The main difference between a home equity loan and a personal loan is that a personal loan is an unsecured loan, backed by nothing. A home equity loan is backed by the equity you’ve built in your home.
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A home equity loan is a type of secured loan in which the borrower’s home is used as collateral, whereas personal loans can be secured or unsecured by collateral.
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Home equity loans can be larger than personal loans because they use your home’s equity — the value of your home minus what you owe — to determine how much you can borrow.
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One of the main differences between personal loans and home equity loans is the collateral backing. A home equity loan, often called a second mortgage, is a way to borrow a lump sum from your home equity.
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A home equity loan could come with a lower interest rate, but a personal loan could offer faster access to funds. Weigh your options carefully to choose the best one for your financial...
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Personal loans don't require something of value to secure the loan while home equity loans use your home as collateral. Learn which financing method is best for you.
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Both home equity loans and personal loans give you a lump sum of money up front, which you pay back with interest in monthly installments. The main difference is that your home serves as collateral for a home equity loan, while personal loans often don’t require collateral.
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When considering a home equity loan vs. a personal loan, what distinguishes the two? Uncover the key differences between a home equity loan and a personal loan.
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Need a loan for a major expense or a home renovation? Find out what you should know about a home equity loan vs. a personal loan and which might fit your needs.
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The biggest difference between personal and home equity loans is that personal loans are unsecured, meaning there’s no collateral, while home equity loans are secured by your home. The...
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