Home improvement loans

Name: Credible Home Improvement Loans
Brand: Credible
Rating: 4.8 (8313 reviews)

Get the funding you need to make your dream renovation a reality.

Rates from 6.49% APR¹
Loan amounts from $1,000 to $200,000
Check rates from multiple lenders in just 2 minutes

By Lindsay Frankel

Written by

Lindsay Frankel

Lindsay Frankel has been in personal finance for over eight years. Her work has been featured by MSN, CNN, FinanceBuzz, and The Balance.

Edited by Meredith Mangan

Written by

Meredith Mangan

Meredith Mangan is a senior editor at Credible. She has more than 18 years of experience in finance and is an expert on personal loans.

Updated April 3, 2025

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The rates that appear are from companies which Credible receives compensation. This compensation does not impact how or where products appear within the table. The rates and information shown do not include all financial service providers or all of the displayed lender's available services and product offerings.

Filters$20,000 loan amount and 700-749 credit score, ordered by APR

LightStream

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Rates from (APR)

6.49-25.29%⁴

Loan term

2 - 7 years

Loan amount

Up to $100,000

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LightStream: Best for personal loans overall

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply and there are no origination fees. Rates are also among the lowest we've seen — as of this writing, Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 700

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as the same business day

Best Egg

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Rates from (APR)

6.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Best Egg: Best for secured loans

Best Egg is a solid lender for a wide range of borrowers. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 600

Origination fee: 0.99% to 9.99%

Check processing fee: $7

Do they allow a cosigner: No

Late fee: $15

Time to fund: As soon as 1 - 3 business days after successful verification

Upstart

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Rates from (APR)

7.80-35.99%

Loan term

3, 5 years

Loan amount

Up to $50,000

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Upstart: Best for fast personal loans for all credit types

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 620

Origination fee: 0% to 12%

Check processing fee: None

Do they allow a cosigner: No

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: As soon as 1 - 3 business days

LendingClub

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Rates from (APR)

7.90-35.99%⁵

Loan term

2 - 6 years

Loan amount

Up to $40,000

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LendingClub: Best for online experience

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 0% and 8%.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 660

Origination fee: 0% to 8%

Check processing fee: $7

Do they allow a cosigner: No, but co-borrowers allowed

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 22-hour funding upon approval

Splash Financial

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Rates from (APR)

7.99-17.97%

Loan term

3 - 6 years

Loan amount

Up to $50,000

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Splash Financial: Best for quick loans for good credit

It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash's website.

Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. Splash is not an option for borrowers with bad credit.

Prepayment penalty: None

Unsuccessful payment fee: Varies by lender

Minimum credit score: 680

Origination fee: 3.99% to 7.49%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Varies by lender

Time to fund: Funding in as little as one business day for eligible applicants

Reach Financial

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Rates from (APR)

7.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Reach Financial: Best for fast funding and fair credit

Reach is an option if you have fair credit, especially if you need money fast. According to the company, 90% of Reach personal loans are funded within one day of approval.

It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.

Prepayment penalty: None

Unsuccessful payment fee: $25

Minimum credit score: 660

Origination fee: 0% to 8%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $15

Time to fund: 90% funded within a day

Upgrade

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Rates from (APR)

7.99-35.99%

Loan term

2 - 7 years

Loan amount

Up to $50,000

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Upgrade: Best for fair credit

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 580

Origination fee: 1.85% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: Within a day of clearing necessary verifications

Happy Money

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Rates from (APR)

8.95-29.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Happy Money: Best for consolidating credit card debt

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: 2% to 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as 2 - 5 business days after verification

SoFi

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Rates from (APR)

8.99-35.49%³

Loan term

2 - 7 years

Loan amount

$5,000 - $100,000

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SoFi: Best for excellent credit

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: Does not disclose

Origination fee: 0% - 7%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Typically within a few days, given approval and bank account verification

Prosper

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Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Prosper: Best for peer-to-peer lender

Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you. Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 640

Origination fee: 1% to 9.99%

Check processing fee: $5 or 5% of the payment (whichever is lower)

Do they allow a cosigner: Yes

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 1 business day following acceptance of loan offer, completion of all necessary verification steps and final approval. One business day is also dependent on your bank’s ability to quickly process the transaction.

