{"id":10814,"date":"2024-01-10T23:23:57","date_gmt":"2024-01-11T04:23:57","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=10814"},"modified":"2025-02-04T23:39:40","modified_gmt":"2025-02-05T04:39:40","slug":"personal-loan-vs-home-equity-loan-a-comparative-guide","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/","title":{"rendered":"Personal Loan Vs. Home Equity Loan: A Comparative Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#Personal_Loans_vs_Home_Equity_Loans\" title=\"Personal Loans vs Home Equity Loans\">Personal Loans vs Home Equity Loans<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#What_Is_A_Personal_Loan\" title=\"What Is A Personal Loan?\">What Is A Personal Loan?<\/a><ul class=\"ez-toc-list-level-4\"><li class=\"ez-toc-heading-level-4\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#The_Advantages_Of_Personal_Loans\" title=\"The Advantages Of Personal Loans:\">The Advantages Of Personal Loans:<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-4\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#The_Disadvantages_Of_Personal_Loans\" title=\"The Disadvantages Of Personal Loans: \">The Disadvantages Of Personal Loans: <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#What_Is_A_Home_Equity_Loan\" title=\"What Is A Home Equity Loan?\">What Is A Home Equity Loan?<\/a><ul class=\"ez-toc-list-level-4\"><li class=\"ez-toc-heading-level-4\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#The_Advantages_Of_Home_Equity_Loans\" title=\"The Advantages Of Home Equity Loans: \">The Advantages Of Home Equity Loans: <\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-4\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#Disadvantages_Of_Home_Equity_Loans\" title=\"Disadvantages Of Home Equity Loans: \">Disadvantages Of Home Equity Loans: <\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#The_Importance_Of_Credit_Scores_In_Personal_And_Home_Equity_Loans\" title=\"The Importance Of Credit Scores In Personal And Home Equity Loans\">The Importance Of Credit Scores In Personal And Home Equity Loans<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#Making_the_Right_Choice_Personal_Loan_Vs_Home_Equity_Loan\" title=\"Making the Right Choice: Personal Loan Vs. Home Equity Loan\">Making the Right Choice: Personal Loan Vs. Home Equity Loan<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#When_to_choose_a_personal_loan\" title=\"When to choose a personal loan: \">When to choose a personal loan: <\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#When_to_Choose_a_Home_Equity_Loan\" title=\"When to Choose a Home Equity Loan: \">When to Choose a Home Equity Loan: <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/#Personal_Loans_from_500_to_50000_-_Loan_Connect\" title=\"Personal Loans from $500 to $50,000 &#8211; Loan Connect \">Personal Loans from $500 to $50,000 &#8211; Loan Connect <\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10814\" class=\"elementor elementor-10814\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b8a49e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b8a49e9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-88b3b21\" data-id=\"88b3b21\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7316ef8 elementor-widget elementor-widget-text-editor\" data-id=\"7316ef8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>There are multiple loan options for someone seeking extra money to accomplish a goal, fund a project, or make a major purchase. Two such loans are <b>personal loans<\/b> and <b>home equity loans.<\/b> If you find yourself needing to choose between these loans, this article provides a comprehensive overview of the pros, cons and features of each loan and how to choose the one that\u2019s right for you.<\/p><p>To find out if a <b>personal loan<\/b> or a <b>home equity loan<\/b> will suit your financial needs, read on.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7110c83 elementor-widget elementor-widget-heading\" data-id=\"7110c83\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Personal_Loans_vs_Home_Equity_Loans\"><\/span><b>Personal Loans vs Home Equity Loans<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f19451a elementor-widget elementor-widget-text-editor\" data-id=\"f19451a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Before comparing the two loans, it\u2019s important to <b>first get an overview of what each type of loan entails.<\/b> The sections below provide definitions, features, and the pros and cons of each loan.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-393bbe0 elementor-widget elementor-widget-heading\" data-id=\"393bbe0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Is_A_Personal_Loan\"><\/span><b>What Is A Personal Loan?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f0092b elementor-widget elementor-widget-text-editor\" data-id=\"6f0092b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A personal loan, as the name suggests, is a type of <b>unsecured loan<\/b> that you can use for nearly any personal purpose, be it a wedding, a dental bill, or <a href=\"https:\/\/myratecompass.ca\/blog\/personal-finance\/debt-consolidation\/\">consolidation of high-interest debts<\/a>. The advantages and disadvantages of personal loans are outlined below.