Question : What is the difference between a home equity line of credit & a personal line of credit?
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?”
line of credit loans

Best answer:

Answer by Sparky D
Home Equity loan, you are basically putting your home up as collateral. A personal Loan is given to you on you good name and credit rating, there is no collateral. Banks are more willing to give you a home equity loan because if you fail to pay the bill, they take your home.