While home improvement loans are specifically designed for renovations and can be either secured or unsecured, home equity loans and HELOCs are secured by the equity in your home. Home equity loans typically have lower interest rates but require enough equity in the property. A HELOC is a revolving line of credit against your home's equity, offering more flexibility but often at variable interest rates. Choosing between these options depends on individual financial situations, equity in the home, and specific renovation needs.