unsecured loan, but it is typically repaid on the borrower’s next payday rather than in installments over a period of time. Loan amounts tend to be a few hundred dollars or less.

Payday loans are short-term, high-interest — and risky — loans. Most borrowers wind up taking out additional loans when they can’t repay the first, trapping them in a debt cycle. That means fees accumulate quickly, and loans with APRs in the triple digits are not uncommon.

5. Title loans

A title loan is a type of secured loan that uses your vehicle as collateral. If you can’t repay the loan, you could end up losing your car.

You can typically borrow between $100 and $10,000 with a title loan, but the average amount is around $1,000. Title loans are short-term, usually from one to six months. Lenders charge triple-digit interest rates, making it an expensive way to borrow money.

» MORE: Learn the signs of predatory loans

You can use a personal loan for almost any purpose. The best reason to get a personal loan is to improve your financial situation, like consolidating high-interest debt or tackling a home improvement project that’ll increase the value of your home. Some lenders restrict borrowers from using personal loans in particular instances, such as paying college tuition.

You can get a personal loan from a bank, credit union or online lender. The best offer is usually the one with the lowest interest rate and monthly payments that fit your budget. Prequalify with multiple lenders to compare offers.

Reputable lenders will check your credit, income and existing debt to determine if you qualify for a personal loan. Having a good credit score, a low debt-to-income ratio and a solid employment history often gives you the best selection of loan offers.

You can use a personal loan for almost any purpose. The best reason to

get a personal loan

is to improve your financial situation, like consolidating high-interest debt or tackling a home improvement project that’ll increase the value of your home. Some lenders restrict borrowers from using personal loans in particular instances, such as paying college tuition.

You can get a personal loan from a bank, credit union or online lender. The best offer is usually the one with the lowest interest rate and monthly payments that fit your budget.

with multiple lenders to compare offers.

Types of Bank Loans

Oct 24, 2014

230 likes | 491 Views

Types of Bank Loans. The largest single source of bank income depends on the amount of its loans. Loans and deposits complement each other, as the amount of loans a bank could extend will depend largely on its ability to attract and retain large deposits.

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Presentation Transcript

The largest single source of bank income depends on the amount of its loans. • Loans and deposits complement each other, as the amount of loans a bank could extend will depend largely on its ability to attract and retain large deposits. • The earning capacity of a bank will be enhanced when it has a large available loanable fund.

As to purpose • Commercial • Agricultural • Industrial • Personal If the proceeds are diverted by the borrower other than the purpose applied for, the bank reserves the right to accelerate the loan’s maturity and call for its payment at once.

As to maturity • Short term • Medium term (intermediate) • Long term Callor demand loans are those which are payable upon call or demand of the lending institution.

As to security • Secured • Unsecured (character loan/clean loan) Unsecured loans may require a co-maker. In some cases even secured loans may also require a co-maker.

As to method of payment • Self-liquidating • Non-self-liquidating Self-liquidating loans are easier to pay.

As to method of release • Installment • Lump Sum Sometimes, the installment release is resorted to in order to control use of the proceeds.

As to source • Bank Credit • Mercantile Credit • Private Credit • Public Credit Sometimes, the installment release is resorted to in order to control use of the proceeds.

Commercial Loan • A debt-based funding arrangement that a business can set up with a financial institution. The proceeds of commercial loans may be used to fund large capital expenditures and/or operations that a business may otherwise be unable to afford. www.investopedia.com

Industrial Loans • granted to finance the establishment, rehabilitation, development, expansion and operation of industrial projects, enterprises engaged in the purchase, processing and transformation of raw materials, manufacture of goods, as well as the marketing thereof, including the purchase of industrial machinery, equipment and implements used or to be used therein, and loans granted to Participating Financial Institutions (PFIs). www.nscb.gov.ph

Consumer Loan • loan made by the lender to a person which is payable in installment for which a finance charge is or may be imposed. This term includes credit transactions pursuant to an open-end-credit plan other than a seller credit card. RA#7394

Based on the latest central bank data, the residential real estate loans continue to dominate consumer loans. As of end-December, the total residential real estate loans amounted to P320.450 billion, up 21.14 percent year-on-year.

BSP noted that figures suggest a notable increase in the purchase or rent of residences near business districts by young professionals, of luxury homes (condominiums) by high-income expatriates, and of real estate properties for the use or investment by overseas Filipinos.

