 TITLE: HELOC vs. Personal Loan: Which Is Better? CONTENT: What Is a Personal Loan?\n------------------------\nPersonal loans are often unsecured installment loans with fixed interest rates and repayment terms. Loan amounts generally range from $1,000 to $50,000. However, some lenders, such as SoFi, offer personal loans for up to $100,000.\nBecause they're unsecured loans, your eligibility, loan amount and interest rate will largely depend on your creditworthiness. But even for the most creditworthy applicants, personal loans tend to have higher interest rates than HELOCs.\nYou can use a personal loan to pay for almost anything. Common uses include paying for emergency expenses, medical bills, large purchases and consolidating higher-rate debts.\nYou can also get a personal loan for home improvements, and it may be the best option if you don't have enough home equity for a HELOC or don't want to use the equity in your home. Unlike with a HELOC, however, the interest you pay on a personal loan will never be tax-deductible. END