the loan is better in the sense that you are going to save interest with the lower interest rate for a fixed amount, with fixed term and a strict minimum payment specific to payoff in that term. however, if there is any kind of fee that will probably negate the interest savings.
the line of credit is different in that there is no fixed term and minimum monthly payment of ~2%, meaning your payment could be variable if you needed. lastly, you have the ability to withdraw again as you pay down the ploc.
| % | nper | pv | pmt | cumipmt | |
| loan | 12.5 | 36 | 9400 | −314 | −1921 |
| ploc fixed term | 14.65 | 36 | 9400 | −324 | −2273 |
| ploc 2% | 14.65 | 78 | 9400 | −188 | −5154 |
