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Should I choose a personal loan or a personal line of credit? (SPEECH) Should I choose a personal loan or a personal line of credit? U.S. Bank offers two personal loan options, a fixed rate personal loan and a personal line of credit. Both loan types are unsecured, which simply means there's no collateral required. 

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Because of this, the rate and terms might be more stringent than a secured loan, but the application and approval process is typically much quicker. 

The fixed rate personal loan is best for a one-time financial need, like if you're purchasing an expensive item or doing a project where you know the entire cost upfront. You receive the money in a lump sum, and the fixed monthly payments begin soon, often within a month. 

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Under "Fixed Rate Personal Loan," a fixed monthly payment among other bills, such as rent and car insurance. 

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These predictable payments may help you plan your budget. 

The personal line of credit is best when you'd like ongoing access to available funds for situations like when the entire cost of a project is not known at the beginning or if you want the security of having funds available for consolidating debt or emergency expenses. 

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Instead of receiving the money in a lump sum, you can use portions of the credit as needed, and you pay interest only on the amount you borrow. 

It's different from a credit card because it typically has a higher credit limit and lower interest rates, and its interest rate will be the same for purchases, transfers, and cash advances. This, along with a variable interest rate, means that the minimum payment may change each month. You can access the funds via checks, a Visa Access Card, ATM withdrawals, or transfers to your checking account. 

These unsecured personal loans are available only for U.S. Bank customers. And when you apply and close online, funds could be available within minutes. Learn more at usbank.com/personalloan. 

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Fine print, Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Installment loans and unsecured lines of credit are offered by US Bank National Association. Deposit Products are offered by US Bank National Association, Member FDIC. Copyright 2020 US Bank.