Loan options

A personal loan is one way to consolidate debt or to pay for major expenses with one-time funding. It offers fixed interest rates and fixed monthly payments for the life of the loan.

Line of credit options

A personal line of credit lets you borrow money as you need it. It doesn’t require a specific purchase purpose, and you only pay interest on the funds you borrow.

Why choose a personal loan or personal line?

Personal loans and personal lines of credit are both unsecured loans, meaning they don’t require collateral.

  • A personal loan is best for one-time funding, or if you know the entire cost of your project up front. You receive the loan in one lump sum.
  • If you need ongoing access to funds, or if you don’t know the full cost of a project, a personal line of credit may be better. With a personal line, you can use the credit as needed, and only pay interest on the funds you borrow.

More questions about loans and credit? We have answers.

Quiz: How much do you know about loans?

Understanding how loans and credit work is critical to good financial health. Brush up on what you know about borrowing money.

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Before you apply for credit of any kind, it’s a good idea to understand the basics of what you’re taking on. Here’s a lowdown on loans, interest and what credit could be right for you.

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