HELOC vs Personal Loan

Coming up with the funding for a major purchase or project can be challenging if you don’t have the cash on-hand. Luckily, personal loans or a home equity line of credit (HELOC) can make financing those large purchases possible.

Deciding between a home equity loan or a personal loan takes some thought, though, since the two options are quite different. Not only are the qualifications different, but there are also certain circumstances that are better suited for each option.To figure out which funding source is right for you, it’s important to understand the differences between a HELOC, home equity loan and a personal loan. Let’s take a look.

What is a HELOC?

In order to qualify for a HELOC, you must be a homeowner and have equity in your property, which means that your home is worth more than you owe on it. With this type of loan, you’ll have…

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