Pimp My Place- Best Home Improvement Loans of 2019

best home improvement loans

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It takes rigid hands to build a house, but a tender heart to make it feel like home.

If you are planning to give your place an extreme makeover, either you make use of funds that you’ve already saved up for the project, or you go the easy way and browse from the best home improvement loans.

A happy house is one which is well-kept. It is an asset; an investment that pays in the long run. If you are considering changing some stuff here and there with a home improvement loan, those expenses will increase the value of your place.

You might also like: New Way to Improve Your Home and Pay Off Debt (Together)

When it comes to the choice of funds for making a few changes in your place, there are some reasons for which you should definitely go for home improvement loans:

  • Room Additions
  • Remodeling/Upgrading Kitchen
  • Making a few changes in the Bathroom
  • Installing a swimming pool/deck
  • Major replacements in plumbing/ air duct
  • Repair/Replace walls and septic
  • Finishing touches in basement, attic or garage

These are just a few of many—basically, any expense on home improvement that costs too much should be funded by a home improvement loan.

One thing to keep in mind is that you should go for home improvement only if it adds value to your house. After all, your house is an asset and you want to yield as many returns as you can.

There are two ways you can go for home improvement with a loan—either you go for a personal loan and put that money to use in house repairs or opt for a loan specifically tailored for home improvement.

Be it a simple personal loan or a loan specifically for home improvement, we are going to explore both options and list the best home improvement loans in the market.

You got to choose for yourself, but we’ll help. After all, Home is the nicest word there is.

1. Prosper

When it comes to the best home improvement loans, a personal loan from Prosper gets the job done. Prosper offers unsecured personal loans at lucrative rates and the money can be used literally anywhere.

The peer-to-peer lending platform does its work of connecting online lenders to borrowers with good credit.  After that, lenders decide whether they want to grant funds to applicants or not.

Do note that loan amounts start from $2000 and continue up to $40,000. It’s perfect in case the home improvement repairs are big but not “I need a loan for 10 years” big. You should get a personal loan from Prosper and get it done with quickly.

As it is a P2P lending service, you can choose from a variety of options in case your credit score is in the green. Although Prosper isn’t dedicatedly into loans for home improvement, it is a stellar pick in our list of best home improvement loans.

Qualifications

  • To qualify for a personal loan from Prosper, the borrower must sport a credit score of 640. Just like other best home improvement loans, credit score must be in the green to get funds from Prosper.
  • Although the average credit history of Prosper borrowers is well above 10 years, they seek a minimum credit history of 2 years.
  • Personal loan lenders generally ask for a ‘minimum annual income’, but that’s not the case with Prosper. Hence, there’s no minimum requirement for annual income.
  • Debt-to-income ratio is an integral factor when it comes to personal loans, and Prosper limits max. Debt-to-income ratio to 50%.

Amount of Funds

The loan amount that one can get from Prosper’s personal loan goes from $2000 to $40,000. When it comes to the best home improvement loans, they cater to big home-improvement projects that sometimes cost more than $100,000.

But a majority of home improvement projects can be done within Prosper’s bracket. Unless we are looking for a really big investment, Prosper’s designated amount cap should have it covered.

Rates & Fees

  • APR: 6.95% – 35.99%
  • Origination fee: 2.40% – 5%
  • Insufficient funds fee: $15
  • Late fee: $15 or 5% of the unpaid amount, whichever is greater

Funding time & Repayment

To actually access funds from Prosper, it takes one to three days once they’ve been approved. As for the payback period, it lies somewhere between 3 to 5 years.

Our Verdict

If you are planning to score some funds for glorifying your place, Prosper might be the best home improvement loan option. Although it’s not explicitly for home improvement, it earns the keep. If you are looking for a big loan amount, however, go for a company that exclusively offers home improvement loans.

Build Long & Prosper>>

2. Upstart

When we talk about personal loans that specially cater to home improvement, Upstart is a good place to start. This lender gives out a loan for almost anything and doesn’t leave out home improvement from its long list.

Most of the home improvement loans (even from the best companies) ask for an excellent credit score, but Upstart settles for a bare minimum of a decent 620. There is no minimum requirement of credit history too. Borrowers with zero credit history can get a loan too.

Overall, Upstart and its requirements are very relaxed. There are no hard and fast rules, terms and conditions are nice and easy, and the money is enough for a home makeover.

Qualifications

  • To qualify for a personal loan from Upstart, borrowers must have a decent credit score above 620. This is still more relaxed than other home improvement loans.
  • There’s no requirement for credit history. New borrowers can go ahead and get a loan for multiple purposes from Upstart and it won’t lift a finger on their non-existent credit history.
  • Amusingly, borrowers just have to show a minimum annual income of $12,000. This is way lower than National average income levels and it shows that Upstart might be an easy way to get the best home improvement loan.
  • The Debt-to-Income ratio sticks to a mere 45% which justifiable when one considers other requirements.

Amount of Funds

If you are looking for quick funds to quick-fix broken pipes, Upstart offers funds in a super-fast time span. Also, the loan amount starts from $1000 to and goes up to $50,000 so one can get a home improvement loan according to the amount of work to be done.

There are some home improvement projects that are done for keeping the place functional. They don’t really increase its value but they are crucial to keep it up and running. For expenses of this type, one shouldn’t opt for a big loan.

