Best Personal Loans For Home Improvement - Written by Haneh Barham By Haneh Barham Arrow Right student loan reporter Haneh Barham specializes in student loan related matters and financing your next educational endeavor. She wants to help others reach their college and financial goals by making student loans easier to understand. Connect with Hannah Bareham on Twitter
Edited by Aylea Wilkins Arrow Right Loans Editor Aylea Wilkins is a former insurance editor specializing in personal and home equity loans. She has previously edited content related to auto, home and life insurance. She has been editing professionally in a variety of fields for nearly a decade, helping people make financing and buying decisions with confidence by providing clear and unbiased information. Aelia Wilkins
Best Personal Loans For Home Improvement
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Home improvement is on the wish list of many homeowners today, with 72 percent planning at least one project by 2022. Finding the best match for your needs depends on comparing and contrasting various factors. While your first instinct may be to tap your home equity loan or line of credit, in some cases a personal loan may be a better option.
To determine whether getting a personal loan for home improvement makes financial sense, you need to consider the size and value of your project and the amount of equity in the home. In addition, you want to weigh your comfort level with secured and unsecured loans. Finally, consider fixed and variable interest rates, variable dollar amounts, repayment terms and estimated tax benefits.
Home improvement loans are another name for personal loans that you can use for an ongoing renovation project. Even if you don't see a lender that offers a specific home improvement loan, many allow you to select home improvement as a loan purpose when applying for a personal loan.
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Like all personal loans, home improvement loans have a fixed interest rate and a fixed repayment period. You'll receive all funds upfront and once approved, and your monthly payments will stay the same throughout the life of your loan. They are also unsecured, making them a less secure option for home equity loans or home equity lines of credit (HELOCs), where you use your home as collateral.
You should also be aware that some lenders offer different terms or rates for personal loans used for home improvement. For example, LightStream loans feature an introductory APR of 3.99 percent (with AutoPay). But if you plan to use the proceeds of the loan for a home improvement project, the starting APR rises to 4.99 percent. In addition, the repayment period affects the cost of borrowing - the longer the term, the higher the APR.
Using a personal loan for home improvement can be a good option for small or medium-sized projects, such as new windows or room renovations. Whether a personal loan is suitable for your next project depends on comparing the financial pros and cons of your situation.
Before applying for a personal loan to finance your next project, it's important to know the pros and cons.
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Ultimately, you need to consider the pros and cons of using a personal loan for home improvement. If you find a good fit for your financial situation, the next step is to shop around for lenders with competitive loan terms. Otherwise, you should explore other funding options.
If you are considering using a personal loan for home improvement, it is important to take steps to save as much money as possible. Paying attention to the lending market can help: After credit activity pulled back during the pandemic, for example, lenders are expanding competitive personal loan products in 2022, according to TransUnion Financial Services' 2022 Consumer Lending Forecast.
For most personal loans, interest rates range from 3 percent to 36 percent, while those with good credit average 10.3 to 12.5 percent. Here are some ways to make sure you get the best price you deserve.
If you're on the fence about a personal loan or know it's not the way to go to finance your renovation, here are some other options to consider:
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There is no perfect way to finance a home improvement project, and the right financing option for you is one that fits your financial situation, preferences, and priorities. Using a personal loan for home improvement can make sense if you need a smaller loan amount, reduce credit risk, and prefer predictable payments.
Before taking out your loan, you should consider high interest rates, loss of tax benefits and other factors. Take some time to compare all your options before making a decision. If you decide an individual is right for you, shop around for a lender that offers competitive rates and fees and has a positive customer service reputation.
Hannah Bareham specializes in student loan related matters and can help you finance your next educational endeavor. She strives to help others reach their college and financial goals by making student loans easy to understand.
Edited by Aylea Wilkins Arrow Right Loans Editor Aylea Wilkins is a former insurance editor specializing in personal and home equity loans. She has previously edited content related to auto, home and life insurance. She has been editing professionally in a variety of fields for nearly a decade, helping people make financing and buying decisions with confidence by providing clear and unbiased information. Aelia Wilkins Loan Editor, Former Insurance Editor The best home improvement loans are from Sophie. The company offers loan amounts up to $100,000, APR range of 7.99% - 23.43%, payment terms.
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