Homeowners can use home equity loans, but if you don't own a home, you may want to look at personal installment loans. They can be used for anything from debt consolidation to a vacation. The main advantage of a personal installment loan over using a credit card is that the loan is usually based on a fixed interest rate.

A lender may require collateral, depending on the your financial situation and how you want to use the money. Finance charges vary depending on the lender, the amount and term of the loan. Payments are made every week or month; the loan is repaid within 12 to 36 months, sometimes up to 78 months. Here is what a personal installment loan looks like if you have $5,000 in credit card debt.

Term	12-Month	24-Month	36-Month	48-Month	60-Month	78-Month
Interest Rate	11%	11.5%	12%	12.5%	13%	13.25%
Monthly Payment	$442	$234	$166	$133	$114	$96
Total Interest Paid	$302	$620	$978	$1379	$1825	$2484

The longer the time you choose to pay off the debt, the more you will pay in interest. Before applying for a personal loan, calculate all of the monthly payments, using the financial institution's quoted interest rates. If you are currently paying off a debt, the amount you pay now is the upper limit of what you can afford in a loan payment.

Some personal loans have a very short term—30 to 90 days—and paid off in a single payment. Many lending institutions don't provide them because of the short repayment term. Be careful because these types of loans are offered at very high interest rates – sometimes exceeding 100 percent.