If you don’t have good credit, you will probably pay higher interest on the loan. The worse your credit the higher the Interest if you can get a loan. If you get a loan, can you pay it back with ease? (still be able to live up to all your commitments and feed yourself)

It is better to repair your credit rating, depending on why it is bad you might be able to make some improvements pretty quickly.

Personally, I would not take out a home equity loan unless; it was an emergency and only if I know, that I could pay back with out too much of a strain.

If you really need a loan, talk to your bank or credit Union and see what rates and payments would be. Do not make minimum payments always try to pay more.That would also help to improve your credit score, by paying off better than required.
The lender would most likely get it appraised.