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The alternate line of credit is based on home equity. This is a loan that is secured by the equity you already have established in your home. Because it is a secure loan for the bank, low interest rates are offered. On average, you can borrow up to 85% of the amount of equity you have in your home. Obviously, unless you are home owner, line of credit through equity is not offered. However, if you are a home owner, this is a cheap and secure way of receiving cash quickly. Unfortunately, if you are not able to repay your home equity loan, the bank you borrow from has the ability to repossess your home. Using a line of credit often times is a better option to a payday loan. With more security, and lower interest rates, it’s safer and costs less. However, if you are not a home owner or have bad credit, a payday loan may be your only choice.