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Home improvement loans

How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. Credible receives compensation when we help you find the best product from one of our lending partners. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort. Some lenders may take traffic sources into account when offering credit terms.

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Compare home improvement loan rates from top lenders for March 2024

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2 - 5 years

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2 - 5 years

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3 - 10 years

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3 - 7 years

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2 - 5 years

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2 - 5 years

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2 - 7 years

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2 - 5 years

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2 - 5 years

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2 - 7 years

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3 - 5 years

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3, 5, or 7 years

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2 - 7 years

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3, 5 years

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1 - 5 years

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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.

Credible’s rating criteria incorporates 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.

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Why use a personal loan to renovate your home?

reason type

No collateral

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

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Boost home value

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

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

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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.

  1. Determine how much money you need to borrow and how long you’ll need to repay it.

  2. Check your credit reports and dispute any errors with the bureaus.

  3. 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?).

  4. Decide which type of home improvement loan to get (For example: personal loan, home equity loan, or HELOC).

  5. Compare lenders based on your criteria.

  6. Prequalify with multiple lenders to compare annual percentage rate (APR) estimates and loan terms.

  7. Apply for the loan that best fits your criteria.

  8. Provide additional documentation during the loan approval process if required.

  9. Review the loan agreement and sign if it’s satisfactory.

  10. Receive and use loan funds for your project.

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.

Pros:

  • It provides funds to complete home renovations and repairs.

  • Same-day home improvement loans may be available.

  • Repayment terms can extend up to 30 years, which can lower monthly payments.

  • Interest rates can be low if you use your home as collateral.

  • Unsecured loans are available for home improvement loans (your home is not collateral for the loan).

  • Responsible repayment can improve your credit.

  • Your home’s value may increase by making improvements.

Cons:

  • Interest rates can be high (if you use an unsecured personal loan or have bad credit).

  • Your home is at risk if you default on a home equity loan or HELOC.

  • Repayment terms can extend up to 30 years, potentially creating 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.

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.

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.

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.

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.

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