Learn the differences between a personal loan and a line of credit, and identify which is better for you.
Personal LoanChoose a personal loan if you…
- Want to make fixed monthly payments
- Want to know the exact date of when you'll finish paying off the loan
- Are financially conservative and prefer loans instead of lines of credit
- You have a line of credit with available balance to meet your future needs
- Can provide a partial guarantee
- You want to establish credit history
Line of CreditChoose a line of credit if…
- You prefer having flexibility in your monthly payments
- You are a college student
- You do constant expenditure of money from your deposit account, but don't have much time to make deposits at the branch
1Subject to credit approval. Certain restrictions may apply.