Home improvement loans can help you finance repairs, renovations and additions to your home. Compare offers from multiple lenders to find the best rates and terms.
A home improvement loan helps you pay for renovations and repairs around the house. You can use this type of personal loan to upgrade your kitchen, install a swimming pool or repair your roof. Home improvement loans let you finance a renovation without using your home as collateral. They're also usually funded more quickly than other financing options. Compare offers from multiple lenders to find a loan that suits your project and budget.
LightStream provides an attractive option for personal loans, especially if you have a strong credit history. With competitive interest rates and a lack of fees, it's a borrower-friendly choice.
Discover stands out for several reasons. First, it offers unsecured personal loans, which means borrowers don't have to provide collateral like a car or savings account.
Navy Federal extends another proprietary loan option called Homebuyers Choice, tailored for nonmilitary borrowers who are eligible for credit union membership (including civilian employees of the Department of Defense).
Wells Fargo provides various small-business loans, including secured and unsecured business lines of credit, commercial real estate purchase and refinancing loans, commercial real estate equity loans, lines of credit, and health care practice financing.
Securing a home improvement loan is still possible, even if your credit history isn't pristine. However, in such cases, there are some important considerations to keep in mind:
By exploring these tailored loan options and comparing them through reputable platforms, you can increase your chances of securing the financing you need for your home improvement project, even if your credit history isn't perfect.
Home improvement loan rates typically range from about 6% to 36%. The best personal loan rates typically go to borrowers with high credit scores and credit histories showing consistent on-time payments toward other loans and credit cards.
Qualifying for a home improvement loan typically involves meeting specific eligibility criteria set by lenders. The exact requirements can vary depending on the type of loan you're applying for and the lender you choose. Here are some common qualifications for home improvement loans:
It's important to note that different lenders have varying eligibility criteria, and some may be more flexible than others. If you don't meet the requirements for one lender, you may find another that is more accommodating. Additionally, government-backed loans, such as FHA 203(k) loans, may have different eligibility criteria compared to conventional loans.
Deciding between a home improvement loan and a credit card for financing your home improvement project depends on your specific needs, financial situation, and preferences. Here are some considerations to help you choose between the two:
Home Improvement Loan:
Consider the following when making your decision:
Ultimately, the decision depends on your individual circumstances and the nature of your home improvement project. It's advisable to compare loan offers, interest rates, and credit card terms before making a choice.