Answer:
Most personal loans are smaller than mortgages and home equity loans due to the fact that the percentage of the interest rate on a home is higher than that of a personal loan.
Step-by-step explanation:
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Personal loan acquire generally more risk since it is unknown on what the money may be used on and so banks have limited knowledge on whether they can get played back. However mortgages are used to buy assets, and banks go through credit scores and personal income which is why they can loan a much bigger amount.
Most personal loans are smaller than mortgages and home equity loans due to the fact that the percentage of the interest rate on a home is higher than that of a personal loan.
Typically home loans and home equity loans are secured on the property where personal loans are unsecured to any property.
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