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-152ef2b elementor-widget elementor-widget-heading\" data-id=\"152ef2b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Advantages_Of_Personal_Loans\"><\/span><b><i>The Advantages Of Personal Loans:<\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-32abffd elementor-widget elementor-widget-text-editor\" data-id=\"32abffd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>No collateral needed<\/b>: You can take out a personal loan without collateral. <\/li><li>\u00a0<\/li><li><b>Flexibility<\/b>: You can spend your loan on whatever you want. <\/li><li>\u00a0<\/li><li><b>Fixed interest rates<\/b>: This makes budgeting easier. <\/li><li>\u00a0<\/li><li><b>A way to consolidate debt<\/b>: A personal loan makes it easier to consolidate high-interest debts into a single, lower-interest payment.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd5075e elementor-widget elementor-widget-heading\" data-id=\"fd5075e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Disadvantages_Of_Personal_Loans\"><\/span><b><i>The Disadvantages Of Personal Loans: <\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8811e3 elementor-widget elementor-widget-text-editor\" data-id=\"c8811e3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Higher interest rates<\/b>: The lack of collateral and additional flexibility comes at the cost of higher interest rates than usual. These can vary massively, anything from <b>6.99% to 46.96%<\/b>. Your interest rate depends on your <a href=\"https:\/\/myratecompass.ca\/blog\/credit-building\/credit-score\/\">credit score<\/a>, current debt, and income. <\/li><li>\u00a0<\/li><li><b>Fixed repayment terms<\/b>: You need to pay back your personal loan within a specified period (1-7 years). <\/li><li>\u00a0<\/li><li><b>Too easy to take on debt<\/b>: A small personal loan is relatively easy to get, which may incur more debt than someone can handle. <\/li><li>\u00a0<\/li><\/ul><p><b>Requirements to qualify for a personal loan:\u00a0<\/b><\/p><ul><li style=\"list-style-type: none\"><ul><li><b>A high credit score<\/b>: The exact score will vary based on the lender, but they typically look for fair or excellent credit such as 660 or higher. Lower credit is accepted based on the size of the loan. <\/li><li>\u00a0<\/li><li><b>Good income<\/b>: The larger the loan, the more income you need. <\/li><li>\u00a0<\/li><li><b>Steady employment<\/b>: A lender will look to see if you have full-time employment. If you don&#8217;t provide collateral, having a full-time job proves you can repay the loan. <\/li><li>\u00a0<\/li><\/ul><\/li><\/ul><ul><li><b>Low debt-to-income (DTI) ratio<\/b>: A low DTI\u00a0 demonstrates that you have extra money available for monthly payments. <\/li><li>\u00a0<\/li><\/ul><p>Overall, a<b> personal loan<\/b> allows you to borrow money for any purpose without collateral, but how much you are allowed to borrow will vary based on your credit score, income, and debt-to-income ratio. Personal loans also have very high interest rates and strict repayment terms.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf83f50 elementor-widget elementor-widget-heading\" data-id=\"bf83f50\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Is_A_Home_Equity_Loan\"><\/span><b>What Is A Home Equity Loan?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b18ca3 elementor-widget elementor-widget-text-editor\" data-id=\"0b18ca3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A home equity loan is a <b>secured loan<\/b> where your <b>home serves as collateral.<\/b> These loans are also known as second mortgages because they\u2019re secured against your property, just like your original (first) mortgage.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca5df73 elementor-widget elementor-widget-heading\" data-id=\"ca5df73\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Advantages_Of_Home_Equity_Loans\"><\/span><b><i>The Advantages Of Home Equity Loans: <\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a3daf4 elementor-widget elementor-widget-text-editor\" data-id=\"4a3daf4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Lower interest rates: <\/b>Home equity loans come with lower interest rates than personal loans. <\/li><li>\u00a0<\/li><\/ul><ul><li><b>Fixed interest rates<\/b>: This makes it easier to budget for long-term repayment. <\/li><li>\u00a0<\/li><li><b>Can be used for any purpose<\/b>: Much like a personal loan, the lump sum of a home equity loan can be used for anything. <\/li><li>\u00a0<\/li><li><b>Interest is tax-deductable<\/b>: The interest you pay on a home equity loan can be tax-deductible, but only if you use your loan to buy or build property.\u00a0<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6be10de elementor-widget__width-initial elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6be10de\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon 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100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43ce8c1 elementor-widget elementor-widget-text-editor\" data-id=\"43ce8c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eee7394 elementor-widget elementor-widget-heading\" data-id=\"eee7394\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Disadvantages_Of_Home_Equity_Loans\"><\/span><i><b>Disadvantages Of Home Equity Loans: <\/b><\/i><span class=\"ez-toc-section-end\"><\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb4ef3e elementor-widget elementor-widget-text-editor\" data-id=\"eb4ef3e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>\n<ul>\n<li><b>Two monthly payments<\/b>: Although you take out a home equity loan based on your current mortgage, you will need to pay your mortgage and your home equity loan separately each month.