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A kitchen remodel can be an expensive upgrade — depending on how fancy you want to go, you could end up spending anywhere from $23,452 to $135,547, according to Remodeling Magazine.
With a price tag like that, there’s a good chance you’ll need to borrow money to cover the expense, such as with a personal loan for home improvements.
If you’re considering a kitchen remodel loan, here’s what you need to know:
- 15 personal lenders for kitchen remodels
- Financing a kitchen remodel with a personal loan
- How to apply for a kitchen remodel loan
- Pros and cons of using a personal loan for kitchen remodel
- Alternatives to a kitchen remodel loan
- Is a kitchen remodel loan right for you?
15 personal lenders for kitchen remodels
With a personal loan, you might be able to borrow up to $100,000 for a kitchen remodel, depending on the lender. Here are Credible’s partner lenders that offer personal loans for home improvements:
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $35,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 7.99% - 29.99% APR | $10,000 to $35,000 |
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 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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 View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction of 0.25% available for AutoPay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. |
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 View details | 18.00% - 35.99% APR | $1,500 to $20,000 |
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 View details | 6.49% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 6.94% - 35.97% APR | $1,000 to $50,000 |
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 View details | 8.13% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Check Out: Where to Get a Personal Loan
Financing a kitchen remodel with a personal loan
There are several ways to finance a kitchen remodel, such as using a personal loan. Unlike some options that require collateral — like a home equity loan or home equity line of credit (HELOC) — personal loans are typically unsecured, which could make them a simpler financing choice.
If you decide to use a personal loan for your kitchen remodel, here are a few details to know first:
- Interest rates: Your interest rate on a personal loan will depend on the lender as well as your credit. Generally, you’ll need good to excellent credit to qualify for the lowest rates. If you take out a loan with one of Credible’s partner lenders, you might score a rate as low as 4.99%+ APR.
- Loan amounts: Personal loans typically range from a few hundred dollars up to $100,000 or more. For example, you might be able to borrow anywhere from $600 up to $100,000 through Credible’s partner lenders.
- Repayment terms: Personal loans generally have repayment terms ranging from one to seven years, though you might be able to get a longer term for home improvement loans. For example, LightStream offers terms up to 12 years if you’re taking out a personal loan for home improvements.
One savings option is to use a high-yield savings account, which will earn you more interest compared to a regular savings account.
If you decide that using a personal loan for your kitchen remodel is the right choice for you, be sure to consider as many lenders as possible to find a loan that fits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Learn More: Home Equity Loan vs. Line of Credit
How to apply for a kitchen remodel loan
If you’re ready to apply for a kitchen remodel loan, follow these four steps:
- Shop around and compare lenders. Be sure to consider as many lenders as you can to find a loan that fits your needs. Remember to compare not only interest rates but also repayment terms and any fees charged by the lender.
- Choose the option you like most. After comparing lenders, you can pick the loan option that works best for you.
- Fill out an application. To finish applying for the loan, you’ll need to complete a full application and submit any required documentation, such as tax returns, pay stubs, or bank statements.
- Get your funds. If you’re approved, you’ll need to sign for the loan so the lender can send you your money.
Before you borrow, it’s a good idea to consider how much the loan will cost you over time. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Check Out: Cash-Out Refinancing vs. Home Equity Loan
Pros and cons of using a personal loan for kitchen remodel
Here are a few points to consider while deciding if a kitchen remodel loan is right for you:
Pros
- Remodeling your kitchen might boost your home’s value, making it easier to recoup the cost of the loan in the future
- Could get your money within a week or less, depending on the lender
- Generally unsecured, so you’re not at risk of losing your assets if you default
Cons
- Could be more expensive than saving up as you’ll have to pay interest
- Might be tougher to qualify if you don’t have good credit, especially for higher loan amounts
- Might have higher interest rates compared to other types of loans, such as home equity loans or home equity lines of credit (HELOCs)
Learn More: Short-Term Loan
Alternatives to a kitchen remodel loan
Personal loans aren’t the only way to pay for a kitchen remodel. Here are a few alternatives to consider:
- HELOC: A HELOC is a type of revolving credit secured by the equity in your home. Similar to a credit card, you can continuously draw on and pay off your balance, which could be convenient for ongoing projects. However, keep in mind that your home could be at risk if you default on your payments. You could also consider an unsecured personal line of credit.
- Home equity loan: Like a HELOC, a home equity loan also uses your home’s equity as collateral. However, you’ll get the money as a lump sum rather instead of getting access to a credit line. Just be careful: You risk losing your home if you can’t keep up with your payments.
- Cash-out refinancing: Another possibility is refinancing your mortgage for more than you currently owe. This is called cash-out refinancing. For example, if you currently owe $100,000 on your mortgage, you could replace it with a $110,000 mortgage and get $10,000 back in cash for your kitchen remodel.
- Secured personal loan: If you have poor or fair credit, secured personal loans might be easier to qualify for. Unlike an unsecured loan, you’ll need to provide collateral for the loan — for example, your car or savings account balance. Because there’s less risk to the lender, you might get a lower rate — though keep in mind that you risk losing your collateral if you can’t make your payments.
- Credit card: Using a credit card might also be a good strategy, especially if you can get a card with a 0% APR introductory rate. If you can pay off the card within this time, you won’t have to pay any interest. However, if you can’t repay the balance before this period ends, you could be stuck with hefty interest charges.
Check Out: Loan vs. Credit Card
Is a kitchen remodel loan right for you?
Using a personal loan to cover kitchen remodel expenses could be a good choice, especially if you need the money quickly and can qualify for a low interest rate. Ultimately, whether a kitchen remodel loan is right for you depends on your situation.
If you decide to go with a personal loan, remember to compare as many lenders as you can to find the right loan for you. You can do this easily with Credible — you can see your prequalified rates from multiple lenders in two minutes after filling out a single form.
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
