A home improvement loan from Lendvious can provide you with up to $50,000 for home improvements in as few as 2 days. Well qualified borrowers may borrow up to $150,000 under our owner-occupied loan program.
Eliminate the worry over different payment due dates and amounts.
Our lending partners offer competitive rates that may be a lot lower than your current rates.
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A home improvement loan is an unsecured loan that is used to make improvements to a primary or non-primary residence. All types of improvements are eligible including kitchen and bathroom remodeling. A home improvement loan can give you the funds you need to remodel your house
Home improvement could mean anything ranging from minor repairs/replacements to home expansion or complete renovation. So, whether you need a home improvement loan or not would primarily depend on the kind of project you have in mind. It is a good idea to opt for a home improvement loan if your project is likely to cost a lot, and you do not want to use up your savings all at once.
While home improvement loans come as a blessing to those who are in need of funds to refurbish their homes, just like every other loan, these loans also come with several pros and cons.
Consider the budget of your home improvement project to determine the amount you should borrow. Take into account, the amount you need for the project, while keeping in mind other factors such as the loan-to-value ratio and the time frame within which you can repay the borrowed amount. A loan that strains your finances will do no good, especially if it is meant merely to make some aesthetic additions.
While there are several types of loans you could choose from, personal loans and home improvement loans are ideal to meet your home improvement expenses:
A FICO credit score of 620 or higher is usually required to avail a home improvement loan. However, there are several lenders who offer home equity loans and home improvement personal loans for applicants with credit scores even as low as 580. But lower the credit score, higher is the interest rate on these loans.
Home improvement loan is a form of debt that allows you to borrow the money you need to upgrade your home, repair/refurbish it, or make renovations. This loan offers the convenience to improve your home now, and pay the cost over a manageable period of time. Instead of paying for the project in cash and using up your savings in part or full, this option allows you to finance it. However, this means that you will need to pay an interest for the amount you borrow. Although this may turn out to be more expensive than paying in cash, since the project is likely to increase the market value of your property, paying the interest may be worthwhile.
When you apply for a home improvement loan, lenders pull your credit as a part of the approval process. This is called a hard inquiry, which may temporarily lower your credit score by a few points. However, at Lendvious, we never do a hard inquiry. So, checking your rates with lenders through Lendvious will not impact your credit score in any manner. But once you accept a lender’s loan offer, the lender may make a hard enquiry as part of the approval process.
Lendvious offers unsecured loans for home improvement. These loans do not require any collateral and can be availed through a simple online application. Lendvious brings you loan offers from multiple lenders and makes it possible for you compare and choose the one that best suits your requirements.
In general, all types of home improvement loans involve the following fees:
Some lenders may have specific stipulations on what purpose the money from a home improvement loan is utilized for. But usually, the funds from this loan can be used for a variety of home improvement projects ranging from structural improvements that are intended to bring security and long-term stability to the house, installation of energy-efficient windows, appliances, and other fixtures, making renovations and repairs such as installing a new roof, replacing floors, refacing cabinets etc., or for home expansion, which may include addition of a room or a pool.
Once you’ve applied for the loan, lenders typically review your financial profile and compare it with your loan requirements. This process involves evaluating your property, verifying your financial information, collection of supporting documents, etc. While some lenders may take a week or two to approve your loan, at Lendvious, your loan can get approved within a day.
A number of lenders offer loans to facilitate home improvements. You can now easily apply online for a home improvement loan. Go to Lendvious and click ‘Check Your Rates’ to get the best loan offers from multiple lenders!