Equity loans require some collateral security in exchange of cash. Equity loans are very easily available from the financial institutions and banks. You can mortgage the home or anything valuable. You can have the 80% equity loan of the value you mortgage. You can have loan on the property if there is no lien on it. Generally there is low rate of interest on equity loan compared to unsecured loans. Generally lender doesn’t take the principal amount along with the interest. In equity loan the rate of interest is calculated on the daily basis and compounded for once a month. You have to pay the interest part on equity loan every month regularly. You can deposit the principal part from time to time to reduce the equity loan and so the interest part is lowered. You can redraw the cash as equity loan again evaluating your collateral perpetuating the life of loan beyond the original term of equity loan. For equity loans you will have to search the institutes on net so as to get best possible interest rate.