Other consumer loans such as automotive loans and credit card receivables also showed growth last year. Auto loans totaled P186.323 billion, 16.54 percent more over 2012 numbers. Credit card loans, in the meantime, rose 5.85 percent to P157.394 billion.

Loanable Amount • Minimum loan amount of P500,000 • Up to 80% of appraised value of property Interest Rate • Prevailing rate at the time of loan release; fixed for 1 year to 5 years at the borrower's option, subject to review thereafter Purpose and Maximum Term of Loan • Lot Purchase - 15 years • Purchase of house and lot, townhouse, condominium - 20 years • House construction and improvement - 20 years

Personal Loans • Personal loans are used for paying immediate needs like tuition fees, debt consolidation and to some buy gadgets. Like most loans, a personal loan bears an interest rate agreed upon by two parties, the lender and the borrower. Interest Rates for Personal Loans in the Philippines vary per lender, and are usually quoted on a monthly basis.

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Different Types of Bank Loans in India - PowerPoint PPT Presentation

Different Types of Bank Loans in India

Loan is one of the widely used source of finance across the industries. know more about the different types of banks loans available in india. – powerpoint ppt presentation.

• A loan can be money, property or material goods received from bank, friends, or any other financial institution.
• This amount is repaid along with interest in specific time period.
• It can be specific one-time amount or open-ended line of credit with certain limit.
• Secured loans
• Secured loans are the ones which is backed by a collateral. This collateral can be kept by lender in case one is not able to repay the loan in pre-determined time.
• It tends to have lower interest rates.
• Unsecured Loans
• Unsecured loans are not protected by any collateral. In case of default, lender wont be able to seize any asset of borrower.
• It tends to have higher interest rates because of higher risk
• Personal Loans
• Business loans
• Marriage Loan
• Education loan
• Payday loans
• Two wheeler loan
• Travel loan
• Consumer durable loan
• Medical loan
• Loan against Property
• Its a loan that allows potential buyer to pay off the vehicle through EMIs where as bank pays full which is repaid by borrower along with interest.
• Types of car loans
• - For a new car
• - For a used car
• - Against an existing car
• Loan amount can be 2.5-3 times annual salary for salaried person and 6 times annual income for self employed
• Documents required Identity proof, resident proof income proof
• Lender gives home loan against a property and in case of default, the bank or lending company has legal rights to sale the property and recover the outstanding loan amount.
• Types of home loans
• - Home purchase
• - Home renovation
• - Land Purchase
• - Home construction few more
• It falls under category of secured loans and tenure is fixed ranging from 5-30 years.
• It is unsecured loan used for many purposes like wedding, business, home renovation, medical emergency, debt consolidation, etc.
• Its benefits include flexibility of use, easy availability, no collaterals, minimum documentation.
• Age, number of years in current job and in current residence, income, etc. are some of the factors that are considered before giving loan.

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2 major student loan forgiveness application deadlines are just days away.

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WASHINGTON, DC June 30, 2023: United States Secretary of Education Miguel Cardona during US ... [+] President Joe Biden remarks on the student loan forgiveness in the Roosevelt Room of the White House on Friday, June 30, 2023. (Photo by Demetrius Freeman/The Washington Post via Getty Images)

Two highly significant student loan forgiveness application deadlines are rapidly approaching. Some borrowers may have to take certain steps by April 30th in order to qualify for any student loan relief, or at least minimize risks of significant delays.

So far, the Biden administration has approved more than $150 billion in student loan cancellation through a variety of separate initiatives, including temporary programs and waivers. Relief under one of those waivers, called the IDR Account Adjustment, already represents more than a third of that total, making it one of the most significant of President Biden’s student loan forgiveness initiatives. But the account adjustment is set to end this summer, and certain borrowers may need to apply to consolidate their loans before April 30th in order to benefit.

Meanwhile, the Public Service Loan Forgiveness program — which also represents a significant portion of the $150 billion in debt relief approved by the Biden administration — faces a major upcoming deadline on the same date. PSLF is about to undergo an extended processing suspension , during which no PSLF applications will be reviewed. Advocates are encouraging borrowers to submit PSLF forms and take other important steps prior to April 30th.

Here are the details.

April 30th Is Key Student Loan Forgiveness Application Deadline For IDR Account Adjustment

The IDR Account Adjustment is a temporary Biden administration program designed to “fix” longstanding problems with income-driven repayment plans by temporarily waiving certain requirements.

