If you’re like most people, you’ll need or want to borrow money at some point in your life. Perhaps you want to fund a large home renovation project or need funds to pay your taxes or to cover unforeseen medical expenses. You may also want to consolidate debt by taking out a loan at a lower interest rate.
A personal loan or a line of credit, depending on your situation, may be able to assist you in achieving your objectives. Although both forms of funding will provide you with the funds you need, they operate in very different ways. This article aims to discuss the difference between a personal line of credit vs personal loan.