Many people believe that opening up a new credit card is the only way to access money. However, this is not the case. There are two other options when it comes to personal financing, which both carry lower interest rates. These are the personal line of credit and the personal loan.

A personal loan is an appropriate tool to use when securing an item. Say you're buying a camera, a personal loan is the best way to go. However, if you're starting a photography business and are unsure of all that you'll need, a personal line of credit would be the best option for you.