5 Best Home Improvement Loans You Should Know About

home improvement loan

Your home is more than just an asset. It’s your very own space of comfort and security. And that’s why it deserves the best care. While regular upkeep is necessary and cannot be neglected, at some point you may also feel the need to upgrade the interiors, add a pool, or reface your kitchen cabinets. Whatever it is, it involves substantial expenditure. That’s one of the primary reasons why many home owners shelve these projects. But what if you had the best home improvement loan options? If you could choose from the best offers? Here’s a look at 5 lenders offering the best home improvement loans:

  1. LendingClub- Provides loans suitable for small scale to large scale home improvement projects. Whether you want to expand your home, add a pool or deck, install solar panels to make your home energy-efficient, or merely cover some repair and refurbishing costs, LendingClub offers loans to help you meet the costs. The application process is hassle-free and quick. The interest rates start at 7.99% for a 36 to 60 month term with a fixed monthly payment.
  2. Prosper- This is a peer-to-peer platform where you can avail home improvement loans from $2000 up to $35000, ideal for small to medium-sized projects. The loan application process is very simple. Prosper’s interest rates begin at 5.99% for the most creditworthy applicants with repayment terms of 3 or 5 years. The lending process is quicker and less stringent compared to most others.  This means you can qualify for a loan through Prosper even if your credit score is less than perfect.
  3. Avant- This lender offers home improvement loans with fixed interest rates starting from 9.95%. Although the interest rates may be higher compared to other lenders, Avant offers the advantage of lower qualifying credit score requirement and quick funding. Once your loan is approved, you receive the amount on the very next business day. This is ideal if you are looking for a higher loan amount and quick processing options. Home improvement loans from Avant can be used for anything including purchasing new furniture, updating the landscape or even recarpeting.
  4. Upgrade- If your renovation or remodeling project is likely to cost more than $30,000, Upgrade may be the right place for you. With loans ranging from $1000 to $50,000 for qualified applicants, Upgrade offers low fixed interest rates for a 36 to 60 month loan period with affordable monthly payments. The application process is simple and the funding takes not more than a day once the necessary verifications are cleared.
  5. LendingPoint- Specializes in personal and home improvement loans with repayment terms between 24 and 48 months. While the interest rates are relatively higher starting at 15.49%, this lender offers the option of twice-monthly payments that enables you to manage your budget better. Besides this, additional repayments or prepayments do not carry a penalty fee.

There are many more lenders offering loans for renovation, remodeling and other types of home improvement projects. However, you need to carefully evaluate the options based on your primary requirements and other benefits.