 TITLE: HELOC vs. Personal Loan: Which Is Better? CONTENT: HELOC vs. Personal Loan—What's Best?\n------------------------------------\nA HELOC could be a better option if you need to borrow a substantial amount of money or have an ongoing project that will require several draws. The low interest rate can also make HELOCs an inexpensive option. However, there's risk in using your home as collateral, and there's the possibility that your rate will rise.\nA personal loan could be best for a one-time expense, particularly if you qualify for a low-rate loan and won't benefit from tax deductions from a home improvement loan. It's also easier to get a personal loan, and it may be cheaper in the short run as you don't have to pay closing costs and there may be fewer fees. END