Equity loans typically have a lower interest rate (usually quoted as APR) than unsecured loans such as credit cards and personal loans. A low rate can help keep borrowing costs low. Home Equity Loans may be easier to qualify for if you have bad credit. With your property securing the loan, lenders have a way to manage their risk.
Borrowers can qualify for relatively large loans with this type of loan, assuming you have sufficient equity in the property. For large expenses like home improvements, higher education, or starting a business, your properties equity may be the only source of funding available. Most the benefits above are available because equity loans are relatively safe loans for lenders to make: The loan is "secured" with your said property as collateral
You may be able to deduct some of the interest you pay on a equity loan, particularly if you use the funds for "substantial improvements" to a property. Ask your tax preparer for details before you borrow and before you claim a deduction.