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What is the difference between a Home Improvement Loan and a Home Equity Loan?

  • Home Improvement Loan: Typically, an unsecured personal loan, where you borrow a set amount to fund a home project, with fixed monthly payments and no collateral required.
  • Home Equity Loan: A secured loan that uses the equity in your home as collateral, often offering larger loan amounts and lower interest rates than an unsecured loan.