IDR can allow borrowers to get student loan forgiveness after 20 or 25 years in repayment. But administrative problems, confusing rules, forbearance-steering practices, and poor oversight led to many issues that have served as a barrier to relief. The account adjustment is designed to address this by crediting borrowers with time toward their IDR loan forgiveness term for periods that may not have previously counted, such as payments made on other repayment plans, as well as certain periods of deferment and forbearance.The account adjustment has already been a resounding success, with more $49 billion in loan forgiveness approved for nearly a million borrowers.

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But the initiative is temporary, and it is winding down this summer. While borrowers with Direct loans and other Education Department-owned federal student loans can benefit from the adjustment automatically, those who have other types of federal loans must apply to consolidate them through the Direct loan program by April 30th.

“If you have commercially held FFEL or any Perkins or HEAL loans, we encourage you to consolidate them by April 30, 2024, to benefit from the payment count adjustment,” according to the department. While the consolidation process can take around 60 days, the application itself must be submitted prior to the deadline for the borrower to receive the benefits associated with the IDR Account Adjustment.

Consolidating loans can also allow borrowers to maximize IDR credit under the account adjustment, because the department says it will credit the new consolidation loan with the highest amount of loan forgiveness “time” based on the underlying loan that has the longest repayment history. Consolidation may also be necessary for non-Direct loan borrowers to receive PSLF credit (which is possible under the adjustment, as well).

“Submitting a consolidation application alone does not guarantee any benefits under the payment count adjustment,” notes the department. “In general, it takes at least 60 days to process a Direct Consolidation Loan application and to disburse the new loan. This means that if you want to consolidate your loan(s) in order to get the benefit of the adjustment, you should submit a loan consolidation application by April 30, 2024.”

April 30th Is Also Key Student Loan Forgiveness Date For PSLF

Separately from the IDR Account Adjustment, the PSLF program is about to undergo a lengthy processing pause. Starting on May 1, no student loan forgiveness applications or employment certifications associated with PSLF will be reviewed or processed until at least July, as the department transitions the PSLF servicing interface from MOHELA to StudentAid.gov

Borrowers may want to submit a PSLF application — either to request loan forgiveness, or to simply update their PSLF qualifying payment count — by April 30th so that it is in the system before the pause begins. While the forms will be highly unlikely to get reviewed or processed prior to August, it could allow for faster processing once the suspension ends, given the anticipated backlog and associated delays that will likely occur once the program gets back up and running again.

“We anticipate substantial PSLF processing delays after the pause ends,” said the National Consumer Law Center in a new blog post covering the suspension. “Borrowers should be prepared for significant delays in processing Employment Certification Forms (ECF), updating PSLF payment counts, and processing loan forgiveness applications for eligible borrowers.”

In addition, borrowers may want to download their current PSLF records from MOHELA before the suspension goes into effect, because they will lose access to their current PSLF information starting on May 1. This includes qualifying employment periods, PSLF payment counts, and month-by-month breakdowns of eligible and ineligible payments.

“It is very likely that some borrowers’ account information, including qualifying payment counts, may be inaccurately reported on studentaid.gov or may not be reported at all for some time after the processing pause,” warned NCLC in the blog post. “We strongly advise borrowers to download all PSLF payment count and tracking information from MOHELA by April 30th, as that information may not be available or accessible on MOHELA’s website during and after the processing pause.”

Additional Key Student Loan Forgiveness Deadline On May 17th

Meanwhile, earlier this week the Biden administration released draft regulations governing a brand new student loan forgiveness plan. This program, if enacted, could provide debt relief to 25 million borrowers through multiple avenues.

With the draft rules formally published, the public now has a 30-day period to submit comments , with a deadline of May 17th. The Education Department “will carefully consider comments received and aims to finalize these rules in time to start delivering relief,” which the administration anticipates happening by the fall, according to a department statement earlier this week.

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6 reasons to tap into your home equity for cash right now

By Angelica Leicht

Edited By Matt Richardson

April 19, 2024 / 12:21 PM EDT / CBS News

In today's economic environment characterized by stubbornly high inflation and elevated interest rates, accessing a large lump sum of cash through traditional borrowing channels has become an expensive proposition. With the Federal Reserve's benchmark rate elevated and paused  at a 23-year high  to try and cool inflation, the benchmark rate has driven up the costs of financing across the board. For example, the average interest rate on a personal loan now tops 12% , while credit card annual percentage rates (APRs) routinely exceed 20% .

