Since home equity lines of credit have become so difficult, there’s been an increase of companies offering “HELOC alternatives.” Generally, these are just your average personal loans aimed at creditworthy customers.

First Again is one such company. Their recent press release explains:

“According to Gary Miller, cofounder and CEO of FirstAgain, an emerging online consumer lender focused on excellent-credit borrowers, consumers should think outside the bank and go online for convenient, quick, hassle-free lending. “At FirstAgain, our goal is to deliver the best possible consumer loan experience by making it fast, efficient and completely paperless, including signing their loan agreement with a computer mouse,” he explains. “After all, shouldn’t people who have worked hard to achieve excellent credit be rewarded with a better way to get a loan?”

To that end, FirstAgain has developed the AnythingLoan, a completely online, unsecured personal loan that can be used for any purpose, including home improvements, vehicle purchases, educational and medical expenses, timeshares, vacation ownerships, marine products, loan refinancing and more…

 

While FirstAgain cannot defrost your frozen HELOC, thousands of customers, many of whom plan never to return to old-time lending institutions, have found that a superlative online loan experience can warm their hearts and fill their wallets.”

While these loans are very different from home equity lines, they may come as a relief to borrowers who can no longer rely on their home equity for planned expenses.

It’s important to note that these personal loans are not the same as the equity sharing programs such as the Rex Agreement which give lenders a portion of your home’s increase in value.

See Also:

Home Equity Borrowers – Beware of the Rex Agreement

Don’t Rely on a Home Equity Line to Save You During the Crisis

Why Are Qualified Home Equity Borrowers Suffering?

Tags | Heloc, heloc alternatives, home equity line of credit, mortgage crisis