Rocket Loans

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Rates from (APR)

9.12-29.99%

Loan term

3, 5 years

Loan amount

Up to $45,000

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Rocket Loans: Best for fast personal loans

Rocket Loans delivers no-frills same-day personal loans with a generous autopay discount to good-credit borrowers and some borrowers with fair credit. APRs and available loan amounts are competitive — Rocket Loans offers $2,000 loans up to $45,000 loans. Plus, the company offers small business loans if you apply directly through its website. However, you’ll only have a choice between two repayment terms — 3 or 5 years — and origination fees can be as high as 9%. If you have fair credit, you may qualify, but won’t be able to add a cosigner or get a secured loan to improve your rate.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: Up to 9%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Yes

Time to fund: If approved, you may receive funds in your account as soon as the same business day

Avant

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Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

Loan amount

Up to $35,000

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Avant: Best for all credit types

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 550

Origination fee: 0.95% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $25

Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

BHG Financial

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Rates from (APR)

9.96-23.48%⁶

Loan term

3 - 10 years

Loan amount

Up to $200,000

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BHG Financial: Best for large personal loans

BHG Financial stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. The primary applicant has to meet both income and FICO requirements, the co-applicant only has to meet the income requirements.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.

Prepayment penalty: None

Unsuccessful payment fee: $20

Minimum credit score: 660

Origination fee: 3% to 4%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Lesser of $40 or 5% of the payment.

Time to fund: Funding in as few as 5 days

Reprise Financial

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Rates from (APR)

9.99-35.99%

Loan term

3-5 years

Loan amount

Up to $25,000

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Reprise Financial: Best for bad credit

Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers. But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: Return Payment Fees - $20 except where state has a different limit (ie – NM)

Minimum credit score: 560

Origination fee: 0% to 6%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Late Fees - $15 except where the state has a different limit (ie. NM)

Time to fund: If your loan is funded by 3pm CST (not including weekends or holidays) you will receive your funds the next business day.

Citibank

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Rates from (APR)

11.49-20.49%⁷

Loan term

1 - 5 years

Loan amount

Up to $30,000

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Citibank: Best for no fees

Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 740 or higher). No-fee means no origination fees and no late fees, and Citi is one of very few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).

Though Citi requires a relatively high credit score to qualify, its minimum income requirement is low. The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers.

Citi offers relatively small loans, as low as $2,000. But the maximum amount you can borrow is capped at $30,000, which is less than most of its competitors. Another drawback is that the minimum APR is relatively high. Just keep in mind that even with excellent credit, you may not qualify for a lender’s lowest advertised rate, which is one reason it’s good to prequalify with multiple lenders before applying.

Citi personal loans are available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 740

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Same day with an existing Citi account, or within 2 business days with a non-Citi account

Universal Credit

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Rates from (APR)

11.69-35.99%

Loan term

3, 5, or 7 years

Loan amount

Up to $50,000

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Universal Credit: Best for debt consolidation loans for bad credit

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 580

Origination fee: 5.25% - 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: As soon as 1 business day after acceptance

OneMain Financial

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Rates from (APR)

18.00-35.99%

Loan term

2 - 5 years

Loan amount

Up to $20,000

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OneMain Financial: Best for bad credit personal loans

OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score requirement, meaning you could get a personal loan with bad credit or no credit. Cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given. According to internal Credible data, OneMain had one of the lowest rates of loan approval after prequalification among partner lenders.

