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What Is A Personal Loan?

Savings Corner

Common reasons include paying off debt, financing a large purchase such as a vehicle or a boat, or covering the cost of a major expense like a wedding or a home renovation. You might, for example, be offered financing by a home improvement store when you buy an appliance. Can anyone get a personal loan?

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What Is A Home Equity Loan?

Savings Corner

Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. You can deduct the interest (up to the limit) if the home equity loan is used to “buy, build or substantially improve” the property.

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