What is the difference between a home equity line of credit & a personal line of credit?
September 30th, 2008 | by admin |BradPratt asked:
I mean both are similar, and can be used for the same reasons. What’s the difference, which ones are better to apply, which ones are you more likely to get approved of, and WHY are many banks not offering lines of credit/loans…but yet, DO offer “home equity lines & loans?”
Monorail Track Lighting
I mean both are similar, and can be used for the same reasons. What’s the difference, which ones are better to apply, which ones are you more likely to get approved of, and WHY are many banks not offering lines of credit/loans…but yet, DO offer “home equity lines & loans?”
Monorail Track Lighting
2 Responses to “What is the difference between a home equity line of credit & a personal line of credit?”
By Sparky D on Oct 3, 2008 | Reply
The bill they take your home equity loan because if you home up as collateral banks are more willing to you good name and credit rating there is no collateral personal.
By My Take on It on Oct 5, 2008 | Reply
A home equity line of credit or HELOC is a secured loan. (house is collateral)
A personal line of credit is unsecured in nature. (and harder to get)