Prepayment penalty: None

Unsuccessful payment fee: $10 to $50

Minimum credit score: N/A

Origination fee: $25 to $500

Check processing fee: None

Do they allow a cosigner: Yes

Late fee: $5 - $30

Time to fund: As soon as 1 - 2 days after acceptance

Home improvement loan rates

Interest rates on personal loans for home improvement can vary widely, often between 7% APR to over 30% APR, depending on individual financial factors, market conditions, the specific lender, the loan amount, and the loan's repayment term.

When you apply for a loan, lenders consider your credit score, payment history, income, and outstanding debts. They also consider the loan amount you want to borrow as well as the repayment term. Higher loan amounts and longer repayment terms may carry higher interest rates.

But market conditions play a role too. The Federal Reserve may raise or lower interest rates to respond to inflation and other economic concerns. In turn, this affects interest rates on many types of loans, including personal loans.

The table below shows the average personal loan APR borrowers qualified for in each FICO credit score tier, based on data from Credible. Prequalify with a handful of lenders to compare potential loan options, as each lender evaluates borrowers and sets rates differently.

Current personal loan rates by credit score

How do home improvement loans work?

Personal loans for home improvement offer a streamlined application and funding process relative to other home improvement loan types. Since collateral isn’t required in most cases, personal loans tend to have higher rates than secured home improvement loans like home equity loans and home equity lines of credit (HELOCs). Personal loans and home equity loans give you a lump sum of cash that is typically repaid in fixed monthly installments over a period of years.

Most personal loans for home improvement are unsecured, unlike home equity loans, which come with a risk of foreclosure in the event of nonpayment. However, some personal loan lenders offer secured loan options that could have lower interest rates than unsecured loans.

Personal loans for home improvement usually include the following features:

Repayment terms: Most lenders require you to repay a personal loan within 7 years, but some lenders offer longer repayment terms. For example, LightStream offers home improvement loans with repayment terms up to 20 years.
Loan amounts: Some personal loan lenders offer up to $100,000 for qualified borrowers to finance home improvements. If you’re seeking a home equity loan, the loan amount is dependent on the amount of equity you have. Keep in mind, the amount you qualify for also depends on your credit score, income, and other financial factors.
Interest rates: Annual percentage rates (APRs) for personal loans, which account for the interest rate and upfront fees, range from about 7% to 36%. The lowest rates are reserved for excellent credit borrowers, while borrowers with fair or poor credit tend to pay higher rates.
Fees: Some lenders charge an origination fee for home improvement loans, which is deducted upfront from the loan proceeds. If charged, an origination fee can be up to 12% of the loan amount (the fee is likely to be higher if you have bad credit). Other fees can include late fees and insufficient funds fees. Some lenders, like Discover and LightStream, don’t charge any fees.
Funding times: Personal loans offer a speedy application process, and most lenders can distribute the funds directly to your bank account within a few business days of approval. Some lenders even offer funding as soon as the same day. Home equity loans can take over one month to approve and fund due to the home appraisal and other closing requirements.

Related: How Do Personal Loans Work?

How to use a home improvement loan

You might use cash from a home improvement loan to pay contractors, buy paint, appliances, or fixtures, or purchase new furniture. The chart below shows some examples of common home improvement projects and their estimated average costs. Note that prices vary depending on where you live, the size of your home or scope of the project, the materials used, and other factors.

Note: When you apply for a personal loan for home improvement, you need to specify that as the purpose. Being specific can help you get enough money for your project, open up longer repayment terms, and potentially lower your rate. You’re obligated to use the loan for the purpose you stated to the lender when you applied.

