Certainly! Let me explain the fundamental distinctions among a home equity loan & a loan for personal use:

Collateral: Home equity loans are secured with your home. It leverages your home's equity $($the difference between its value and the outstanding mortgage debt$)$ as security. As a result, home equity loans often have lower interest rates.

Personal loans, unlike home equity loans, are unsecured. It doesn't demand any collateral. Instead, your credit standing and financial history are important factors in determining qualifying and interest rates.