Compare Personal Loan Options
Explore different financing options including HELOCs, personal loans, and other credit solutions. Find the right choice for your needs.
HELOC
Home equity line of credit
Personal Loans
Unsecured fixed-rate loans
Credit Cards
Revolving credit lines
Loan Type Comparison
| Feature | HELOC | Personal Loan | Credit Card |
|---|---|---|---|
| Interest Rates | Variable, typically 4-8% | Fixed, 6-36% | Variable, 15-25%+ |
| Collateral Required | Yes (home equity) | No | No |
| Credit Requirements | Good to excellent (620+) | Fair to excellent (580+) | Poor to excellent |
| Borrowing Limits | Up to 85% of home equity | Typically $1K-$50K | Varies by creditworthiness |
| Repayment Terms | Draw period + repayment period | Fixed monthly payments | Flexible minimum payments |
Home Equity Line of Credit (HELOC)
A HELOC is a revolving credit line secured by your home equity, offering flexible borrowing and typically lower interest rates than unsecured options.
Key Benefits
- Lower interest rates than unsecured loans
- Interest may be tax-deductible
- Flexible draw period
Requirements
- Home equity required
- Good credit score (typically 620+)
- Stable income and employment
Personal Loans
Personal loans provide a lump sum with fixed repayment terms and no collateral requirement, making them a versatile financing option.
Key Benefits
- No collateral required
- Fixed interest rates and payments
- Quick approval process
Requirements
- Fair to good credit (580+)
- Verifiable income
- Debt-to-income ratio requirements
Credit Cards
Credit cards offer revolving credit with flexible spending and minimum payments, but typically come with higher interest rates.
Key Benefits
- Immediate access to credit
- Rewards and cashback options
- Flexible repayment options
Considerations
- Higher interest rates
- Variable rates may increase
- Risk of debt accumulation
Ready to Explore Your Options?
Our financial specialists can help you choose the right financing solution for your needs.