Minor kitchen remodel	$27,492¹
Bathroom remodel	$25,251 - $78,840¹
Siding replacement	$17,410 - $20,619¹
Roofing replacement	$30,680 - $49,928¹
Deck addition	$17,615 - $24,206¹
Garage door replacement	$4,513¹
In-ground swimming pool installation	$65,903²
Solar panel installation	$20,948³
Professional landscaping	$3,651⁴
HVAC replacement	$7,500⁵

Sources:

¹The Journal of Light Construction, “2024 Cost vs Value Report”

²Angi, “How Much Does an Inground Pool Cost? [2024 Data]”

³EnergySage, “Solar panel cost in 2024: It may be lower than you think”

⁴Angi, “How Much Does Landscaping Cost? [2024 Data]”

⁵Angi, “How Much Does HVAC Replacement Cost? [2024 Data]”

Home improvement loan pros and cons

Pros:

Cash to complete home renovations and repairs
Lower interest rates than credit cards, on average
Same-day home improvement loans may be available
Repayment terms can extend up to 20 or 30 years
Unsecured personal loans are available — if you don't have home equity for a home equity loan or don't want to use it
Responsible repayment can improve your credit
Your home’s value may increase by making improvements
Interest on some loan types may be tax-deductible

Cons:

Your home is at risk if you default on a home equity loan or HELOC
A long repayment term creates a long-term financial burden
Home equity loans and HELOCs can take a month or more to approve
Late payments can hurt your credit
Home improvements may not increase your home’s value

Related: Should I Get a Personal Loan?

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in 2024 we helped over

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We've saved our customers

over $43 million

in interest on their loans

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2. Choose a rate to compare

Our lender rates vary from 6.49% to 35.99% APR¹

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Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

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Shop top lenders in one easy place

Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

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How to get a home improvement loan online with Credible

One simple form
We’ll ask questions to narrow down your lender and rate eligibility. Receive real rates, not estimates.
Compare rates
Shop from lenders like LendingClub, LightStream, Upstart, SoFi, and more. Choose your lender, interest rates, and term.
Close your loan and fund your goal
If you’re approved, you’ll just need to sign your documents — then relax as the funds make their way to you.

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Why use a personal loan to renovate your home?

No collateral

Home improvement loans are unsecured, so you can keep the equity in your home.

Boost home value

Make home expansions and renovations to increase the value of your home.

Get started faster

Check your rate in two minutes and receive funds as soon as the same business day.

For all your goals

Get a personal loan for all your financial needs

Our lender partners support personal loans for many different loan purposes. They offer low interest rates and a variety of loan amounts and loan terms to help you meet your personal and financial goals.

Debt Consolidation

Pay off high-interest debt by combining it all into a single loan and payment at a lower interest rate.

Debt Consolidation Loans

Home Improvement

Finance a home improvement project from major repairs to a remodel or addition.

Home Improvement Loans

Credit Card Refinancing

Refinance high-interest credit debt by combining it all into one loan and payment at a lower interest rate.

Credit Card Refinancing Loans

Bad Credit Loans

Loans for those who may have credit difficulties (like poor credit or a thin credit history).

Bad Credit Loans

Just need money? Get started now.

Find My Rate

Checking rates won’t affect your credit score

Personal Loans FAQs

Home improvement loan FAQs

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

What is a home improvement loan?

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A home improvement loan is any type of loan you can use to make renovations, repairs, or improvements to your home. For example, home equity loans, home equity lines of credit (HELOCs), cash-out refinances, and personal loans can all be types of home improvement loans.

Your home is used as collateral on most home improvement loans — except for personal loans, which are typically unsecured — and you’ll need sufficient home equity to qualify.

How can I get a home improvement loan?

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Determine how much money you need to borrow and how long you’ll need to repay it.
Check your credit reports and dispute any errors with the bureaus.
Determine whether using the equity in your home is an option (Do you have enough to fund your project? Do you have a low credit score? Are you comfortable using your home as collateral on the loan?).
Decide which type of home improvement loan to get (For example: personal loan, home equity loan, or HELOC).
Compare lenders based on your criteria.
Prequalify with multiple lenders to compare annual percentage rate (APR) estimates and loan terms.
Apply for the loan that best fits your criteria.
Provide additional documentation during the loan approval process if required.
Review the loan agreement and sign if it’s satisfactory.
Receive and use loan funds for your project.