Rates & Fees

  • APR: 8.89% – 35.99%
  • Origination fee: 0.0% – 8.0%
  • Prepayment fee: None
  • Late fee: $15 or 5% of the due amount, whichever is greater

Funding time & Repayment

Upstart is a pioneer when it comes to delivering fast funds in short spans of time. When it comes to a home improvement loan, once your application is approved you can get your hands on funds in one day. The amount can be paid back monthly over a course of three to five years.

Our Verdict

Upstart aims for borrowers that are getting by and rejoicing life to its fullest with given resources. If you need the best loan for home improvement with easy qualifications, Upstart has your back. However, it is not that sort of home improvement loan which would grant you easy APRs. As compared to house care exclusive loans, the APRs are very high.

Upstart My Home Makeover>>

3. LendingTree

LendingTree connects you with multiple lenders so you can compare offers and see which loan is right for you. When it comes to personal loan for home improvement, you can capitalize on your home equity to grab some funds.

LendingTree is the best place to compare loan offers and this peer-to-peer platform would allow you to look over all options at once. You can compare personal loan offers and home equity loans as well.

If you pick up a home equity loan, you reinvest in your house which scales up its equity to new heights. LendingTree is a peer-to-peer lending platform that connects you to lenders offering home equity loans.

All you got to do is select the purpose of your loan (which is a home improvement in this case), choose an amount that goes from $1000 to $50,000 & fill out your initials. LendingTree will show you the best offers for home improvement.

For more information on qualifications, rates & fees and payback period, visit LendingTree and get started.

Check my LendingTree-House>>

4. LightStream

When it comes to the best home improvement loan that does everything right, LightStream happily accepts the honor. LightStream was voted as the best personal loan option for home improvements and otherwise—and why not.

LightStream is the optimum choice for borrowers looking to secure funds for home improvement. It’s got a special rate for home improvement loans and there is an extended payback period as well.

NOTE: When it comes to LightStream, APR is reduced if you sign up with Autopay.

The loan term extends to 12 years and there are no appraisals or home equity requirements. If you are looking to build a swimming pool, craft the dream modular kitchen or enlarge your humble abode, this loan is a perfect start.

Qualifications

  • LightStream targets home improvements on a massive scale, hence credit score requirement s live up to it. In order to qualify, borrowers must have a minimum credit score of 660.
  • There’s no minimum requirement for income and Debt-to-income ratio, which means that borrowers’ credit score should be enough to get him qualified.

Amount of Funds

If you are looking for a big money move to twitch your house upside down and not just moving furniture, LightStream is the best home improvement loan you can get. Starting from $5000 and continuing to a whopping $100,000, a big loan from LightStream gets stuff done.

Rates & Fees

  • APR (w/ autopay): 3.34% – 16.99%
  • Origination fee: None
  • Prepayment fee: None
  • Late fee: None

Funding time & Repayment

If you are in need of quick funds, like, “I need funds right now” quick funds, then LightStream is your jam. In case you qualify for funds from LightStream, you can get ‘em as soon as the same day. Yes, the same day.

There’s an extended payback period for LightStream’s home improvement loans. If you take a loan for home improvement, you can pay back in 12 years. Do note that your APR might vary according to your credit profile.

Our Verdict

Arguably, this has to be the best home improvement loan in the market when it comes to rates and fee and home-improvement specific perks. Also, the APR is reduced if you sign up with Autopay, if you are looking for improving your house and there’s big money involved, go for LightStream.

Dream House—LightStream Quick>>

5. Avant

If we are talking about the best personal loans for home improvement, how can Avant stay behind? The personal loan connoisseur studies the needs of borrowers and assists them financially.

If you are wondering why Avant made our list of Best home improvement loans, let us highlight the fact that their credit score requirement is well below other home improvement loan providers.

If you have a less than decent credit score and are looking to score funds somewhere below $35k, Avant would love to have your back. It’s regarded as one of the best loans for borrowers with bad credit and is very much capable to solve urgent home improvement needs.

Qualifications

  • A credit score of 580 should be more than enough to qualify you for a loan from Avant
  • The borrowers must bring home at least $20,000 in annual income in order to qualify for funds from Avant.
  • As such, there is no given requirement for the debt-to-income ratio.

Amount of Funds

There’s a good fund cap when it comes to loan amount at Avant. You can procure funds starting from $2000 and continuing to $35,000—an amount big enough to cover major home improvement projects. It might not be enough to dig out a swimming pool, but it sure would get you through home improvement.

Rates & Fees

  • APR: 9.95% – 35.99%
  • Administrative fee: 4.75%
  • Prepayment fee: None
  • Late fee: $25 after 10 day grace period

Funding time & Repayment

Avant swears by supplying fast funds to its borrowers. Once approved, the borrower can get hands of funds as soon as the next business day. The loan can be paid back monthly in a span of two to five years.

Our Verdict

If you are seeking a personal loan for house repairs that don’t cost a lot but still get the job done, Avant should do the trick. Although the loan amount is too less for a full-fledged revamp, most of the expenses can be wrapped up under $35k. APR’s a bit high, so be wary of it. It might not be the best home improvement loan out there, but it can surely fix things up.

Avant Home Décor>>

When it comes to the concept of ‘My Dream Home’, we often forget that money takes the backseat while dreaming. If you are really looking forward to tweak something in your place to make it look more like your dream house, you’d need funds.

If you don’t have them and can’t stall that extreme makeover, go for it and choose one of these best home improvement loans in the market to utilize the funds in fairness.

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