Home, auto, personal, and home equity are all loan types. The two most common loans types, home equity and personal, differ in fees, rates, and tax deductibility of interest. Home equity loans often have higher fees, but usually have lower rates and a tax deduction for interest paid. Personal loans do not have a tax deduction for interest paid, and have a higher interest rate, but often have lower upfront fees. These are important considerations when choosing a loan.