<\/li><li><br><\/li><li><b>Longer repayment terms<\/b>: Repayment terms can be much longer than personal loans, some up to 30 years.<\/li><li><br><\/li><li><b>Additional costs for setting up a home equity home<\/b>: These fees include legal and appraisal fees.<\/li><li><br><\/li><li><b>Failure to repay the loan results in foreclosure<\/b>: If you fail to pay back your home equity loan, the lender will foreclose on the property you used as collateral, making this type of loan more high-risk.<\/li>\n<li>&nbsp;<\/li>\n<\/ul>\n<p><b>How to qualify for a home equity loan<\/b>:&nbsp;<\/p>\n<ul>\n<li><b>Have a current mortgage<\/b>: You can take out a home equity loan with a maximum value of 80% of your current property.<\/li>\n<li>&nbsp;<\/li>\n<\/ul>\n<p><b>Have good credit<\/b>: The amount you can take out will vary based on how good your credit is. However, you generally need lower credit for a home equity loan than a personal loan since your current home secures the loan.<\/p>\n<p>There is an exception to the above conditions.<b> If you already own your home outright<\/b>, you can take out a home equity loan against the value of your own house. This process is more straightforward as you most likely only need an appraisal to qualify for the home equity loan.<\/p><\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2b4ec7 elementor-widget elementor-widget-heading\" data-id=\"b2b4ec7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Importance_Of_Credit_Scores_In_Personal_And_Home_Equity_Loans\"><\/span><b>The Importance Of Credit Scores In Personal And Home Equity Loans<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ea8448 elementor-widget elementor-widget-text-editor\" data-id=\"2ea8448\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Your credit score is another essential factor influencing the decision between a Personal Loan Vs. Home Equity Loan. Generally, lenders are more likely to approve a <b>home equity loan<\/b> for borrowers with <b>lower credit scores. <\/b>This is because a home equity <b>loan is secured by the home.<\/b> On the other hand, personal loans are often harder to get if you have a low credit score.<\/p><p>Despite a home equity loan being easier to get even with lower credit, such a loan can put your home at risk if you fail to make the payments. If you have a low credit score and are unsure about your ability to repay the loan, it might be safer to consider other borrowing options.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eaf07a3 elementor-widget elementor-widget-heading\" data-id=\"eaf07a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Making_the_Right_Choice_Personal_Loan_Vs_Home_Equity_Loan\"><\/span><b>Making the Right Choice: Personal Loan Vs. Home Equity Loan<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b419a5 elementor-widget elementor-widget-text-editor\" data-id=\"5b419a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The decision between a Personal Loan and a Home Equity Loan depends on several factors, such as your financial needs, credit score, and ability to repay a loan. If both loans are a viable option, which one do you choose? <b>The following will help you decide which loan works better for you: <\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d598e9f elementor-widget elementor-widget-heading\" data-id=\"d598e9f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"When_to_choose_a_personal_loan\"><\/span><i><b>When to choose a personal loan: <\/b><\/i><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eabdd47 elementor-widget elementor-widget-text-editor\" data-id=\"eabdd47\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You need a smaller amount of money.<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You want to repay your loan over a shorter period.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You don\u2019t own a home for collateral.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You don\u2019t want to restrict what you spend your funds on.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You have a high credit score and secure employment.\u00a0<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d3dffa elementor-widget elementor-widget-heading\" data-id=\"9d3dffa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"When_to_Choose_a_Home_Equity_Loan\"><\/span><b><i>When to Choose a Home Equity Loan: <\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1f9c02 elementor-widget elementor-widget-text-editor\" data-id=\"e1f9c02\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You need a large sum of money.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You prefer lower interest rates.<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You\u2019re ok with a longer repayment term.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You have a good credit score and secure employment.\u00a0<\/li><li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You are certain you can repay the loan.