On other hand if you are:

1. Going to refinance anyway

2. Wanting to borrow a large percentage of your home’s equity

3. Refinancing for a much lower rate

Then, a cash out refinance loan may be best for you. Of course, best way to tell is to actually sit down and do math. These are just guidelines; real test is in math. You can consult a refinance calculator and a home equity loan calculator and figure out which one will save you most money in long run. Compare total amounts you will spend in interest and fees. If you are planning on a cash out refinance, make sure that you are refinancing with a low enough rate to justify fees to refinance. Your loan specialist should be able to help you figure out which one is best for your needs.

The times when a payday loan would not be wise, would be to make an impulse purchase or to have some extra money, when it is not absolutely crucial to have it. The reason for that is that fees on a cash advance or payday loan, are small for just a few weeks, but if, for any reason you are unable to pay loan back right away, those fees can add up very quickly and make it more and more difficult to pay loan back. So, you want to make sure that you are using loan to pay for a necessity. So, if you are sure that you have enough money coming in to pay back loan, and in long run, getting cash advance or payday loan will either save you money or keep you from serious or long term consequences, then it is probably best to get loan.