The main difference between a HELOC and secured personal loan is that a HELOC is considered revolving credit whereas a secured personal loan is not. While revolving credit offers a convenient solution to borrowing money (since it’s always available to you), some people benefit from the structured repayment schedule that a secured personal loan offers.
HELOCs only require a minimum payment each month, so if you consistently make the minimum payment, interest can quickly accrue and cause you to be in more debt than you originally anticipated. If you think this could become an issue for you, you may want to consider a secured personal loan for your borrowing needs.