One of the quickest, easiest, and fastest ways of getting cash for debt payments is through the use of home equity loans. Many people may think that their loan may not get approved because of a poor credit rating. There are lenders willing to make loans for these situations.You could refinance a home mortgage loan even if your credit score is low. The terms of the loan may be less flexible than what you would desire. Also finding an institution that offers low interest rates, great terms, no hidden extra charges, or fees is tough.Many institutions rely on FICO score in order to make lending decisions. The FICO score is based upon many factors. The 3 major credit bureaus are TransUnion, Equifax and Experian. They collect information from various sources and provides credit information about individuals, consumers, and organizations for various reasons. It’s mainly designed to determine credit worthiness or ability to pay debt in a timely manner.A credit score could range from 300 to 900 and is determined by a variety of factors such as open debts, past financial activity, new credit applications and several other factors.Most lenders seek to lend in the average range. If the credit score is below 600, the credit industry considers that individual in the high risk bracket.It is critically important to always read and review the terms of the home equity loan contract before signing the paperwork. Never hesitate to ask should a question arise.It is still possible to get a home equity loan if you have a low credit score. The interest rates may be high and may accumulate into the thousands during the life of the loan. A way to get around this is to refinance for a better rate later on. The ability to refinance the loan may depend upon whether your credit improves or not.