For cash-strapped homeowners, however, tapping into the equity they've built in their homes may be one of the most affordable pathways to borrowing a substantial amount of money right now. When taking out a home equity loan or a home equity line of credit (HELOC) , you are leveraging your home's current market value as collateral to unlock funds at a typically affordable rate.

That said, like other borrowing rates, the rates on home equity loans and HELOCs are still elevated compared to just a few years ago. However, these rates still make home equity borrowing look downright attractive compared to the double-digit APRs attached to most other consumer financing options. And, there are a few other good reasons why it could make sense to tap into your home's equity to access cash right now.

Ready to borrow? Find the best home equity loan rates available today .

Here are a few compelling reasons why now may be an opportune time for homeowners who need access to cash to consider tapping into their home's equity:

Access to some of the lowest borrowing rates 

With personal loan rates over 12% and credit card interest pushing 21%, homeowners who borrow against their equity can access funds at a relative bargain. That's because, right now, the average interest rate for a fixed-rate home equity loan is just 8.59% while the average HELOC rate is 9.06% — meaning both options have average rates that are much lower than the other options . 

And, even a small difference in the interest rate on a loan could make a big difference over time, especially when you're borrowing large sums of money. In turn, these low rates attached to home equity make it one of the most prudent financing avenues available today.

Explore today's top home equity loan options online now .

Ability to borrow large sums of cash

One of the major advantages of tapping your home equity compared to other financing options is the sheer amount of money you can potentially access. Right now, the average homeowner has nearly $300,000 in equity built up in their home. Of that $300,000 in equity, about $190,000 is tappable equity for the average homeowner, meaning it can be borrowed from with a home equity loan.

To put that into perspective, most personal loans from banks and credit unions top out at a maximum of $50,000 for qualified borrowers — and the largest amount you can typically borrow with a very robust borrower profile is about $100,000. And rarely do major credit card issuers extend revolving credit limits higher than about $30,000 without the cardholders having stellar credit profiles and high incomes.

By contrast, the ability for the average homeowner to potentially unlock up to $190,000 or more in affordable cash simply by borrowing against their home's equity value is difficult to match through other financing avenues. 

Potential tax deductibility 

In addition to the low interest rates and higher loan limits, the IRS offers an added incentive for homeowners who use home equity to fund renovations, additions or other substantial improvements to their property. If the borrowed funds are used for eligible projects that increase the value of your home, the interest paid on that debt can be deducted from your taxable income . This makes taking equity out for home improvement purposes even more affordable compared to the alternatives.

Variety of loan types to choose from 

Home equity borrowers can opt for either a traditional home equity loan, which is a lump sum loan with a fixed interest rate and predictable monthly payment, or a HELOC, which works like a revolving line of credit , allowing you to tap funds as needed during the draw period at variable interest rates. And, both home equity loans and HELOCs come in a variety of loan terms , too.

Having multiple borrowing options to choose from, and different loan terms to opt for, allows you to customize your home equity borrowing to best suit your needs. For example, if you need a longer period to pay off what you owe, you can opt for a home equity loan with a term of 20 to 30 years, giving you plenty of time to repay what you borrowed. Or, if you want to save on interest charges and pay off your loan quickly, you could opt for a loan term as short as five years instead.

Funds can be used for nearly any purpose  

From funding the addition of a new bedroom or in-law suite to paying down high-interest credit card balances through debt consolidation or even covering the cost of a child's college tuition or funding your dream kitchen renovation, the borrowing proceeds from taking equity out of your home can be used for almost any purpose , personal or otherwise. This nearly unmatched flexibility makes home equity borrowing an attractive option if you need to access a large amount of money now at an affordable rate.

Collateral could make approval easier

Unlike unsecured debt like personal loans or credit cards that are issued based solely on your credit profile, home equity borrowing products require you  to use your home as collateral . This provides lenders with added security and can make qualifying easier since you have substantial skin in the game through your home's equity stake. 

That said, you should understand that defaulting could put your property at risk of foreclosure. So while using your home as collateral could mean an easier approval process, it also has its potential downsides to consider beforehand.

The bottom line

While tapping your home equity for cash may be one of the savvier borrowing moves to make in this high interest rate period, it's still crucial to take the decision seriously. Carefully calculate whether you can truly afford the new recurring payment on top of your existing mortgage and household budget. And, understand that you are putting your home up as collateral, so any inability to keep up with payments down the road could put your living situation at risk. But, when done prudently, a home equity loan or HELOC could provide significant financial flexibility at a relatively affordable cost in today's environment.

Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.

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