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What is the difference between line of credit and a signature loan? |
What is the difference between line of credit and a signature loan? The signature loan results in a "lump sum" of money the line of credit is collateralized (usually a lien against a house) and and has a "draw" period where you can borrow money for usually a period of 10 years and have a term of 20 years to repay. It is most similar to a secured credit card and is good if you plan to make a lot of large purchases/home improvements during the draw period. Source(s): Myself - Loan Officer Extraordinaire The signature loan results in a "lump sum" of money the line of credit is collateralized (usually a lien against a house) and and has a "draw" period where you can borrow money for usually a period of 10 years and have a term of 20 years to repay. It is most similar to a secured credit card and is good if you plan to make a lot of large purchases/home improvements during the draw period. Myself - Loan Officer Extraordinaire |
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