# In a Q&A, Professor Constantine Yannelis explains the differences between a line of credit and a personal loan

1 Faculty News March 28, 2018 ![PrimeRates logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/primerates192x144.jpg?itok=iyiWCae6)>

Excerpt from [PrimeRates](https://www.primerates.com/resources/qa-constantine-yannelis-get-personal-loan-line-credit) -- "If people need to borrow for a specific project, such as a home renovation, or if they have self-control problems, then it can make sense to take out a personal loan. A pre-specified amount helps people to avoid over-borrowing and making impulsive purchases. On the other hand, if people have indeterminate borrowing needs or surprised expenses, opening a line of credit can make sense."

[Read more](https://www.primerates.com/resources/qa-constantine-yannelis-get-personal-loan-line-credit)