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b78b5d4 elementor-widget elementor-widget-heading\" data-id=\"b78b5d4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c237f3 elementor-widget elementor-widget-text-editor\" data-id=\"5c237f3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Whether you choose a personal loan or a home equity loan, it&#8217;s vital to understand what you&#8217;re getting into<i>. <\/i>Borrowing money is a significant decision that may add years of payments and debt to your foreseeable future, so <b>make sure this is the best option before choosing to do so<\/b>. With enough research and careful consideration, you can pick the best loan for your financial goals and move forward with confidence &#8211;\u00a0 whether it\u2019s a personal or home equity loan.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cbc64b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cbc64b0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-16801086\" data-id=\"16801086\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2f7a9318 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f7a9318\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-14bfc51e\" data-id=\"14bfc51e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e667496 elementor-widget elementor-widget-heading\" data-id=\"2e667496\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Personal Loans from $500 to $50,000 - Loan Connect <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3e6931 elementor-widget elementor-widget-text-editor\" data-id=\"a3e6931\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Search Canada&#8217;s Lenders to Find Your Best Loan Rates.Loans available for all credit scores<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bde93aa elementor-mobile-align-center elementor-widget elementor-widget-button\" data-id=\"6bde93aa\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/go.myratecompass.ca\/loanconnectbanner\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Go to site<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7ade899f\" data-id=\"7ade899f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3f1fa337 elementor-widget elementor-widget-image\" data-id=\"3f1fa337\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"226\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/loan-connect-logo-1024x309.png\" class=\"attachment-large size-large wp-image-11045\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/loan-connect-logo.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/loan-connect-logo-300x91.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/loan-connect-logo-768x232.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/loan-connect-logo-397x120.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:30.19%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> There are multiple loan options for someone seeking extra money to accomplish a goal, fund a project, or make a major purchase. Two such loans are personal loans and home equity loans. If you find yourself needing to choose between these loans, this article provides a comprehensive overview of the pros, cons and features of&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/loans\/personal-loan-vs-home-equity-loan-a-comparative-guide\/\">Continue reading <span class=\"screen-reader-text\">Personal Loan Vs. Home Equity Loan: A Comparative Guide<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":10816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[7],"tags":[21],"class_list":["post-10814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents Personal Loans vs Home Equity LoansWhat Is A Personal Loan?The Advantages Of Personal Loans:The Disadvantages Of Personal Loans: What Is A Home Equity Loan?The Advantages Of Home Equity Loans: Disadvantages Of Home Equity Loans: The Importance Of Credit Scores In Personal And Home Equity LoansMaking the Right Choice: Personal Loan Vs. Home Equity LoanWhen to choose a personal loan: When to Choose a Home Equity Loan: ConclusionPersonal Loans from $500 to $50,000 &#8211; Loan Connect Reading Time: 5 Min There are multiple loan options for someone seeking extra money to accomplish a goal, fund a project, or&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/loans\/\" rel=\"category tag\">Loans<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/admin\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents Personal Loans vs Home Equity LoansWhat Is A Personal Loan?The Advantages Of Personal Loans:The Disadvantages Of Personal Loans: What Is A Home Equity Loan?The Advantages Of Home Equity Loans: Disadvantages Of Home Equity Loans: The Importance Of Credit Scores In Personal And Home Equity LoansMaking the Right Choice: Personal Loan Vs. Home Equity LoanWhen to choose a personal loan: When to Choose a Home Equity Loan: ConclusionPersonal Loans from $500 to $50,000 &#8211; Loan Connect Reading Time: 5 Min There are multiple loan options for someone seeking extra money to accomplish a goal, fund a project, or&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/loans\/\" rel=\"category tag\">Loans<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/admin\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Personal-Loan-Vs.-Home-Equity-Loan-A-Comparative-Guide.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=10814"}],"version-history":[{"count":23,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10814\/revisions"}],"predecessor-version":[{"id":11292,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10814\/revisions\/11292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/10816"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=10814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=10814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=10814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}