Related: How To Get a Personal Loan

What factors impact home improvement loan rates?

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Your credit score and debt-to-income ratio are primary factors that impact the home improvement loan rates you’ll qualify for. Lenders will also consider your income, whether you’re providing collateral on the loan, the loan amount, and the repayment term.

For instance, loans that require collateral, such as home equity loans and HELOCs, tend to have lower rates than unsecured loans, like personal loans.

How do I compare home improvement loans?

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To compare home improvement loans, start by knowing your options. If you have sufficient equity in your home, a home equity loan or HELOC may be a good option. If you don’t, you may be limited to using a personal loan for home improvements. Then, find lenders that meet your criteria, such as loan term, loan amount, and time to fund.

Prequalify with multiple lenders to compare rates and terms you’re likely to qualify for based on your credit. Also compare fees, such as origination fees, which are upfront fees that may reduce the amount you’ll receive. Once you’ve narrowed it down, look at ratings on Trustpilot and the Better Business Bureau (BBB), and call customer service or use the company’s online chat tool to make sure communication is seamless.

Related: How To Compare Personal Loans

How does a home improvement loan affect your credit score?

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A home improvement loan can help your credit score or hurt it, depending on how you handle the loan. That said, when you first apply, or get pre-approved for a loan, the lender will conduct a hard pull on your credit, which could temporarily lower your credit score.

But if you make timely payments and pay off the loan in full, your credit score could improve. On the other hand, if you miss payments or default on the loan, your credit score will likely suffer.

Learn More: How Does a Personal Loan Affect Your Credit Score

What are the alternatives to a home improvement loan?

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If you’d prefer not to or are not able to take out a home improvement loan, you may have other options:

Credit card: This can be a good option if you qualify for a 0% promotional APR and can pay off the balance before it adjusts to the standard rate.
Cash-value life insurance: Some permanent life insurance policies have an internal cash value that you can borrow from or withdraw. There’s no approval process or hit to your credit — speak to your life insurance company to see if this is an option and to understand the risks.
Borrow from your 401(k): This is a riskier option, but can provide home improvement funds if you otherwise can’t qualify.
Home improvement grants: If you meet eligibility requirements, you could qualify for a government grant to make repairs to your home.
Section 504 Home Repair program: These loans are available to eligible low-income homeowners to repair, improve or modernize their homes.
Crowdfund or save: Reach out to family and friends or your community to fund needed repairs and improvements if possible.

Related: 9 Personal Loan Alternatives

Can I refinance a home improvement loan?

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Yes, you can refinance a home improvement loan, though the process differs depending on what type of loan you get. If interest rates fall or your credit improves, it’s generally a good idea to prequalify to see if refinancing makes sense.

Note that if you want to refinance a home equity loan or HELOC, your home will need to have sufficient equity to qualify — which could be an issue if real estate values are down.

Learn More: How To Refinance a Personal Loan

Can you get a home improvement loan with bad credit?

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You might be able to get a home improvement loan with bad credit, especially if you have one or more compensating factors like a high income, collateral, and/or a joint applicant with strong credit. Look for lenders that consider borrowers with bad credit, such as OneMain Financial and Universal Credit. Then, prequalify with multiple lenders to see if you're likely to get approved on your own and at what rate. Even if you might get approved without a joint applicant, adding one to your application, could lower your rate or increase your loan amount, and further improve your approval chances.

If you get a home equity loan or other secured loan, keep in mind that the lender could take your collateral (like your home) if you miss too many payments.

¹Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.49% - 35.99% APR with terms from 12 to 120 months. Credible also works with network Partners like MoneyLion, AmONE, Alternative Providers, and non-lender providers who offer loan and other products with different rates and terms than described here. 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 12%. 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 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. 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 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

²To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

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