Unsecured Personal Loan

If you aren't a homeowner, or have insufficient equity in your house, acquiring a loan can prove to be difficult and costly.  Unsecured personal loans require no property ownership or collateral for approval.

Unsecured personal loans can be taken out and used for any type of purpose - vacations, paying bills, school tuition, car repair, home improvements, etc. Borrow any amount that suits your particular situation.

With an unsecured loan, your approval will be based on you personally, normally your credit history or employment status.

Personal Line of Credit

A personal line of credit works in much the same way as a credit card. A bank or lender grants you a line of credit, which you can tap into on an as-needed basis. You pay interest on the outstanding balance, usually on a monthly basis. When you pay back the principal, money is made available for future loans.

Home Equity Loan

A home equity loan is a loan that uses your home as collateral. Your home equity is the part of your home that you actually own and this is the guarantee for your loan.

Your home equity is calculated by taking the current value of your home and subtracting your mortgage. For example, if your home is worth $150, 000 and you have a $100,000 mortgage, you have $50,000 of equity in your home. A home equity loan allows you to borrow money using your equity of $50,000 as security for the loan.