If you are looking for a home equity loan and you have a better credit rating, you will be looking for long time because the banks don’t usually care about how bad your credit rating is as long as they’ve got some security in the form of property equity. As long as you have more home equity than the amount that you want to borrow from the bank, they are more than likely to give you the financing you need (or want).

They will want to see that you have some kind of money coming in every month so they can be assured that you will be making your payments in a timely fashion, and you will be paying down your loan on schedule. If you don’t have some kind of income from a job, an insurance company, or a pension, you could be turned down for the loan. But this has nothing to do with a bad credit rating – it just because you don’t have a way to pay off the loan.

No matter how low your FICO score is, most lenders won’t turn you down for the loan because they’ve got a chunk of your house in their back pocket and they know they’re going to get their money back somehow if you decide to be a dumb bunny and stop making your payments – or going completely AWOL on default.

So really there is no problem getting a home equity loan with a bad credit rating, and no hassles to keep you spinning for weeks at a time wondering if you will get approved or not. I wouldn’t bother trying to get a home equity loan online though. I would use the bank you are doing all of your banking with right now, so you can take advantage of a lower interest rate. If you think your bank is not really trying very hard, and giving you a fairly high APR on the funds, then by all means go shop for a better rate a different bank. If you do find a better interest rate on the loan elsewhere then go back to your bank and tell them about your offer to see if they will match it.