UNcommon Ways to Use a HELOC

A Home Equity Line of Credit (HELOC) is one of the most diverse financial products out there. While HELOCs are often used to pay down high-interest debt through consolidation, you can use them pretty much however you want to.

Here are a few UNcommon ways our UNbankers have used their HELOCs.

A Personal Piggy Bank

There’s no rule that says your HELOC must be used for a home project or other major expenses—sometimes, it’s nice to have one more source of credit to utilize for whatever life throws your way. The best part? HELOCs tend to have lower interest rates and longer repayment periods than other types of bills.

Vacation Fund

Take advantage of the equity you’ve earned and treat yourself and your loved ones to the trip of a lifetime. Your HELOC can help cover travel costs, and if you’re interested in earning points along the way, we’d recommend checking out our Priority Plus Credit Card.

Kickstart Your Passion Project

Starting your own business or diving headfirst into high-cost hobbies can be UNdeniably intimidating. Having this additional line of credit is a great way to help bring your dreams to life.

Say ‘I Do’ to a HELOC

Weddings cost a lot of money. Like, A LOT. Everything adds up real quick, which is why these wonderful events wind up being one of the most expensive days of many people’s lives. With a HELOC you could score a lower interest rate compared to a personal loan—and those savings mean a lot when you’re talkin’ wedding costs.

UNexpected Expenses Fund

Perhaps the most underrated way to use a HELOC is to treat it like an emergency fund. Use what you need when you need to—and once you’ve paid it off, those funds will be available again. Knowing you have a set amount of money easily accessible can provide peace of mind.