Related: Compare Personal Loan RatesWhat Is a Personal Loan? A personal line of credit is more similar to a credit card than a personal loan. Personal Loan vs. Line of Credit: Key DifferencesLoan LimitsLimits on unsecured lines of credit are higher than on personal loans. Minimum Credit Score RequirementsLenders often have higher credit score requirements for lines of credit compared to personal loans. RepaymentWhen you initiate a personal loan, repayment begins immediately and lasts until you repay the loan in full.

Source: Forbes April 02, 2021 08:03 UTC