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Personal loans generally have faster approval and payment times than secured loans. That makes them useful for emergencies or other situations where you need money quickly.
Debt consolidation loans and personal loans can help manage debt, but each option has unique uses and benefits. Here’s what you should know.
A personal loan is money that you borrow to cover a one-time expense. The most common reason people use personal loans is to pay down high-interest debt, thanks to their relatively low interest ...
At a glance: Personal loans vs. home equity loans. Typical features. Personal loan. Home equity loan. Rates. 8% to 36%. Varies based on the prime rate. Loan amounts. $2,000 to $50,000.
A personal line of credit is a loan you can access when you need it. Rates vary among lenders. See 12 of the Best Personal Lines of Credit.
High interest rates: Interest rates for personal loans are typically lower than credit cards, but higher than home equity loans. Lower funding amounts: Personal loans are generally capped at $100,000.
Personal loan: Personal loans don’t require collateral, so your home and any other assets are safe. However, you can’t borrow as much with a personal loan (typically less than $100,000), and ...
Personal loan funding turn times are usually quicker with less paperwork hassle than home equity financing, making them a better way to finance small renovations or repairs. 3. Emergency expenses