A home equity loan provides you with a one-time lump sum cash amount. You repay it as you would any other installment loan in fixed monthly payments. These fixed-rate loans guarantee that your rate will never change and your payment will never increase. Once you get the money, you cannot borrow further from that loan. A home equity line of credit establishes a maximum line of credit that you can draw against by simply writing a check or by using your Regions Platinum MasterCard® or Visa®. You borrow what you need when you need it. As you repay your principal, that money becomes available to borrow over and over again. That means you don't have to reapply every time you need funds. You can also compare home equity loans and lines of credit.